At currently 28.2 million vehicles registered, the number of cars on Malaysian roads increase by over 1 million each year. We are also said to be one of the countries with the highest incidence of multiple car ownership globally with 54% of households owning more than one car.
It is no surprise, seeing that many Southeast Asians believe in car ownership as a social status of wealth and success. Others would assert that the unreliable or inconvenient public transport system contributes to the race to own a car as well.
However a fact many do not know is that 25% of bankruptcy cases in Malaysia is caused by car loans on vehicle-loan repayments as reported by The Sun.
This flawed value system may lead many a young professional biting off more than they can chew, or in this case driving off more than they can afford.
Coming back to the main topic of this article, realising that car ownership can be a financial burden is not enough. We are here to talk about how you can gain extra income by renting out your car – be it the car you only need to use a couple of days a week, your second or third car, the car you’re leaving behind as you go on a 2 week vacation – make the most out of your vehicle by taking a closer look at peer-to-peer car renting.
Peer-to-peer car renting or car sharing is a process whereby car owners enable others to rent their existing vehicles for periods of times by charging a rental fee.
Car owners make their car availability known when the cars are not in use while renters can access and pay for cars when they need one.
How do you do it?
1. List your vehicle.
With Peer-to-Peer car sharing platforms like Kwikcar, all you need is to download the app, verify your ID and start listing. You’ll immediately gain access to potential car renters on the look out.
To maximise your car’s potential earnings, take high quality photos of your car, and provide as much pertinent information as you can regarding its location, features and capabilities.
Responding to enquiries in a timely manner and keeping your car in good condition will score your listing a higher chance as well.
If you’re curious to know how much your car could make, here are the chargeable rental rates listed on Kwikcar:
|Honda HR-V (2016)||152||740||1850|
|Toyota Camry (2017)||275||1400||3500|
|Perodua Axia (2017)||77||528||1321|
|Perodua Myvi (2015)||87||428||1070|
*Figures listed are not the net earnings. Kwikcar takes a commission on the rental rates.
2. Concerns – not to fret!
While all this sounds do-able, it is completely understandable for car owners to be concerned over their car’s security.
What are the risks of renting out my car to a stranger?
What about accidents or damages that occur during the rental period?
Know that you have full authority to decide who and when to rent out your car or accept requests. Peer-to-peer car rental platforms and companies may also work with insurance companies to provide reasonable coverage should any damage occur while your car is being rented out.
Renters are also held responsible for any violations that they incur during their rental. You are also free to discuss the terms of of how you’d like to drop off and pick up your car with the potential renter.
For example, Kwikcar partners with Allianz to secure all rental cars access to their Enhanced Road Warrior policy at no extra cost. This includes:
- 24/7 Roadside Assistance
- Personal Accident Benefits
- Compassionate Cover and Car Replacement Program (in the event the car requires damage repair)
3. Check out Kwikcar today!
Whether you’re keen to fully utilise your car, make an extra buck or rent a certain car yourself, Peer-to-Peer Car Sharing could be for you.
If you’re interested to know how the standard car rental procedure goes, check out our article on how to rent a car in Malaysia.
Otherwise, drop by Kwikcar to learn more about what’s in it for you and your car.