How this Brisbane man made $94,000 in a year by renting out his cars - SUV VEHICLE

How this Brisbane man made $94,000 in a year by renting out his cars

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Renting out your car when you’re not using it can help you make thousands of extra dollars a year.

Brisbane’s Brandon Zammit is the first to admit he’s a car guy. 

The automotive workshop manager loves nothing better than getting behind the wheel of a luxury ride and has figured out a way to make a decent income along the way. 

RELATED: I tried the Airbnb for cars and here’s my honest review

In late December 2022, he purchased a car he had wanted for ages, an Audi S3, and decided to list it for rent on the peer-to-peer car market Turo to help pay it off. He started taking bookings the same day. The car is usually leased out at $220 a day, with the price varying depending on demand. 

Next, he purchased an Audi Q7 and also listed that on the platform – and it began attracting significant bookings straight away. He went on to purchase four more vehicles, including a Ford Mustang and a Fiat 500, which he paid for through his car workshop business. 

Last calendar year, he earned $94,000, revealing that he’s created a spreadsheet that details the car’s purchase price, costs, registration fees, number of Turo bookings and earnings along the way. 

Amid a national car rental shortage, Mr Zammit is one of a growing number of Australians renting out their car when not using it in a side hustle that allows him to earn extra money while also working full time. 

Mr Zammit is leasing his cars on Turo, a peer-to-peer car-sharing marketplace launched in Australia in late 2022, enabling guests to book any car they want. The platform allows local car owners to earn extra income by sharing underutilised personal vehicles with guests on the platform. Any car worth up to $200,000 and less than 10 years old is eligible. 

But there are other platforms to consider, including DriveMyCar, Smartfleet, Drive Mate and Kayak. 

As more Australians grapple with the rising cost of living, car sharing has become an increasingly popular method of monetising an under-utilised asset, Turo Australia managing director Tim Rossanis says. 

Renting out cars has become a great way for hosts to offset the cost of vehicle ownership. It can be a scalable and flexible way to earn extra income, with key responsibilities that include cleaning cars between trips, ensuring they are roadworthy and communicating with guests. According to Turo, hosts can earn an average of $12,960 per year per car. 

Some states, including Queensland and Tasmania, are experiencing an acute shortage of rental cars, with the situation to last for some time yet. While car hire companies reduced their fleets at the start of the pandemic, they have struggled to fully restock due to supply chains for new cars being disrupted. The shortage has also led to a surge in prices. 

“I can see the future through this spreadsheet and can see that we’ll have a fleet of luxury vehicles that have all been paid off through Turo in five years’ time. It’s a five-year plan, with the maintenance and the cost, which covers all of that, with some cream on the top,” Mr Zammit says. 

However, he admits that his Mustang was stolen by someone who hired it on the platform, but insurance through the platform covered the loss. “It was an emotional time. To be honest, I was losing my mind over it, but Turo was really good about the claims process,” he says. 

There have of course been a few dings and scratches along the way, which sometimes means that a car will need to be off the road while it is repaired. But the money he earns more than covers the issues along the way, he says.  

Mr Zammit plans to add a couple more speciality cars to the platform in time, but admits he’s still deciding what he wants to purchase. “It would be a good passive income for someone to list just one car. You don’t have to do anything, and you get insurance coverage through the platform as well,” he says.

The post How this Brisbane man made $94,000 in a year by renting out his cars appeared first on Drive.

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