Nearly half of drivers would rent out their car Airbnb-style

Almost half of UK drivers (47%) say they would be willing to rent out their car to a stranger through an Airbnb-style arrangement, according to new research from Startline Motor Finance.

March’s Startline Used Car Tracker found that 37% of motorists believe renting out their vehicle when it is not in use is a good way to generate extra income. Meanwhile, 28% said they would trust the rental platform to carry out appropriate safety and security checks.

The findings reflect growing acceptance of peer-to-peer models within the so-called sharing economy. Some 18% of respondents said this type of passive income could help offset cost-of-living pressures, while 12% felt it would represent a good deal for the person hiring the vehicle.

However, the research also highlighted significant reservations. Around 38% of drivers said they would not feel comfortable renting out their car, with 36% stating they did not trust others to treat it with sufficient care. Almost a quarter (24%) believed the risk of a problematic renter outweighed the potential financial return, and 20% said concerns over damage or theft would deter them.

Paul Burgess, CEO at Startline Motor Finance, said the question was prompted by the recent launch of an Airbnb-style car rental service in the UK.

“It’s perhaps surprising to see so many people willing, and it shows how far the idea of the ‘sharing economy’ has become part of everyday life for a lot of people,” he said. “They don’t feel notably possessive about their car and are happy to rent it to a stranger and earn extra cash.

“However, there are almost an identical number of people who just believe too many things could go wrong with the rental process and their car could end up damaged or even stolen. These are understandable concerns.”

The tracker also found that 51% of drivers would be willing to rent someone else’s car under a similar arrangement.

“It’s interesting that our data shows the people who would be willing to rent out their car are basically the same ones who would be interested in renting on the same basis,” Burgess added. “They have clearly embraced the whole peer-to-peer concept.”

The Startline Used Car Tracker is compiled monthly for Startline Motor Finance by APD Global Research. For the latest survey, 301 consumers and 61 dealers were questioned.