At Saving in London City, we love ways to make money and save the planet.
Did you know there are over 40 million cars parked on the roads and driveways in the UK? On average, vehicles in the UK sit idle 96% of the time.
Particularly in London, due to efficient public transport options, cars are often left for weeks at a time without being used at all.
Well, there is a solution! There are now handy apps for renting your car out, and making a decent amount of cash in the process. A side hustle which is also sustainable – what could be better?
I’ve hunted down a great offer where you can earn £100 for signing up your car to rent too, so keep reading!
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How does renting your car work?
You’ve probably heard of Airbnb, and this is not dissimilar. Instead of letting out your house or spare room, you’re sharing your car instead.
When you are working from home or jetting off on holiday, and you know your car will be sitting on the driveway, you can begin making a passive income. If you aren’t using your car, somebody else may as well be! Simply select the times and dates your car is available to rent, fitting comfortably around your schedule.
Technological advances have helped to make car sharing even easier too; cars can now be fitted with keyless technology, which means that the admin and logistics around key transfers are no longer needed! Your car can be fitted with a small box which acts as a virtual key, and is linked to an app for unlocking. Simply set it up and forget it.
What are the benefits of renting your car out?
One of the main benefits of renting out your car is the generation of passive income. Cars tend to be depreciating assets (meaning they lose value over time), but by generating an income via your car, you may be able to recoup some of those costs. Alternatively, you could put any profits towards your most exciting life goals, such as a house deposit or a once in a lifetime trip.
This could be the perfect low maintenance side hustle; there are actually people who have made renting cars into full time businesses via these apps! This Londoner also made up to £1,500 per month renting her vehicles as a side hustle, which covered the costs of her renovation. Amazing!
Other fab benefits of renting your car include positive environmental outcomes; a move towards car sharing could help to reduce carbon emissions, and inch us closer to net zero.
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4 apps to rent your car out for cash in the UK
1. Karshare (previously known as Car and Away)
Karshare is an app that makes it easy to rent your car to members of your local community for cash.
Any admin, such as rental booking and car access, is managed via the Karshare mobile app – you won’t be involved in arranging to meet face to face or handing over keys, as it’s all contactless.
All vehicles are protected with comprehensive insurance and breakdown cover too, so there’s no need to worry.
Karshare are currently offering £100 for every person that signs up to rent their car.
These are the simple steps to renting out your car with Karshare and claiming your £100 bonus:
- Head to the Karshare website
- Sign up, complete the car registration & licence verification processes, and add your payout method
- Arrange for installation of the KarshareGo technology
- You are all set! Claim your first £100 with Karshare, and begin making money by renting out your car
Karshare have a pretty sweet referral scheme too, so once you have registered your car on their platform, you can share your link with friends and family to earn additional credits.
If you are feeling unsure, check out the earnings calculator to help you estimate how much money you could start making, depending on the daily price and number of days your car is rented for. Further details and information can be found via the Karshare website.
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Hiyacar are a peer to peer car rental company, promoting contactless handovers with virtual keys and QuickStart technology.
With the Hiyacar app, there is an option to set bookings to ‘instant book’ via the app when you’re away from your car. This means that verified drivers are automatically able to book when a car is marked as available, which is likely to lead to more bookings.
For more information take a look at Hiyacar’s website.
3. Getaround (formerly known as Drivy)
Getaround are a vehicle hosting website, with renters earning up to £800 per month by sharing their car.
They offer both contactless and key exchange options, so you have the choice depending on your preferences. Renters can also activate instant booking via the app, or can confirm individual requests depending on their preferences.
For more information, take a look at Getaround’s website.
Turo are the largest car sharing marketplace, with renters making £442 per month on average by sharing their car. Not too shabby!
There are no sign up charges and registering takes just 10 minutes. Key handovers are not contactless with Turo however, and you will need to be available to meet customers to hand over your keys, so something to keep in mind.
For further info, take a look at Turo’s website.
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Renting out your car: FAQ’s
Is it worth renting out my car?
How much money you can earn depends on various different factors, such as how many days you will be using your car, the type of car, your location, etc.
As a general rule, the more days you are able to rent your car each month, the more money you could make. If your family has more than one car available to rent, this could significantly impact your earning potential too.
How much can I rent my car out for?
Earnings can vary by location, style and brand of car, etc. but across the available car rental apps mentioned above, it seems that making several hundred pounds per month in profit is a reasonable target.
Other ways to make or save money using your car
- Rent out your car washing tools such as a power washer via websites such as Fat Llama
- Car share with your colleagues or family members to halve your travel costs
- Offer airport lifts for your mates to make a little extra cash during the holiday season
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Final Thoughts: Rent your car out for cash (Make £650+ per month)
If you are looking to start making some extra cash, or even build a new passive income stream, then renting your car out when you aren’t using it could be a great option.