5 Ways to Make Money Out of Your Car
Are you struggling to cover the high cost of motoring but do not want to give up your car? Do you need extra money to keep up with your car loan repayments as well as your car's repair and maintenance? Look no further than your steering wheel. Your car not only can pay for itself but can also make you a profit.
Here are five ways to earn a side income with your beloved vehicle.
Getting into the ridesharing gig is easy nowadays, thanks to smartphone apps. Ridesharing services like Uber, GoCatch, Taxify, and HOP make it simple and straightforward for drivers to join through their online application forms and apps. This, in turn, attracts many motorists to use their own car as a means to make money.
Aside from the extra income, there are many other benefits to ridesharing. These include surge pricing (where the fare leaps up at busy times), getting discounts from ridesharing service partners like phone bills and tires or oil changes and having the flexibility of “work schedule” where you can choose when and how many hours you want to do your side hustle. Additionally, you also get to meet new people and see new places.
Doing the extra work puts a lot of wear and tear on your car. Thus, it needs to be regularly serviced and well-maintained. Since you are an independent contractor, however, you have to use your own money for its repair and maintenance.
2. App-Based Delivery
If your car can't meet the vehicle requirements of Uber and other ridesharing services, you can use it to deliver food and other items. In Australia, some of the most popular delivery service apps include Uber Eats, Menulog, Deliveroo and DoorDash for food and GoFetch for peer-to-peer short distance delivery of almost everything. GoFetch is less restrictive as it allows fetchers (delivery people) to use different types of vehicles.
Just like ridesharing services, this side hustle helps you earn money while bringing convenience to many people who don't have the time or energy to leave their home or workplace to buy what they need. These customers simply make their orders through the delivery apps while you pick up the pre-packaged orders and drop them off at their designated locations.
Pros and Cons
Aside from earning money fast, you can enjoy a flexible working schedule. You also get to meet new people and discover new places, especially when you want to learn more about your town.
While vehicle requirement is not too strict, having a good understanding of the area you’re driving and knowing how to handle customer orders will make your task easier. Also, self-motivation and punctuality are a must.
3. Car Rental
If you only leave your car in your garage on weekends or if you’re leaving it behind for a long vacation somewhere far from home, it's better to have it rented.
This smart financial move helps you earn extra money instead of just letting your vehicle sit and collect dust. Additionally, it also prevents your vehicle from getting wonky. Its rubber parts will not dry up and its engine will not get corroded. It also won’t accumulate dust and become a breeding ground for critters and insects.
How It Works
Thanks to companies like Turo and easyCar, renting out your car is painless. To advertise, simply sign up on these sites then set your car availability, pick-up location and service rate.
You may need to meet some requirements to be eligible. Turo, in particular, only approved renters whose cars are not older than 2005, has a clean title and has less than 130,000 miles on it.
There’s also an app called Getaround, which lets you rent your car out instead of being parked, helping you avoid parking lot fees while earning extra cash in the process. It also covers insurance, vets renters, and installs a device that lets people get into your car without the key. However, it takes 40% of rental fees while you get 60% of the earning every month.
Another interesting app is HyreCar, which lets you rent your car to Uber and other rideshare drivers. While earning up to $1,100 a month is possible, the exact amount depends on your location, car model and the car’s availability.
There are a few downsides to having your car rented:
- Your car should be of certain market value and age in order to be listed.
- The renter may not take good care of your vehicle while on the road.
- Your insurance might get invalidated if you use your car for profit-making ventures.
If you want to make money without driving more than you normally would or putting any extra miles on your car, invite companies to put advertisements on your car for a fee. With app-based services like Wrapify, CarQuids and Rollin' Ads, you can easily connect to your potential advertisers.
Getting into the car advertising gig is straightforward. Simply sign up on the app-based service, pick the brand you like, and then schedule for the advert to be fitted. After that, you just go about your daily trips and get paid. The payment will depend on your car model, the area you drive, and how much of your car is covered.
You can select campaigns from local or national companies that you would like to advertise on your vehicle. Being able to choose the brands and campaigns, somehow, lessen the idea of your car becoming an unappealing moving billboard. You also have the option to have your car be partially or fully wrapped by removable ads.
You have to be on your best behaviour behind the wheel. The moment you drive around in your advertisement-fitted car, you instantly become an ambassador for that brand. Refrain from reckless driving as this will have a negative impact on the brand.
5. Vehicle Moving Service
There are a lot of people in busy cities who don’t have a car and hire a “man in a van” when they need to move houses or transport something they can't carry. Take advantage of this market by providing a gig-delivery service with the help of your trusty vehicle.
You don’t need to own a cargo van, box truck or other huge vehicles to offer this service. You are not also expected to carry your customers' stuff if you don’t want to, although doing so would likely get you more gigs.
Craigslist provides an online space to advertise your service. You can also try GoShare, which sends you project alerts whenever a customer in your area is in need of a delivery professional. You can also accept projects that only interest you. Moreover, getting paid is convenient with GoShare billing the customer and directing deposits payment into your account.
Owning a car doesn’t have to take a toll on your budget. With an entrepreneurial mind and a hardworking spirit, your car becomes an asset that does not only provide convenience and status but also money.
Get your own vehicle with the right financing. At Positive Lending Solutions, we have a team of car finance specialists who can help you get the car loan that fits your budget and even find your new wheels. Request a Quick Quote or call us at 1300 722 210.