Last week I dropped the price on my RelayRides Z3 to $12/hour and $60/day, and rapidly received three requests to rent the car. One person even offered to rent the car for a few months at a significant multiple of my capital costs. The only problem was that when I went out to re-confirm that everything’s working in my Z3, I discovered that the power top isn’t working correctly! So I have to take it back to the shop tomorow.
All in all, very promising. I’ve confirmed (as basic economics might indicate) that proper pricing matters a lot. And even at $60/day, I only have to rent the car four times a month to recover my cost of capital of $227/month - although my repair costs are getting bigger than I expected.