Whether you’re working as a driver or renting out your car, HyreCar’s non-committal money-making programs may be irresistible to side hustle hunters. But is it legit? This HyreCar review aims to find out.
HyreCar’s selling point is brilliant in that caters to both car owners and delivery drivers. If you’re looking to make money from any of the two side hustles, this car-renting cum car-listing company is the one-stop-shop.
What sets this carsharing marketplace from vehicle-renting companies like Turo or GetAround is that it caters only to drivers working for the gig economy. As a dual-sided marketplace, HyreCar only lets its owners rent out their cars to Lyft drivers, Uber drivers, and food delivery drivers.
Will working for HyreCar help you build a steady income? How does it fare when compared to similar services? What do people say about the company?
If you’re looking to make extra money, this HyreCar review will walk you through everything you need to know before trying out the service.
What is HyreCar?
HyreCar calls itself a ‘carsharing marketplace’ with goals of assisting local car owners in 50 states. It does this by renting out their personal vehicles to Lyft, Uber, and delivery drivers. The two-pronged approach of catering to both car owners and gig economy workers is what makes HyreCar unique compared to similar companies.
Established in 2014 and based in Los Angeles, HyreCar earns from charging transaction fees, insurance fees, and other sources such as late rental fees, referrals, motor vehicle record fees, and a variety of other fees charged to drivers in particular situations.
An investor press release states that the company is steadily growing and as of 2020, is valued at $5.8 million compared to $3.5 million in 2019 – that’s a solid increase of 65%.
There is, however, a net loss of $4.1 million in the first quarter of 2020 indicating a shaky performance, and only time will tell if profitability is possible.
See Related: Turo vs Getaround: What is Better for Owners?
How HyreCar works
HyreCar works differently for car owners and drivers. Drivers can access the platform to look at available vehicles and decide which car they want to rent.
Car owners must provide details about their vehicle when listing on HyreCar, as well as good quality interior and exterior photos.
These details will be used to help the driver make an informed decision when renting.
For drivers. HyreCar charges an insurance fee and transaction fee for drivers using vehicles listed on the HyreCar platform. We’ll learn more about HyreCar fees later. Drivers can select from thousands of cars with varying makes and models, which gives them more options when driving for different levels of Uber and Lyft.
The company claims that their rentals are affordable due to its competitive market where the best quality cars with the lowest prices are rented first.
For vehicle owners. Vehicle owners looking to make money with HyreCar have the power to decide how much they want to charge per day – they can also offer discounts for extended rentals of one week or one month, and how many miles their vehicles can be used per day. In a nutshell, the driver can set rules about how they want their vehicle to be rented.
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How to sign up for HyreCar
The sign-up pages for both car owners and drivers are located on the HyreCar website. This HyreCar review will tell you how to sign up for both.
Signing up as a car owner
Car owners can list their vehicles in HyreCar for free, and the process takes just a few minutes. After signing up in the HyreCar website, you’ll be asked to describe your vehicle and upload documents for verification. The documents include:
- Clean photos of your vehicle exterior and interior
- Vehicle registration
- Car insurance
- Driver’s license
- 19-point inspection
- Lyft/Uber documents
Here are some tips to get off to a good start.
Describe your vehicle properly. Car owners are advised to use only high-quality photos of their vehicles. Short and simple descriptions are encouraged – focus on convincing drivers why your vehicle is the best choice compared to other owners.
Study the local market before pricing. HyreCar recommends all car owners to study similar vehicles in your market to see how they price so you don’t run the risk of pricing yourself too high or too low.
Keep your vehicle in good condition. HyreCar advises all car owners to keep their vehicles clean and well-maintained (the platform suggests that save at least 10% of your monthly profits to spend on your car’s upkeep).
Read HyreCar’s comprehensive guide on renting a car for more information.
Signing up as a driver
After signing up with your basic details on the HyreCar website, selecting a vehicle to rent is easy for drivers. Our HyreCar review will walk you through the entire process.
Select a car. HyreCar has thousands of available vehicles to choose from. If one catches your eye, click ‘Book Now’ above the picture of your preferred vehicle to begin the process of renting.
Input your dates. You’ll be asked to input the dates that you intend to use the car. Keep in mind that the minimum is two days. If you plan to extend your rental period, you can always talk with the owner.
Book at least 5 to 10 cars. HyreCar recommends that you book at least five to ten cars to increase your chances of landing one, as the other choices may be unavailable. The platform only charges for the car you’ve approved to drive.
Pay for the vehicle. Once you’ve decided on the vehicle, you’ll have to fill out the payment information. Drivers using debit cards will be charged a refundable $200 deposit which will be held in your account.
Go through a background check. HyreCar will run a background check on new drivers that takes only a few hours.
Receive the documents. Once your car owner application is approved, HyreCar will send you documents to upload to your Uber or Lyft driver account. This includes your vehicle registration, rideshare insurance, and your 19-point inspection report. Your insurance will be delivered to you a day before your scheduled to pick up your rented vehicle.
