Hey there! My name is Jarrett and I’ve always been fascinated with personal finance. In early 2018, I read the book “Set for Life” by Scott Trench, which completely changed the way I thought about what I own in a big way. The shift came when the book showed me that the things I own have a recurring cost. Stuff takes up space, and to protect our stuff we might store it in a house, garage, or storage unit. If something was able to pay for itself, however, then we might be able to make a decent income with that object. The book applied this thought of “income producing assets” to home ownership, house hacking, and investing in real estate, but I decided to investigate how everything I own could produce an income of some sort.
People have been making a living renting out rooms in their house or properties they own for hundreds of years, but I didn’t really know of any individuals making an income with their car. Sure, I knew about taxi drivers, Lyft, and Uber, but that involved actually having to be there to make money. I wanted to investigate ways that I could decouple my presence from making an income. When I thought about renting cars out, I had no idea how I’d even begin to compete with the big name players like Enterprise, Alamo, National, and Budget.
It wasn’t until a few months later that I stumbled upon Turo. Turo showed me individual after individual who were renting out their cars to produce an income. Even though I didn’t own a car at the time, I found Turo fascinating and vowed to investigate it when I would eventually own a car again in the future.
The future came a lot faster than expected when my romantic partner and I decided to go our separate ways when our lease was up. I didn’t need a car at that very moment, but I quickly got in the market to buy a car and leverage the freedom I had to get ahead on the payments by renting a car out on Turo.
As I dug into Turo, I had so many questions. The more I looked around, the more questions I had. Is this even legal? Who, in their right mind, would do this with their car? Do people really rent cars this way? This can’t be an actual thing, can it?
While questioning everything, I came across articles showing people who were driving around Tesla cars for “free” because they had other people paying the cost of ownership. If they were able to do that, why couldn’t I? It couldn’t be that hard, could it?
After wrestling back and forth with myself over a few weeks, I decided to just go for it. If it bombed, I’d have a few interesting stories to tell. At the very least, I would have gotten more exposure to running some sort of small business and maybe I’d develop a healthy respect for alternative forms of income.
With this newly-found gumption in hand, I got the idea for EVSideHustle as a form of accountability to make sure that I actually followed through on using a car to pay for itself. I wanted to answer all the questions I had and also show people how to get started on the Turo platform. Even if all that came out of it was some hosting costs and a few blog posts that would be lost to time, I was okay with that.
All that being said, welcome you to EVSideHustle and hope you enjoy the ride.