There are people who love, maintain and baby their cars as if they are part of the family, but then there others who treat their vehicles more like another appliance that can take you from Point A to Point B, nothing more, nothing less.
If you fit in the first group of people, then you won’t care much about this story but if you happen to belong to the second category, you may want to read on.
Did you know that there are individuals who rent out their cars for cash? Meet Neil St. Clair, an owner of a BMW 5-Series sedan who will happily let you drive his car for $15 (€12) an hour or $75 (€59) a day.
“With monthly payments and insurance, I was in the black last month,” he told CNN Money. “Basically, I have the car for free.”
St.Clair uses a new peer-to-peer car sharing service called RelayRides to rent his car claiming that he made about $700 (€553) in May, which was his first month using the site.
And this isn’t the only company in the U.S. as a smaller competitor named Getaround, operates in California’s Bay Area, Portland, Ore. and Austin, Texas.
CNN Money said that the rental companies each offer up to $1 million worth of insurance coverage on the cars during the times they are being rented.
However, it’s not all roses, or so to speak. Even though owners have the right to decline a rental request for any reason or no reason at all, there have been problems ranging from cigarette smoke and trash to a fatal wreck with damages that could potentially top $1 million, as recently reported by the New York Times.
Still, even General Motors sees a potential in peer-to-peer car sharing services as the Detroit carmaker has partnered with RelayRides allowing vehicle owners to use its OnStar system to provide renters with quick access to their car without ever having to meet up with them.
Hat tip to Maria!
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