Renting your vehicle is a great way to make passive income from a vehicle you already own. There are a number of services now which allow you to rent your vehicle out to other people when you aren’t using it. This allows people without a car access to one and means not only are you earning money but it’s great for the environment.
You simply register your vehicle with one of the sites below and people can book it subject to your availability.
Most vehicle hire sites also offer break down assistance and insurance so there is no need to change your insurance to allow other people to drive the vehicle.
If you have a unique vehicle such as a sports car or Van you can command a premium.
If you use your vehicle every day and don’t have the whole vehicle available to rent, you might be better suited to rent a seat. If, for example you do a commute into a city centre every day to go to work you could see if anyone wants to lift share for a small fee.
If you can pick up a vehicle relatively cheap in an area where there is a lot of demand, such as a city centre, you could buy it with the sole intention of renting it out.
Sites to use
Hiyacar – Join the car sharing revolution
Getaround – Let your car work for you
Liftshare – Join 700,000 like-minded people saving money and the planet by car sharing