Peer-to-Peer Rental Can Turn Your Car Into Cash

peer-to-peer rental could make you a roll of money like this
peer-to-peer rental could make you a roll of money like this

You're paying $300 a month for your car, yet you use it no more than an hour or two a day. Is there some way to reduce your car costs and perhaps make some money from those idle hours? A new company, RelayRides, is trying to establish a business to do just that, using peer-to-peer renting.

The company works this way: The person renting out his car signs up with RelayRides, selecting how much to charge and the location and hours when it will be available. RelayRides equips that car with a special computer that tracks mileage, location and automatically unlocks the door for a renter bearing a membership card. It also provides insurance for the rental.