You are here: Home - Household Bills - News -

How to make money from an unused car

0
Written by: Emma Lunn
24/09/2019
Parents could make up to £2,000 a term by renting out their child’s vehicle while they’re at university.

Offspring heading off to university potentially leave bedrooms empty and cars undriven for weeks on end. Hiyacar claims to have a use for the latter. It helps turns unused vehicles into a source of revenue – assuming you trust a complete stranger with your vehicle.

According to Hiyacar, dubbed the Airbnb for cars, savvy parents could make up to £2,000 each term by making their parked car available to hire by the local community while they’re away.

The figure assumes the car is rented for 23 days a month for three months for £40 each time, and 25 per cent commission is paid to Hiyacar.

The peer-to-peer car sharing platform suggests parents save the money as an emergency pot for their children while they’re at university.

Users can register, and start renting out, their car in just 24 hours. Hiyacar’s QuickStart technology allows approved users to unlock the car through a free app.

Hiyacar members who want to lend their car to family or friends can use “Mate’s Rates” – this generates a special discount code which means the user will only pay the insurance, service fees and commission. Hiyacar claims this can be cheaper than paying expensive daily insurance elsewhere.

All bookings are also covered by full insurance from AXA and AA roadside assistance.

Other car sharing platforms include Drivy and easyCar Club.

There are 0 Comment(s)

If you wish to comment without signing in, click your cursor in the top box and tick the 'Sign in as a guest' box at the bottom.

The savings accounts paying the most interest

If one of your jobs this month is to get your finances in order, moving your savings to a higher paying deal i...

Everything you need to know about being furloughed

Few people had heard of ‘furlough’ before March 2020, but the coronavirus pandemic thrust the idea of bein...

Coronavirus and your finances: what help can you get in the second lockdown?

News and updates on everything to do with coronavirus and your personal finances.

What will happen if rates change

How your finances will be impacted by a rise in interest rates.

Regular Savings Calculator

Small regular contributions can build up nicely over time.

Online Savings Calculator

Work out how your online savings can build over time.

Having a baby and your finances: seven top tips

We’re guessing the Duchess of Cambridge won’t be fretting about maternity pay or whether she’ll still be...

Protecting family wealth: 10 tips for cutting inheritance tax

Inheritance tax - sometimes known as 'death tax' - can cause even more heartache for bereaved families. But th...

Travel insurance: Five tips to ensure a successful claim

Ahead of your summer holiday, it’s important to make sure you have the right level of travel cover or you co...

Money Tips of the Week

  • @YourMoneyUK I will be travelling to UK from Gran Canaria and im in reciept of pension credit, am i eligible for this payment?
  • Unclaimed money scheme expanded to aid Covid recovery: https://t.co/lQgBdlQJE0 @YourMoneyUK
  • RT @thenutmegteam: Keeping on top of your pension now could well pay dividends in the future. ⏳ Nutmeg's savings and investments specialis…

Read previous post:
All your Thomas Cook questions answered

We look at the situation for employees, members of the pension scheme, shareholders and people with Thomas Cook prepaid cards...

Close