Drive My Car Rentals - Money Magazine (Jun 2010)

Eighties Pop Group Madness once famously sang "I like driving my car". Many of us do too. About 12 million of us have one (according to the Australian Bureau Of Statistics.)

According to the NRMA car cost calculator, the average car forks out roughly $260 p/w, (on a generic Holden Commodore sedan) which is hardly loose change.

After your mortgage, car ownership is the second highest financial leakage in a household," states Daniel Noble (Managing Director) Drive My Car Rentals. "We all know car is a depreciating asset, yet we're quite happy to invest thousands of dollars into something that will eventually lose us money. Why not try to claw back some of the costs?"

Why not, indeed. Let's look at ways you can make money from your car (including renting it out), using a "smart car" and "ad-wrapping" your wheels.

A single person working fulltime uses their car only about 8 hours a week, states Daniel Noble. "If you live within commuting distance it seems an expensive luxury to spend over $200 p/w on your car & just to leave it in the garage."

Drive My Car Rentals allows you to privately lease out your own car - whether it's for a weekend, a week, a month & a year - for an average of roughly $200 a week with the potential (depending on your car make) to generate $24,000 per annum of additional revenue.

This could suit everyone from commuters, those who travel frequently, people with suspended licences & business minded entrepreneurial types.

For a $25 per annum fee, you can list your car with www.DriveMyCarRentals.com.au, with a photo, description, location & details of the driver requirements. You choose the vehicles availabilty period & accept/decline offers submitted by approved drivers (with full driver history as per RTA). The rental price on the vehicle is generated by an intricate rate calculator.

When a potential renter registers to the website, they are required to upload a full driver history provided by the RTA which defines the drivers rating (Bronze,Silver or Gold) based on their history & previous usage of the website.

All renters must sign a rental agreement & are fully covered by comprehensive insurance with Yellow Brick Road. The insurance cost is included in the advertised rental price, which is paid by the driver when the vehicle is on hire.

As a part of the rental agreement, the driver agrees to pay the excess in the event of an accident insurance claim (see: www.DriveMyCarRentals.com.au for more details). Drivers then contact the car owner directly (via SMS or e-mail notification). You (the car owner) can then check their details, contact them or meet them in person, but ultimately the car owner has entire control over the transaction.

The price your vehicle attracts is all dependant on the drive. For example, a $50,000 car (e.g. Audi A4) would gather around $40 a day & generate a profit of $800 dollars a month. The site caters to all car types from economy to luxury, sports to 4WD, family to utility.

'If you're looking to rent a car (of any make) yourself, Drive My Car Rentals is upto 65% cheaper than the standard car rental companies'. (D. Noble, Managing Director) 'Renting a Mercedes C200 Kompressor with Hertz will cost $127 per day, whereas Drive My Car Rentals will charge a mere $60, saving $67 per day,' states D. Noble.

Ultimately, Drive My Car Rentals is a great opportunity for all consumers (car owners & car drivers) to either generate a substantial potential income or save big dollars on car rentals.