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How a university student is making $30,000 a year with one simple move

A university student makes $30,000 a year barely lifting a finger, by renting out his car to strangers online.

Jessica Pilon-Summons

Written by Kate Rooney for Daily Mail Australia

Jaydon, 23, listed his 2006 Toyota Yarris on Car Next Door in March last year and has already made $9,000, over $5,000 more than the car initially cost him.

Car Next Door connects car owners online with nearby borrowers to rent out their vehicle for short periods at cheaper rates than car hire businesses.

The marketing student made so much money from the side-hustle that he bought another three cars to rent out on the website.

'The cars are doing really well and are rented out consistently,' he said.

'I don't have a full-time job at the moment, so this is a great source of income, and I make my money back [from buying the cars] within the year.'

Jaydon said he made an average of $626 per car a month, coming to $418 per car after costs, with room to grow after state borders reopen.

Read more about Jaydon's story here.

Zicong, a 25-year-old civil engineering student from China, listed his 2020 MG3 after seeing an ad on Facebook and made more than $2,000 that month.

'I like that it's helping the environment and providing a much-needed solution to Tasmania's hire car shortage,' he said.

After listing his second car he soon enlisted two of his friends. Together they launched Thylacine Car Sharing which is run through Car Next Door.

They have three new 2021 MGs listed on the site earning them $1,500 to $1,800 a month.

They plan to buy a fleet of up to 10 cars by the end of the year, and eventually add more environmentally friendly vehicles.

Thylacine Car Sharing generates so much income that Zicong quit his engineering job to operate it full time.

Learn more about Zicong's story.

Steve listed his eight-year-old Audi A3 on Car Next Door and estimated it would make him about $2,000 a year.

The car ended up earning him $13,000, so he bought more vehicles and is now renting six cars on the platform collectively making him more than $80,000 a year.

Steve shared his story here.

Car Next Door chief executive Will Davies said their customer base grew by 245 per cent since the beginning of the coronavirus pandemic, as owners and borrowers avoided public transport and needed to save on expenses.

'With snap lockdowns and jobs affected by Covid across the country, the business is seeing a flood of growth – and people wanting to car share as Australians look for ways to save on their expenses,' he said.

He said Australians were making a business out of car renting, similar to Airbnb with their homes.

At the beginning of the pandemic, many major car hire companies slashed their fleets, some by up to 80 per cent, with few people able to use them.

When domestic travel rebounded, travellers were unable to book hire cars due to global supply line disruptions.

'As soon as regional travel picked up again, everyone was trying to book cars and not able to get any,' Mr Davies said.

'This shows how inflexible the car hire industry was – it's an antiquated industry and one that was ripe for disruption.'

He said the company was seeing users offer fleets of vehicles within days of signing up in places where some hire car companies wouldn't work.

'This creates huge opportunities to transform transportation in every town, no matter how small,' he said.

Interested in your own side hustle? Find out how you could offset your car’s costs or build a business.

Written by Kate Rooney for Daily Mail Australia

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