Not using your vehicle? Here’s how you can make money from it
Cash-strapped car owners can now rent their private cars through the RentMyRide platform, much like landlords use Airbnb to rent out rooms or their homes for extra income.
The nationwide peer-to-peer car rental market, which was offline due to Covid lockdowns, was revived last year and has already seen strong take-up from car owners and those looking to rent affordable cars. Similar to the Airbnb model, users decide the rate at which the car will be rented and must upload photos of the vehicle when registering on RentMyRide. The car rental model has already proven successful for businesses in other parts of the world, including tutorial in the United States and Snapcar in the Nederlands.
In an environment where working from home has become more common, the opportunity to turn your car into an extra source of income could be lucrative.
Linda Trim, director of Giant Leap, one of South Africa’s largest workplace design consultancies, said that in June 2021, around 50% of the South African workforce worked from home full time. As the pandemic continued, large companies became more flexible, either allowing employees to work from home or implementing a hybrid model requiring two to three days in the office rather than the previous five-day work model. per week.
Cape Town-based Linda Molepo started using RentMyRide in 2016, renting a Toyota Avanza. Since then, his side business has grown considerably. She now has four vehicles registered with RentMyRide – two Mercedes Viano buses, a Mercedes Benz C180 and a Toyota Etios.
“I was looking for a side business or a small business that I could manage on the side. I can consider myself lucky because my vehicles are regularly rented. The last two years have been very difficult financially and even if I could never have foreseen that we would have a pandemic or lockdowns, I’m so glad I started using RentMyRide. The extra income has really helped me survive financially for the past two years,” she says.
Molepo says she has already referred four of her friends to the platform and they are also successfully earning a second income through RentMyRide. To list a car on RentMyRide, your car must be registered and have less than 200,000 km of mileage.
“If you have a tracking device in your car, that’s fine. If you don’t, we can arrange a discounted fitment with Tracker, who are one of our partners. We also underwrite our own insurance on the vehicles and our renter verification is rigorous,” says Sebastian Brokmann, Managing Director of RentMyRide. Eligibility requirements for renters include a valid driver’s license, mobile phone in their name, verified ID and a fraud and credit investigation.
The minimum rental period is two days. Brokmann says the service is typically used by people who are on a business trip or just want the convenience of a car for the weekend or a few days. On the site, you simply choose your location and the period for which you want to rent the car. A visitor to Cape Town wanting a car from January 27 to February 1 could hire a Suzuki Swift, for example, for R1,700 or R340 per day.
A quick search of the Avis site shows that RentMyRide rates are competitive. Rentals for the same period through Avis for a small car range from R2,065 for a Renault Kwid to R3,429 for a Volkswagen Polo.
“Our platform is a win-win solution for tenants and those who want to monetize a depreciating asset in their garage,” says Brokmann.
Presented by RentMyRide.
Moneyweb does not endorse any product or service advertised in sponsored articles on our platform.