Should I rent out my brand new Honda CR-V for $85/day?
I can make $31k per year.
Its not that easy. You have potential to make that money but if there's no demand for it then it won't happen. If it gets wrecked your insurance won't cover it because you rented it.
LOL! You'd need insurance that would cover such a deal and be able to compete with car rental companies that charge much less… And 31k a year isn't much
If it is financed or leased your agreement prevents it.
You need rental insurance.
Then you get renters like me.
600 miles in a day or 4000 in 2 weeks.
Sounds like you've seen an ad. "rent out your car and make thousands a year"
You can make 31k a year if your car is rented out EVERY day. That won't happen. Remember that most of the people that rent will treat the car like cr4p. The 31k is taxed. You will have to deal with insurance etc.
The reality is that it's a non-starter.
So, what happens when the person you "rented" the car to doesn't bring it back? You can't report it stolen because you GAVE IT TO HIM. If the car is wrecked, your insurance won't cover the loss because you're operating an unlawful business.
Get a job with a car-rental outfit. They always need people who'll do the "grunt" work. You'll work until your Avis Hertz, prepping returned cars, but with the education you gain you'll wonder why you EVER thought of doing something so stupid as to try to compete in that business with your personal car.
You do realize that you will have to change your insurance policy for each person who rents it and add their name to it. It won't be long before the insurance company realizes what you are doing and cancels your policy. That will also make your registration invalid in most states and I doubt that you paid cash. So the loan holder will also want to know who is driving it.
Want to run a car rental company? Set up a business with the proper licenses, insurance, registration, etc. And then you can rent.
Nope
Go ahead no body wants your kiddie peddle car any way!
Sure, go ahead, but (a) Without a business license and a permit to rent it, that would be illegal, (b) You will also require commercial insurance. It's not cheap. (c) there's no guarantee you could rent it every day. There's a lot of competition and advertising costs money. (d) there' are upkeep costs that will reduce profits. (e) renters often abuse the vehicles they drive.
Read and learn: https://itstillruns.com/permits-operate-car-rental-business-5064125.html
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