Over the past couple of years, we’ve seen companies like Uber, Airbnb and Lyft really start to flourish. But there are a whole host of others that, despite not getting as much press, can be just as valuable to drivers. Going forward, I think we’re going to start seeing more and more overlap between workers who drop off laundry in the morning, deliver food at lunch time and do Uber rides at night for example.
The future is exciting for the on demand economy and here on the blog I try to do my best to highlight new opportunities for drivers all the time. Today, I have a podcast interview with a driver who saw an amazing opportunity in the on demand car rental sector and is fully taking advantage of it to make thousands of dollars a year doing a relatively small amount of work.
This opportunity may not be right for everyone but if you’re interested in something like this, it’s very doable. There’s always risk involved though so it’s up to you to do the research and decide if the potential benefit is worth the associated risk.
- What this episode is all about
- Thanks for all the 5 star reviews on iTunes
- Wedding season is coming up
- An interview with Zach Goldfine
- Start-up founder, rideshare driver and entrepreneur
- How he’s making money renting out cars
- How do Flightcar and Getaround work?
- Zach’s big discovery
- How do you know which cars to buy?
- Finding cheap luxury cars
- Rideshare vs rentals
Risk vs Reward
- There is always some risk
- Airbnb arbitrage vs rental car arbitrage
- Flightcar initially covered all his insurance costs
How Much Money Can You Make?
- $400-$500/month per car when Zach started
- Flightcar became less profitable but then Getaround emerged
- Investing in Smart Cars
- Costs around $250/month vs renting for $500-$600/month
- How many cars at this price point can Zach find?
- Getaround has a commercial policy in place up to $1 million
- Could Metromile be the solution?
In Search of True Passive Income
- How to avoid street cleaning tickets
- Metromile to the rescue!
- Leveraging TaskRabbit to move cars around
Buying/Selling Used Cars
- Carlypso is one potential resource
- Brandon at Getaround
Final Tips & Contact Information
- Zach’s startup and experience in the On Demand Economy
- Give Flightcar and Getaround a try
- Taking it one step further
- Seizing opportunity
- Rental car arbitrage article
- Carlypso, Beepi & Shift
HyreCar Lets You Rent A Car To Rideshare Drivers
HyreCar is a rental marketplace for rideshare cars. It allows you to rent your car out to other Uber drivers or those in the gig economy. You can set the prices and mileage caps and choose who to rent your car out to. Some car owners can make as much as $1500/month on HyreCar. Check them out here.
Drivers, what do you think about Zach’s strategy to buy/rent out cars on Flightcar and Getaround? Sound like a good strategy or do you think there are better ways to make money?
-Harry @ RSG