8 Ways Of Making Serious Cash With Your Car
You have a sweet set of wheels, so why not earn money driving your car? Many people can earn a primary or secondary income by using their car, truck, or SUV in clever ways.
However, it’s not as simple as changing lanes. You need to know how to make the most of each opportunity. You most likely need to drive a lot and have a newer car in order to qualify for many of these methods.
But if you have a car, the time, and the motivation, you can start turning your car into a money making machine.
Ready to begin? Here are 8 ways you can make money with your car.
Rent Your Car
You’ve heard of renting your house on a short term basis on Airbnb, but what about your car? With Turo or Hyre Car, you can rent your vehicle to others for hours or days at a time.
If you have an underutilized car that’s just taking up space in your garage and depreciating at the same time, why not make a few bucks out of it?
Renters will want your car for a variety of reasons.
- They could be on a vacation and renting from a ridesharing company is cheaper than your average rental agency.
- Their car is in the shop and they need a car for their daily commute to work for the week.
- They want to make money on Uber or Instacart but don’t have a qualifying car of their own to use.
My take: If it’s an extra car you have in the driveway that’s just getting in the way, this is a great opportunity to squeeze some money out of it before you decide to sell it.
Some businesses would appreciate you driving around town advertising their services and products. Offer real mobile marketing services using a car magnet, full body wrap or a spare tire cover (if you have a Jeep or SUV).
My take: If you’re not particular about what your car looks like, why not plaster an ad all over it? The amount of money you earn should be enough to pay for your gas.
Drive For Uber Or Lyft
You can earn funds by working for Uber or Lyft in your spare time. The key to making good money is to be available during “price surges”. Say there’s a convention or sporting event going on that’s over at 7PM, you’ll want to turn the Uber or Lyft smartphone app on and drive to the area to begin taking advantage of the higher rates.
My take: If you have a newer fuel efficient automobile driving for Uber is a great way of making money. The key is always to keep costs down and if you’re not spending on gas, then most of your earnings will be pure profit.
Upgrade Your Current Ride
Buying a newer car isn’t really considered “making money”. However, if your car looks like it’s beginning to go downhill, maybe it’s time to sell and upgrade to a newer model. All cars need regular maintenance, but once you near 100k miles it’s soon going to be time to start making more costly repairs.
My take: Getting a newer car makes sense long-term. You can offset it by selling your car and getting a really good interest rate on your next car. Say you sell your car for $5,000 and want to buy a fuel efficient $15,000 car. You’d get a $10,000 car loan. At 3% interest you’d pay only $180 per month for 5 years. Had you kept your current car, you’d be paying for repairs and more for gas.
Become A Delivery Driver
Many businesses need people who can provide their own transportation to make timely deliveries. You could be a delivery driver for the health industry, delivering blood or medical supplies. You could deliver Pizzas for a few bucks plus tips. Or you can be a delivery driver for Amazon or Instacart.
My take: This only makes sense if you have a fuel efficient car and can devote the time this job requires. The downside is that for most companies, Amazon included, you would not be an actual employee, but rather be labeled an independent contractor. You can dress it up and call yourself an entrepreneur, but the sad reality is that you’ll be paying a lot more in taxes and won’t get any benefits such as health insurance, vacation time, sick leave or unemployment benefits.
Personal Driver/Guide For Tourists
If you live in a tourist spot or an area with a ‘season’, you can take advantage and put an ad up on Craigslist introducing your services as a personal driver. A family in town for the weekend, for example, may need assistance to and from the airport, to get in and out of nearby cities, and to find a reliable person who can tell them about the hot spots and avoid tourist traps.
My take: This is true freelancing at its finest. You can earn money and help people out at the same time. Let’s say a family is visiting southern California for a week. It doesn’t make much sense to rent a car because where would you go and how do you get there? Getting an Uber everywhere starts to add up. They would need to do a lot of research to plan their entire trip to maximize the fun. But a local like you can tell them what time to leave for Sea World to avoid getting stuck in traffic, what day of the week to hit the beach to ensure there’s a spot and tips on how not to spend an arm and a leg at Disneyland.
Rent Your Spot
While you’re on the road making money, you may have prime parking real estate sitting there at home. If you live by the beach, for example, you can rent your parking space for an hour or for a whole day. You can get started at JustPark or MoneyParking.
My take: If you live near a sports stadium or live in a crowded city like New York or San Fransisco, you can make some good money. You just need to make sure you’re selling a spot you actually own (like your driveway) and that your prices are competitive.
Save on gas by carpooling with others to and from the office. Since you’re going in the same direction, there’s no reason each person needs to pay for gas and get stuck in the slow lanes.
My take: The downside is having to pick people up, but you can get your gas paid (and more) with this method. Offer a really good deal (better than Uber) and enlist several coworkers if you can to increase your earnings.
Now it’s your turn, have you ever made money with your car and would you ever try any of these methods?