Typically a car is seen as a cost that drops in value as soon as you drive it out from the shop. For most of us the car is the second or third most expensive purchase after an apartment or cottage. Where as an apartment can be an investment a car loses its re-selling value quickly.
Do you ever think how much you actually drive your car? Maybe to work, hobbies, relatives and friends. To the cottage in the summer and maybe occasionally to the shopping center. You do need your car surely. In actual fact the car stays unused 90 % of its time (e.g. McCluskey 2016). What other purchase in the same price category can you explain to yourself in any way? A person uses a drill about 10 minutes during a lifetime, but the purchase price and re-selling value don’t hit as hard.
The headline says that your car can be a moneymaker if you want. This is true, even if most people don’t know or recognize it yet. With the new P2P services it’s easy to rent out your car when you don’t need it. In Finland the pioneer in this field is BloxCar. You choose when you rent and for what price. You can hand out the key from your office or near to your house. If you don’t have time to give the car then you can use a key safe, which is like a small safe attached to the side window of the car.
Why would you choose service when you rent your car and not just announce it in the media channels online? Renting is more fun when it takes as little time as possible from the owner. The service is an enabler that also makes sure that you don’t get fooled or have to pay if something happens during the rental. With BloxCar you get thousands of verified users, a messaging system and a booking calendar.
BloxCar is also the only Nordic service with tailor made insurances for P2P rentals. As a car owner you only need to add you car to the service and add the available dates to the calendar. When the user sends you a reservation request you get an sms with an option to accept or decline. The insurances are valid if you have chosen them and the you’ll get the income to your account regularly. The service fee is 30 % of the total income, which is a small cost for the fact that the service acts as a trusted payment provider and covers fraud and abuse. As a car owner you get to decide the rental price, and therefore you can add the 30% on the price to cover the service fee. BloxCar suggests a rental price according to the re-selling price of the car.
Renting out your car can be defended with many good reasons. You can cover the loss of value and service, insurance and tax fees by renting. If you have bought your car through a financing company you can cut down the monthly payment by renting. The best part is that you don’t have to give up anything. You can still drive when ever you want and you don’t have to give up the freedom. The rest of the time you can let the car earn for you.