Earning money is not easy. So many people work hard every day, but they just can’t seem to get ahead. But if you own a car, you’re already sitting on a potential money-making machine. With a bit of ingenuity and effort, you can use your vehicle to bring in some extra cash. According to a recent study, the average American spends about $9,000 per year on their car. So why not put that money to good use and earn some extra income?
Here are five ways to use your car to make money:
1. Rent out your car when you’re not using it.
If you live in a city and don’t need your car daily, why not rent it out when you’re not using it? Several companies, such as Getaround and Turo, now allow you to do just that. You can earn anywhere from $40 to $100 daily, depending on the make, model, and rental duration. It may not seem like much, but it can quickly add up!
To rent out your car, simply sign up with one of the companies mentioned above and list your vehicle. Or, if you’re feeling entrepreneurial, you can start your own car-sharing service. This option will take more time and effort, but it could be pretty profitable. Some car-sharing companies, such as Zipcar, are now worth billions of dollars.
2. Offer ridesharing services.
If you’re comfortable driving strangers around, you can sign up to be a driver for Uber or Lyft. You can set your own hours and choose how often you want to work. On average, Lyft drivers earn about $25 per hour, while Uber drivers earn around $35 per hour. This can be a great way to make some extra money on the side.
But ridesharing can open various risks, including the danger of getting into road accidents. You and your passengers’ safety should always be your top priority when driving for these companies. Make sure you’re familiar with the area you’ll be driving in, and take extra caution when picking up and dropping off passengers. Know that you are insured under the company’s liability policy, so if they try to lowball you, don’t hesitate to contact an expert Uber accident attorney who can help you get the full compensation you deserve.
3. Be a delivery driver.
You could sign up to be a delivery driver for Amazon Flex, DoorDash, Instacart, or one of the many other companies now using cars to make deliveries if you don’t mind doing a little extra legwork. You can typically expect to earn around $20 per hour doing this type of work. You can also get tips from customers, which can significantly boost your earnings.
The requirements for becoming a delivery driver vary depending on the company, but you will typically need to be at least 21 years old and have a clean driving record. No experience is necessary, as you will receive training from the company. Try to deliver during peak hours to make the most money.
4. Provide mobile services.
If you have a skill that you can perform from the comfort of your car (think dog grooming or oil changes), consider turning your vehicle into a mobile service station. This is a great way to cash in on the gig economy without dealing with customers in person. Many people are uncomfortable inviting strangers into their homes, so being able to provide a service in their driveway is a major selling point.
Simply create a website or social media profile advertising your services. Make sure to include your rates, service area, and contact information. You can also put up flyers in local businesses or post them on online classifieds websites. If you’re providing a service requiring special equipment, ensure your car is large enough to accommodate it.
5. Advertise on your car.
Car wraps are becoming an increasingly popular way for businesses to advertise. And if you’re willing to have your car covered in ads, you can earn some serious cash—anywhere from $100 to $1000 per month, depending on the size and placement of the wrap.
Of course, you’ll have to be comfortable driving around with ads on your car. And you may have to agree to certain restrictions, such as not washing your vehicle for a certain period or not driving in certain areas. But if you’re okay with these conditions, advertising on your car can be a great way to earn some extra money.
If you own a car, it’s time to start putting it to work! With a little effort, you can use your vehicle to bring in some extra money each month. Whether you rent it out when you’re not using it, offer ridesharing services, make deliveries, provide mobile services, or advertise on your car. There are plenty of opportunities for those willing to get creative and think outside the box. Start cashing in on that four-wheeled money-maker today!