Do you own a caravan, camper or motorhome? Is that vehicle wasting away its days in your garage?
Well, if you’ve said yes to those questions, then you have a wonderful opportunity waiting for you to take advantage of. By renting out your unused recreational vehicles, you can quickly and easily make a profit whilst also covering your registration fees, insurance, and maintenance cost.
That’s why we’ve created this article to explain how you can list your vehicle online, find out the potential money you could earn and easily navigate tax and insurance surrounding the van.
Case Study: How To Make Money From Your RV
If you have a quick look on RVshare, you’ll find an extensive list of Motorhomes available for rent. If we consider a van that charges $167 per night, that van has the potential to make $14,028 if it is rented out for just 12 weeks in a year.
It’s key to remember that RVshare deducts a standard 15% commission which includes insurance coverage for third party liability as well as comprehensive and collision. The commission fee also includes 24/7 roadside assistance.
In considering the fee, you are still left with a total profit of $11,923. This figure reflects how renting out your RV can be a great source of additional income.
Helpful Websites For Recreational Vehicle Owners
If you’re interested in hiring out your own van and you are based in the United States, it’s worthwhile having a look at sites such as RVshare. They offer unique services including liability, comprehensive & collision coverage, and 24/7 roadside assistance.
Outdoorsy is accessible for RV owners living in the United States, Canada and Australia. They provide nice insurance protection, roadside assistance, and dedicated customer support that has tons of high-rating reviews.
How To List Your Recreational Vehicle Online
Despite a variety of sites offering you the potential to rent your vehicle through an online platform, Camplify seems the best option out there. Being based in Australia and understanding insurance, customer service and roadside assistance as it relates to Australia, this website seemed the most accessible, suitable and user-friendly. By following a few simple steps, you can have your caravan or camper listed online within no time.
- Create your login and become a member of Camplify
- Provide general information about your van including brand, year and any other relevant information to the vehicle
- Select your location within Australia
- Describe the features of your van such as what’s great about it and why someone should choose to rent it out
- Explain the different ways people can hire your van. Will it remain stationary at a certain location or will it be available to tow?
- Set your price per night and establish your rules and regulations for potential customers
- Work out insurance surrounding the van
- Upload the best images you have of your vehicle. Remember to ensure your photos are light, appealing and highlight the benefits of your van
- Write a short description about your van
A Useful Calculator
By using this calculator, you can estimate how much you can earn renting out your vehicle. The calculator also helps to guide you when setting the price for a night’s stay in your van. The tool is especially helpful due to the option you have to enter in specifics about your van as well as the hiring conditions you have. These conditions can include ensuring your guests don’t bring pets, don’t smoke in the van and can tow the vehicle themselves.
Having entered my own van’s details when using this calculator, I found I was able to make $448 per week during low season and $560 per week during high season. That converts to a nightly price of $64 during low season and $80 per night during high season.
Both estimates offer a great addition to your financial savings whilst taking advantage of a vehicle that is currently unused.
Camplify offers two insurance options for you to choose from. Option one is a coverage charged on a daily basis which is appealing if you already have comprehensive insurance for your van. When the van is being hired out, this option will provide full insurance and is charged as an on-cost to you. This expenditure will be deducted from your total hire payment and prices start at 7$ per day.
Option two is insurance coverage for private use and unlimited hiring. It includes off-road travel and prices start at $66 per month.
How To Deal With Tax
The money you make while renting your van out has to be declared as income when you file your tax return. It must be declared in the tax return of the person in whose name the van is registered.
This also means the van owner can deduct those expenses that were spent on renting out the van and receive financial compensation. Plus, Camplify’s website offers a clear and downloadable Tax Brochure which explains the details of tax to assist you in this area.
More Ideas For Earning Extra Money
Please visit the Make Extra Income section of our website. There are various ideas and how-to guides that can help you generate extra income for retirement. For example, you can also make money by renting out your parking space.
I hope that you’ve enjoyed reading this article. Please subscribe to our YouTube Channel and our newsletter if you want to be notified when a new video or a post is released. You can also find us on Facebook.