You don’t have to drive for Uber or Lyft if you want to make additional money with your car. Various alternatives can allow you to earn passive income with your car with minimal time and effort.
If you own a car, you know that auto payments, gas, maintenance, and repairs can add up rapidly.
According to AAA, it costs an average of $706 each month to own a car.
But there are ways you may offset the expenditures by turning your car into a passive revenue-making instrument.
9 Smart Ways to Make Passive Income with Your Car
If you want to pursue these chances, you won’t have to make any changes to your schedule or lifestyle. You’ll be able to operate your automobile as usual and generate some extra income as you do it.
Rent it out
Just like you can rent out a room or your entire home through Airbnb, you can hire out your automobile and post the listing through numerous applications. This may be a fantastic alternative if you don’t use your vehicle often since you live in a city or work from home.
Getaround is a car-sharing app that allows car owners to connect to those who need to borrow a vehicle. According to the firm, you can utilize it to make hundreds of dollars every month as long as your automobile fits its requirements:
The model year is 2010 or newer
Has fewer than 125,000 miles
Seats a maximum of 8 passengers
To get started with Getaround, register a free account, including data like the dates your car will be accessible, as well as a pick-up and drop-off location. After a 30-day free trial, you’ll pay a one-time price of $99 and a flat fee of $20 per month to continue to use the app.
A Getaround representative will install Getaround Connect, a device that allows renters to locate and unlock your car. You’ll also receive a digital key to access and unlock your car from your phone any time you’d like. Additionally, your automobile will have a $1 million insurance policy while you rent it out.
You can learn more about the company and its work in our Getaround review.
Turo is another automobile sharing app. The company promises that you can use it to make $500 per month or more if you own a registered car in any state except New York. The platform additionally demands that your car:
Be no more than 12 years old
Have 130,000 miles or fewer
It doesn’t exceed $150,000 in value
To sign up with Turo, establish an account, and click on “List Your Car.” Enter information such as the make, model, and license plate number. Also, include data such as the amount of trunk space and whether your car has options like a built-in GPS or leather seats.
Although Turo will propose daily pricing for your automobile, you can set your fee. The insurance coverage you select will impact how much of the rental payments you get to keep.
Here’s an outline of your alternatives.
Regular Plan: If you pick the standard plan, you’ll get liability coverage and physical damage protection. You’ll also pocket 70 per cent of the costs of your trip.
Premium Plan: You’ll take home 65 per cent of your trip earnings price if you choose the premium plan. This option is comparable to the regular plan and includes wear and tear and loss of rental income.
Basic Plan: The basic plan doesn’t cover wear and tear or loss of rental income. Turo will pay 20 per cent of the initial $3,750 of any car damage expenditures and 100 per cent beyond that. You’ll get to keep 85 per cent of your vacation fee.
Jeremy Poland, the owner of The Platform Shop, has used Turo to rent out his Porsche Cayenne to business travellers in Houston. He received $400 every week for two rental sessions that lasted between three and four hours.
For anyone wishing to use the service, Poland offers some advice: “To make good money on Turo, maintain your car clean, leave unopened packs of gum, and relist your vehicle every once in a while,” he advised. He also added that the more luxurious your car is, the more you’ll make.
Unlike Getaround and Turo, HyreCar allows car owners to rent out their vehicles to Uber and Lyft drivers. To utilize it, create a free profile with images of your car, registration information, and Uber or Lyft inspection paperwork. If you haven’t had your car inspected by Uber or Lyft, you can pay $30 and join up through RideShare Mechanic.
You’ll be notified whenever someone wants to hire your car via HyreCar. Then you’ll need to accept their request within 24 hours and coordinate with the driver to provide them with your keys and verify their driver’s license. You’ll get paid as soon as the driver picks up your vehicle.
When the rental is over, you and the driver will agree on a drop-off time and location.
According to the HyreCar website, you may make up to $1,000 per month if you rent out your car to ride-sharing drivers.
Wrap it with advertisements
If it doesn’t bother you to drive around with stickers or wraps on your vehicle, you can get paid to display adverts on your automobile.
Carvertise is an advertising company established in Wilmington, Delaware, connecting brands like Amazon and Sprint with drivers who want to earn additional revenue by installing ad decals on their cars. It has locations in New York City, Los Angeles, Chicago, Dallas, Philadelphia, and Boston.
