Most of us have heard of AirBnB, the network that allows everyday people to share our homes to make some extra cash. The ‘sharing economy’ is the catch phrase given to peer-to-peer business – owners renting out something they’re not using. With website YourDrive.co.nz everyday Kiwis can rent out their cars for some extra dosh. Instead of having your car sitting in your driveway when you’re not using it, you can have it funding your next holiday, shouting you a few rounds at the pub, or just helping out with the bills. Sound good? Read on for everything you need to know.
How does it work?
In a nutshell, you list your car online and renters pay you to borrow your car. It can be a great way to earn some extra dough while your car would otherwise be gathering dust in the driveway.
How much can I earn?
When renting out your car, you set the price. Obviously the value of your car is a factor, and a lower price is likely to get more bookings. You can also check out the listings in your area to get an idea of how many local cars are available and how much they’re charging. As a car owner, you earn 60% of the rental fees, and the cost of insurance is covered by YourDrive.
What if I need to use my car?
You also decide the availability of your car, so only take bookings when it suits you. You’ll receive booking requests so you can choose to accept or decline as they come through. So if you suddenly remember you’ll need your car for lunch with Nana this weekend, it’s no biggie.
Can I trust a stranger with my car?
Passing your keys over to a complete stranger isn’t something you do every day. So it’s understandable you might be a little apprehensive! Comprehensive insurance is included in the cost (YourDrive take 40% of the rental fees) and covers any damage or theft up to the value of your vehicle. There is no excess payable, and renters are screened for a valid drivers licence.
Who pays for petrol?
The renter is responsible for covering the cost of petrol on their trip. It can be easiest to ensure the fuel tank is full before renting out your car. Or take a photo of the fuel gauge before handing the car over.
What else do I need to do?
Other than list your car, make a profile, and decide on the price and availability of your car, there’s just a couple more steps. When renting out your vehicle, you’re also required to get a COF (Certificate of Fitness). It’s similar to a WOF (Warrant of Fitness) and YourDrive will help you through the process when you sign up. YourDrive also recommends you have mechanical breakdown cover, as owners are responsible for any breakdown costs.