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One London resident, Will Bancroft, often travels via public transport and his car sits in the drive for days on end, depreciating further. After hatching an idea to rent his car out to nearby residents for a few hours/days, Mr Bancroft soon started to see the cash roll in.
On average, his Ford Mondeo is rented out twice a month, covering some of the costs of the car's annual run. So far he has received £2,600, according to the Guardian.
This is a growing trend amongst Brits who are currently facing high motoring costs. Cars can currently fetch around £8 an hour or just £30 a day on a website which allows owners to rent out their vehicles to nearby residents.
Whilst this has only really taken off in London and other densely populated urban areas in the UK so far, the service could reach other parts of the country shortly.
There are a number of risks involved in borrowing your neighbour's (or even a stranger's) car. Factors such as insurance, accidents and fuel costs will all have to be considered when renting a local vehicle.
When looking for a reputable holiday car rental service, it would be advisable to shop around for the best deal.
Don't go with the first price you are quoted and always shop around for a number of different prices. This could help to give you an idea of what you will be expected to pay for, the type of vehicle you require and the duration you require it for.
MoneyMaxim offers a comprehensive holiday car hire comparison tool, which looks at both car hire insurance and car rental costs.