Earning Money by Renting Your Car through Uber Carshare or Similar Platform

yummypinacolada on 10/07/2023 - 02:19

I'm looking for advice from anyone who has experience renting their car through a carshare platform. Here's my situation: I am currently renting in Sydney CBD, but within a year or so, I plan to buy a property further away from the CBD. The problem is that relying solely on public transport makes it difficult to inspect properties, so I often need to rent a car. During weekdays, both my partner and I work remotely, and living in the CBD means we don't really need a car. However, I am considering buying a new Mitsubishi ASX for around $30k just to drive around the suburbs, mainly on Saturdays. I feel like most of the time the car will just be sitting in a parking space, which is why I had the idea of renting it out and making it unavailable when I need it.

I would appreciate insights from anyone who can share their experiences renting out their car through a carshare platform. Additionally, if anyone can provide information on the process of renting out a car, it would be greatly appreciated. Lastly, whether renting out your car is worth the hassle. Thank you!

Automotive Rideshare

Comments

  • kerfuffle on 10/07/2023 - 05:52
    +27

    Yeah I'm not letting random people rent my brand new ASX.

    • Nugs on 10/07/2023 - 08:46
      +15

      Yeah I'm not letting random people rent my ANYTHING
      .

      • kaleidoscope on 11/07/2023 - 21:49
        +2

        you clearly haven’t come across investment properties

        • Nugs on 12/07/2023 - 06:10

          Have one, not a random tenant though
          .

    • bobbified on 10/07/2023 - 22:37
      +2

      Why not? Random people will definitely take good care of it! 😁

    • Brianqpr on 11/07/2023 - 17:53

      Not keen on the new car smell being replaced by stale urine then?

    • serpserpserp on 11/07/2023 - 19:31

      How else will I teach you to do good burnouts?

  • EightImmortals on 10/07/2023 - 06:30
    +27

    Why not just hire a car yourself on the weekends until you find somewhere to live?
    Be way cheaper that buying one and having it trashed by strangers.

    • kaleidoscope on 11/07/2023 - 21:52
      +1

      Yeah … will be lot cheaper than owning / insurance and other baggage that comes with it.

      Or

      Why not ask help from a friend who’s got a second or third car and doesnt have much use for it?

  • Euphemistic on 10/07/2023 - 07:01
    +6

    getting an older car would make more sense. Think $10k. You won’t need to offset as much ‘investment’.

    • Sinnerator on 10/07/2023 - 08:17
      -7

      $10K buys you a problematic nightmare

      • pao2x on 10/07/2023 - 10:08
        +5

        Never had a problem with my camry or yaris bought under that

        • altomic on 10/07/2023 - 10:10
          +17

          just wait, in 20 years time they will have problems.

          • morse on 10/07/2023 - 15:44
            +4

            @altomic: Was still driving at 95 Corolla into 2019 - it was still going strong. Only thing that made us upgrade was improved safety of newer cars.

            • Brianqpr on 11/07/2023 - 17:56

              @morse: Had a 98 one until 3 years ago as a backup car. Plenty of life left when I sold it if you didn't mind the peeling paint.

          • serpserpserp on 11/07/2023 - 19:31

            @altomic: Any car in 20 years time will have problems

        • SydStrand on 10/07/2023 - 15:22

          Point me to a used Yaris under $10k in 2023 that isn't a complete bomb

          • morse on 11/07/2023 - 19:14
            -1

            @SydStrand: I feel at the point you are ready to part with these older cars you’re concerned with other people’s safety as technology has moved on so much. I.e. “if it’s not safe enough for me, would I want it for someone else else”. For the one on this category I sold it for scrap. I had some other cars that I disposed of as part of a deceased estate and sold them very reasonably, $10-13k - snapped up very quickly, so there’s still opportunities to be had. The difficulty is distinguishing real and sham deals.

      • Euphemistic on 10/07/2023 - 10:21

        There’s plenty of cars around $10k that keep in keeping on with minimal repairs needed. Just check out how many old cars are still on the roads. They wouldn’t be there if they were too expensive to repair.

        • beet on 11/07/2023 - 18:29

          Because all the old cars that were too expensive to repair wouldnt be on the road anymore.

