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Has anyone rented their Lotus/Other car out?


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So instead of selling I have been looking at sites like Classic Car Parade or Turo (in the states) who rent your car out for you. You can make very good money, though obviously someone will be putting miles on your car.

Has anyone used a service like this? My car isn't getting used but costing me the loan and insurance monthly and this will help pay for it, even if its only renting it for a week a month!

 

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If I hired your car I'd treat it like any other hire car and give it some 'decent exercise' wondering what those 3 rings on the tacho are and how often I can see them.  No way, no how would I hir

@Barrykearley it's actually cheaper to keep the wife around and buy an Evora and build yourself a lovely garage. That way you can get down and dirty in the garage and the wife will be happy in the hou

As an alternative (It’s the wrong time of year now and there are no school proms actually happening) but 10 years ago I advertised to drive kids to their school proms in one of my Esprits. I didn’t ma

If I hired your car I'd treat it like any other hire car and give it some 'decent exercise' wondering what those 3 rings on the tacho are and how often I can see them. 

No way, no how would I hire my own, personal, expensive performance car out unless if made enough money to completely replace it. It's akin to hiring the wife out and I'm sure how that suggestion would end for you! 

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88 Esprit NA, 89 Esprit Turbo SE, Evora, Evora S, Evora IPS, Evora S IPS, Evora S IPS SR, Evora 400, Elise S1, Elise S1 111s, Evora GT410 Sport

Evora NA

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How much are you offering? :) 

And yet my mate makes £1000 a month for his Porker and only rents it out for a few days to a week in a month.

All drivers are vetted and whilst I understand people would use it like a Sports car but hey! Thats what they are built for non?

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I'd want a tracker fitted and the condition that if they broke any speed limits it released a £1,000 pre-charge on their credit card for each time it happened as a bare minimum. 

I'd also conservativly think it'll cost you 1/3 to 1/2 of its resale value as an ex-hire sportscar. 

88 Esprit NA, 89 Esprit Turbo SE, Evora, Evora S, Evora IPS, Evora S IPS, Evora S IPS SR, Evora 400, Elise S1, Elise S1 111s, Evora GT410 Sport

Evora NA

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Well the choice is something like that or no Lotus at all right now. My employment position is going to be similar for at least 6-8 months more and I can't afford the Lotus anymore TBH. The last thing I want is it to go the way of lots of Lotus's where people can afford to buy them but not maintain them!

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I'm with @Bibs on this.

How does the insurance work?

Also, do you own it if you have a loan on it? so would you have to get the finance company OK first?

 

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Ask for a break on the loan repayments and downgrade your insurance to theft only. You'll accumulate a small amount of interest but it's better than having the car thrashed to death by strangers, or worse still, me! 

88 Esprit NA, 89 Esprit Turbo SE, Evora, Evora S, Evora IPS, Evora S IPS, Evora S IPS SR, Evora 400, Elise S1, Elise S1 111s, Evora GT410 Sport

Evora NA

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Already had maximum loan extension allowed. And RFL is coming up as well so it will be SORN'd and sit in my driveway.

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At this point shouldn’t you just consider selling and buying one back when time is better? Only thing though is that Evora launch may have reached the bottom now.

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I'd never consider renting out any of my Lotus. I have once loaned the Excel to a customer/friend so he could participate in the Gentlemen Drivers Rally. We weren't able to get his own car ready in time and we spend a good part of the weekend together. His car sat in our Workshop was also worth considerably more than the Excel, and I knew he would have no problems reimbursing me should the worse happen.

Only my 2 best friends are allowed to drive my Esprit. As I'm allowed to drive their cars. When talking about strangers, who can't really be blamed to try and get the most bang for their buck, the mere thought makes me cringe. I've recently been asked a couple of times to rent out my big car trailer. I'd like to, very much, as it's not really used enough to justify the costs. But then I got to thinking: what if something goes wrong? Insurance would have to be changed to include rental, at a mich higher premium. And even then there could be lengthy discussions. What about theft? Either by the one renting it, by a third party but due to his carelessnes or even through no fault of his. The only viable option I saw was to ask a deposit for the full value. But no one will be willing to pay that, I wouldn't either if the situation was reversed. And that's just a trailer, with not too much that can go wrong. When talking about a sportscar, will you check the condition of tires, brakes etc before and after and ask a suitable compensation? What about depreciation, as already mentionned?

I'm very sorry for you it has come to this, but I fear a rental scheme will not be the best solution. I agree trying to sell the Evora sounds like a better idea, even if it will be a very bitter pill to swallow. Maybe replace it with a low cost classical Lotus, until times get better and you can get another Evora? That way you still have something for the drivers.

Filip

 

I have made many mistakes in my life. Buying a multiple Lotus is not one of them.

 

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Evora Values have been smashed since Covid and TBH they are selling way behind what the book says. Though my car has has loads of work done and has lots of extra's I am loathe to sell it because I am pretty sure I wouldn't be able to get another in a year or 2, especially as values are expected to strengthen eventually. Was just looking at options

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Yes, that is a fair comment, if you won’t get 30k for the car now, it may be a better option to just SORN it although painful when on finance.

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On 13/08/2020 at 14:01, Kimbers said:

So instead of selling I have been looking at sites like Classic Car Parade or Turo (in the states) who rent your car out for you. You can make very good money, though obviously someone will be putting miles on your car.

Has anyone used a service like this? My car isn't getting used but costing me the loan and insurance monthly and this will help pay for it, even if its only renting it for a week a month!

 

Evoras are like women you never ever rent them out. 
 

unless we are comparing with Wives ? Then sometimes it’s better just to give them away.

Only here once

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@Barrykearley it's actually cheaper to keep the wife around and buy an Evora and build yourself a lovely garage. That way you can get down and dirty in the garage and the wife will be happy in the house. Harmony? Serendipity? Either way every one wins and is happy.

I would not rent out one of my cars. There will always be a buyer for a well sorted Evora NA at a fair price.

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Alcohol. Sex. Tobacco. Drugs. Chocolate.  Meh! NOTHING in this world is as addictive as an Evora +0. It's not for babies!    

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Does it then become a private hire vehicle? and affect it's resale value?

Would I buy an Evora that has been used as a taxi? With reasonable mileage and the full story... maybe, but I would probably want to drop the price.

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As an alternative (It’s the wrong time of year now and there are no school proms actually happening) but 10 years ago I advertised to drive kids to their school proms in one of my Esprits. I didn’t make loads of money but it was around £1500 in total just one summer.

It gave me a bit of extra income, time actually enjoy/driving the car,  me driving not someone I didn’t know and the benefit of seeing another smiley face experiencing the car, whilst being paid.

I also remember turning down a Stag party enquiry from same local advert. Not much help this year I know but I would recon it would be even easier to do with social media nowadays.

Driving Grooms to the Church is another option (and pays better) I had a fantastic drive to my own wedding in a Ferrari 308 twenty five years ago and still remember it fondly.

I’m guessing your issue could be more ‘time related’ and you were looking at options to generate income using the car without the time constraints of driving it but just throwing a couple of ideas in the melting pot.

Good luck with whatever you decide though mate. 😊

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Always do sober what you said you'd do drunk - that will teach us to keep mouth shut!

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