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Learning, Sharing, and Teaching => Ask a Mustachian => Topic started by: mrmax on June 28, 2015, 12:40:41 AM

Title: Should I rent out or sell my car?
Post by: mrmax on June 28, 2015, 12:40:41 AM
Because I rarely drive, I am wanting to get rid of my car and yet I don't know the best way to go about it: should I rent it out or sell it?

In case anyone is wondering, my car is a 2007 Toyota Yaris with a mileage of 36295 km.

Title: Re: Should I rent out or sell my car?
Post by: Mrs.LC on June 28, 2015, 07:35:37 PM
If it's just collecting dust and no longer needed sell it. Save the money on insurance and licensing. Renting a car sounds like a nightmare to me.
Title: Re: Should I rent out or sell my car?
Post by: lostamonkey on June 28, 2015, 08:14:29 PM
I don't think renting a car from another individual is a common thing. Many people lease cars from a dealership but I have never heard of renting a car. It sounds like a headache.

Just sell the car if you are not using it.
Title: Re: Should I rent out or sell my car?
Post by: Syonyk on June 28, 2015, 10:56:01 PM
Sell it.  I've "rented" cars to friends before and all they did was trash the vehicle and not pay me.
Title: Re: Should I rent out or sell my car?
Post by: Ricky on June 28, 2015, 11:02:12 PM
I think he's talking about RelayRides. Whether you make a lot of money (worth your time) will depend on the car and where you live of course.

I don't see anyone getting rich or starting a worthwhile business thru them. They take a pretty large cut which is okay I guess as long as they follow through with their insurance agreements.

Renting a car is much different than renting a room, whether you're making money or not. Something to keep in mind.

I think, in your position, I'd sell.
Title: Re: Should I rent out or sell my car?
Post by: mskyle on June 29, 2015, 10:38:16 AM
Fellow 2007 Yaris owner here - alas, RelayRides will not let me rent mine out due to its high mileage (over 100K miles). Otherwise I totally would! My renter-side RelayRides experience has been great. Obviously if you are VERY PARTICULAR about your car it's not a great idea. I'm not sure how well a Yaris would do, though - I feel like people tend to use it more for larger cars and trucks, for an Ikea trip or what have you. But maybe that's just the way *I* use it, since I already have a car.

Why not put it up on RelayRides for a couple of months and see how you do? Then if it doesn't feel worthwhile, you can sell it.
Title: Re: Should I rent out or sell my car?
Post by: music lover on June 29, 2015, 10:49:06 AM
Sell it.  I've "rented" cars to friends before and all they did was trash the vehicle and not pay me.

You need to find better friends...
Title: Re: Should I rent out or sell my car?
Post by: Syonyk on June 29, 2015, 11:10:14 AM
Sell it.  I've "rented" cars to friends before and all they did was trash the vehicle and not pay me.

You need to find better friends...

Said person did not remain a friend after that event.  I mean, it was a $150 car, but come on.  Don't trash the thing.

I'd let people borrow my truck, but nobody around here feels comfortable driving it in tight city spaces, so I usually just request beer & diesel money to help people move stuff.
Title: Re: Should I rent out or sell my car?
Post by: mrmax on June 30, 2015, 08:08:37 AM
Thanks heaps for all your responses. Mskyle, I will rent it out to others and see how I go. If I don't make much money, I shall sell the thing.