Renting Out a Truck
Our Side Hustles Breakdown
We recommend renting out a truck for those looking to make use of an idle asset. With growing demand in many sectors, your truck can be a reliable source of income. Key concern: Ensuring proper maintenance and insurance coverage is vital for long-term success and safety.
- Wear & Tear: Increased usage might lead to faster depreciation.
- Insurance Concerns: Proper coverage is essential to protect against damages and liabilities.
- Potential Downtime: Repairs or maintenance can affect availability and income.
- Steady Demand: Trucks are often sought for moving, deliveries, and other projects.
- Passive Income: Rent out an existing asset without significant active work.
- Flexible Scheduling: Choose when and for how long your truck is available.
Did you know that you can start making a small passive income using only a truck? That’s because there’s usually a high demand for single-use trucks for those who need to move heavy things around.
So whether you have a single pickup truck, a box truck, or else, read on for a guide on renting out a truck.
An Overview of Renting Out a Truck: A Primer
Many companies and individuals need moving trucks for a short rental period when they’re transporting heavy things, whether that’s furniture, heavy utility, equipment, or otherwise.
In contrast, many truck owners work in other fields that don’t require their vehicles to be present with them. If they find themselves needing an extra source of income, then they can fill this market gap by renting out their trucks.
It’s a simple endeavor for truck owners that opens an effortless stream of income, effectively starting a trucking business with one truck, just in a niche way.
And in most cases, it doesn’t matter what truck you own since there’s a demand for transporters of all truck sizes, from small pick-up trucks to large box trucks.
How Much Can Renting Out a Truck Earn You?
Truck rental can be as modest or lucrative as you make it out to be. But the most important factor in determining this is how many trucks you’re ready to rent, followed by the types of trucks and their sizes. Other factors, such as your location, also play a minor role.
For people who own one truck, monthly income will still depend on the vehicle’s type, state, and capacity.
A small budget truck may only bring you in $400 to $600 per month, assuming you rent it out every day. Meanwhile, renting out a larger and fancier pickup truck can net more, typically between $1,000 and $1,600. Naturally, this number scales up the larger and better-conditioned your vehicle is.
According to Fetch, which is a massive truck rental business, here are the average yearly revenues of truck lessors:
- Small cargo vans: $17,000
- Pickup trucks: $19,000
- High-roof vans: $21,000
- Large cargo vans: $27,000
- Box trucks: $30,000
How Much Does It Cost to Start a “Renting Out a Truck” Side Hustle?
Assuming you already have an operable truck in decent condition, then you can start with as little as nothing, whether you rent it out through a local rental center or opt for peer-to-peer vehicle rental.
Unsurprisingly, peer-to-peer rental can be more profitable since you cut out the middleman. But it can also be less stable if the people you know don’t currently need your vehicle.
If you don’t already have a truck, you’ll need tens of thousands of dollars just to buy one.
Next, consider your truck’s condition. If it’s bad, you’ll need to pay to repair it, which can cost anything from $20 or $30 to several hundred dollars, depending on the repairs needed.
And that’s mostly it. Optionally, you can choose to market yourself instead of relying on truck rental companies to save middleman costs, which can cost hundreds of dollars depending on your chosen platforms.
Where Can You Find Clients to Rent Your Truck?
Here are the two main methods to find clients for your rental hustle.
Where to Independently Find Clients to Rent a Truck To
The simplest way to start renting out your truck is through word of mouth. If you “know someone who knows someone” who needs a truck, you can agree on a rental term with them.
Alternatively, you can resort to advertising yourself locally or even online if you have a larger fleet.
Gig Economy Companies That Offer Opportunities for Renting Out a Truck
If the methods above don’t suit you, you can consider “car rental by owner” services, such as:
- Turo: Often called the “Airbnb of cars,” Turo allows you to set your terms and price and then offer your vehicle for rental. Attract clients, agree on a pickup date, and get paid!
- HyreCar: HyreCar works similarly to Turo, but it caters more to renters who need vehicles for work rather than luxury.
Why You Should Consider Renting Out a Truck as a Side Hustle
Here are three of the most compelling reasons to start renting out your truck for side income:
- Passive income: Renting out your truck requires zero effort and can net a modest passive income every month.
- Low start-up costs: In most cases, it costs nothing to rent out your truck. The only things you might need to pay for are repair costs if it’s inoperable or unsafe to drive.
- Flexibility: You can choose when to rent your truck to suit your needs.
Problems With Renting Out a Truck
It’s also important to consider the drawbacks of the rental process. Here are the most common problems you might encounter:
- Possible damages and wear: Extensive use of your truck can lead to wear and potential damages from accidents or abuse, which can lead to headaches.
- Demand fluctuations: You may sometimes struggle to find renters if the demand goes down in relation to vehicle availability.
- Renter verification: If you’re renting out your truck independently, you’ll need to screen your prospective renters manually.
Frequently Asked Questions
What Is the Most Commonly Rented Truck?
Pickup trucks are the most popular rental option because of their small size, ease of driving, and versatility. They can be used for several things, such as moving furniture or hailing heavy equipment. Other popular rental trucks include cargo vans and box trucks.
How Much Is a Truck Rental per Day?
The money varies greatly depending primarily on the location, lessor, and, most importantly, the truck size. For pickup trucks, it can be around $15 to $50 per day. For large cargo vans, $40 to $110 is the average. As for box vans, it’s somewhere between $100 to several hundred dollars.