If you’ve looked into carsharing like myself you’ve probably seen the companies of Hyrecar and Turo. These two are some of the biggest car-sharing companies in the sharing economy. I’ve looked into several of the platforms and have spent about a year hosting my brand-new vehicle on one of the platforms and have learned what I like and dislike about it.
There are some major differences between Hyrecar and Turo. Although both are car-sharing companies, each have different terms of service, minimum rental duration, stock offering, protection plans for accidents, and much more. It’s important to know the differences between these two companies before listing your car to be rented out.
Some hosts heavily prefer using Hyrecar while others prefer Turo. If you are just getting started this will help you decide which one is best for you. If you have already started, check out some tips here for being the best host possible.
What Is Turo?
After being founded in 2009, only a year after Airbnb was founded, and known as RelayRides, they re-branded themselves as Turo in 2015. Ever since then, their growth has grown at a big rate as more and more people are looking for alternatives to traditional rental car companies and contactless pickup options like Turo Go.
Led by CEO Adre Haddad since 2011, who has helped build and grow companies like eBay and shopping.com, Turo has found its place in the sharing economy.
Although Turo is the biggest carsharing company, there are still reasons that would persuade hosts to choose or not to choose Turo to host their car.
Reasons To Choose Turo
- Great customer support. Several times I have reached out to customer support via chat and also on the phone, and never waited more than 5 minutes. They are some of the nicest customer service representatives I have personally dealt with too.
- More choices. I live in a smaller town with just over 100,000 people, and there is still a large assortment of vehicles always available. Cars, trucks, jeeps, and everything in between. In January 2022, Turo reported having more than 85,000 hosts, most with several cars listed on Turo, in more than 55 countries.
- No minimum trip duration. Guests can book your car for just a few hours if you want them to which increases your overall availability.
- Several protection plan options. Hosts, and guests, can choose from several protection plans ranging from $0 to $3,000 deductibles in an accident that occurs. Each plan will take a different portion of your earnings. Click here to learn more about Turo protection plans.
Reasons to Skip Turo
- Exclusivity policy. Once your car is listed, Turo no longer allows you to list your car on multiple platforms such as Hyrecar or Getaround since 2019. After the 3rd offense, Turo will remove you from their platform and will make it hard to get back on. Not only that, but Turo may also fine you, and remove your protection plan coverage, and other consequences. In other words, if your car is on Turo, it will only be on Turo.
- No ride-sharing. In their terms of service, guests are not allowed to rent a car and use it for any commercial purposes including Uber or Lyft. While this itself has pros and cons, it will limit the overall number of guests looking to rent a car.
What Is Hyrecar?
After being founded I’m 2014, several years after Turo, Hyrecar quickly tried to focus on a different demographic. Instead of relying on guests who need to rent a car for personal errands or a trip for a day, Hyrecar focuses on guests that require a car for days or weeks long to use for delivery or ride-sharing platforms like Uber and Lyft.
Reasons To Choose Hyrecar
- Ride-sharing possible. A big selling point for Hyrecar is that guests can use any car they rent for carsharing platforms like Uber and Lyft. Many people don’t meet the requirements for listing a car on Uber or Lyft and it’s often cheaper to just rent a car for as cheap as possible from Hyrecar. Allowing guests to use it for ride-sharing opens up an entire demographic of guests wanting to book a vehicle.
- IPO. In 2020, Hyrecar went from private to the public on the stock market exchange. Public companies want to keep their shareholders happy and usually make decisions that are in the best interest for the company.
- Hyrecar UI. The Hyrecar UI in the mobile app is easier on the eye than Turo, in my opinion. While both are good, Hyrecar seems more simple.
Reasons to Skip Hyrecar
- Lack of customer support. Hyrecar has customer support, but very limited. If you are a host or a guest, you can call (888) 688-6769 in hopes of getting transferred to someone who has the ability to help you in your situation.
- Less popular. After looking in my own town, there was only 1 car available for rent in comparison to many from Turo.
- Minimum duration. Hyrecar requires guests to rent a car for a minimum of two days. While two days for hosts means more money in their pocket, many guests simply do not need a car for two days. Reducing the minimum rental duration could be a big selling point for both guests and hosts.
Is Renting My Car on Hyrecar Or Turo Worth It?
Renting your car on Hyrecar or Turo is a great way to earn some extra money on the side. Unless you are emotionally attached to your car, carsharing is a great way to get started in the sharing economy.
Overall, renting your car on a carsharing platform like Turo or Hyrecar can be a successful side hustle for anyone. On average, those who list their car on Hyrecar and Turo earn more than $9,000 and $10,000 respectively. Whether you have a car payment or not, this could be an excellent side hustle.
In my experience as an all-star host on Turo, I think renting your car out on a carsharing app is definitely worth it. Not only can it bring in some great tax deductions if you set up a business, but it’s also extra money in your pocket.
If you are wanting to get started asap with carsharing, head to Hyrecar or Turo to get started by listing your car.
Head to this article if you want to know more about if your car is worth renting out on Turo.
