5 Ways to Make Extra Money With Your Car
- You can make money using your vehicle, and it doesn't always require you to do any driving.
- Earning extra income with your car is a fairly stress-free side hustle.
- You can use your extra cash to pay off debt, save, or invest.
You can use your vehicle for more than just going to work, running errands, and putting gas in the tank. Instead, you can use your car to earn extra income, including ways that don't require you to drive or do any hard labor.
Between the large percentage of individuals living paycheck-to-paycheck and those wanting to explore being an entrepreneur, having the ability to bring in enough cash to avoid financial stress is a game-changer and reliever. Also, when bringing in extra income, you have more options with your money. For example, your additional income could pay off different debts, such as student loans, a mortgage, and credit card debt. You could also use the extra money to pay your bills or reach your financial goals much faster, such as saving for retirement or becoming financially independent.
When reviewing your overall financial health, having a budget is great, but you can only cut out expenses in your budget by so much. Your necessities will still be your necessities. But, on the other hand, you can increase your income. And one way to achieve that increase is to use your car.
Here are five different ways you can earn extra income with your vehicle.
Become an Uber or Lyft driver
If you are a safe driver and comfortable with other people riding in your car, becoming an Uber or Lyft driver could be the right choice. You can set your own hours and work around your schedule.
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Besides some occasional rowdy passengers and making sure that you keep a great driver rating, driving passengers around could be a fairly easy way to earn cash while exploring the city and meeting new people. Unless you are helping a traveler put their luggage in your trunk, you will never have to leave the comfort of your vehicle.
There are numerous ways to make extra money by delivering food. You can join a few popular food delivery companies: Doordash, Uber Eats, Grubhub, and Instacart. You can choose to pick up food for a customer through these platforms and drop it off to the customer for a predetermined rate. You may also receive a tip from the customer after delivering the food.
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In some cases, you may not need your car at all to deliver your customers' food. For example, if you live in a big city and the restaurant and customer locations are nearby, you can walk, use a bike, or a motor scooter.
Rent out your car
Suppose you have a car, or a second car, that you barely drive. In this case, you can rent out your car on Turo to earn extra cash.
Turo offers ways to maximize your earning potential by making your car available to anyone using the Turo app. While traditional car rental services are still around, customers like Turo can choose the exact vehicle they want. So whether you have a compact car, minivan, or a luxury ride, someone is looking for your particular vehicle for their specific purpose or price preference.
Help people move out of their homes
According to the United States Census Bureau, the average person is expected to move about 11 times in their lifetime. If you have a big truck or a large-sized SUV, you could consider the option of helping people move from one location to another. Using your vehicle to transport valuable items from one house to another will allow you to make extra money and assist a friend or family member in need of some extra help.
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You can post on social media or let your family and friends know that you are willing to help them move to make extra money.
Drive your collegemate(s) home
Not all college students have their own transportation, which is especially challenging for those attending school out-of-state. A good way to make money, bond with friends, and even potentially meet a new friend is to use your vehicle as a solution for those with no transportation but who want to visit home. Drive them. You can set an affordable price for the ride and gas that will allow your fellow collegemates to book a ride with you to help them get home safely and without the hassle of going through a third-party app, a slow bus, or a pricey plane ticket.
You can advertise your service via word of mouth or social media to promote your side hustle of driving students home for the summer.
This option works best if you only have to drive a couple of hours away from the campus. For example, you live in Atlanta. A student that has completed their college semester at Clark Atlanta University wants to go home to Warner Robins, Georgia. It may be worth the extra cash to take them home. However, if a student wants to go home to Chicago or Florida, it may not be the best choice to agree to drive them home. A good rule of measure could be weighing the pros (extra money) and cons (driving distance and gas) before committing to driving any of your collegemates home.