This article is brought to you by Carspring.
A car is a big investment. Not only is it pricey to buy but also to maintain. Here at The Car Expert, we recently looked at how to save money on your car insurance as a way to cut your car expenses. However, Carspring has come at things from a completely different angle, suggesting that you can actually use your car to generate cash. So, instead of letting it lie around in the garage, depreciating in value, you should make it earn its keep. Here are five ways to make your investment pay for itself. It’s time to cash in…
Become an Uber driver
Uber driving is not just about late nights escorting drunken revellers. It can be a flexible work option, where you can pretty much be your own boss. It’s quite easy to sign up and, if you’ve got a modern car, all you need is to undergo a quick background check. What’s even better – you can make some decent money and choose your own hours. Why not fit it around your regular 9-5 working day? If you don’t have a car, Uber can to help you find exclusive rentals through their private hire license scheme.
Rent out your car
By listing your car on sites such as Drivejoy and EasyCarClub, you can earn some money by renting your car out when you’re not using it. In fact, some owners claim to be earning up to £4,000 a year, which is more than enough to cover the cost of your car. To get going on these sites, there are pretty basic requirements, such as owning a UK-registered car (obviously), making sure it’s mechanically sound and having a valid, clean driving licence.
Share your car
Going on a long journey alone? Make some money by putting a stranger in the passenger seat. Sites such as Bla Bla Car, Liftshare and GoCarShare allow you to capitalise on empty space. Provide a description of your planned journey on any of these sites and wait for some exciting passenger responses. And, as these companies are often connected to Facebook, you can check out your next passenger’s profile and see if they have any mutual friends. It essentially means you can cherry-pick your favorite passengers. And, who knows, that next passenger could even end up being a great friend in the future…
Become man (or woman) with a van (well, car).
If you’ve got a bit of spare time and a big boot, why not fill it with other people’s stuff? Take on the mantle of man (or woman) with van, but just use your car. Print the business cards, make some contacts and get delivering. It’s entrepreneurship at its simple and most effective best.
Sell your car as advertising space
It’s possible to add some removable vinyl wraps to your car and turn it into a mobile billboard. Companies such as Money4Space, Streetcar and Comm-motion pay good money and it’s pretty easy work. Also, the vinyl sheets are removable, so you can change adverts or remove them at any time. You usually just need the usual stuff: Your car, a clean driving licence, a valid MOT, current road tax and up-to-date insurance. It’s not for everyone, but it is easy money.
Obviously there are factors you will need to consider when looking at any of the above options. The big one is your car insurance – if you are earning money by using your car, then you will need insurance to cover you for “business purposes”. Failure to do so will leave you at risk of not being covered if an accident should happen.
There will also be additional servicing and maintenance costs to factor in if your car is going to be doing more mileage than it is now, and if your car is on finance then you will need to check your finance agreement to make sure you are allowed to use the car for business purposes.
But even with those caveats, it may well be worth exploring ways to monetise your car. You may even find that you end up earning more money from your car than your day job!