You have a nice car, so why not make some extra cash while driving it? Lots of people can bring in a primary or secondary income just by utilizing their truck, car, or SUV in smart ways.
This isn’t some get rich scheme so it won’t be as simple as changing lanes. Each opportunity will require different approaches to make the most of them. Plus, in order to qualify for most of these methods, you will need to have a newer car.
But if you have the time, the motivation, and the car, you can turn your vehicle into a money-making machine. Are you ready to start? Here are four ways to make money with your car:
1. Rent Your Car
Many of you have heard of renting your house on a short-term basis through Airbnb, but what about doing the same with your car? With Hyre Car or Turo, you can rent your car to other people for either hours or days at a time.
If you have a car you don’s use much and it’s simply taking up space in your driveway and losing value at the same time, why not make some money on it? There are various reasons why people would want to rent your car.
- They might be in your location for a vacation and renting a car from a ridesharing company is often cheaper than rental agencies.
- Their car is being repaired and they need a car to get around for the week.
- They want to drive for Uber but don’t have a car that qualifies.
Our take: If you have an extra car that you don’t use then this is a great way to make some money before you decide to sell your car for cash.
2. Advertise Businesses
Many businesses would love for you to drive around the city while advertising their products and services. You can offer mobile marketing services using a full body wrap, car magnet, or spare tire cover (for those with an SUV or Jeep).
The two biggest companies you can turn to is Carvertise or Wrapify. The amount you get paid will depend on the amount you drive your car but you can easily earn around $100 to $400 a month.
Our take: If you don’t care what your car looks like, why not make some extra cash? You can easily cover your monthly gas expenses with the money you will make.
3. Drive for Uber or Lyft
You can earn a decent amount of income working for Uber or Lyft in your free time. The crucial factor here is to be available during the price surges. For example, if there’s a sporting event or convention in your town that ends at 8 pm, drive to that area and turn on your Lyft or Uber smartphone app to take advantage for the higher rates.
Our take: This is a great way of making money especially if you have a newer fuel-efficient car. When you keep your gas costs down, then most of the income you make will be pure profit.
4. Become a Delivery Driver
More and more businesses are in need of people to make timely deliveries using their own transportation. You could become a delivery driver for the health industry, delivering medical or blood supplies. You can deliver Pizzas for some cash plus tips. Or you can become a delivery driver for Instacart or Amazon.
Our take: This makes sense for those who have the available time this job requires and a fuel-efficient car. The drawback is that with most companies, including Amazon, you won’t be an actual employee. Instead, you will be labeled an independent contractor. You can make your self feel better by calling yourself an entrepreneur. But the reality is that you will be paying more taxes and won’t receive benefits such as sick leave, vacation time, health insurance or unemployment benefits.