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Extra income- car next door

Discussion in 'Small Business' started by Darlinghurst Boy, 7th Apr, 2016.

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  1. Darlinghurst Boy

    Darlinghurst Boy Well-Known Member

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    just come across this Car Share service where you rent out your car to someone .
    Extra income from doing nothing rather than leaving your car parked on the street.

    You go thru a company that does it for you , car next door . Com. Au


    You get $35 a day plus 25 cents a km .
    Not sure if its going to make you a big profit though ???
    It probaly suits Car owners in the City more though.
     
  2. alexm

    alexm Well-Known Member

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    You'd need to check your registration and insurance if you are using a private vehicle for business purposes.
     
  3. Darlinghurst Boy

    Darlinghurst Boy Well-Known Member

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    Their insurance covers u apparently.
    Car nextdoor.com.au
     
  4. Scott No Mates

    Scott No Mates Well-Known Member

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    An even cheaper model than go-get.

    This way the operator doesn’t even lesse the car, pay the maintenance or other running costs. No need to negotiate agreements with councils for on street parking.

    Guess who's getting screwed? (Unless you agree that it's a fair return on your $ & mv.
     
  5. sharer1

    sharer1 Member

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    Disclosure: I work for Car Next Door. But like most of the staff here I also rent my car out. It's a common misconception that the owner is losing by renting their car out. I don't agree. If you don't rent your car out, you bear all of the fixed costs yourself. If you do, you get others to share the fixed costs, plus you get compensated for the wear & tear and fuel use from their driving (plus some profit on the distance income, depending on your car's particular running costs), so you're not losing out there either. The platform deals with all of the insurance and the transaction (booking, payment, etc). How is this getting screwed?
     
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  6. Peter_Tersteeg

    Peter_Tersteeg Finance broker and strategist Business Member

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    I can't comment on if it's a good deal or not, but I do know that airlines don't like it when their aircraft aren't in the air. The same could apply to vehicles.

    *** insert meme about flying car here ***

    If the income justifies fair use, wear and tear and there's mitigants in place for damage, it's a great idea.
     
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  7. TMNT

    TMNT Well-Known Member

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    cant think of any other product that is more likely to get abused thats loaned out to someone,

    think rental cars, they are abused like no tomorrow
     
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  8. Newyproperty

    Newyproperty Well-Known Member

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    no way i'd be lending out my car.
     
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  9. Blacky

    Blacky Well-Known Member

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    Boats would be my only addition to that.

    Apparently you can set the rates for your car - so you set it at what ever you like.

    I guess it's the 'Airbnb' of the car world.

    It might cover the additional running costs but doesn't really cater well for the additional depn.

    Seems like a good deal for everyone except the car owner.

    As I non car owner though - I'll probably look to use it from time to time.
     
  10. neK

    neK Well-Known Member

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    @sharer1 - So who covers accidental damage - eg. When the owner and renter argue whether a scratch was there or not?
     
  11. Darlinghurst Boy

    Darlinghurst Boy Well-Known Member

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    Doesnt seem much money
     
  12. Ace in the Hole

    Ace in the Hole Well-Known Member Premium Member

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    Seems like it could get very messy.
    Why would you bother for such a small return vs high hassle factor.
     
  13. inertia

    inertia Well-Known Member

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    I think there is a market for it. If you bought a car specifically with this in mind, something basic and robust, didn't keep any random crap in it... it could work. It is something that might be good to do with a second car.

    Similar stuff being done with caravans, but again, you would want to set it up with this in mind to minimise damage/loss.

    Cheers,
    Inertia.
     
  14. wogitalia

    wogitalia Well-Known Member

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    Certainly doesn't seem worth it, a luxury sedan gets $4600 a year, the extra couple of services that will be required for that are going to eat right into it and the additional km are going to reduce the value of the car substantially more than that. Not to mention it's another 120 a month for membership fee (170 for the good plan that has an excess similar to normal insurance).

    Just seems like it would be only worthwhile if you've got a piece of crap car that you don't use anyway and is just sitting there.
     
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  15. neK

    neK Well-Known Member

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    Pretty much what I was thinking. One that's already kinda banged up where you wouldn't care if it got a couple more scratches. New / well maintained car? Hell no!
     
  16. Steven Ryan

    Steven Ryan Mortgage Broker Business Plus Member

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    It's a great idea. Maybe not so for those who have emotional attachments to their cars, use them daily or own a luxury vehicle but for city dwellers with a Corolla that sits in their driveway collecting dust while they're at work - great idea.

    This thread reminds me of the discussion I saw when Airbnb popped up a few years ago..
     
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  17. datto

    datto Well-Known Member

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    How much is the excess in the case of a bingle? Astronomical?

    If insurance is not a big issue then this sound like a good idea.

    Only other thing is that I sometimes sleep on the back seat of my car, especially after a big night or if I get lucky. I'm thinking I could curtain off the back seat and put a "do not disturb" sign up in case the car is hired.
     
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  18. sharer1

    sharer1 Member

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    The borrower has to take photos before and after each booking. If they don't have the photos to prove that they didn't damage the car, then they pay for repairs.
     
  19. sharer1

    sharer1 Member

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    The borrower pays the excess if they damage the car, and it's from $500 to $2k, depending on their membership plan and their age. If you damage your own car, then your excess is $500 or $1000 (again, depending on your membership plan).
     
  20. datto

    datto Well-Known Member

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    Car Rental companies must be a big rip off. They want $2500 excess or $25 per day for excess waiver.