Until now a car has been like a parasite that slowly sucks the money out of your pocket in one way or another. But, what about if it could make some cash while you are not using it?

A new online service allows vehicle owners to hire out their car by the hour, day or week; helping them to act like a small car rental company for their area.

WhipCar claims to be “the world’s first neighbour-to-neighbour car rental service that enables private car owners to rent out their cars for money to safe, eligible drivers looking to use a car, all through an easy-to-use simple online booking facility.”

If you want to be in the game and register yourself as an owner, your car must be in good condition, be no more than eight years old and have a valid MOT, road tax and insurance. You can find out if your car is eligible for the business by entering your details in their website and getting an instant valuation.

Security is of course a major concern for either side, so the company must run strict checks. For owners, this includes background screening, such as police database checks, before signing up. Drivers, in the other hand, are screened on a conference call with the Driver and Vehicle Licensing Agency (DVLA).

When using the site to look for a car around my postcode I find an interactive map that shows me available vehicles within a walking distance. Prices go from a modest £16 per day for a Renault Clio Authentique to the shocking £200 a day someone is asking for his Mini Cooper.

If I were going to select one, the owner would get a text and an email with my details, including my driving history, feedback and even what I look like. Then, if the owner is happy my card is debited and we would arrange to meet at the vehicle.

Easy and straightforward, WhipCar uses an ingenious concept, no doubt. It seems like people have not been put off by the idea of seeing an stranger driving away with their car. Everything for the money, I guess.