Recent research shows that Aussies are feeling the pinch given the rising cost of living, with three in five saying they find it hard to cope.
While some Aussies have resorted to curbing non-essential spending (58%), others have chosen to try and boost their cash flow, with 77% of people interested in taking on a side hustle to make additional income.
Car Next Door, the largest Australian peer-to-peer car sharing platform, makes it simple to turn any car into a shared car through their app. The rise in Aussies interested in starting a side hustle comes at a time where people are looking to boost their income.
Aussies like Melbourne based, Issy and her mum Kristen, have earned $5874 since listing Issy’s car on the platform in November 2021.
Australian Catholic University student, lssy said “When I moved out of home last year, I couldn’t afford to keep my car due to increased living expenses and planned on selling it until my mum recommended I try Car Next Door. She helped me set up my car on the app and now I’m still able to use my car whenever I need it but also am able make extra income off it each month too”
Kristen, Issy’s mum, who enjoys managing Issy’s car on Car Next Door said” I love seeing her income increase each month. The money that we are making on the platform is going straight towards Issy’s first home deposit!” – Kristen
Car Next Door is seeing a record number of Australians and NSW residents list their cars on the platform as Aussies look to offset increasing cost of living pressures.
Nationally, there has been a 148% increase in cars listed on the platform compared to the same time last year and since its inception in 2012, Car Next Door has paid over $60 million in earnings to car owners in Australia.
Will Davies, founder of Car Next Door, said; “We are seeing a huge spike in car listings on Car Next Door, which is no surprise given the increasing cost of living and people’s desire to not have to sacrifice the things they want and love – like holidays and entertainment. Savvy Aussies are effectively supplementing their income by renting their car out on the platform, which is great for their pocket, and great for borrowers who want to avoid the financial and environmental cost of car ownership.
Key findings include:
- Two in five (41%) Australians say that their discretionary income has decreased in the last 12 months, with one in four (23%) saying that it has decreased significantly.
- Three in five (60%) Australians say they find it hard to cope with the current cost of living.
- Three in five (58%) have resorted to curbing non-essential spending to cope with recent cost of living expenses.
- One in four (24%) Australians say they would not use heating in winter to cope with the recent cost of living increases.
- Three in four (77%) Australians are interested in taking on a side hustle in the next 12 months to make additional income, with one in four (27%) saying they are very interested.
- Eight in ten (83%) Australians own at least one vehicle, with one in six (17%) owning more than one vehicle.
- One in three (33%) Aussies say they are open to renting out their car/van/ute to make additional income.