Read HyreCar’s car owner guide for more information.
HyreCar vehicle requirements
When listing your vehicle on HyreCar, the requirements vary depending on the state, and if the driver is planning to drive for Uber, Lyft, or other ride-sharing platforms.
Our HyreCar review found the following requirements to be the most common when driving for Uber or Lyft in all states.
Keep in mind that these requirements may vary depending on your location, so check out HyreCar’s more comprehensive list of requirements here.
- Driver’s license
- Vehicle registration
- Personal vehicle insurance
- Vehicle inspection form
- Driver photo
Vehicles must be 2003 or newer, with four doors and 5-8 seats, including the driver’s seat
Uber accepts both temporary and official registration documents. Your vehicle does not need to be registered in your name to qualify. All vehicles must have their own insurance policy in line with their local and state laws.
15-year-old or newer, four-door vehicles with no cosmetic damage or commercial branding. Vehicles must pass a vehicle inspection.
HyreCar driver requirements
Driver requirements are set to exclude dangerous drivers from driving for HyreCar. Just like vehicle requirements, HyreCar requirements for drivers vary depending on the platform you’re driving for.
HyreCar age requirements for Lyft and Uber are the same – all drivers must be 21 or over. Drivers must have held a driving license for at least a year, with a clean driving record, a valid insurance policy, and a recent model smartphone.
Uber requires its drivers to have at least three years of driving experience and a spotless driving record.
If you pass all of the requirements stated above, you’ll need to go through a HyreCar background check courtesy of the platform you’re signing up for.
Pros of HyreCar
When compared to other similar services, our HyreCar review found the following advantages of using the platform.
HyreCar allows drivers to test as many ridesharing platforms as they want without being restricted to just Lyft or Uber. This allows them to select the best one before committing in the long-run.
HyreCar offers a fixed price that considers vehicle wear and tear. Using your own car means you have to shoulder these costs, including paying for miles, depreciation, and maintenance. This simplifies your costing by allowing you to completely factor out how much you need to charge for vehicle wear and tear – with HyreCar, you know exactly how much you made and how much you need to spend.
While other leasing programs force you to pay a penalty fee when you break your lease duration, drivers can cancel a rental agreement within a day whenever they want to take a break. This means that they only pay for the vehicle when they need it.
Cons of HyreCar
Our HyreCar review found several red flags all potential car owners and drivers should know about. Here are some of the most concerning.
Not a good long term job
Browse through the vehicle listings and you’ll find that most HyreCar rentals cost around $1,200 a month – this doesn’t include the $10 per day insurance and the 10% fee that’s usually associated with renting a car. Add that up and you’ll have to dole out above $1,500 a month.
Our HyreCar review found that this is a lot more than other options for leasing. You may have to drive full time for around a week or two each month just to break even on your rental costs.
Vehicle mileage limits
Cars in HyreCar each have their own mileage limits. Though they seem to be pretty high (around 150 to 300 per day), drivers who are looking forward to driving as much as possible would consider this a cause for concern.
Vehicle pick up and drop off
In HyreCar, vehicles are owned by individual owners. This means that you’ll have to personally coordinate the vehicle drop off and pick up. While some owners offer free vehicle delivery, you’ll have to figure out cost-effective ways to pick up and drop off every time if you’re looking to save and minimize downtime.
Questionable HyreCar reviews
We’ve read more than one HyreCar review with alarming complaints – this includes vehicles being damaged or stolen after being listed on the platform. However, these comments seem to be exceptions rather than the norm.
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Is HyreCar worth it?
HyreCar has a solid 4.2 out of 5 “Great” rating on Trustpilot, and although there are around 142 complaints in BBB.org as of 2020, most of these have been already rectified by HyreCar as shown in their replies.
HyreCar is a legitimate company, but drivers and car owners are advised to do their own research before seeking out the service as there are several concerning HyreCar reviews that proliferate – especially with regards to vehicle theft and damage.
Can you make money with HyreCar?
Our HyreCar lessee review confirms that you can indeed make money with HyreCar, but there are a few caveats. HyreCar claims that according to reports, most people who listed their car on the platform earn as much as $12,000 per year.
Driver earnings depend on their chosen delivery platform (on the average, Uber drivers can earn as much as $19 per hour while Lyft drivers can earn as much as $11.77 per hour) and how many deliveries they make.
It’s important to know that HyreCar skims off insurance and service fees on top of these earnings as well.
Who is HyreCar best for?
Delivery drivers with broken vehicles. If your car needs repairs, you can use HyreCar to easily get back to driving for Uber or Lyft. Drivers should be aware that if their vehicles get into an accident, their accounts will be temporarily deactivated until their vehicles are fixed. If either Lyft or Uber is your main source of income, then HyreCar is a great choice.
Drivers who want to try out different platforms. If you’re just figuring out if ridesharing is a good side hustle for you, then HyreCar can help you test the waters before making a commitment. You can also test our different vehicles a few days at a time.
If you’re looking for more ways to earn extra money, this email course will walk you through everything you need to know about increasing your income online!
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