Londoners can make money renting cars to neighbours in buy-to-let scheme

Tom Moore, London24 reporter Wednesday, May 23, 2012
11:28 AM

With the economy still struggling, Londoners are looking for new ways to earn some extra money.

Car owners can follow homebuyers’ lead and embrace “buy to let” as a way to make some cash from their vehicles while they are not being used.

The annual cost of owning and running a car is approaching the £7,000 mark but WhipCar, a company providing a “neighbour-to-neighbour car rental service”, says owners can make more than £1,000 a year by renting their vehicle out to people who live nearby once a month.

Co-founder Vinay Gupta said: “Why wouldn’t you make money from your car when it’s not being used? It’s just like having a flatmate in your spare room.

“Members who prefer not to own a car, for environmental or financial reasons, simply use their neighbour’s when they need one.”

Do you know of any good ways to make extra cash or any tips on saing money? Get in touch at Tom.Moore@archant.co.uk