          • nigel deborah on 11/07/2023 - 18:32

            @beet: It is a good way though, that's not how confirmation bias works. If the proportion of old cars on the road is high that could well be a sign that generally they are economical to run. New car sales are higher than ever, if old vehicles were overly expensive you'd rarely see them.

            • beet on 11/07/2023 - 18:46

              @nigel deborah: Its more so survivorship bias. But proportion is different to just no. of cars (which the original comment mentioned). Just seeing 100 old cars in a day doesnt tell you anything.

              • nigel deborah on 11/07/2023 - 19:33

                @beet: Sorry, you're right, I meant to say survivorship. Taken literally that's also true but if someone says they see a lot generally they mean that relatively.

                Regardless, he's right, plenty of reliable, older cars.

          • Euphemistic on 11/07/2023 - 18:59

            @beet: It’s true the expensive to repair ones are not there, but if you’re looking at an older car keep an eye out and see how many are still kicking on. If you don’t see any, pick another model. If you see heaps, it’s a good sign.

      • Caped Baldy on 10/07/2023 - 10:23
        +1

        Probably if it's an European car…

      • Drakesy on 10/07/2023 - 10:56
        +1

        Have had my 2010 Kia Sportage for 3 years, 280,000k's on the clock, never broken down, servicing only ever comes to $500.

      • Brianqpr on 11/07/2023 - 17:54

        $8.5k Mazda 3 bought 3 years ago, been excellent.

    • SBOB on 10/07/2023 - 07:29
      -5

      Thought you would have learnt how to spell advice incorrectly by now

      Ones a noun, ones a verb.
      advice: an opinion or recommendation offered as a guide to action (verb)
      advise: to recommend, or to give information to someone (noun)

      Pretty easy and common mix up in spellings. But both spellings are correct.

      • JuanLove on 10/07/2023 - 07:50
        +4

        If I could please offer you some advice re the attribution of verb and noun: it's the other way around

        I usually try to avoid advising people on the internet re grammar, but this felt different

        • SBOB on 10/07/2023 - 08:45

          ha good point
          yes they are backwards :)
          100% warranted to be corrected (and poorly copy/pasted definitions from google and revised by me on my phone this morning)

          • elgrande on 10/07/2023 - 09:37
            -3

            @SBOB: Still does not explain why you attempted to correct my comment in the first place..?

            • Lord Ra on 10/07/2023 - 10:00
              +2

              @elgrande: Mate, what are you on about? OP is correct.

              advice: an opinion or recommendation offered as a guide to action (verb)

              • freefall101 on 10/07/2023 - 10:46
                +1

                @Lord Ra: It's a joke, just a poorly executed one (or just not a funny one). Thus why they use the word incorrectly, the joke is that they're spelling it correctly and should be spelling it incorrectly because this is Ozbargain.

  • Hellfire on 10/07/2023 - 07:23
    +15

    Not worth it.

    I did it with Car Next Door before they were brought by Uber. Probably about a year with a 10yr old car in good condition.

    The extra wear and tear, extra kms, lots of minor damage, and repairs all meant we probably lost money doing it.

    No way I'd do it with a new car. People renting it don't care and treat it like crap. Almost impossible to pin minor damage on anyone because you'd need to go over the car with a fine tooth comb and take detailed photos after each rental.

    • pharkurnell on 10/07/2023 - 11:49
      +1

      People renting it don't care and treat it like crap.

      Exactly my first thought…. NO way no how am I loaning my car to the kids or the ex, let alone a stranger.

    • Brianqpr on 11/07/2023 - 17:59

      Indeed. My sister in law lives inner city Sydney and doesn't own a car, mainly due to the parking in her area being a nightmare and no off street parking at home. Therefore she regularly uses car next door. Cars always have dings, scratches etc and she always complains about the state they are left in by other users.

  • Jaduqimon on 10/07/2023 - 07:25
    +1

    I am currently renting out my s%^&box car on Uber car share. from my experience, most bookings are on weekends so if you want to use your car on weekends then dont expect much booking during the week (i.e. workdays).

    Having said that, yeh I wouldn't risk any car > 10k on the platform.

    The process is pretty simple. just sign up take some photos of your car provide a description etc. no different to any facebook ad you might put up.

    THEN

    You have 2 options.

