Are you looking for new ways to make money, either on the side or as a full-time gig, without ever putting on a pair of khakis and heading into an office? Thanks to the rise of the shared economy and a number of mobile apps, it’s never been easier to use your personal talents and assets to start your own small business or find work whenever you want it.
As you navigate the future of finding income and work that gives you the independence you want, have you considered that you have a major asset that could be a serious moneymaker for you? You may think of your car as a money pit, what with gas, repairs, registration, and insurance fees. However, even with all those expenses, your car could pay for itself and make money for you in a number of ways.
DRIVE FOR UBER AND/OR LYFT
The first and most obvious way to turn your car into a moneymaker is to turn it into a taxi. If you have a clean driving record and a fairly new car with room for passengers, you’re probably eligible to become a driver for one of the more popular ride-sharing services, like Lyft or Uber.
ADVERTISE TO YOUR PASSENGERS
Want to make even more money as you drive people to their destinations? Sign up for Vugo or another service that will provide you with advertising materials that will be visible to your passengers during their ride. Whenever a passenger interacts with one of your ads, you’ll get compensation, which can add up quickly if you’re an active driver.
ADVERTISE YOUR BUSINESS
Whether or not you choose to drive others around, you can use your car as a rolling billboard for your business. There are numerous print-on-demand sites online, like CafePress and Galloree, that sell custom car magnets. Buy a couple of these and place them on your driver and passenger side doors when you head out, and you’ll basically have free local advertising for your small business. Plus, because you’re using your car for advertising, you can write off your expenditures on gas and maintenance on your taxes.
SELL ADVERTISING SPACE
Don’t have your own business to advertise? Instead, you can turn your car into rolling ad space for another business. If your car is in pretty good shape and is less than ten years old, it will generally qualify to be an advertising vehicle for services like Wrapify and Carvertise. You’ll typically be paid per mile, and it helps to be an active driver in an urban area where a lot of people will see your ads.
LEASE YOUR CAR
If you don’t drive very often or you’re out of town fairly regularly, you might want to try leasing your car to people traveling to your area. Turo is a service that lets you park your car for free at the airport or meet the people who’ll be leasing it at a place of your choosing. According to Turo, leasing your car for ten days a month could earn you upwards of $3400/year.
RUN ERRANDS FOR OTHERS
Have some extra time? Check out TaskRabbit, where you can sign up to run errands and do small tasks for people in your area in exchange for compensation. As with other options, this also allows you to write off your mileage on your taxes, which will make these jobs even more lucrative for you.
These are just some of the ways you can turn your car into a moneymaker. Whether you drive all the time or rarely get in the car, you can get more financial freedom and independence when you take advantage of one of these options.