In the past, people used to pay $50 per day to rent a pickup truck.
But this year, the price for a truck rental has dropped to $20.
That’s less than half of the average monthly rental fee.
This is a dramatic shift for truck rental companies in Australia.
In recent years, trucks have been priced like mobile phones.
In Australia, a truck costs $500.
In India, it costs $50.
In Japan, it’s around $50 a day.
Truck rental companies are hoping that people will take the plunge into the truck rental market and give them a chance to earn some extra cash.
For example, a rental company in Melbourne, Victoria, has been doing this for more than a year.
But the company’s CEO, Raghav Singh, believes the trend is starting to pick up steam.
“There are people who are starting to buy truck rentals, who are willing to pay the price tag for a rental,” he said.
The driver of a pickup for a small business owner in Victoria has found that his business has been able to take a significant hit.
“The people that are renting the trucks have no intention of going to work,” he explained.
“Some people have come in with the intention of getting a truck, but they’ve taken the money off their paycheque. “
“And the reason why they are taking the money from their pay cheque is because they have no vehicle. “
“If you’re renting a truck at the moment, you can be in a business for 20 years. “
But you won’t have the financial stability to do that.” “
If you’re renting a truck at the moment, you can be in a business for 20 years.
But you won’t have the financial stability to do that.”
Raghas Singh is a truck driver, but he is also an entrepreneur who wants to change the landscape of truck rental.
“I have been renting trucks for three years,” he says.
“It’s the first time I’ve ever been able in my life to make a real living doing that.”
For people who like to get out of the truck, Rakhas Singh has been working on the idea of “couch-to-couch” truck rentals.
“You rent a truck from a company that provides a taxi service, a courier service, that sort of thing, that allows you to move around town for a few hours a week,” he explains.
“We have been looking at a lot more of the taxi business, which is one of the drivers who is very interested in truck rental.”
In India and Japan, truck rentals have been increasing since 2015, according to a study by the International Centre for Research on Sustainable Development (ICRSD), a UK-based research organisation.
Raghasu Singh says the rental industry is not only making money but also helping to bring the rural economy to the fore.
“In India, the trucking industry is really thriving,” he noted.
“So there is a lot that has been done to create jobs for the rural population, to create a more prosperous rural economy.”
This is the kind of opportunity Rakhasu Singh envisions.
“One of the reasons that I think truck rental is here in Australia is that people are taking it seriously,” he told Al Jazeera.
“People are willing and able to invest in these vehicles.”