While owning a car makes doing daily responsibilities much simpler and easier, it is an investment that can bring more than just convenience to you. It can also be a great source of extra income for you in the long term.
You do not need a brand-new, top-of-the-line vehicle to begin making money with your car. A visit to a reputable used-car dealer franchise already provides a wide range of options for a vehicle that suits your needs.
There are some creative ways you can monetize your ownership of a car. While the more lucrative methods will require a significant amount of time and effort, there are also simpler and easier ways to earn money with your car.
Five Ways to Monetize Your Vehicle
From selling ads to ride-hailing services, read through these money-making methods to find one that works for your schedule and the type of car you have.
1. Turn your car into a moving advertisement
It is possible to make money by just using your car as you usually do. By plastering an advertisement on it, brands can pay you to help boost their out-of-home impressions.
Startup Wrapify has worked with big names such as Coca-Cola, Uber, and Zoom to expand their advertising reach through car ads. Drivers can earn from $196 up to $452 every month, depending on the coverage of their car.
Another website, Carvertise, matches drivers with brands for campaigns. Drivers can earn from $100 to $300 monthly from advertising with their partner companies. They also have a perks program that provides discounts on certain establishments when you drive for them.
Both companies provide the decals and bring in their own technicians for the installation and de-installation processes. Note, however, that many ad campaigns are only valid for specific areas. Depending on your usual driving route, your options for which brands can advertise with your car may be limited.
2. Deliver food and other goods to people
You can also drive your car to perform deliveries for other people. Many food delivery apps only have a few specifications such as age requirements as given by the state, driver’s license, and vehicle insurance.
Popular food delivery app UberEats has requirements for drivers. It specifies that drivers’ cars must not be older than a 1998 model. Their rules also state that the driver must have at least one year of driving experience in the U.S. to qualify.
Food is not the only thing you can deliver, too. For example, Instacart allows you to shop for groceries for others. Postmates is also an all-around delivery app, which lets drivers deliver food and other goods to people in their city.
3. Join a ridesharing service
Just like food and goods delivery services, drivers who want to drive for ridesharing services must also qualify from a list of requirements provided by the company they are interested in working for.
Once you meet the given requirements, the work is straightforward. You pick up someone from their location and then drop them off at their desired destination. You can choose from the United States’ two popular ridesharing apps Uber and Lyft or opt for smaller alternatives in the market.
Just remember that ridesharing will take up a significant amount of time from your day if you want to make the most of your earning capacity. You should also anticipate that the most profitable hours are usually during rush hours or late nights.
4. Rent your car out to someone
There will be instances when you do not need to use your car. For days when you will be resting at home, you can still earn money by renting your car out to someone who needs it for a short period. This is a potentially lucrative side hustle if you have a newer, extra car that you do not use often.
Turo is one popular option for a car-sharing marketplace that allows you to list your vehicle and let someone nearby book it. Getaround is another app that allows owners to rent out and book cars, vans, and even trucks.
Car owners in metropolitan areas are more likely to be booked than those in farther, more private locations. It is important to temper your expectations when listing your vehicle.
Remember that some of these options will make you use your car more often than usual, which contributes to its depreciation and wear and tear. You may need to make maintenance and repairs more regular as time passes. Choosing the best option will ultimately depend on the kind of vehicle you own and the lifestyle you have.