How my car pays for itself

How my car pays for itself

Angie started renting her car out through Car Next Door in March 2017. A little over a year later, her car is paying for itself. Angie tells us what it's like to share her car with her neighbours.

I love my RAV4 – it’s really handy having a car, but it’s even better having one that pays for itself.

Before I started renting my car out through Car Next Door, it would just sit in my driveway Monday to Friday, 9-5. I drive a scooter to work in Surry Hills. There’s no way I could find parking there and it’s faster on the scooter.

Since I’ve been renting it out, my car is booked most weekends, and usually one or two days during the week.

I much prefer having my car out and about earning money for me than costing me money!

I mainly use the car to drive my daughter to her dad’s in Goulburn, which is about 2.5 hours out of Sydney. We do the trip every second weekend, so it’s really convenient having the car.

During the week, I use the car to take my daughter to AFL training and games. She also does drama and has a maths tutor. None of her activities are far away, but it’s handy to have a car to get there.

Unknown-5

I’m pretty flexible though; if someone wants to book my car for a longer time – say four or five days – I’ll just grab another share car from across the road for the time I need it. Usually it will just be for after school activities and we don’t need it for long. It doesn’t cost much for a quick trip, and it means I still get the longer booking with my car.

Now my car definitely pays for itself – it doesn’t cost me a thing.

I think I’ve made $2000 since I joined Car Next Door last year. After all my driving expenses like insurance, petrol and rego, I end up with between $80 and $100 a month. Last month it was $300.

I first looked into renting my car out when my car insurance premiums went up again last year. By joining Car Next Door you can get cheaper car insurance, as it’s all included in the $60 monthly membership fee. When I started renting out my car, I could cancel my old insurance policy because I’m covered by Car Next Door’s insurance, and my car is covered whenever it’s with a borrower too. Just by moving my insurance across, I was already ahead $320 a year.

From that starting point, I figured everything else I earned was a bonus. I also quite like the idea of sharing my car – it gets cars off the road by making better use of the cars already sitting around in my neighbourhood.

At the end of the day it is convenient owning a car, but if I’m not in the financial position where it makes sense, I would consider getting rid of it. In that case I’d probably rent one of my neighbours’ cars.

Need a car?
Rent one from your neighbour from $5/hour or $25/day. Join for free