2. Rent Out Your Car
Turo and GetAround are two platforms that connect people who have a car that they aren’t currently using with people who need a vehicle on a short-term basis. It’s an Airbnb for cars, where the going rate is typically much cheaper than what you would pay at a rental outlet. Users who rent out their vehicles on one of these platforms can make $10,000 a year.
But don’t make the mistake that many Airbnb users made when they bought properties only to rent out. When the 2020 crisis hit and people immediately stopped traveling, people who owned these properties suddenly started defaulting on their mortgages. So don’t buy a car just because you think you can make money renting it out. You may pay a heavy price in the long run.