To make money with Carvertise, you’ll need to drive at least 30 miles per day and own a car from 2008 or newer. Once you fill out a short questionnaire on its website, the company will match you with a brand that advertises in regions you frequently visit.
If Carvertise deems you’re a suitable fit, you’ll go to one of its in-person sites so that a salesperson may put the car wrap ad on your car. You’ll choose between a partial or complete wrap ad and earn anything from $300 to $1,200 for every campaign.
On average, campaigns last three to four months. Carvertise will remove the ad from your car as soon as the campaign is over.
Wrapify works with brands who wish to market their services through “rolling billboards.” They post wrap advertisements on automobiles and pay drivers based on how many kilometres they drive. If you’d want to make money with Wrapify, you’ll need to pass a background check and drive a 2010 or newer vehicle.
To join up to work with Wrapify, download its app and create an account. The software will track your driving habits and provide you with campaign offers to depend on the places you usually visit. If you see a campaign, you’re interested in, register for it and go to a nearby Wrapify shop to get your car wrapped.
The number of miles you drive inside a campaign zone and the type of wrap you choose will affect how much you earn. If you decide on a full wrap, you might make anywhere between $264 and $452 every month. With a partial wrap, your income potential will range from $196 to $280 per month.
- Local businesses
Local companies constantly seek new and inventive methods to advertise their products and services. This offers up an opportunity for you to reach out to them and ask if they’d pay you to post their name, phone number, and logo on your automobile.
If they’re interested, present a fair offer — approximately $100 to $300 for a month-long campaign, for example — and negotiate. Keep in mind that a business that’s been around for years can have a higher budget, but a startup might be more eager to pay for marketing.
Once you pick on a budget and duration for the campaign, you may work with a local sign maker to design a magnetic sign on your automobile.
Free Car Media is a nontraditional marketing company that pays drivers to post adverts on their automobiles. If you’d want to make money with the company, fill out an online application. If you’re accepted, the company will provide you with program specifics.
Once you select a campaign, Free Car Media will mail you an ad for your rear window with directions on how to mount it on your car. If you want to earn more money and drive around with an advertisement on your entire car, it’ll refer you to a local facility for expert installation.
Most programs with Free Car Media last six to 24 months and pay between $50 and $400 per month.
Track your mileageSome companies may pay you in exchange for your mileage statistics. If you drive a lot and don’t mind selling that information, this is a simple method to generate passive income with your automobile.
OnMyWay is a data collection tool that helps avoid distracted driving. If you go to the website and type in your phone number, you’ll get a link to download the app. You’ll get $10 just for downloading it and $0.05 for every mile you drive without texting.
Although you won’t receive a payout in cash to your bank account, PayPal, or Venmo account, you can convert your profits for in-app offers or various lesser-known retailers like Hollywood Sensation or Jordan Lash. These deals are discount codes that advertisers have acquired and vary from $10 to $100 in value.
Mobilo is an app that tries to stop distracted driving by paying users with points instead of cash. The software will enable Google Maps or any GPS program on your phone. You’ll gain points if it detects a speed above 12 mph for at least two minutes.
Mobilo will award you with one point every minute you don’t use your phone. It’ll deduct a point any time you use your phone while driving. You can redeem your points for Mobilo, a new cryptocurrency. The company states that in the future, insurance companies and others who prioritize safe driving will accept Mobilo as a method of payment.
As of February 2020, the only thing you can purchase with the cryptocurrency is Mobilio Airbag, which can help you if you get into an accident during a ride with Zipcar or Share Now. If you buy it 30 minutes before your journey and don’t use your phone during the trip, you can use Mobilio Airbag to pay the damage price Zipcar or Share Now will charge you.
Be Cautious About Investing Money Upfront
When you look for ways to make passive income with your car , stay away from any company that requires you to make an upfront investment. If you have to pay to apply or remove a wrap ad from your car, look elsewhere. In most cases, legitimate companies won’t charge you to work for them.
It’s also important to be realistic about the amount of money you can earn with your car. These opportunities won’t replace your full-time job, but they can help offset car-related expenses like your loan payment, gas, or maintenance. Even if your car is paid off, it never hurts to have an extra source of income.