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How to make money from an unused car

Written by: Emma Lunn
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.

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