Nice title right? I don’t have an answer for you though, just being direct up front.
First off, the importance to this title is to “earn the most” and not think you will earn $10k a year on your car. I know Getaround advertises $10k per year, but you need to be realistic on what your car can earn. FYI, the $10k a year means you would earn $833.33 per month. With a 40% cut, that means you need to “sell” $1,388.88 worth of your car per month. It’s a lot but doable for certain cars in certain locations. However, our focus is not how to earn $10k, but how to best price your car.
Let’s look at your costs first:
- $20 for Getaround Connect
- I believe everyone is required now to do Getaround Connect. If I am wrong, please correct me. Owners pay $99 to have the device installed and $20 a month for the service. Let’s bypass the $99 initially since we don’t know how long your car will be in the Getaround fleet, so let’s focus on the $20/month for the Connect service.
- $$ for your monthly car payment
- I am assuming you are still paying your car, but there are cases where you are not.
- $$ for your monthly car insurance
- This is definitely required whether or not your car is paid off
- $$ for your monthly or annual parking
- Clearly this can vary from $0 to ~$300. Getaround offers an SFMTA spot for $180 and other spots for $280. You can also get the annual parking pass from SFMTA to park on the street, or of course, pay no parking and keep it a spot where parking permits aren’t required
I am not saying these numbers above dictate your price, but it should be taken into account. You don’t want to undervalue your car so it gets more rentals while you pay more just to keep it around, or buy a parking spot (just for Getaround) and yet you don’t get enough rentals to cover the price. Additionally, remember your car takes on additional wear and tear from your renters
- and yes I do know that you would incur most of these costs anyhow. The point is to use judgement
What’s important to renters when renting a car?
I am definitely no expert on this, but here are some key factors
- Location – close to the renters’ home
- Location – ease of access. This doesn’t have to be close to the renters’ home, but at least close to public transit like Bart or Muni
- Type of car. Maybe the renter wants a sporty car for the weekend or an SUV to make a trip out to Tahoe or Ikea, or a high-end car for a night out on the town.
- Parking – dedicated spot versus finding a spot due to a parking zone or no parking permit at all
- Side commentary – one renter said they loved using my car now because they didn’t have to worry about finding a spot. Takes one less hassle out
- Return renters who get a consistent reliable service from a car/owner
- Cars with higher quantity of reviews
- The writeup of the car.
- Car’s availability
Question to you owners – have you gotten feedback about any of the above from a renter? What hvae been key factors for your renters? Please add in the commentary below
So what can I control in regards to those factors?
- Price: Definitely! You set the hourly and that’s it. If you want to modify the other components you have to email/call Getaround support each time. Unfortunately you cannot have different pricings for different days of week (in other words, like Airbnb allows you to have a different price every day). Currently, its a fixed price no matter what day. This is one of the current feature requests I have out there.
- Side commentary: In my link below, you will see some analytics into car pricing. I did notice that only 5% of my sample (of 500 cars in SF) have changed the daily rate off of the 8x hourly pricing. Either that’s because people don’t know about this, or they prefer to leave it that way.
- Location: Maybe. If some locations are more popular than others, you could rent a parking spot in one of those areas. However if you don’t want to be too far from your car (and your home is not in a popular area) then there isn’t much you can do here. Additionally, what are those great locations that get high rentals? I don’t have numbers on this, but my assumption is downtown and closer to Bart or Muni stations
- Type of car: Not really. Your car is your car – can’t change that 🙂 Well, yes, you can. You can buy a more popular type of car. What is a more popular car? I don’t have those statistics.
- Parking: Yes and no. Like above, you can rent dedicated parking spots….but of course you have to bear the extra cost. If you are curious about parking spots in SF, feel free to contact Getaround support of course, or look into Craigslist or simply Google.
Question to you owners – if you have recommendations on where to find parking spots, please add in the commentary below?
So how are other people pricing their cars?
Well, you can search the Getaround website or ask others on the Facebook group, but hence the reason I would love the ability to tweak pricing around a bit more, so you can test what works best for you. To expand upon this point – getting the best pricing for you – I feel Getaround should have advisors that help you optimize your rental configuration (pricing, hours of availability, etc)
Question to you owners – would you like an advisor to help you optimize your pricing and possibly perform routine checkins every quarter? Or do you think emailing support is sufficient for this? Please add commentary below.
However, I did pull 500 car listings (since the tool I used was capped off by the Getaround search max). In this output, I have the car name/type, hourly pricing, daily pricing, URL to car, and # of reviews. That was the easiest I could pull. Nevertheless, this information is quite interesting to see aggregated together in one spot. Mind you, its 500 so not everyone is listed, but 500 is still a fair amount. If you are curious about these numbers, please click on the link below
Question to you owners – if you have comments or questions about this list of cars, please add to the commentary below?
Help your fellow Owners
If you have found something that works well for you, then please share it with us all. Your situation could be applicable to others and as a community we would appreciate your insight and help.
Question to you owners – if you have some helpful tips on how you have succeeded, please share in the commentary below.
I think in summary I am stating that I would love more help from Getaround to assist in optimizing rentals. I feel they get you on board and then don’t talk to you again until you complain on Facebook. Not a great customer experience. Mind you, I am not saying everyone is having a bad time with Getaround. Quite the contrary. I am pretty sure the satisfaction rating is quite high. I just feel they could be more engaged with the owners
Question to you owners – Do you agree or disagree with my last comment?
In any case, if you have read this far – well thank you for taking the time. And furthermore if you are able to add commentary, that would be great! Not for me really, but for the entire owner community. If you prefer to reach me independently from this forum, then feel free to email me at firstname.lastname@example.org or call me at 650.353.7877