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PacificEdge | July 26, 2017

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CarNextDoor turns idle time into income

CarNextDoor turns idle time into income
Russ Grayson

THINK OF IT this way… your car takes you somewhere then you park it and there it sits, and sits, and sits awaiting its next journey. Or, maybe, you take public transport to work and leave your car parked at home. However you use it, your car does a lot of sitting. In economic terms your car spends much of its life as an idle asset.

Now, you can turn your idle asset into income. How? Well, that’s the job of a new transportation startup, CarNextDoor. The initiative brings peer-to-peer car sharing to Sydney. It’s a part of the emerging collaborative economy that is disrupting, creatively, old and often tired ways of doing things.

Claiming access to cars from $5 an hour or $25 a day, CarNextDoor says there are no contracts but there is full accident coverage. Like most collaborative economy enterprises, CarNextDoor is internet enabled.

What you will need is a full, unrestricted driving licence free of major violations over the past five years and a credit or debit card. CarNextDoor puts potential earnings from the peer-to-peer hiring between $2000 and $10,000 a year. Of course, with the increased usage you would have to deduct increased maintenance costs.

Peer-to-peer hiring operates for other equipment as well, such as tools. It’s starting to catch on in Australia through collaborative economy online services such as Open Shed and it can be found also in the informal economy in LETS — the Local Exchange and Trading Systems that enable peer-to-peer cashless exchange of goods and services.

CarNextDoor launched by distributing cards offering one day’s car hire of $25 value.

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