Many turning to renting their cars for money as more hit the road this summer

The method is being hailed as the new Airbnb for vehicles as rental car prices soar to all-time highs across the country.
2:41 | 05/11/21

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Transcript for Many turning to renting their cars for money as more hit the road this summer
Now to sharing your car for cash. As rental car prices soar all around the country, some consumers are saving money and trying a new method as they hit the road. Transportation correspondent gio Benitez joins us with more on all that. Good morning, gio. Reporter: Hey, robin, good morning. Listen, I got to tell you I've been on two work trips where I could not find any car at all and so many Americans are facing that same problem right now, so they're turning to new platforms that could also help you make some money. This morning, call it the airbnb of car rentals as millions start to travel, car rental prices are soaring in vacation hot spots. Hopper telling us a four-day rental is now at $400. That's double the average price that you would have paid just this January. On the hopper app alone we've seen a 500% increase in demand for short rental car trips since the beginning of this year. Reporter: And some top destinations are seeing extreme shortages and price spikes like California, Nevada, Hawaii and Florida. I looked at Miami. I looked at ft. Lauderdale. I looked at west palm beach. No cars. They're one of the states to seeing the fastest resurgence of tourists coming back. Reporter: Car manufacturers are facing a chip shortage and many rental car comes sold off their fleet during the pandemic and many are turning to peer-to-peer car sharing services like turo, getaround and avail and you rent someone's personal car from them rather than a rental company. Memorial day weekend rentals in Honolulu more than $1300 from Thursday to Monday with national rental chains. But on peer-to-peer sharing site turo just $137. Lindsay did it in L.A. Were you a little anxious at first when you first used the service? I thought this was insane. It's a little bit when you first heard about airbnb, you're like, what, why would you do that? That's crazy. She sees it as a way to limit her environmental footprint while also paying less. We found the car we wanted. And this guy came to my house and he drove it up and he was my neighbor. He pays his rent by turo'ing his car. Reporter: Are they properly maintaining their cars and insurance, a lot rely on the credit card company to provide that rental car insurance. That may not work for these so you may need to look at some extra supplemental insurance, robin. People wondering about that. All right, gio, thanks. Have a good day.

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