HyreCar is a resource for two types of people – it’s for anyone who wants to make money as a rideshare or food delivery driver but doesn’t have a car, AND it’s for people who want to make passive income renting out their car.
With two different ways to make money, HyreCar is one of the more unique side hustle opportunities out there. It opens up a source of passive income for anyone with a late model, 4-door vehicle.
Or, if you’re currently driving for a company like Uber or Instacart and your car is out of commission for a few days, you can rent a car from HyreCar and keep a steady stream of income while you wait for your car to be fixed.
Because HyreCar works for both car owners and drivers, this HyreCar review is going to look at it from both perspectives. I’m going to break down how HyreCar works – from signing up, the financial side, and if it’s worth it for drivers and owners.
HyreCar Review | How it Works for Car Owners and Renters
What is HyreCar?
HyreCar is a peer-to-peer rental platform where people can rent their cars out to people who drive for rideshare companies and food delivery services. That means side hustlers who drive for Uber, Lyft, Postmates, Instacart, Shipt, etc. can rent a car from HyreCar.
This presents two side hustle opportunities:
- You can make money renting out your car on the platform
- If you don’t have a car, you can rent a cart from HyreCar and make money delivering food or with a rideshare company
This idea isn’t brand new. Companies like Uber and Lyft have options for drivers who want to rent cars, and Turo is a platform for car owners to rent out their cars for personal use. HyreCar has merged the two ideas together.
I was immediately intrigued by HyreCar because it’s unique for a company to offer both side hustle opportunities. So I’m going to explain how it works on both sides, for the driver and vehicle owner.
How HyreCar works for drivers
Unless you’ve been living under a rock, you know how popular food delivery services are, and the same goes for rideshare companies. HyreCar makes it possible for you to drive for these services if you don’t have a car, if you don’t want to use your car, or if your car is out of service for a few days.
Before I walk you through the rental process, here are the HyreCar driver requirements:
- You must be at least 21 years old
- Drivers need a valid, in-state driver’s license
- Must have your license for at least one year in the state you will be renting in
- Drivers need a mobile phone in their name (HyreCar uses this to communicate with you)
- You’ll need an existing account with a rideshare or food delivery service
- No major driving violations in the past three years (DUI, reckless driving, etc.)
- No more than two minor violations in the last three years
As long as you can meet all of those requirements, here’s how you rent a car from HyreCar:
Step 1: Create an account and pick a vehicle
First, you’ll create an account with HyreCar – it’s free to sign up and you just need your email address.
From there, you’ll start the process of booking a car. You input your location and the dates you want to rent (there’s a 2-day rental minimum), and then you can start browsing available vehicles.
HyreCar recommends booking the one car you want plus 5 more. That sounds like a lot, but you only pay for the car once you’re approved. Booking so many cars increases your chances of getting your desired rental period if something suddenly becomes unavailable. And once you are approved for a car, HyreCar cancels your back-up bookings.
Step 2: Deposit, background check, and necessary documentation
You will need to full out your payment information before you can move forward, and if you’re using a debit card, you’ll see a $200 security deposit. That amount is separate from the rental cost and is refunded once you return the vehicle.
This step also includes a background check. HyreCar says it usually only takes a few hours, but it can take up to a day or two. Only new HyreCar renters have to go through the background check.
After you’ve been approved, you will be charged for the entire cost of the rental. Then, HyreCar sends you documents to submit to your rideshare or food delivery company. This includes vehicle registration, inspection report, and rideshare insurance (HyreCar purchases this custom insurance policy for you and it’s good for 30 days).
It can take a few hours to a full day before all of these documents are processed, so account for that time in your rental. Meaning, if you need a car on Tuesday, upload your documents by Monday, for example.
Step 3: Pick up your car
You and the car owner will get in touch via HyreCar so you can schedule a time and place for you to pick up the car. There are a few things you’ll want to go over during the pick-up, including:
- Mileage: There may be mileage limits on the rental, typically around 250/day, and if you go over that it costs an additional $0.25/mile
- Fuel: You will have to bring the car back with as much fuel as it had when you picked it up from the owner
- Dents, dings, scratches: Go around the vehicle with the owner and take pictures of any issues. Of course, you’ll want to return the car in the same condition
- How the vehicle works: Probably self-explanatory, but the owner may want to share any peculiarities or features of the car with you
Step 4: Return the rental
When you’re finished with the rental, you’ll again contact the car’s owner via HyreCar and arrange a drop-off time. The owner will probably want to do a walkaround to make sure the vehicle is returned in the same condition.
