The average cost of a new car as of 2019 is $34,000. If that number strikes you as high, that’s because it is.
Most US citizens only have about $8,800 sitting in their savings account right now!
With so little in the bank and so much money being asked by car dealerships, how can one expect to pay for a decent vehicle? A great answer to that question is to figure out how to make money with your car and start cashing in.
There are several how to make money with your car strategies that you can start employing today. Below, we offer up eight potential solutions.
1. Food Delivery
People these days seem to not have a whole lot in common. One quality that everyone shares though is the need to eat. Therein lies the value of turning your car into a food delivery machine.
There are tons of ways to get into the food delivery game. For you non-tech-savvy people, getting a delivery driver job at a local pizza place or another take-out restaurant can inject some cash into your pocket.
For most though, you’ll want to download an application like GrubHub or UberEats and start delivering food through there.
2. Task Fulfillment
On-demand task fulfillment is quickly becoming a go-to source of income for freelancers. How it works is that customers request odd jobs through applications like TaskRabbit and people like you claim those jobs, do them and get paid.
With a car, you can drive to various job sites in your community and pull in a respectable income doing everything from washing dishes to mowing lawns.
Ridesharing is the most commonly used way to make money with your car method. To get started, you’ll want to download Uber or Lyft on your smartphone, pass a few basic vehicles and background tests and within a couple of days hit the road and pick up passengers.
Some people earn six-figure salaries by running their ridesharing business in creative ways. There’s no reason why you can’t be the next success story!
There are several vehicles and Registration Loans targeted at people looking to get into the ridesharing business. Consider exploring them if you want to start with this venture but lack the funds required to operate a vehicle that is considered acceptable by Uber/Lyft.
4. Car Sharing
Do you not like driving other people around? That’s totally fine! Have them drive themselves.
With applications like Turo, you can let people rent your car straight out of your driveway. When they’re done with it, all they have to do is drop it off and you’ll be compensated online.
This is a great arrangement for people that have cars sitting in their driveway they hardly use. Just make sure you understand the insurance implications that come with this kind of deal.
5. Private Chauffeuring
People drive others around every day without the help of tech companies like Uber and Lyft. These people are private chauffeurs and run their own branded businesses rather than working as contractors for other companies.
Starting your own chauffeuring business can be difficult since you’ll need to build your brand. If you have the patience to construct your company from the ground up and live in an area where private chauffeuring is desired (Los Angles, New York, Chicago, etc.) you could make more money driving your private clients around than you would hustling for a ridesharing business.
6. Package Delivery
Amazon is delivering so many packages today that it’s employing the help of freelancers to assist in getting all of their boxes to their destinations. If you don’t mind playing postal worker for Amazon, sign up and start getting paid.
Note that people who have freelanced as delivery drivers for Amazon have complained about poor conditions and strenuous workloads. You’ll also need to make sure that your vehicle meets certain specifications for this job since you’ll need space for boxes.
One of the least impactful how to make money with your car methods that you can try to employ is advertising. If you commute long distances every day, see if you can get a local business to pay you to put a mobile billboard on the side of your car.
These billboards are usually made out of a nylon/decal material that can peel off easily.
You can even advertise your own business on your car and may be able to write off your car’s payment as an advertising expense.
For you truck owners out there, you’re in a unique position where you can sell your towing services as a way to generate income off of your car ownership. There are plenty of people out there that need to pull tractors, trailers, boats and other items but don’t own a truck and would be willing to pay for your assistance.
Truck owners can also haul things like dirt or gravel in their truck’s beds, for a fee.
Now That You Know How to Make Money With Your Car, Start Cashing In
Figuring out how to make money with your car is easy given the volume of options that are out there. What’s hard is mustering up the drive to get out and start hustling.
We hope that at least one of our money-making ideas resonated with you and wish you luck in turning your car into a cash-earning vehicle.
For more insight on money and other topics that are relevant to your life, read more of the content on our blog.