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Tuesday, December 4, 2018

Own a car? It can make you at least $2500 a year, guaranteed

DriveMyCar offers car owners a unique way to make thousands of dollars on the side - by renting their car out to other people

DriveMyCar (, Australia’s leading peer-to-peer car rental marketplace, has announced an industry leading guarantee for car owners who rent out their cars the platform.

DriveMyCar guarantees that car owners will earn a minimum of $2,500 in rental income in the first 12 months, subject to meeting eligibility criteria.

While the guaranteed income is $2,500, car owners have the potential to earn up to $1,750 per month depending on the value of their car. A car valued at $24,000, for example, could earn the owner $840 per month, or $10,080 per year.

Chris Noone, CEO of DriveMyCar, said “With 2019 fast approaching, it’s a good time to get your finances in order. If you have a car that you only use occasionally, or not at all, DriveMyCar lets you earn money from a car that may be costing you money. Our sharing economy platform offers a simple, secure and effective way to rent your car out to others, and with a guarantee of at least $2,500, it’s never been easier to clear debts or save for a much-needed holiday.”

To be eligible for the owner’s guarantee, the following criteria need to be satisfied:
  • The car must be less than six years old at the start of the guarantee period
  • The maximum odometer reading is 100,000km
  • The car is located within 15km of the Sydney CBD or 10km of the Melbourne CBD
  • The car is available for at least 300 days in the 12-month guarantee period
The safety of vehicles rented out through DriveMyCar is paramount. The platform facilitates the process on behalf of owners, including a credit check, providing a formal rental agreement, collecting the payment and security deposit, and providing insurance and 24/7 roadside assistance.

“If you own a car, this is one of the easiest ways you can make some extra cash on the side. We’ve already paid out $8 million to car owners in Australia, and we’re looking forward to paying out a lot more in 2019,” added Mr Noone.

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The Expeditionist

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