    1. Key exchange - you meet up with the renter to handover the keys and then when they return it, you meet up again. (not recommended as it requires additional time and effort from you and also renters not being punctual)

    2. Lockbox - pay $29 to Uber and they send out a lockbox kit with an OBD gps tracker. You put your key in the lockbox, hand it on the car window and you're done. Renter will come and Uber provides them with an unlock code and away they go. When they return they put key back in the lockbox and hang it on the window ready for the next renter.

    • Sinnerator on 10/07/2023 - 08:19

      so the code on the lockbox never changes?????
      hmmmmmmmmmmmm
      (how many people know where the OBD port is lol)

      • Jaduqimon on 10/07/2023 - 08:21
        +4

        the code does change each time.

        the OBD gps tracker is just for Uber to track the mileage because the renter pays a base rate + $$ per Km travelled.

        I also installed a hidden gps on my car in the event that the renter goes rogue.

    • yummypinacolada on 10/07/2023 - 16:23

      Just wondering do you still earning some profits after all the cost you need and considering the car depreciation as well?

      • Euphemistic on 11/07/2023 - 08:04

        There will be no profits. Car rental companies make money because the rent their cars out almost continuously.

        Car share rentals are to offset a little cost only.

      • Jaduqimon on 11/07/2023 - 08:40
        +4

        Yes i earn pretty good profits but my cars are <5k value and I know a little bit about cars so minor fixes i do myself.

        averaging about $600 per month net profit after costs/petrol.

        basically after 8-10month I would get the money back for my capital.

        It wouldn't be worth it if the car was >10k imo

  • Bargainitis on 10/07/2023 - 08:29
    +2

    it can't be a good investment for a new car. Just think about it.

    Car rental is very different to property rental. One depreciates materially, the other has a good chance of appreciation. The math never adds up.

  • brendanm on 10/07/2023 - 08:33
    +2

    Spend $30k to "make" $50 a week while people trash your brand new car. Sounds like a good idea.

    • DarkOz on 10/07/2023 - 08:41

      Definitely a good idea for the people that is sharing her/his car.

    • AustriaBargain on 10/07/2023 - 13:01

      Yeah I'd rent his new car for $50 a week. Wouldn't even need to cover my nose when I sneeze in it, sounds great.

  • djones145 on 10/07/2023 - 08:45

    u should really be thinking the opposite and using those car sites to rent a car to visit rental properties

    • yummypinacolada on 10/07/2023 - 16:24

      That's what I did, but having to spent ~$150 each week thought there's a better way.

      • Fornax on 11/07/2023 - 19:17
        +1

        Really does sound like you are winning at 150 per week. Once you take in account reg, insurance, servicing a car and depreciation on a new car. I think you are coming out in front or at least breaking even. Does Sydney have an equivalent to rent a bomb to save some money on the weekly cost?

  • netjock on 10/07/2023 - 08:55

    The magic about Uber (and AirBnB) is someone bring all the capital and you make a margin basically for having the platform. There is no shortage of people that thinks it is a good idea. It is a wonder why Uber keeps on losing money.

    You will have to work out your sums. How much it is to rent a car on a Saturday or do you have a car share scheme where you are? Compared to if you invested the money and see what happens.

  • JimmyF on 10/07/2023 - 09:07

    Lastly, whether renting out your car is worth the hassle. Thank you!

    Wouldn't do it on a new car.

    As a few comments here have hinted at, minor damage and even major damage is hard to claim, you just wear it. I follow some people who rent Teslas on Turo in the states and they have a nightmare of a time for damage. Turo tries to wash their hands about having to deal with it, or when they do, the 'excess' fee on the insurance claim is many thousands meaning the owner is still out of pocket.

  • MS Paint on 10/07/2023 - 09:24
    +7

    If I owned an ASX I definitely wouldn't be telling others about it.

  • cheekymonkey on 10/07/2023 - 09:26
    +1

    There are numerous car-rental places, which work on a subscription with cars parked all over the CBD. and normally different sizes, in case you need a bigger one to transport anything.

  • Lord Ra on 10/07/2023 - 09:33
    +1

    Just don't mate, don't. Big mistake.

