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The car rental industry has evolved, and platforms like Turo allow car owners to earn passive income by renting out their vehicles. The concept is similar to Airbnb, where you can list your car for rent and earn income while it's not in use.
Key considerations if you’re contemplating renting on Turo include:
Location: Cars in high-demand areas, like major cities or tourist destinations, will yield more rental opportunities.
Vehicle Type: The car you choose to rent can significantly impact earnings. Higher-end vehicles typically generate more revenue compared to economy models, though the ROI may differ when factoring in costs such as maintenance and loan payments.
Starting with a vehicle you don’t use frequently can provide additional income with minimal effort.