‘Super app’, Bolt has launched a new ‘share your car’ feature that allows users to rent out their personal cars to earn a guaranteed monthly income.
The ‘share your car’ feature is currently available via Bolt Drive in Estonia. Bolt also intends to expand its availability to other European countries in the next year.
By renting out their cars, users can earn between 112 EUR to over 1,000 EUR in additional income each month depending on the vehicle and the duration of the rental period.
For example, smaller vehicles such as a Toyota Yaris or a Ford Fiesta could bring in up to 510 EUR monthly, and larger models such as Volkswagen Passat could earn up to 720 EUR per month.
Meanwhile, owners of premium cars would gain 1,230 EUR for a rental period of one month or 8,000 EUR if they rent the vehicle for six months.
Markus Villig, Bolt Founder and CEO, said:There are many people who use their cars once or twice a week – this means that their car stands idle 95% of the time. By using our new ‘share your car’ feature, car owners can earn extra income when they are not using their car as well as improve the number of available shared cars without introducing new vehicles to the city. This has two main benefits – more money in people’s pockets at a time when living costs are rising dramatically, and a better urban environment with less private cars on the street.
Bolt said that vehicles would receive full damage coverage for the entire rental period and would only be rented to drivers over 25 years old who had held a licence for at least 2 years.
Bolt also said it would provide rented cars with a free GPS tracker and would monitor vehicle speed and issue warnings to users that exceeded speed limits while renting a vehicle.
In addition, all operational expenses, including refuelling and cleaning would be covered by Bolt Drive, and Bolt representatives would perform weekly check-ups to ensure the vehicles remained in good condition.
This ‘share your car’ feature builds upon Bolt’s existing rental and car club options to allow users to gain financially from the demand.
