Our platform allows you to easily and securely rent out your car and earn additional income from it. But how much could that income actually be? And how can you influence your booking rate? In this post, we will answer these questions and share practical tips to help you maximize your car rental income. Whether it’s for covering your daily expenses or saving up for something special – GoMore helps you achieve your goals. Let’s get to the point!
How much can I earn renting out my car?
The answers to this question are as varied as the car owners themselves. The income you can earn depends on several factors, such as how often your car is rented out during the month, what the daily rental price is, whether the car owner has implemented our dynamic pricing, how long the rental periods are that month, and whether the car owner rents out one or multiple cars.
Although all these factors may seem a bit confusing at first, renting out a car through GoMore is anything but complicated, and we can still provide specific numbers. We had a chat with one of our active car owners, Kuldar, who was kind enough to share his GoMore experience with you.
How much does Kuldar earn?
GoMore has a variety of car owners. Some, like Kuldar, rent out their cars more frequently, while others do so less often. Kuldar chose GoMore because, in his words, it seemed like an easy way to earn extra money. Kuldar mentioned that he pays about 500 euros a month for his car expenses. Through GoMore, he earns about 300 euros a month, covering part of his car costs, leaving him with only 200 euros as the total cost of the car per month. This is a great way to reduce your everyday mandatory expenses and free up money for something more enjoyable.
What affects the booking rate?
GoMore’s 10 years of experience have shown that one key factor influencing bookings is definitely the Keyless device, which gives both the car owner and the renter more flexibility, allowing the car to be picked up and returned contact-free. According to our data, the Keyless device can bring up to five times more bookings. When speaking with Kuldar, he also highlighted that the Keyless device has helped increase bookings and freed up his time. There’s no need to agree on a time and place to hand over keys, which also gives the renter more flexibility regarding the pickup and return times, in case they can’t pick up the car exactly at the start of the booking or want to return the car before the booking ends.
Since we humans often eat with our eyes, in addition to Keyless, renters also appreciate good photos and information in the car profile. Often, people who do not own their own car will rent a car they need, basing their choice on the information provided in the car profile. Invest a little time and effort into creating your profile – we know it may seem tedious, but it will only take you time once, and it will pay off many times over.
In addition to the above, the car’s daily price and location are also crucial. We know that setting the price may seem tricky, which is why we’ve developed our pricing calculator to help guide you on where your price could fall based on the market price. We also recommend looking at the profiles of other car owners and taking inspiration from profiles that have multiple ratings. This is a sign that the price, location, and other profile details are in order, and the car is being rented out frequently. We suggest starting with a slightly lower price to get your first bookings and ratings, then adjusting the price as needed. Additionally, we recommend using our dynamic pricing, which adjusts the price for you based on peak or off-peak seasons. This way, you can maximize your income.
When it comes to the car’s location, it’s clear that the most bookings come when the car is located in a high-traffic area. However, we’ve also been surprised by residential areas with less traffic. Therefore, our advice is to try different car locations and then decide which one is the most optimal for getting bookings.
The final piece of advice to increase your booking rate is to keep your calendar updated. Since many first-time renters are joining the platform, it’s extremely important that your calendar is up-to-date and reflects the days your car is unavailable. This ensures a positive experience for all users, no bookings are turned away, and renters will come back to rent again after a good experience.
How to get started?
Sounds like a smart and good way to earn extra money? Want to earn 300 euros or even more a month? To do this, all you need to do is create your car profile, fill in the car details, and you’re all set.
Welcome to GoMore!
