Published on February 8th, 2015 | by Tom Wake0
How to rent out your car online for profit
It’s already happened with property and thanks to companies like AirBnB ordinary people can unlock huge profits from their spare rooms and homes.
The good news is you can now do the same with your car and it’s actually a lot more straightforward than you might think…
Easy Car Club started up a pilot scheme in London last year and it was so successful that they’ve now gone nationwide.
How does it work? Can I rent out my motorised wheelbarrow?
I’m afraid it’s a ‘no’ on the motorised wheelbarrow (criminal I know). You can see a list of criteria your car needs to fit below, but in general it has to be 10 years old or less and can’t be worth more than £25,000 – so unfortunately the diamond encrusted Bugatti will have to stay parked up for now.
To get set up, just head to their website and follow the simple steps.
To list your car you do have to go through a quick vetting process (this is mainly for quality control and insurance purposes) but it’s pretty straightforward.
Once your application is approved you key in the dates that your car is available to rent and specify where it is and how the keys can be collected.
If you don’t fancy the hassle of meeting with renters, you can use a secure key safe. This is where your car key is stored in a key locked safe. Renters can access it from the time their rental agreement begins and return it once they’re finished.
In case you’re wondering, the combination changes each time to prevent anyone taking advantage of the system.
Is it safe renting your car out to strangers?
Obviously there’s always some risk attached but they’ve put a number of reassuring measures in place.
Both you and any prospective renters are vetted during the application process so both parties can feel secure that everything’s logged and above board. You also get the opportunity to rate each other after each rental.
Perhaps most reassuring is that insurance is covered in the fee which means there’s no hunting around for deals or faffing around for paperwork.
RAC 24 hour breakdown cover is also included. Hopefully they won’t need it, but nice to know it’s there.
However on that note, it’s worth pointing out that while Easy Car Club looks after the accidental damage, their insurance doesn’t cover mechanical damage – such as a blown head gasket or a damaged gearbox – this would come under your own insurance or at your own expense.
Will my car be accepted?
They do have a checklist of requirements for budding car renters.
Your car must be…
- 10 years old (or less) at time of joining
- Insurance group of 1-35
- Replacement value not more than £25,000
- Less than 120,000 miles
- No custom modifications (note: motorbikes, motorhomes and imported cars are not accepted)
- The expiry date on your Tax Disc and MOT (if applicable) must be more than 30 days away
- Currently insured
How much can you make renting out your car?
Obviously this depends on a number of factors – such as what type of car you have, where you’re located and which dates it’s available.
According to Easy Car Club owners typically make £1,000 a year from the service with very little effort.
Here are a couple of quick examples.
A 9 year old Skoda Citigo rented out 7 days a month could make you £83 (or £996 a year)
A 5 year old BMW rented out 7 days a month could make you £301 (£3,612 a year)
Ok, so it’s not going to get you onto the Times Rich List any time soon, but it’s a good little side income for virtually no work.
I hope you enjoyed this article. If you’ve used Easy Car Club or any other peer to peer car lending service or you’d like to leave a comment please do so below