Car sharing: rent out your ride

(NBC News) A new Bankrate.com survey finds nearly five out of ten workers hold down a second job or have a “side hustle” to earn the extra cash.

Peer-to-peer car sharing is quickly becoming one of the most popular options.

The car sharing company Turo has been around about a decade and currently has nearly 300,000 people listing their cars for rent.

CEO Andre Haddad says Turo’s “hosts” earn around $500 each month.

Trace Manning is one of them.

He signed up and listed his Cadillac Escalade with Turo to supplement the income he gets from his fulltime job.

“Turo will give you an estimated trip rate and when I saw it was over $150 a day, I was like why not,” he says.

Turo’s cut includes insurance for both owner and renter, and like other car sharing companies offers dream car experiences for those who just want to ride in style.

However, the ride may not last long.

Car sharing companies are facing major resistance from the $30-billion-a-year car rental industry. In 34 state legislatures, lawmakers are considering bills that would require companies like Turo to play by the rules established for rental car companies, paying the same taxes and following the same safety requirements.

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