The owner will then confirm that you’ve returned the car. And remember to refuel before returning the vehicle.
How much does HyreCar cost?
Average costs are $24-$40/day, but prices vary by location with bigger, busier cities generally charging more for cars. You might be able to get a rental discount if you rent for periods of a week or longer.
If you go beyond the mileage restrictions, again that’s around 250 miles/day, you’ll incur an additional $0.25/mile charge.
How HyreCar works for car owners
Renting your car out on HyreCar can be a decent source of passive income, and the process of signing up and listing your car is pretty simple. In some ways, it’s similar to making money on Turo, though Turo is for personal use only.
The HyreCar requirements for owners depend on where you live because different states have different rideshare and delivery vehicle requirements. But the requirements usually mean your vehicle is no older than 10 years old, has 4 doors, and has 5 seatbelts.
You will also need a 19-point inspection before you list your car. You can have this done at most mechanics, and you’ll end up with a document that says your vehicle is safe and ready to go.
Step 1: Create an account and list your car
It’s free to set up an owner account on HyreCar, and you just need your name, email address, phone number, and zip code.
After signing up, you’re brought to your HyreCar dashboard where you’ll list your vehicle. You’ll need to input the following info:
- VIN number
- License plate number
- Description of the vehicle
HyreCar recommends that you “sell” your car in your listing, explaining why a renter should pick your car. You could, for example, mention how smooth it rides, what the gas mileage is like, any cool features the car has, etc. A good description will be short, clear, and honest.
This is where you will upload photos, and you should make sure they’re high-quality images. Take photos in the daylight, and if there are any major flaws, take pictures of them too.
Step 2: Pick your protection plan
You can’t list your car on HyreCar without car insurance, but you’ll also want to select additional coverage for when your car is being rented. The protection plan you choose directly affects your earnings, and there are three tiers:
- Premium: $500 owner deductible, HyreCar takes a 25% commission
- Standard: $2,500 owner deductible, HyreCar takes a 20% commission
- Basic: $3,000 owner deductible, HyreCar takes a 15% commission
Here’s how these plans look in terms of coverage:
You can read more about each of these plans and how they work for drivers and owners here.
Step 3: Price your listing
The quickest way to make money from your car is to have fair and competitive pricing. I recommend looking through HyreCar’s listings in your area to get an idea of what similar cars are being listed for.
HyreCar has a tool to compare listings in your area, and here’s what current listings were going for where I live in Houston, TX.
You’ll notice most of those are pretty fuel-efficient cars – that’s what drivers want. Unfortunately, not many people are going to be interested in renting my big, old, gas-guzzling Yukon.
Step 4: Accepting applications
HyreCar will notify you when someone is interested in renting your car, and you can accept rental periods through your HyreCar dashboard. Basically, you’re agreeing to rent the car at the specified time.
You and the renter will decide on the time and place to meet. Before you meet them, make sure the car is clean and ready to go.
When you meet the renter, go through any weird quirks your car has, like if the passenger side window sticks, or how to scan the radio. Also, take pictures of your vehicle (inside and out) before you let it go – this will help you report any damage that happens while it’s out. You’ll also want to note mileage and fuel.
Step 5: Getting your car back
There’s a chance the renter will want to extend their rental period. You’ll be notified in the app, and you can accept or deny their request.
When the rental period is over, you and the renter will agree on a time and place to meet. When you get your car back, you’ll want to check:
- Fuel: Make sure the renter returns it with as much fuel in the tank as they left with
- Mileage: If the driver goes over 250 miles/day there’s an additional charge, so make sure you note what mileage is at when they pick the car up and where it’s at when it’s returned
- Condition: Check the exterior and interior for any damage, you can contact HyreCar support if you notice that anything is off – this is why taking pictures in the beginning is really important
One of the most important parts of getting your car back is to Confirm Drop Off in the HyreCar app. This formally ends the rental period and prevents the renter from being charged extra.
How much can I make with HyreCar?
HyreCar says most cars are listed for $35/day. Don’t forget, HyreCar does take a 15%-25% commission depending on the protection plan you chose and there’s a 2-day minimum. When do the math and account for those two things, here’s how much you can make on a 2-day rental starting at $70:
- Basic protection plan: $59.50
- Standard protection plan: $56.00
- Premium protection plan: $52.50
Payments go out after the rental has been picked up, and it takes about 2-3 days for the funds to hit your account.
