How Leasing Your Airbnb Style Engine Can Help You Pay For It
Charging someone else for your new car might seem like a pipe dream, but new Airbnb-style services for engines make it possible.
Renting your car from companies such as Turo, Hiyacar, and Getaround for as little as five days a month will cover a large portion of your monthly cost of renting a vehicle.
Those who rent the car can also save money compared to traditional companies such as Avis.
And they can choose a car in their neighborhood.
These so-called peer-to-peer services work just like Airbnb for homes, connecting car owners with customers who want to rent their vehicles.
They had to take off before Covid hit and with life returning to normal, bookings are on the rise again.
Xavier Collins, boss of Turo UK, which has 14,000 cars listed, said: “As restrictions gradually ease, we are seeing a sharp increase in the number of people booking vacations. It’s great to see more hosts using the platform to offset the cost of owning a car.
“And we’re excited to help more customers find the perfect car for their next road trip.
Carsharing platforms provide insurance through reputable companies such as AXA and Allianz to cover the car when it is driven by foreigners.
The cost, around £ 6 per day, is usually charged to the tenant.
Peer-to-peer lenders also differ from fleet-based services such as Zipcar, Ubeeqo, and Enterprise Car Club, which own and maintain vehicles.
Follow the application
Much of the process of obtaining a car is reminiscent of using a normal rental business in terms of damage, gasoline, protection, etc.
When you pick up the car or have it dropped off, the app asks you to take photos around the vehicle so that there is a visual record of its current condition.
You have to return it full of fuel but you can pay extra to avoid this
The level of the damage deductible varies, so you have the option of paying more to reduce it.
Mileage restrictions are set by the car owner.
Some offer unlimited mileage or a generous amount, like 100 miles per day.
The main difference is that you must have made some effort to clean the car before you return it.
Buy a car … then rent it to pay for it
BUYING a popular car on finance and leasing it for just six days a month could cover the bulk of the payments on your purchase.
Three of the most popular cars for rent on Turo in this country are the Volkswagen Golf, the Vauxhall Corsa and the BMW 1 Series.
You can see the financing options available for these cars through Auto Trader on the basis of a typical 48 month PCP contract.
And you can compare that to the average monthly income on Turo, in addition to the typical daily rental fees.
We test Turo
I had to drive a Jaguar XF flash station wagon for the weekend which was great as I couldn’t afford to own one myself.
We needed a big car to visit a friend outside of London while moving things through a warehouse.
And that way, we have to do it in luxury.
It cost us £ 100 per day for the two days we needed.
The car was dropped off with us which saved us the usual trip to pick up one from a regular car rental company.
WANT to be James Bond, Prince Harry or Marty McFly for the weekend?
You can with Turo. You are not stuck with a Corsa or a Prius. Its cars range from everyday to novelty.
Costs you £ 595 per day
Jaguar E-Type: This 1970 charmer costs £ 595 a day. A 1968 version, converted to run on electricity, was driven by Harry and Meghan after their wedding in 2018.
Costs you £ 385 per day
Delorean DMC: For £ 385 a day you can drive this 1982 Delorean. It was a cool car anyway, but it found almost mythical status as a time machine in Back to the Future.
Costs you £ 345 per day
Lotus Esprit S3: One like this was first driven by Roger Moore as Bond in The Spy Who Loved Me in 1977 before other 007 films. This Lotus from 1984 costs £ 345 a day on Turo.
Earns you £ 332 per month
2019 BMW 1 Series: Around £ 196 per month with a deposit of £ 1000.
In 2020, Series 1 owners were making an average of £ 332 per month. We saw a 2019 Series 1 on Turo for £ 47 a day. Renting it five days a month would easily cover your costs.
Earns you £ 308 per month
Volkswagen Golf 2020: Around £ 253 per month with a deposit of £ 1000. Golf owners earned an average of £ 308 per month last year. They typically make £ 55 a day on Turo, which helps cover your buying costs in five days.
Earns you £ 228 per month
Opel Corsa 2020: £ 133 per month with £ 1,000 down payment.
In 2020, Corsa owners on Turo were making an average of £ 228 per month. A 2019 Corsa is available for £ 34 per day, so you can pay your car expenses in four days.
Italian-born Londoner Carlo Misceo is one of many Turo hosts who started out using the company as a client.
He hired one of his cars for a rural retreat when his father came from Italy.
Carlo then rented his own Vauxhall Corsa through Turo to help cover the costs of owning it.
He built a Turo business from there and now operates eight cars, from Minis to BMWs, making nearly 800 trips.