Off-Set The Cost Of Your Car By Renting It Out Privately!

There are approx. 12 million private passenger vehicles in Australia (ABS 2010). And, according to the NRMA car costs calculator, the average car owner pays out about $260 a week on a standard family sedan (see: Holden Commodore sedan).

“After your mortgage, car ownership is the second highest financial leakage in a household,” says Daniel Noble from DriveMyCar Rentals. “A car will lose up to 40% of its value within 3 years and yet we’re quite happy to invest thousands of dollars into owning & maintaining a car. Why not try to claw back some of that cost?”

“We conducted a 12-month survey in 2009 and discovered that a single person working fulltime uses their car for an average of eight hours per week”, says Noble. “If you live within commuting distance it seems an expensive luxury to spend almost $300 a week on your car and then leave it in the garage.”

DriveMyCar Rentals allows a Car Owner to off-set the cost of car ownership by renting it out privately – whether it’s for a weekend, a month of a year. At DriveMyCar the average Car Owner would make approx. $200 p/week by renting their car. However, depending on the vehicle make, model & year – a Car Owner could earn as much as $24,000 per annum.

DriveMyCar Rentals attracts all types of Car Owners from unsuccessful car sellers, city commuters, frequent travellers, Car Owners who have lost their license or just smart money-minded entrepreneurial.

For instance, Glen a Balmain resident bought a scooter to commute to the city each day and found that his two cars (a Dodge Nitro and a Hyundai Santa Fe) were idle at home. So he leased out both for $370 each a week, one renter locking in a six month agreement worth $10,000!

For $25 a year you can join the DriveMyCar Rental Fleet, with a photo, description, location and details of driver requirements. You choose your availability period and the price is set using a rate calculator. The site requires all potential renters to upload their full RTA driver history and drivers are rated bronze, silver or gold based on their history and previous use of the site.

All renters must sign a rental agreement and are fully backed by comprehensive insurance with Yellow Brick Road. The insurance is inclusive in the advertised rental price, which is paid by the driver when the vehicle is on hire. As 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 details). Drivers then contact you directly by email or SMS. You can check their details call them up or meet in person, but ultimately you have final approval.

What you’ll make depends on what you drive. For example, a $50,000 car (like an Audi A4) will be rented out for about $40 a day with a profit for you of about $800 a month. The site caters to all cars – cheap to expensive.

“If you’re looking to rent one yourself, DriveMyCar Rentals offers renters over 37 car makes and rental savings of up to 65% on tradition rental costs”, says Noble, “for example, renting a Mercedes C200K with Hertz will cost you $127 a day but with DriveMyCar you’re looking at $60 – that’s a daily saving of $67,” says Noble.