Editors' Pick: Originally published Jan. 29.
For those who've daydreamed about owning a pricey luxury car but haven't figured out how to swing the hefty payments, the sharing economy may have just inadvertently solved this age-old dilemma.
This is not another story about making money as an Uber driver.
There's an easier approach to earning some extra income from your car, one that doesn't involve chauffeuring strangers (And in light of the recent, vicious attack on an Uber driver by a Miami neurosurgeon, the video of which went viral, perhaps now is a good time to consider alternatives.)
If you've not yet heard of Turo and Getaround, you're not alone.
Though both are widely used, they also have yet to truly accomplish a breakthrough on the level of Airbnb or Uber.
Both are sharing economy-based businesses that facilitate renting your car to travelers or others in need of a vehicle.
The early buzz about this new generation of peer-to-peer rental companies was tied in large part to the fact that they often allowed car owners to leave their vehicles in airport parking lots when traveling for work or pleasure and have them rented out while away. Thus, they could make money from the vehicle, instead of shelling out gobs of cash to park it.
Since then, however, the model appears to have vastly expanded.
Turo (originally known as RelayRides until a recent rebranding) was the first to hit the market and has the widest footprint with rentals in 2,500 cities.
In its latest form, Turo gives car owners who list their vehicles three options - delivering the car to a custom location around town that's mutually agreed upon by owner and renter, delivering the car to a nearby airport or having the renter picks up the car at the owner's home.
While the car is rented, Turo covers the vehicle with $1 million in liability insurance and provides roadside assistance 24 hours a day, seven days a week.
And finally, the company still offers the option in Los Angeles and San Francisco of parking the car for free at LAX or SFO and earning income with it while you're off globetrotting. In fact, Turo's website says some car owners earn about $425 a month by selecting this option. Your earnings get deposited into your bank account weekly while you're traveling.