Save on car rentals, make extra cash

March 28, 2012 8:32:43 PM PDT
Here's an interesting fact: 92% of the time, most people's cars are parked, unused. Now, there's a new website that can help you turn your parked car into a money-maker, and help you make your car payment, or pay for gas or insurance

The site is called Relay Rides and it was founded in Boston by Shelby Clark about two years ago.

He explains, "Relay Rides is the world's first peer-to-peer car-sharing marketplace. So what that means is that we make it safe and affordable to rent cars from people near you."

Relay Rides has just expanded to Philadelphia. And Andrea Vonada of Media is hoping to be one of the first to rent our her car. She's posted her 2012 Kia Optima on the site at a rate of $12 an hour, or $60 a day.

She says, "I can make up some money for my car payment, which I thought was really great because I'm not using it a lot. It's sitting in a parking lot. And it was so easy and fast."

Car owners set their own rental rates and have final say over which renters they approve. Then both parties make arrangements to turn over the keys.

It's up to the renter to return the car with the same amount of gas it had at the beginning to start with and Relay Rides provides a million-dollar insurance policy on every rental.

Clark explains, "You would maintain your existing policy and that would cover you whenever you drive. And then, if I would rent your car from you. as soon as I get in the the car, the Relay Rides policy would kick in. And you'd be, you'd be covered in case anything happens."

Clark says many car owners in Boston have been averaging about $250 a month in Relay Ride rental income.

To learn more about Relay Rides, click here.