Uber Will Soon Let You Rent Cars — Including Your Own

By: James Flippin · June 09, 2023 · Reading Time: 3 minutes

Uber’s New Hustle

Uber (UBER) inspired an entire string of startups colloquially known as the “Uber of [insert good or service here].” Now, the peer-to-peer pioneer is looking to become the Airbnb (ABNB) of, well, Uber.

Uber announced Uber Carshare, a new service that will let you rent out your car to users when you’re not using it. You can select your own daily or hourly rate for customers and purchase your insurance directly from Uber. Carshare even allows users to rent cars in 15-minute increments.

Entering New Markets

The ride-sharing giant first got into car-sharing after acquiring the Australian-based company Car Next Door. Now, Uber wants to bring the service to North America starting in Boston and Toronto.

Uber won’t be the first to offer this service. Companies like ZipCar (CAR) have offered on-demand car rentals for decades, and companies like Avail and Turo operate on similar business models as Carshare. But, due to its size, Uber will likely emerge as a top contender in the industry.

The timing of the announcement might not be ideal for Turo. The company formerly known as RelayRides reportedly plans to go public soon.

Creative Car Financing

With Carshare, Uber continues to reimagine the way the world travels. It also continues to fuel the gig economy by providing people avenues to earn passive income, by putting unused cars to work.

If you aren’t in a position to rent out your car, it’s still worth keeping Uber Carshare or Turo in mind for the next time you buy a vehicle. Renting out your new car for just a few days per month could help mitigate your monthly payment or even eliminate it entirely.

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