HyreCar also recommends owners set aside 10% of their earnings for maintenance and repairs. You can expect more wear and tear on your car if you rent it out regularly.
Then there are taxes. The general rule for side hustlers is that they set 30% of their side hustle income aside for taxes. You can read more about that in How to Handle Taxes for Your Side Hustle?
While on the surface, it looks like you can make at least $50 for every HyreCar rental, the real number is much closer to $30/rental on average.
HyreCar customer service
One noteworthy thing about renting or listing a car on HyreCar is that if you sign up and show interest, someone from HyreCar will give you a call and walk you through the process.
I created an account with HyreCar to write this review, and the very next day I got a call from Kyle on their support team. Kyle told me that the sign-up process can be a little confusing, so they like to call anyone who’s expressed interest to make sure they weren’t having any problems.
This really impressed me because it felt very proactive on the part of HyreCar.
If you have any issues after you’ve started using HyreCar, you can contact them via a webform or call for phone support.
Is HyreCar worth it good for drivers and owners?
Here’s the big question in this HyreCar review – is it worth it?
If a good portion of your income comes from delivering food or rideshare driving and your car is out of commission for a few days, then yes, I think HyreCar is 100% worth it. You’ll be able to continue earning money with no lag time in between.
If you don’t have a vehicle and want to rent from HyreCar to work as a driver, it’s still not a bad option. You won’t be able to write off mileage, but it opens you up to a new side hustle.
For example, Instacart and Shipt shoppers can make around $20/hour. Let’s say you do that 30 hours a week and do a week-long rental for $200. You’re still earning $400.
M$M tip: For more side hustle options (many that don’t require a car), check out 40 Best 2020 Side Hustle Ideas (Make $1,000+ Extra Per Month).
I want to point out where HyreCar shines for drivers: it’s passive income, meaning you’re not actively trading your time for money.
You’ll probably need to do maintenance a little more often and keep your car clean, but after that, there is very little work involved in listing your car on HyreCar.
On the flip side, you’re earning closer to $30 per 2-day rental when you account for fees, maintenance and repairs, and taxes. Plus, you’re out of a car for a couple of days.
I think HyreCar could still be worth it for many, many car owners, but it’s with considering all of the factors.
HyreCar review: The final word
Delivering food and rideshare driving have become some of the most popular side hustle options in the past year or so, and for good reason. They are flexible ways for people to make extra money.
HyreCar is built on that idea, making cars available for more drivers and giving car owners a new passive source of income. That’s awesome.
Just make sure you understand the implications on either end. Drivers need to be good human beings and take care of the car they’re renting. And owners need to understand how much they’re actually earning.
HyreCar is currently available in all 50 states and Washington, D.C.
The driver is responsible for paying for any repairs that have to be made as a result of their rental, and the vehicle owner is responsible for regular maintenance costs.
Again, HyreCar recommends that vehicle owners set aside around 10% of their earnings for maintenance, and there’s a good chance you’ll have to do maintenance more often because your car is being used more.
Tires are the only weird one – these are the responsibility of the owner even if the driver gets a flat while out. And tires are the only vehicle claims that HyreCar doesn’t process.
A lot of them are, but dealerships can also list cars on HyreCar. It’s a good way for them to make some money on cars that have been sitting on the lot.
Yes, owners can cancel rentals for all kinds of reasons. One simple reason is that they might unexpectedly need to use their car. HyreCar customer service is known for helping you find another rental so you can get in something right away.
HyreCar discourages car owners from cancelling with a policy that states after 3 cancelled bookings in a one-month period, all of their listings can be deactivated and their account can be suspended.
First, call 911 and file a police report, and then exchange insurance information. This is basically the same thing you would do if you were driving your car and were in an accident.
The difference is that you’ll also want to contact the vehicle’s owner via the HyreCar app and let them know what happened. You will also need to take as many pictures as you can of the damage and contact HyreCar support.
No, HyreCar doesn’t run a credit check, but they will do a DMV and criminal background check on all driver applicants.
Yes, you can rent a car from HyreCar for Lyft, Uber, Postmates, Shipt, Instacart, etc. HyreCar’s process of vetting owners makes sure their cars fit the requirements from these popular food delivery services and ridesharing companies.
HyreCar doesn’t have problems with this, and there’s really nowhere in the sign-up process that they would find out if you did or didn’t. However, they do recommend that you check with the lender before you sign up.