The solution to making some extra money with out taking on additional expenses is literally under the palm of your hands. If you own a car you can use it to generate a decent amount of money to help you take care of your car expenses and other bills. Here are four ways that you can make money using your car.
Rent your car
If your car spends more time parked in a garage gathering dust, then renting it out could be something you could consider when it comes to using your car to generate money for you. Services like Car Next Door allows you to rent out your car to people in the neighbourhood. You pay a monthly membership fee of $60 to cover the fee for comprehensive insurance which in turn can help you start making $300 a month or up to $10,000 a year. The catch is that your car needs to have been manufactured in the last 15 years and have less than 200,000 kms on the dial to be considered.
Becoming part of the app nation
Owning a car is no child’s play and can come with expenses that can leave your budget feeling a bit dry especially when those unexpected costs pop up. This is more so if you have a car loan attached to the car that needs monthly repayments that can cost you hundreds of dollars. According to a RACV survey the total bill for owning a car in Australia is $2.8 billion.
You can get the best of both worlds when it comes to cutting down your expenses and making money on the side by joining ride sharing apps such as Uber. You get to drive your own car and also take home 75% of the weekly amount you make. Depending on how often you drive and the distance in which you cover, you could make anything between $35 to $40 per hour.
When it comes to being eligible you need to be at least 21 years old, have a car that is not older than 10 years and it needs to be in a good condition to ferry passengers to and from their destination.
People love to eat. According to Roy Morgan, 17 million Australians aged 14+ buy or eat take away food at a fast food restaurant. Being part of Uber eats means that you can generate a steady income by picking up and dropping off food for people. If you prefer to be locally based instead of travelling across town this could work in your favour.
You could earn a minimum fee of $11.20 before Uber takes its cut. However, to make the most out of such apps will depend on the demand and how often you make deliveries.
Be the face of a brand
If you spend more time on the road than anywhere else, then you can use your car to be the face of a brand by having it wrapped with a brands or logos to make money. There are various companies that are willing to pay you cash to advertise their brand. You can generate anything between $200 to $400 a month. The benefit of this is that you do not have to pay a fee to become a driver, but you will have to share your driving habits, the type of car you drive, and the type of lifestyle you have.