How Airbnb-style renting out your motor can help pay for it
GETTING someone else to pay for your new car might seem like a pipe dream but new Airbnb-style services for motors make it possible.
Renting out your car using firms such as Turo, Hiyacar and Getaround for as little as five days a month will cover a big chunk of your monthly cost of leasing a vehicle.
Those hiring the car can save money too, compared to using traditional firms such as Avis.
And they can pick a car in their neighbourhood.
These so-called peer-to-peer services work just like Airbnb does for homes, linking car owners with customers who want to hire their vehicles.
They were set to take off before Covid hit and with normal life slowly returning, bookings are on the rise again.
Xavier Collins, boss of Turo UK, which has 14,000 cars listed, said: “As restrictions gradually ease, we’re seeing a big increase in people booking staycations. It’s great to see more hosts using the platform to offset the cost of car ownership.
“And we’re excited to help more guests find the perfect car for their next road trip.
Car-sharing platforms provide insurance through reputable firms such as AXA and Allianz to cover the car while it is being driven by strangers.
The cost of this, around £6 a day, is usually charged to the renter.
Peer-to-peer lenders also differ from fleet-based services such as Zipcar, Ubeeqo and Enterprise Car Club, which own and maintain the vehicles.
Follow the app
MUCH of the process of getting a car is not unlike using a normal hire firm in terms of damage, petrol, protection and so on.
When you pick up the car or have it dropped off, the app directs you to take pictures around the vehicle so there is a visual record of its existing condition.
You should return it full of fuel but you can pay extra to avoid this
The level of the damage excess varies, so you have the option of paying more to bring this right down.
Mileage restrictions are set by the car’s owner.
Some offer unlimited mileage or a generous amount, such as 100 miles a day.
The key difference is that you are expected to have made some effort to clean the car before returning it.
Buy car...then rent it out to pay for it
BUYING a popular car on finance and renting it out for just six days a month could cover the bulk of payments on your purchase.
Three of the most popular cars to hire on Turo in this country are the Volkswagen Golf, the Vauxhall Corsa and BMW 1 Series.
You can see the finance options available for these cars via Auto Trader based on a typical 48-month PCP contract.
And you can check how that compares to the average monthly earnings on Turo, alongside the typical daily rental charges.
We test Turo
I GOT to drive a flash Jaguar XF estate for the weekend, which was great as there is no way I could afford to own one myself.
We needed a big car to visit a friend outside London while also moving stuff into storage.
And this way, we got to do it in luxury.
It cost £100 a day for the two days we needed it.
The car was dropped off with us, saving us the usual trek to pick one up from a regular car-hire firm.
Airbnb style
WANT to be James Bond, Prince Harry or Marty McFly for the weekend?
You can with Turo. You aren’t stuck with a Corsa or Prius. Its cars range from the everyday to the novelty.
Costs you £595 a day
Jaguar E-Type: This charmer from 1970 costs a chunky £595 a day. A version from 1968, converted to run on electric, was driven by Harry and Meghan after they married in 2018.
Costs you £385 a day
Delorean DMC: For £385 a day, you can drive this Delorean from 1982. It was a cool car anyway but found near-mythical status as a time machine in Back To The Future.
Costs you £345 a day
Lotus Esprit S3: One like this was first driven by Roger Moore as Bond in 1977’s The Spy Who Loved Me before other 007 films. This Lotus from 1984 is £345 a day on Turo.
Earns you £332 a month
2019 BMW 1 Series: Around £196 per month with a £1,000 deposit.
In 2020, 1 Series owners earned an average of £332 per month. We saw a 2019 1 Series on Turo for £47 a day. Hiring it out five days a month would easily cover your costs.
Earns you £308 a month
2020 Volkswagen Golf: Around £253 per month with a £1,000 deposit. Golf owners earned an average of £308 per month last year. They typically fetch £55 a day on Turo, so can cover your cost of buying in five days.
Earns you £228 a month
2020 Vauxhall Corsa: £133 per month with a £1,000 deposit.
In 2020, Corsa owners on Turo earned an average of £228 per month. A 2019 Corsa is available for £34 a day, which would pay for your outlay on the car in four days.
Turo host
ITALIAN-born Londoner Carlo Misceo is one of many Turo hosts who started off by using the firm as a customer.
He hired one of its cars for a rural retreat when his father visited from Italy.
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Carlo then rented out his own Vauxhall Corsa via Turo to help cover he costs of owning that.
He has built a Turo business from there and now runs eight cars, from Minis to BMWs, completing nearly 800 trips.
