Don’t have time to find a full-time job? Need a supplementary source of income to help pay the bills? Sometimes you just have to work with what you have. In some cases, that may mean using your car or truck to earn some extra cash each month. But do you know how?
4 Ways to Profit From Your Car
Your vehicle isn’t just one of the most valuable assets you own – it also has the opportunity to become an income producing tool. There are literally hundreds of different ways to make money via your vehicle. Here are a few specific ideas:
- Drive for Uber or Lyft
The first idea that comes to most people’s minds is driving for a ride-sharing app. Uber and Lyft are arguably the two biggest in the country right now, but there are a handful of smaller ones that work pretty well. Depending on where you live, certain apps may be more popular, while others could be banned. (For example, Uber doesn’t operate in Austin, Texas – among other cities.)
If you really work at it, you can make some good money driving for these companies. A lot depends on the type of vehicle you have (fuel economy) and when you choose to drive, but many drivers report earning $19 or more per hour after all deductions are taken out.
- Rent Out Your Car
Not comfortable driving people around? Another option is to rent out your car and let other people drive it for a few days per month. There are a number of companies in the industry, but Turo is the leader.
Turo sets your car’s daily rental price, provides specialized insurance for the vehicle, and then advertises your vehicle on their marketplace. While earnings do vary, Turo estimates that a $16,000 car rented out 10 days per month could earn you $3,667 per year (or roughly $300 per month).
- Wrap Your Vehicle
Have you ever driven past a car on the interstate with advertisements integrated into the finish? This is known as vehicle wrapping and you can profit from it.
A number of companies, including Wrapify, will pay you to wrap your vehicle in their advertisements. Depending on how much you drive, what type of car you have, and where you’re located, you can earn hundreds of dollars in extra income per month. There are also no upfront costs on your end, which makes it easy to get started.
- Refinance Your Car Loan
Here’s an outside of the box idea for those who still owe money on their vehicle: refinance your loan. While this won’t technically net you more money, it does have the potential to free up some room in your monthly budget.
When you refinance, you’re essentially taking out a new loan for the vehicle you already own. That new loan is then used to pay off the original loan, which frees you up from the original terms and conditions. If you previously had a really high interest rate, this can save you thousands over the life of the new loan.
Maximize Your Earning Potential
People often complain about not being able to make enough money to pay the bills, have some fun on the weekends, or save for retirement. And while not everyone can make a six- or seven-figure salary, there’s no excuse for people to scrape by with just a dollar or two left over at the end of the month.
If you have a car, truck, or van, then you can increase your income by using some of the methods highlighted in this article. It won’t always be easy or passive, but you can bring in some serious money if you’re willing to work hard.