Though a car is a luxury that most of us can’t resist, it is not so cheap to own. You might be spending thousands of dollars every month on a car that is left unused most days of the week. For such car owners, it is a good idea to rent your car while not driving or using it.
Renting out your car is one of the best ways Australians can make up for the expenses of owning and maintaining it.
You can rent out your car if it is free for a considerable amount of time every week. There are many car-sharing options available in Australia to make income out of your idle car.
In this post, we try to understand car-sharing options in detail to help you get started with renting out your car in Australia.
How Car Sharing Works?
With numerous car sharing apps available in Australia, it is quite convenient to rent out your car and start making money. The entire process is simple and straightforward.
You register your car with a car-sharing service and start lending it to people who need it in or around your location for a specific time period.
To start renting your car, you first register with a car-sharing company and create a profile for your vehicle. You need to provide some general information to the company about yourself and the car.
You also submit some pictures of your car and specify the timings when it is free for rent. Bookings are then made through an app or the company website.
Car Sharing Requirements
If you have a car in good shape and condition, it should be easy to sign up for a car sharing service. However, requirements often vary between service providers.
Here are some of the most common criteria you need to meet to be able to rent out your car when not driving.
The most important requirements for a car to be qualified for renting are its safety and comfort. The car must be in a reliable, safe, working condition and comfortable for the borrower to drive.
The car should also be 2001 or later model so that all the modern features are available. Car sharing services put a limit on the age of the car which varies from one company to another. You should also keep the car clean inside out.
It can become difficult for people to use your car if you are not able to free it for sufficient time every week. You should keep it available for at least half the total time in a week to earn a good income.
However, the more the car is available, the better you earn. Most people want to book on weekends, so if your car is free on these days, you get a good chance of earning.
It is better if your car is always available at the same place. People book cars that are around so you can fix the usage schedule of the car in advance to make sure it is available at the right place for borrowers.
Some services even allow renting out in the long term. You can rent out for months together when you know you don’t need it for a long time or when you are travelling.
Apart from this, car sharing in Australia requires that the car is registered with CTP insurance and is located in an area where these services operate. Moreover, you should have a good credit history and no criminal records.
Car Sharing Options In Australia
The most critical part of car sharing in Australia is to select one of the renting services available. Here are the biggest and the most popular car sharing operators.
Car Next Door
The most popular option for car owners in Australia, Car Next Door operates in almost all popular locations across the country including Brisbane, Victoria, New South Wales, Sydney and Canberra.
This service allows you to manage the rental calendar and make the car available whenever you like. When you want to use the car yourself, you can block its availability.
Car Next Door lets you specify your own rates and reimburses for fuel used by the borrowers.
It also installs key lockbox, calendar management system and GPS tracker in your car so you can rent it out without having to interact with anybody.
Your car needs to be less than 15 years of age and in a good running condition to be eligible for listing on this service.
Drive My Car
Another car sharing service that operates throughout Australia, Drive My Car is a great option for those who want to make some money by renting their car when idle.
It offers long-term renting facility from 7 to 365 days a year so you can maximize your earning potential. The rate offered to you depends on the market value of your car.
This company follows a key handover model which means you meet the borrower or driver. To be eligible for this service, your car should be less than 15 years old and well-maintained.
With Drive My Car, the owner is in complete control of the car. A booking request is sent whenever somebody wants to hire the car. You choose whether you want to rent the car and for how much.
Perfect for those who want to get rid of worrying about their car when they travel abroad, Carhood saves you from airport parking charges by renting out your car while you are away.
This Australian company operates at Melbourne, Sydney and Brisbane airports and offers short to long term sharing options for car owners.
Carhood gives you free parking at the airport when you are travelling and some cash when you return. You just need a car that is in good condition and less than 14 years old to be able to start making money from rentals.
Renting the car is a great way to make some money out of its idle time and reduce costs. With these car-sharing services and tips, you can earn a side income from your vehicle when you are not driving.