Turn your parked car into a mobile cash cow.

Car owners can turn their motors from being a drain on their finances to a money-making prospect following the launch of a website which allows them to rent out their vehicle when they are not using it. WhipCar, which opened for business this week, allows motorists to register their car to rent for anything from a few hours to weeks at a time to people in their neighbourhood.

It is free to register and renting out your car has no impact on your own insurance, according to the website’s founder Vinay Gupta. He said that according to DVLA figures the UK currently has 29m registered cars on the road, and cited a report by New Scientist which said many were used for less than an hour a day!

With the average cost of ownership now £5,523 a year, according to the RAC, Gupta said that for many people a car was their “most valuable idle asset”. “Our research has shown that there are many people who would be happy to pay for car rental services if they could be delivered locally,” he said.

“WhipCar enables owners to put their cars to work, and for those in need they can literally rent the car next door.” WhipCar is initially only operating in London, but Gupta said he hoped to roll the service out to the rest of the country in a few weeks.