Wednesday, 25 March 2020

7 Ways To Make Money With Your Car

Make Money With Your Car

So you have a car, right? You've got some time maybe that you want to spend on a different side hustle, we've been talking a lot on this blog about diversifying your income stream. You actually got several options available to you, some of which you're probably already aware of and some of which you probably aren't and in today's article what I want to do is take a look at seven different ways that you're able to make money with your vehicles.


Let's go ahead and dive right into the list.


1. Uber

I think this is most obvious and the most expected which is driving for rideshare specifically uber as the most widely known recognized ride-sharing platform in the entire world. Uber is certainly a way that you can make some extra cash on the side by accepting rides through the app and the best time to drive might be either on the weekends or during commuting hours, but you can also drive during the day or the weeks nights as well, and this is becoming more and more popular as people obviously always need a ride and they want to save money by using a service like uber versus taking a taxicab or even driving their own vehicle sometimes having your own car can even be more expensive for somebody than taking rideshare.

Uber driver

Keep in mind that you are going to need to be at least 21 years and you're going to have a vehicle with four doors in order to drive for Uber, you cannot drive a 2-door vehicle for obvious reason and before you can drive you are going to need to pass a personal background check as we as a vehicle safety inspection as well.

2. Lyft

Which is the greatest competitor, the one you're most familiar with and just like uber you can drive for lyft as long as you are 21 years old and you can work as an independent contractor for them? Most drivers are actually going to utilize both uber and lyft in order to stay as busy as possible and according to most of the drivers that I've ridden with, they all have mixed feelings about each of those platforms. So you may find one appeal to you more than the other.

lyft

When you're waiting to accept a ride you can actually check both apps though, and you can choose the better option. You do also need four doors as your lyft driver as well. But you do have the opportunity of earning a $500 cash bonus driving for lyft which I think is appealing and you could also get that bonus by driving a certain number of times when you are first starting with lyft.

3. Delivery Driving

Driving for a restaurant as a delivery driver. And this is great alternative of course, to driving people around. So if you're a fan of having random strangers in your vehicle, driving for Uber or lyft or any other rideshare service that you find you can do this instead. More and more restaurants are actually partnering with foodservice delivery platforms like uber eats or what's known as doordash, and it creates a really wide variety of available food delivery that wasn't here previously.

Ubereat

It's really a great idea for consumers. And it saves the restaurants from having to hire a delivery staff and it gives somebody like you the opportunity to earn some extra cash if you need it as well. This is a really good option for people that are over 18 but under 21, that means extra cash, this is a really good way to do this because you only have to be 18 versus 21 like the rideshare. You could also deliver food on foot, deliver food by bicycles or scooters and you can earn even if you don't have a car through those platforms which I think it's nifty. Again, great side hustles to earn extra cash for the short-term while you're investing in more residual forms of income, but just like uber and lyft you get to name the hours that you want to work. So you get to work on your own terms which I think is really great.

You don't have to work you're not required at a specific shift or anything like that depending on the day you may actually on deliver orders for one restaurant or multiple restaurant brands, so it's really a decent option for those that it's fit for.

4. Personal Shopping And Delivery

You can earn money by using your car as a personal grocery shopper it's just a little bit more personal. And what I mean by that is when you receive an order you're actually going to physically go out and buy the groceries from a store and you're going to deliver them to the customer and since you're physically picking up the groceries, you can earn more than you would by just delivering food from restaurants.


But only if you know your way around the grocery store, it's all going to be about speed and timeliness within that option.

5. Picking Up And Hauling Away Junk!

You are going to be able to collect various scrap metals or junk that could be exchanged for money and if you own a pickup truck or you can tow a trailer, you can make money collecting scrap Mellor, you can haul off bulk items for customers who can't haul away their own discarded items.

Hauling away junk

If you have a vehicle type that can haul. Obviously, you are going to be valuable to a select demographic as well, including but not limited to even helping people move things in your spare time and there's a lot of money you can make on the side by doing that, by just simply posting an ad on Craigslist, you can advertise for free on Facebook and you can just simply obviously share word-of-mouth. There are always people that are in need of those types of service. But when you do pick up things like scrap metal, for example, you can find a local recycling center or scrap metal yard and they'll pay you for that haul.



  • Numbers 6 and 7 are my favorite and as you know we're all about that passive which we call progressive income here on this blog. Progressive meaning that there's some upfront work that's going to need to be dedicated and then over time it gets progressively less involved. I have not identified any income streams that don't require any work at all. So it's important to expect that you're going to need to dedicate your time and effort and attention and even sometimes money on any income stream that you are focused on getting. 


So for me, I'm looking at those that over time progressively get easier and easier to run and require less and less time and/or money in order for that to happen.

6. Advertising Your Car

If you don't mind using your car as a moving billboard, I mean, you can make a lot of great money running out that so-called auto real estate on the car and there are several companies to choose from when you do this. Most popular companies are called Carvertise.com. You can actually learn about how you can earn money and the type of money you can make by just having your car wrapped. 

advertising your car

It's not a bad deal. However, you can also extend this into your own profession. And there have been times where we've used our vehicles to wrap and monetize and advertise for our own business, there's a reason that carvertise exists in the first place, and it's because car wrapping works. it draws attention. 

7. Offering Your Car As A Rental Vehicle

You can do this by using services like turo.com, Airbnb.

turo

With turo you can actually earn between $30 to $150 per day. Listing your vehicle as a rental car. This is the revolutionary auto rental business and it's interesting. The amount that you can earn is really going to depend on the year, the made, the model of the vehicle and it's going to be obviously of course, based on how desirable Turo is in your specific area. This is going to work better in certain geographical areas than others. For example, on turo website you can rent a Tesla - a model S, and you can earn an extra $868 every single month just by renting out your car for 7 days of the month. Think about that, 7 days in a month and you make $868, so you can see the cash flow potential.

You have to be sure to take a lot of photos of the vehicle, you're going to want to make sure that the condition is documented very, very closely before and after each time it's used. You're going to have to make sure you are checking out as many videos ahead of time, watch both the good and the bad experiences there on Youtube regarding turo before you use this in your own practices. But there are people literally turning in this into full-blown businesses just like people are turning Airbnb into full-blown businesses. There are real estate investors that are going out and targeting the only properties they plan to rent as airb&b properties exclusively. And there are people that are buying vehicles that plan to do the exact same thing. 





Conclusion

Beyond these side hustle, it's going to be important to do a lot of additional things in order to maximize your cash flow and in order to minimize your risk. So tracking mileage, of course, on your vehicle is going to be very important. Make sure you talk to a tax professional when you're doing this so that you are following the rules of the IRS and if you are driving people around for uber or lyft and you are doing something along the lines of renting your car out on turo, then you are definitely going to need to get specific types of auto insurance that protect you. Your car insurance providers are most likely going to offer these types of things as an add-on. So you want to make sure that you have it added before you start doing this.

Stay current on your vehicle maintenance is also going to be critical. You don't want to destroy your car with the extra miles that you are going to be putting on it, and you especially don't want to be putting anybody else at risk. So you are going to be want to make sure that you are changing the oil according to the manual, you are going to make sure you're maintaining the proper air pressure and your tires, your brake pads, replacing rotors, replacing your engine air filter when necessary. These are the most basic things to keep in mind. it's just about keeping your car in good condition. 

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