Are we still facing a fuel crisis? Well, we might not be queueing for hours on the forecourts anymore, but petrol costs are still hitting record highs. But rather than spending so much money fuelling your car this winter, is it possible to actually make a little money back? If you’re happy to rent out your car, it just might be. Here’s what you should know.
How do ‘Airbnb for cars’ schemes work?
It’s a simple concept, really. All you do is list your car on a car-sharing marketplace, like Turo, and people book a slot to rent your vehicle. You don’t even need to meet in person to complete the handover, either. Some platforms, like Karshare, offer keyless technology, so customers can just download an app to ‘open’ your car at the designated time.
In other words, car sharing is like renting out your home as an Airbnb. If you’re not using your car much because you live in a busy city or you’re working from home, a rental scheme could help you make some extra cash on the side. The other driver is covered by the rental company’s insurance, too, so you don’t need to worry about what happens if they’re involved in an accident.
Can a rental scheme help me during the fuel crisis?
Sure! For one thing, you can make money. In fact, some people are making £600 a month just by renting out their car!
How much you make depends on many factors, including your car’s mileage and how often you list it for rent. It depends on demand, too. Now that it’s colder outside, there’s a chance more people will want a car to drive, whether it’s for Christmas shopping or the daily commute. So, this could be a good time to rent your car for cash.
The bottom line? If you’re looking for a side hustle this winter and you don’t need your car every day, it’s worth considering.
How do I rent my car for money?
Want to give car rental schemes a go while we’re still facing a potential fuel crisis? It’s easy to start.
You just need to:
- Decide how much you’ll charge and set your availability.
- Research car rental companies and sign up for one you’re happy with.
- Fill in your details and register your car.
Then, just wait for potential customers to contact you and start making some money!
What else can I do to save money on my car during the fuel crisis?
If a rental scheme’s not for you, don’t worry. While you might not make money from your car this year, you can at least save some cash by shopping around for a better car insurance premium. Check out price comparison sites like Confused.com and MoneySuperMarket to see if you can get a cheaper deal elsewhere.
You could also:
- SORN your car – you can’t use it while it’s off the road, but you won’t pay road tax.
- Check your vehicle – regular car care means you can spot problems early and save yourself some money down the line.
- Limit your journeys – avoid short journeys, where possible, because they use more fuel than longer journeys.
Fuel crisis and car rentals: takeaway
While the fuel crisis may be easing for now, it’s hard to say what the next few months will bring. So, if you don’t drive much and you don’t mind sharing your car with others, a car rental scheme could help you make some money back this year.
Just be sure to check with your insurer before renting your car to anyone. Rental schemes can sometimes affect insurance premiums, and you don’t want to risk voiding your car insurance because you haven’t checked your policy in advance!
Some offers on The Motley Fool UK site are from our partners — it’s how we make money and keep this site going. But does that impact our ratings? Nope. Our commitment is to you. If a product isn’t any good, our rating will reflect that, or we won’t list it at all. Also, while we aim to feature the best products available, we do not review every product on the market. Learn more here. The statements above are The Motley Fool’s alone and have not been provided or endorsed by bank advertisers. John Mackey, CEO of Whole Foods Market, an Amazon subsidiary, is a member of The Motley Fool’s board of directors. The Motley Fool UK has recommended Barclays, Hargreaves Lansdown, HSBC Holdings, Lloyds Banking Group, Mastercard, and Tesco.