BRITISH drivers are taking advantage of the recent boom in car sharing, with some car owners renting out their vehicles and making hundreds of pounds a day, according to new research.
The research conducted by Hippo Motor Finance reveals drivers are making up to £300 a day from hiring out their cars. Some drivers have also been reported to make four figure sums from renting out their cars such as £2,300 in two years.
The growth of online car-sharing platforms, such as Hiyacar, Getaround, and Easycar Club, are growing, as drivers become less emotionally attached to their vehicles and are looking at them as a source of income instead.
Tom Preston, UK car expert and Managing Director of Hippo Motor Finance, said: “Many people don’t drive their cars every day, so the emotional attachment they might have once had to their vehicle is lessening.
“Car sharing is becoming a clever way for drivers to take advantage of this and make a lot of money, when their car would otherwise just be parked up on a driveway or stuck in a garage.”
Research shows that some people are also not just renting out one or two cars, but whole fleets as a way to make ends meet. Drivers have been reported to make thousands a month from renting out fleets they have built up from scratch.
One man claims to make £9000 a month renting out a fleet of 60 cars to fund his son at university. Meanwhile, a woman from London has managed to pay for the renovation of a second property by renting out a fleet of eight cars and claims to now make up to £1,500 a month.
Preston said: “Car sharing is not just becoming a clever way to make money, but create and run a fully-fledged business. People are thinking beyond renting out their car and taking that ownership to the next level. It will be interesting to see where this will take car ownership in the future.
Car-sharing platforms have been reported to gain thousands of members in the UK in the last few years. This includes Hiyacar, which launched in 2016, and reached over 50,000 UK-based members in 2018.
The growing popularity of car sharing reflects that more people are becoming believers in Mobility as a Service (MaaS). This is the integration of various forms of transport services into a single mobility service, which is accessible on demand, such as personal car renting and hiring.
A study by the market research and consultancy business, Reports and Data, has found that the MaaS market was worth $42 billion in 2018, but this is expected to reach $326 billion by 2026.