Whether you’re driving your car for work or need to make some money on the side, you can turn it into a source of extra cash in several ways.
One way to do this is by renting it out through peer-to-peer platforms like Turo or Getaround. Depending on how many vehicles you have, this can be a passive income option that earns you hundreds of dollars a month!
Act as a Driver
You can easily make money with your car if you’re a driver. For one, you can drive with ride-hailing apps like Uber and Lyft.
This way, you can pick up and drop off clients throughout your day without sacrificing other commitments. In addition, you can work during peak times, such as Friday and Saturday nights or rush hour.
Alternatively, you can deliver food and groceries to consumers via apps such as DoorDash or Grubhub. These are great side hustles and much easier to start than driving for ride-hailing companies.
Wrap Your Car with Advertisements
If you have a vehicle, you could earn extra money by wrapping it up with advertisements. The ads are placed on the exterior of your car, which people will see while you’re driving around town.
You can find a wide range of companies that offer this service. Some companies have a nationwide network, while others focus on smaller towns.
You can make some serious cash with car wrap advertising, but you must be careful about scammers. Scammers often solicit drivers by email or phone to pay them to place advertisements on their cars.
Sell Your Driving Data
Every time you drive, your car gathers a ton of data about your driving habits. It tracks your location, speed, entertainment choices, and voice requests.
As a result, automakers and other companies increasingly use all that data to make money from it. Those businesses include insurance companies, banks, and other financial services.
When you sign up for a subscription-based insurance program, you agree to share your driving data. It’s a deal that can save you money and gives insurers an additional revenue stream.
Mystery shopping is a great way to earn extra money. It can be done in various ways, including physical business visits or by phone and email.
Companies hire mystery shoppers to evaluate their customer service and product quality. This allows businesses to determine if their employees follow company protocols and how satisfied customers are with their products and services.
The reports mystery shoppers submit help businesses develop and grow their clientele. This is essential for a company to succeed and maintain good standing in the industry.
Mystery shopping offers a low-cost option for business owners who want to evaluate their operations, products, and staff without investing too much money. It also gives a business insight into its competitors so that it can make informed decisions about its future growth.
Rent Your Car
Whether you want to make money on the side or offset car payments, renting your vehicle can be a good way to earn extra cash. Many peer-to-peer car rental apps allow you to list your vehicle and rent it out for a fee.
Typically, renters are pre-screened; you can meet them in person to exchange keys. This can give you peace of mind if you’re worried about someone taking your car or driving it under the influence.
If you plan on renting your car out, keep it clean and well-maintained between rentals. It will help you stay profitable and prevent unexpected maintenance costs.
Sell Your Car
There are several ways to make money with your car, but one of the most common is to sell it. This can be a great way to get rid of your old clunker and quickly get cash in your pocket.
You can sell your car privately, at a dealership, or on an online car marketplace. Each option has pros and cons, so choose the method that best suits your goals.
Start your own business
Suppose you are a proud owner of a high-end luxury automobile or have an affinity for all things auto-related. In that case, consider making money with your car. Fortunately, the automotive industry is lucrative, with plenty of opportunities for people with entrepreneurial flair to get in on the action. From chauffeuring the rich and famous to delivering your shiny new ride around town, there are many ways to start making a profit from your beloved motoring machine.
As with any business, many considerations exist before you can open your doors. From selecting the right vehicle to determining how much insurance you need, having the correct information in front of you is important. For example, if you want the best vehicle to suit your needs and budget, research to see what other car renters have used before signing the dotted line.