  • kenzstar on 10/07/2023 - 10:41

    I wouldn't rent my car after seeing this on a current affair last year, crooks can easily break into your car and drive away.

    https://www.youtube.com/watch?v=JcwaeuVJL0o

  • dragong87 on 10/07/2023 - 12:10
    +2

    the fastest car you'll drive is a hire car.

  • apple2016 on 10/07/2023 - 13:39
    +1

    I am considering buying a new Mitsubishi ASX

    if you dont need a new Mitsubishi ASX , buy a used one instead.

  • bargainluvr on 10/07/2023 - 15:12

    Check out Toyota Kinto, and just rent a car through that.

  • [Deactivated] on 10/07/2023 - 15:14
    -1

    Are you roight? Time to give up the piña coladas

  • yummypinacolada on 10/07/2023 - 16:21
    +1

    Thanks for lots of insight here, I guess its not worth the hassle to rent out a car especially if its new ones. I'm not confident enough to buy car under $10k especially for renting because I don't have lots of knowledge about car and I might risk having a problematic car.

  • Sammy2000 on 10/07/2023 - 22:20
    +1

    Can you rent your empty car space instead?

    • yummypinacolada on 10/07/2023 - 23:24

      I don't have car space, so buying a car adding another $60-$80 per week for parking as well.

  • tessel on 11/07/2023 - 17:16

    Why not but a cheap second hand car?

    • yummypinacolada on 11/07/2023 - 18:10

      I don't have much knowledge about car. I have experienced buying $4000 car back in 2014 when I was student which cause me lots of trouble. FYI with the car inflation nowadays to buy such a car around same age and KMs would cost me around $10,000. So if I ended buying another car around $10,000 there's a high risk for me to get another dud car.

      • ReaperX22 on 11/07/2023 - 19:55
        +2

        There are a lot of Japanese cars 2005-2010 that'd do you just fine for 10k.. Look at some older Mitsubishi Lancers. Mines a 2008 I bought used at 78kkm in 2014. Never missed a beat since, apart from a known problem with abs that needed a repair. Almost 100kkm later and it's still running fine. Always starts. No major issues. Cosmetics sure, paint is crap, but it's super reliable.

        However that being said, renting a car is probably better for you.. Easier to manage. Insurance is covered. Yada Yada. Also means you only rent it when you need it. And when you move away you can consider buying that asx or similar brand new when you expect to use it more.

        • yummypinacolada on 11/07/2023 - 20:13
          +1

          I agree there's a lot of old car that will do just fine, however there's lots of problematic cars as well. Also nowadays the price of a used car is too high to the point buying a new ones are more enticing to me. I haven't been in car market for so long, but I was surprised looking at the used car price now.

          In 2014 its not hard to find lots Japanese car under 10yo with less than 150k kms for less than $5k, nowadays that kind of car would cost at least $10k and above

  • rave75 on 11/07/2023 - 19:32
    +1

    Bad idea. Just rent a corolla from no birds for the weekends. No headache.

  • Maxi Pad on 11/07/2023 - 20:13

    There are people who make money doing this. Typically they rent out shitbox cars and live in smaller tourist areas e.g FNQ.

    I'm assuming your apartment has a carpark you are not using… And if you are in a convenient location you might be able to make a few bucks or at least offset your cost of owning a car.

    I wouldn't buy a new car for this though. An old, small car is ideal.

    Another option is letting out your carpark.

  • Antikythera on 11/07/2023 - 21:59
    +1

    rent out the parking space and use the money earned to rent a car each weekend.

    my mate used car next door on occasion. even a Porsche convertible one time.

    I signed up to GoGet to use a van and they didn't validate me quickly enough So i used the mates CarNextDoor (actually was uber by then) and met the vans owner as we were dropping it back to her home. Worked well for me. Seemed to be working well for her. Was cheaper than a trailer from a servo, so even though my sedan is fitted with a tow bar, i'll probably hire a van the few times a decade i need to move something bulky.

  • Oneforall on 26/11/2023 - 16:11

    I've been renting out my 2008 Ford Falcon ute making $900 profit a month and I'm about to rent out a 2006 Ford Transit LWB van.

    Do remember that you can depreciate the car (instant write off under $20K) and claim all other expenses. Payback period is generally less than 12 months on initial investment.

    Commercial vehicles tend to do the best. My ute is rented out almost every single week.

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