Discover the secret to how this Aussie mum earns $6,500 a month from her cars
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The beauty of living in the digital age is that new ways to earn extra income are sprouting up all the time—and some can be surprisingly simple and even profitable. For those looking to supplement their pensions or retirement savings, alternative income streams can be very welcome. Enter Monique Stevens, a mother of three from Australia who has mastered the art of turning idle assets into a sizeable income by renting out her cars.
In January, Stevens decided to list one of her own cars on Turo—a global platform that connects car owners and renters, sometimes described as 'the Airbnb for car sharing’. Fast forward a few months, and she now has six cars listed on the site, earning her an impressive $6,500 in March alone—enough to cover all expenses for her family of five.
Before Turo, Stevens and her family ran a car-rental business which was sadly forced to close due to COVID. Seeing an opportunity in car sharing, she took a bold leap and listed her vehicle on Turo. 'We took a chance and thought we’ll see where it goes—no venture taken, no venture lost,' Stevens told Yahoo Finance.
Thankfully, her gamble paid off. Monique quickly found success as bookings for her cars rolled in, typically for weekend rentals. The additional income has been a game-changer for Stevens and her family, helping to cover day-to-day costs, including their mortgage repayments.
'We have a young family and are going through the wave of the crisis with interest rates going up and the cost of living,' Stevens said. Monique isn't the only one reaping the rewards of car sharing, either. The average Turo host in Australia reportedly earns $19,112 per year—an invaluable boost for many, especially during periods of economic uncertainty.
Tim Rossanis, Turo’s Managing Director, says many Aussies are turning to car sharing as a way to earn extra money as living expenses and interest rates rise. 'You can monetise an asset that otherwise sits idle and earn pretty significant cash by having it booked out by guests who want to go on trips and travel around the country. It’s a nice, scalable and flexible way to get extra money in your pocket,' Rossanis told Yahoo Finance.
One of the many appealing factors of car sharing is the passive nature of its income. For hosts like Monique, the earning potential is there regardless of whether they are busy at work, sitting on the couch or taking care of their kids (or grandkids).
While Monique's experience has been largely positive so far, she admits there have been a few minor hiccups, including transferring speeding fines and handling a rental car accident. Turo does offer protection plans to hosts and guests, which include legal liability protection for third-party property damage and damage costs should mishaps occur.
For guests, car sharing provides a much cheaper alternative to rental cars, with cars on Turo costing up to $90 per day compared to the typical car rental of roughly $100-350 per day for an equivalent car.
Guests can also enjoy more freedom and flexibility when choosing which car to rent, depending on their needs and budget. Car sharing also provides patrons with access to specialty cars which they otherwise wouldn't have the chance to rent, including classic or vintage cars.
With all these great benefits in mind, it’s no surprise that car sharing has become an increasingly popular side hustle for many Australians.
Members, are you considering renting out your car? Turo accepts vehicles that are less than ten years old with a fair market value of under $200,000. If you're interested in exploring this opportunity, you can find out more about the platform on Turo.com.
As the world evolves and new ways to generate income arise, it’s worth keeping an open mind and considering ventures outside the box. Who knows, you might just uncover the perfect side hustle to keep your golden years financially comfortable!
In January, Stevens decided to list one of her own cars on Turo—a global platform that connects car owners and renters, sometimes described as 'the Airbnb for car sharing’. Fast forward a few months, and she now has six cars listed on the site, earning her an impressive $6,500 in March alone—enough to cover all expenses for her family of five.
The Australian mother is offering six cars for rent on the platform. Source: au.finance.yahoo.com
Before Turo, Stevens and her family ran a car-rental business which was sadly forced to close due to COVID. Seeing an opportunity in car sharing, she took a bold leap and listed her vehicle on Turo. 'We took a chance and thought we’ll see where it goes—no venture taken, no venture lost,' Stevens told Yahoo Finance.
Thankfully, her gamble paid off. Monique quickly found success as bookings for her cars rolled in, typically for weekend rentals. The additional income has been a game-changer for Stevens and her family, helping to cover day-to-day costs, including their mortgage repayments.
'We have a young family and are going through the wave of the crisis with interest rates going up and the cost of living,' Stevens said. Monique isn't the only one reaping the rewards of car sharing, either. The average Turo host in Australia reportedly earns $19,112 per year—an invaluable boost for many, especially during periods of economic uncertainty.
Tim Rossanis, Turo’s Managing Director, says many Aussies are turning to car sharing as a way to earn extra money as living expenses and interest rates rise. 'You can monetise an asset that otherwise sits idle and earn pretty significant cash by having it booked out by guests who want to go on trips and travel around the country. It’s a nice, scalable and flexible way to get extra money in your pocket,' Rossanis told Yahoo Finance.
One of the many appealing factors of car sharing is the passive nature of its income. For hosts like Monique, the earning potential is there regardless of whether they are busy at work, sitting on the couch or taking care of their kids (or grandkids).
While Monique's experience has been largely positive so far, she admits there have been a few minor hiccups, including transferring speeding fines and handling a rental car accident. Turo does offer protection plans to hosts and guests, which include legal liability protection for third-party property damage and damage costs should mishaps occur.
The Benefits of Car Sharing for Hosts and Guests
Car sharing is a great way for people to earn or save money and still make use of a car they don’t use or can’t afford. For host Monique Stevens, it was a ‘silver lining’ for her family after being forced to close their car-rental business due to the pandemic.For guests, car sharing provides a much cheaper alternative to rental cars, with cars on Turo costing up to $90 per day compared to the typical car rental of roughly $100-350 per day for an equivalent car.
Guests can also enjoy more freedom and flexibility when choosing which car to rent, depending on their needs and budget. Car sharing also provides patrons with access to specialty cars which they otherwise wouldn't have the chance to rent, including classic or vintage cars.
With all these great benefits in mind, it’s no surprise that car sharing has become an increasingly popular side hustle for many Australians.
Members, are you considering renting out your car? Turo accepts vehicles that are less than ten years old with a fair market value of under $200,000. If you're interested in exploring this opportunity, you can find out more about the platform on Turo.com.
As the world evolves and new ways to generate income arise, it’s worth keeping an open mind and considering ventures outside the box. Who knows, you might just uncover the perfect side hustle to keep your golden years financially comfortable!
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