We report a low cost and scalable method to synthesize solar selective nanofluids from 'used engine oil'. The as-prepared nanofluids exhibit excellent long-term stability (presently tested up to 6 months under undisturbed stagnant conditions at room temperature) and photo-thermal conversion efficiency. Moreover, these were found to retain their stability and functional characteristics even after extended periods (72 hours) of high temperature (300°C) heating, ultra violet light exposure and thermal cyclic loading. Building upon it, we have been able to successfully engineer an efficient volumetric absorption solar thermal platform that employs the as-prepared nanofluids and achieves higher steady state temperatures (approximately 5% higher) relative to the conventional surface absorption based solar thermal system under the sun. The developed volumetric absorption solar thermal platform could prove to be significant step in the evolution of efficient solar thermal systems which could potentially be deployed for host of applications ranging from solar driven heating, air-conditioning, and desalination units to solar energy electricity generation systems.