renting my unused cash paid car

[Francescajones]

Hi there! I have a 2017 Fiat 500, I moved to a city for university and lived very centrally, so it has never made sense to keep my car with me and pay for the parking for it not to be used much. I was looking for a way of making extra money, nothing crazy but even £300 a month would be nice. The car was bought with cash and is just sitting at my parent's house, unused for almost all the year. We've been thinking about selling it, but I'm not too sure about my plans yet for after uni and if I would want to keep it. Just wondering if anyone has had any experience using peer-to-peer rental websites and what your thoughts are. I think Hiyacar seems like my most likely option. I thought if I did start this, I would bring the car to the city I live in and rent it from there as I know big cities are better areas for business for these companies, but I have some things I am unsure of

- where do you keep your rental car? Like paying permits for parking or where it is best kept?
- does it make money?
- has anyone had issues with the third-party insurance
- I heard people using trackers and kill switches
- what company do people recommend most
-and basically, is it worth it

 

[fisicx]

You are entering a whole world of pain. Just getting insurance is going to be difficult. And then what happens if someone writes off the car. Or someone smashes the windscreen the day before someone plans to rent the car. Or throws up on the backseat and does a runner? How are you vetting potential renters?

It's probably not worth it.

 

[Francescajones]

hi, thanks for replying, they do kind of cover those issues

• Comprehensive Insurance: All vehicles booked through Hiyacar come with automatic insurance coverage. This includes protection against theft, fire, and accidental damage up to a value of £40,000, as well as third-party liability. This comprehensive coverage ensures that the vehicle is protected under a wide range of scenarios.
• Breakdown Assistance: Hiyacar includes an exclusive AA breakdown package with every rental, applicable at all times. Whether the car faces an issue while being rented out or while under my possession, assistance is just a call away. This service includes both roadside assistance for breakdowns away from home and home start assistance for issues that arise at or near the vehicle's registered address.
• Driver Vetting Process: Hiyacar uses a rigorous 7-layer identity verification system for all potential drivers. This system helps ensure that the drivers are reliable and responsible, minimising the risk of misuse or improper handling of the vehicle.
• Cleanliness and Damage Control: Should the car be returned in a less than satisfactory condition, Hiyacar's policy enables owners to submit a cleanliness claim within 24 hours of the car's return. Quick and decisive actions are promised to resolve such issues, maintaining the car’s readiness for subsequent bookings.

but yes, I am not sure in actuality how well these are seen through

 

[fisicx]

All sounds good but do you really want someone thrashing your car? You would never know until later when the engine blows up and you have to foot the bill.

 

[bodgitt&scarperLTD]

I can't think of a worse way to loose money than renting out for peanutswhat is almost certainly (no offense) your biggest asset.

 

[Mark T Jones]

The first - and obvious question, is why hold on to a depreciating asset, that costs money to sit there, rather than selling? You can easily pick up another when things change (unless there is specific, sentimental value.

Whilst I haven't heard of the company you mention, you certainly need to do some deeper research on the reality behind the publicity.

The vast majority of reviews are from hirers rather than owners - ask to speak to a few owners to discuss real-life experience. Bear in mind that things like geography and the type of car are likely to be significant.

Speak to Hiyacar themselves. As always, ignore the hype & pay close attention to the tough bits - how they manage your expectations Be in no doubt that wear & tear will be higher with multiple, casual drivers than with one careful owner.

.

 

[JEREMY HAWKE]

Absolute nightmare
All the above plus your Fiat 500 is made from butter and something will blow up very soon,
This is one of the best ways to lose money

 

[WaveJumper]

No one is going to look after your car like you and as mentioned above your Fiat 500 will last about 5 mins when getting thrashed down the motorway. You would be surprised what people get up to in a hire car I've seen quite a few getting ragged down the strip at Santa Pod.

Funny enough my neighbours daughter who's away at UNI has just sold her Fiat 500 that stood around for the last and a half personally I would do the same in your shoes.

 

[JEREMY HAWKE]

No one is going to look after your car like you and as mentioned above your Fiat 500 will last about 5 mins when getting thrashed down the motorway. You would be surprised what people get up to in a hire car I've seen quite a few getting ragged down the strip at Santa Pod.

Funny enough my neighbours daughter who's away at UNI has just sold her Fiat 500 that stood around for the last and a half personally I would do the same in your shoes.

Funny thing is
Last Monday I hammered the Granny out of an Enterprise Fiat 500 hybrid from Stanstead Airport to Exeter via Central London absolutely ragged it