Pricing of your vehicle is one of the only things that we do not manage for you if your vehicle is on your own marketplace accounts. For marketplaces that allow you to manage your own pricing, it's important to check this regularly and adjust your pricing based on your own desires.
What's Your Goal?
What you actually want to get out of sharing your vehicle is the most important factor on how you price your car. If you're simply looking to cover some costs, then you may want to limit the use of your car. On the other hand, if you're looking to make a buck and potentially turn a profit, you'll want to maximize your utilization and keep your car on the road as much as possible.
Check Other Vehicles
The best place to start when you're unsure how to price your car is to check other similar vehicles to see how much they're going for. If you see other similar vehicles that are available now, they're probably priced too high for the current demand. However, if you check dates in the future for similar vehicles, you should be able to see what is booking and what isn't for a starting point.
What's Your Booking Volume?
What ultimately determines what your pricing should be is how much you want to book your car out. Everyone has a different end goal, so after you've listed your car and it begins to get bookings, if it's booking really fast and frequent, you can probably raise your price. If it's not booking enough for what you're wanting to see from your car, it may be priced too high.
A Sitting Car is a Losing Car
Always remember that a car that's sitting is a car that's make ZERO dollars. Maybe you want to keep your utilization down and only cover your expenses, in which case this doesn't matter. However, if you're looking to maximize your earnings you need to remember that while it may be counter intuitive to rent your car out for less than X dollars, you need to also remember that having your car sit, it's making even less than what you think your floor daily rate should be. It may be better to let the car go for less than you're comfortable with because at least it's making more than zero.
The number of miles you allow for your vehicle has a high impact on the dollar amount you can get for your car. The lower the miles, the less you will tend to see you can get for your car.
Also be cognizant of your per mile rate. We typically recommend starting with the default rate recommended by the marketplace and adjusting from there.
Keep in mind that many markets are highly seasonal and the rate you'll get for your car will fluctuate greatly in line with that. Typically when tourism is up, rates will go up as well because most car sharing is done by tourists and not business travelers. Adjust your pricing in accordance with the seasonality of travel and tourism.
Drop to Fill Gaps
If you're looking to be highly aggressive and maximize your utilization and your revenue, check your calendars regularly and drop prices for unbooked time. You may want to keep your prices higher further out and drop them as those dates get closer and are remaining unbooked.
Weekends & Weekdays
For the most part, weekends will draw a higher dollar amount than weekdays. If you're looking to maximize your utilization, we recommend trying to set your prices a little lower during the weekdays than on the weekends to attract more guests.