Martin Lewis REVEALS how to avoid car hire excess charges
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Rather than leave their cars to gather dust on the driveway, savvy Brits are signing up to car sharing platforms that allow them to make money from renting out their cars to other drivers. It’s like ‘airbnb for cars’ but you don’t have to share your house with guests and it’s relatively little work.
Keyless technology means that people don’t even need to meet and greet the person taking their car for a spin and insurance and breakdown cover is all sorted too, so they can just get on with their day to day lives.
Edward from London is earning more than £600 a month from his vehicle which is listed with Karshare.
He said: “I’ve found it more productive than I expected with regards to earnings and am currently earning over £600 per month.
“It’s been easier than expected due to the keyless technology – I don’t have to do anything; the keyless tech operated through the app is safe and secure.
“I don’t have to be around to meet renters in order to share the car, they gain access via the app.”
Speaking exclusively to Express.co.uk, Andy Hibbert, CEO of car-sharing platform Karshare, said that the idea has really taken off over the last 12 months as many people now use their cars differently post-pandemic.
He said: “They’re either not commuting to the office as much, or thinking about whether they need two cars in their household.
“Making money from an unused car which is sitting outside doing nothing seems like a viable, sensible option for many.”
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It’s not just people in London who are making this kind of cash. Alan Cleaver from Bristol is also bringing home an extra £600 a month and says it’s a no brainer for Britons looking to make extra money. He said: “Car sharing has made a car that was a liability into an asset, it’s a no brainer.”
For those worried that their car might be damaged, retiree Neil Hargreaves from Manchester offers some reassurance, saying that so far everyone has looked after his car really well.
He commented: “It’s been very easy – at first I had concerns about the car but everyone has looked after it really well.”
“I retired in October and had just bought a new car. I thought I may need to sell it as the car would otherwise be sat there doing nothing, so I’m happy to have put it to good use.”
According to recent statistics carried out by the car sharing platform, more than half a million consumers requested to freeze their car finance payments during the pandemic.
This could be a lifeline for these 600,000 people struggling to stick to their agreements, but they must check with their leaseholder that their agreement enables them to hire out their vehicle to vetted drivers in their communities first – many of them don’t.
With 5000 renters signed up to the Karshare platform and 150 people listing their vehicles, there’s a definite demand for more car owners to join the car sharing community.
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The platform is just about to launch in Birmingham after research found that over a third (40 percent) of car owners in the city said lockdown has made them reassess whether they need a car every day.
Another 39 percent said they plan to use their vehicle a lot less over the next 12 months.
Karshare’s CEO, Mr Hibbert, concluded: “Sadly, the pandemic has led to huge financial pressure for many.
“Cars are a significant part of people’s monthly outgoings; car finance, fuel, maintenance… and with the rise of working from home, many are thinking – is it worth it?”
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