Eager To Make Some Cash? Rent Out Your Car

The economy may be on the upswing, but what family doesn't need a little extra cash to cover necessities right now? One answer may be right in your garage or driveway, in the form of an extra or unused vehicle. You may be able to earn a tidy sum renting it out through a peer-to-peer carsharing service called RelayRides.

We first reported this story last fall when General Motors announced its partnership with RelayRides. In essence, that partnership will allow consumers with OnStar-equipped vehicles have an easy time of renting out their vehicles using the RelayRides carsharing service.

Initially only available in specific areas such as Boston, Massachusetts and San Francisco, California, as of this week, the RelayRides peer-to-peer carsharing service is available nationwide. So, if you live in Texas or Florida or up in the hinterlands of Montana – or anywhere in-between – you can sign up to make your unused vehicle available to someone who needs wheels, for a day, a week, or longer.

How RelayRides Works

To get in on the action, rent your unused vehicle, and start making some cash, go to the RelayRides website. There you can find out all the particulars on how to sign up and list your car for free, be fully protected with paid-for insurance coverage, and get paid every month. There's more to it, of course, like having the necessary hardware installed, so see the demo video below if you just want a quick idea before going to the RelayRides website.

The big lure is the opportunity to make up to $7,000 a year by renting out your unused vehicle. That's the bottom line touted on the RelayRides site and it sounds good enough. And renters are thoroughly screened by RelayRides, which scours their driving history to ensure they've had no major violations and have been licensed at least two years.

Our take is that some people will be intrigued enough to do this if they're mostly stay-at-home, have more than one vehicle and one sits idle in the garage most of the time, work long hours and their car could be used while they're in the office, or a number of other reasons.

But those of us who simply want the security of knowing that only our family members are using our household vehicles or just don't like the idea of someone we don't know – or even those we do – use our car may not be interested.

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This story originally appeared on The Family Car Guide.