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Here’s How Elon Musk Will Ignite the Rental Economy

Updated: Nov 23, 2022

The future of the rental / sharing economy is being able to conveniently make a passive income with items you already own. The sharing economy is an umbrella term that encompasses economic systems like the peer-to-peer economy, the collaborative economy, the freelancing economy, the rental economy, crowdfunding and crowdsourcing, and also co-working and co-branding.

To quote Elon Musk directly from a Business Insider article “you will be able to add your car to the Tesla shared fleet just by tapping a button on the Tesla phone app and have it generate income for you while you’re at work or on vacation, significantly offsetting and at times potentially exceeding the monthly loan or lease cost”.

Tesla will be a catalyst in terms of how consumers view asset ownership. Consumers will begin to view their assets as income opportunities rather than monthly payments. Consumers will start taking brands and quality into account when making pricey purchases. When purchasing a stand-up paddleboard, will you be purchasing the cheapest one on the shelf, or will you be purchasing a notable brand that people will want to rent? Purchasing big ticket items like boats and RV’s is easier when you can rent it to offset the costs. Consumers will begin to shift their perception to think of purchases like these as income opportunities rather than monthly payments or credit card debt.

Imagine you’re having a beer with a few friends. One of your friends owns a Tesla and talks about how much money they make by renting it out when they’re not using it. Your other friend owns a Ford, and they talk about how much money they’re spending on their monthly payments. What side of the fence do you want to be on?

The sharing economy can simply be defined as a way to adapt more sustainable shopping habits that contribute to the well-being of the planet and online peer-to-peer rental marketplace like Ruckify was building, will make it easier than ever. The sharing economy will continue to expand and evolve as technology and consumer’s purchasing behaviours continue to progress. Sharing personal assets efficiently, and economically is the future of asset ownership and when you take the environmental impact into account it becomes a no brainer.

Check out this great Business Insider by Matthew DeBord that further outlines Elon Musk’s involvement with the rental / sharing economy:


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