Renting out your car for extra moolah
Lim Siew May | 01 Jun 2018 00:30
Once upon a time, a car was perceived as a liability. A depreciating asset. Then came ride-sharing applications such as Grab, where you can make money from chauffeuring strangers in your car. Fast forward to now, there are platforms like Moovby and Kwikcar that allow you to make money from your car in a more passive way – renting your idle car to strangers.
Jared Chan, CEO and co-founder of Kwikcar contends that just by renting your car out every weekend, you can cover your monthly car instalments in full.
“What we try to achieve here is to enable car owners to rent out their car for 8-10 days to cover loan repayment. If you rent out your car every weekend of the month, you’re pretty much driving your car for free,” he says.
“Take for an example, a Perodua Myvi that gets rented out for RM90 to RM100 a day. The car owner takes back RM65 to RM70 a day nett. Assuming the car gets rented out every Saturday and Sunday for the month, this would mean the car owner receives RM560 a month (RM70 x 8 days).
“A 7-year loan repayment for Myvi with a 3% interest would translate into a month.
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