I used to do it all the time.

The only bad thing is the chain and rear derailleur tend to get tangled. Some bikes have a chain hanger on the right seat stay that avoids that. Another possibility is to stick a screwdriver or something between the dropouts to hold the chain.

Another cool thing that I discovered was low cost canvas drop cloths at paint stores. They come in different sizes. One of them will be perfect to protect your car's seats and carpets.