I bought a 2012 Honda Civic in September 2015 and listed it on the peer-to-peer car-sharing service Getaround.
Here are my earnings for the first 3 months…
Average monthly earnings: $408
Here are my monthly expenses…
Getaround Membership: $20/mo
Parking Permit: $5/mo
Fuel: $20/mo (renter’s don’t always refill gas)
Car Washes: $10/mo
Time: 2 hrs/mo
Total monthly expenses: $338
Monthly profit = $70 for 2 hours of work
Failure #1: I bought a car on the newer end, thinking it would save me on maintenance costs. What I didn’t fully appreciate is that by dodging the maintenance pit, I was stepping right into the depreciation pit. Time and mileage drops the price of a newer car pretty fast.
Failure #2: Participating on Getaround was an attempt to earn side income in the sharing economy, but owning a car doesn’t align with my values of supporting a resilient and sustainable future. There are plenty other ways to earn side income without sacrificing my values, and I should have considered this more thoughtfully prior to jumping in.
Failure #3: There is a psychological cost when a stranger is driving your car around, and you aren’t confident in the resolution process if damage occurs. On numerous occasions I emailed Getaround to be reimbursed for gas when renters didn’t top up the tank. I never once got reimbursed. I didn’t care so much about the gas money, but it created concerns about the response from Getaround if/when a serious problem did occur.
If you’re considering car-sharing for side income, hopefully my experience can help inform your decision.