Thursday, 19 May 2016
How To Rent Out Your BMW?
Owning a car is one of the biggest dreams of many people. Everyone wants to own a car to ease the load of getting late for important events and situations. You might have a personal car, which means that you will not need to call a taxi to pick you up wherever you are. Basically, it is flexible and comfortable to own a car. And another great thing to have is a luxurious car, and BMW stands as one of them. In Singapore, there are several BMW models that people own, however, what if you are not getting value from your car, or it’s too expensive to maintain due to seasonal parking fees? What about when you have monthly instalments to pay for your car, and you can’t successfully raise the money? When such situations come, you may want to rent out your car. But how do you go about it?
• Inquire the Cost
Prior to leasing out your car, you will need to know the amount of money that you would expect to get. For that, you will need to go to the website of the company that you intend to lease out your car to, and get a quote. The company is expected to give you an instant quote, in order for you to decide earlier enough on whether you will rent out your car on not, depending on the amount expected. You must be aware of the money that you will be earning, either monthly or yearly. Despite the quote given by the company, you will be able to set your own, comfortable quote and make an agreement.
• Choose Your Desired Driver
Once you have made up your mind about renting out your car to a given company, in relation to the earnings, you will then need to choose the one who will drive your BMW. It is your valued car, therefore, you need to look for a competent driver. The company should be able to give you the list of drivers available, with their profile that shows their eligibility in driving. You will then choose the driver that suits your preferences.
• Meet Out With The Renters in Person
If your car is to be given out to a person, for a day or however long they would need to hire your car, you will need to meet them and negotiate personally on the terms. Despite giving the car to a certain company, the company will update you on the person who has rented your car. It has been studied that private cars that are leased out tend to be handled with more care compared to company cars. This is because the person renting the car knows that they are handling a private property. Despite knowing the driving eligibility of the renter, you will need to know their characters and personalities too.
• Know the Liability Insurance Cover
Apart from your personal auto insurance, the company that you lease out your car too should be able to cover your car, in case of any mishaps. Ensure that the company is able to provide a liability insurance cover for your BMW. This will help to reduce the load from you and your auto insurance cover.
• Know Your Rights
You should be aware that you have the right to reject a rental request for whichever reason. It is not a must that you should accept any rental request that has been presented to you. Therefore, the company that you choose to rent out your car to should leave you the decision of who to rent the car to. Do not be forced to lease out your car to anyone who doesn’t suit your desires, remember that the car is still yours. For instance, if a renter is smoking, and you don’t, that could be a conflicting factor and for that, you will be free to reject the rental request.
You can earn more than you expect from leasing out your car. On average, one can get up to 310 Singapore Dollars in a month from renting out their car. In other situations, some have earned over 8,200 Singapore Dollars in a year. Therefore, you will be able to get enough money from renting out your BMW and get off the financial burden. Always remember to know how much you will expect to earn from renting out your car to a given company and above all, know your rights as you rent out your car.