Edit: Was able to do some more research on this that I couldn't find before. Use this
link if you're curious to read more.
Hey there, I'm a 27 y/o in DC considering using Getaround for my car. It's basically AirBnb for your car - set it up with a doohickey that allows remote access, and vetted strangers rent your car by the hour, sometimes for short trips, sometimes an entire weekend.
I've learned enough about it from other users that I trust its safety (and employ
Outrageous Optimism), but I could use some spare Mustachian eyes to determine how to evaluate my actual profit vs. maintenance costs.
The car:- 2008 Mini Cooper
- Miles: ~80,000 miles
- Status: Good condition, completely paid off.
- Value: $4.5 - 6k. (per KBB)
- Current Use: 1-2 days a week, roughly 5 - 8,000 miles a year
- Parking: Sits in a dedicated parking spot accessible 24/7 right behind my apartment
Me:- Commute: Metro/bike to work most days, with weekly 1 grocery trips by car.
- Finances: Have plenty of cash available to replace car with another used vehicle if needed.
- Replacement: Don't care much about cars - whatever gets me from A to B efficiently without trouble is fine. Preferably an aux cable and heated seats if I'm feeling picky.
Getaround:- Monthly Cost: $20/mo cost for a device they install to allow remote lock/unlock/tracking. (First 6 months are free.)
- Estimated Revenue: Comparable cars rent $5-7/hour depending on time of day/weekend, of which GetAround takes 40%, so $3-4.2/hr before taxes? Users report roughly ~$500-700/mo, though many cars are bigger/newer than mine
- Insurance: Anything that happens to the car while it's being rented is covered by Getaround. There are a variety of things that could go wrong, but I've done research and trust it enough.
- Gas: Renters either pay for gas (or I get reimbursed + $10 for my trouble)
- Availability: If I ever need a car while mine's out, I can rent Getaround at a 50% discount or Uber/Lyft.
- Taxes: I think they start at $600 profit - unclear, not sure how to calculate.
IRS mileage rate (0.54/mile) seems to be as good a metric as any. Maybe slightly increased for how finicky BMW/Minis can be?
So,
Monthly Profit = Monthly Revenue - $20 - extra Uber/Getaround use - (Extra Miles * $0.54)?
Does this math look correct? Am I missing something obvious in Opportunity Cost or something else? Curious to hear anyone's thoughts.
I understand why this idea would skeeve out a lot of people, but I'm excited to try it out. I also imagine many people felt the same way about AirBNB at first.