Benefits of joining the sharing economy

Mar 31, 2023 4 min read

What is the sharing economy?

Also known as collaborative consumption, the sharing economy is a system where people share, borrow, or rent goods and services from one another, often for short periods of time and within their own communities. As our own COO NA Sy Fahimi described, the internet and our connected devices have fueled new opportunities in peer-to-peer based sharing.

You’ve probably participated in collaborative consumption without even realizing it. The house you booked for your recent vacation? It was likely available on a peer-to-peer sharing platform. Thanks to the immediacy of the internet, we can now rent what we need, when we need it — from storage space and swimming pools to bikes and power tools.

No matter the item, all goods on peer-to-peer sharing platforms have something in common: They sit unused most of the time. This creates opportunities for both sides of the typical sharing economy transaction:

  • Owners who share their goods can turn their idle items — bikes, vacation homes, and everything in between — into income-generating assets.
  • Consumers benefit from the use of those goods and services without the cost burden of ownership, maintenance, or acquiring expertise.

When collaborative consumption is done right, everybody wins.

How can you benefit from the sharing economy?

Thanks to the device on which you’re reading this blog, there are countless opportunities to take advantage of peer-to-peer sharing in your community.

Here’s how to earn some extra cash by sharing what you already own:

  • Identify items you have sitting around your home that could be useful to others. It could be your car, an extra bike, a spare room, or even a sewing machine.
  • Search for a relevant sharing platform to list your available items.
  • Post on your personal social media, in local Facebook groups, or forums like Craigslist to get the word out about your available product.

You can also consider sharing your time and expertise. Dog lovers can become sitters on DogVacay. Writers and designers can share their talents on freelance sites like Fiverr and Upwork. Experts create courses to sell on Udemy. And for those who are handy around the house, TaskRabbit or Thumbtack are great ways to help others while getting paid.

Consumers can also save money by borrowing from peers, rather than using traditional rental services or buying something they’ll only use once. The next time you take a trip or need help with a task, browse the platforms mentioned in this blog. Not only are products and spaces likely to be more affordable, the on-demand nature of many peer-to-peer sites often means they’re more convenient as well.

The sharing economy also creates positive environmental outcomes for all of us. When we borrow goods from one another, demand for newer copies is diminished, reducing the amount of resources used in the production of those goods. Consider a smaller carbon footprint the icing on your collaborative consumption cake.

How does Getaround fit into the sharing economy?

Speaking of things that spend most of their lifespans unused: cars!

Studies have shown that most people who own cars barely use them. In fact, a typical personal-use car sits parked and unused more than 95% of the time. For almost 23 hours each day, our cars take up valuable space in our cities and neighborhoods. It's one of the reasons why our founders started Getaround, the best way for both car owners and drivers to make better use of these idle assets — and benefit financially.

At Getaround, our mission is to connect safe, convenient, and affordable cars with people who need them to live and work. Our carsharing experience is designed to be seamless: Thanks to our proprietary Connect® technology, guests can find, book, and unlock cars near them using only their phones.

The groundbreaking tech of our Connect® device addresses the biggest hesitation people have with sharing economy platforms: In-person transactions. Because Getaround guests can find and unlock cars with their smartphone, awkward and time-consuming key exchanges are eliminated. We believe this is a game-changer for our corner of the sharing economy.

Booking and driving with Getaround

A seamless unlock isn’t the only reason our guests love carsharing with us — our hosts share a variety of cars to fit guest needs, each available to book by the hour. Need something compact for a quick trip to the grocery store? We’ve got it covered. Need to transport a couch this afternoon? Find a pickup truck and get moving.

For many, the upfront costs and monthly payments associated with owning a car just aren’t worth the hassle. That’s the beauty of carsharing: Folks can still achieve personal mobility without becoming a car owner.

Interested in booking a trip on Getaround? Click below to find cars near you.

Sharing cars on Getaround

Owning a personal vehicle can be expensive. Beyond the monthly payments and interest, there are other costs to consider, including taxes, maintenance, repairs, and more. Earning passive income by sharing a car on Getaround can help defray these costs substantially.

But extra cash isn’t the only reason hosts join our platform: Carsharing enriches communities by reducing the number of vehicles on the road — easing traffic — and providing affordable access to on-demand personal transportation for those around you.

Tap below to learn how you can earn passive income each month by sharing your car on Getaround!

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