8 On Your Side: Renting out your own car

Local News

LAS VEGAS (KLAS) — The pandemic may have made many people more comfortable with buying big-ticket items, like cars, online. But what about renting out your own car?

Grant Feek is the CEO of Tred.com which is a used car marketplace, available in about 25 major cities, that allows buyers and sellers to work out the details of a sale. But avoid the hassle of a dealership or the DMV.

Feek launched the company in Seattle six years ago, and this week it expanded to Las Vegas.

“People were moving towards becoming online purchases of big-ticket items, whatever curve we were on seems to have steepened due to the pandemic,” said Feek.

While his business is surging, so too is the car rental business.
Gen Z and Millenials are driving the growth of online car rental services like Turo, Getaround, and Zipcar.

If you’re working from home, and have a car you’re not using, Feek says you want to take the following into consideration, before renting out your car with one of these services.

“I would say if you are interested in supplementing your income, depending on your vehicle and its popularity how you price it, you certainly can make enough money… By renting it out, the flip side, further depreciating your vehicle,” he added.

You also never know how someone is going to treat your vehicle.

Plus, the fewer owners and users of a vehicle, the better for value and depreciation.

But if you can put up with those concerns, he says it might be a good option for you.

Copyright 2021 Nexstar Media Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.

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