The next time you’re stuck in traffic and are cursing the miles of cars that are between you & your destination, you might decide that public transportation or another means of commuting might be a better option. But before you park your car indefinitely, consider how much easier dealing with traffic could be if you were making money every time you were operating your car. Sound too good to be true? It definitely isn’t!
Make Money with Your Car
While making money boils down to three main options (transporting people, advertising and renting it out), there are hundreds of ways you can adapt these basic ideas into a money-making side business. From shuttling children to/from school to offering driving lessons with your vehicle, the rewards are great for thinking outside the box. Here are some creative ideas (and sources) you can utilize to earn an extra paycheck from your car:
Rent Out Your Car
With the advent of sites such as RelayRides, you can become your own rental car company. Essentially, you create an online advertisement for your car to be rented out by people who have been pre-screened and verified by the company. The steps to making money with RelayRides are quite simple:
- Set up your profile–the more details, the better your chances of someone wanting to rent your vehicle
- Interested applicants reply to your ad
- You approve or decline the requests to rent your car
- Once approved, you set the details of the rental agreement, meet the person and verify their drivers license
- RelayRides provides $1M in insurance for every rental so you can set the person free with your car with ease
- The person returns your vehicle at the designated drop-off place and time
- Rinse & repeat!
Turn Your Car into a Moving Advertisement
Even though a lot of companies have since abandoned this option as a viable business model due to the wildly high costs of fuel these days, there are still some big players in the market. If you’re interested in covering your car with a sponsor’s advertisements, check out My Free Car, where you can sign up to be selected to cover your car in a company’s ads in exchange for upwards of $400+ each month. The actual dollar figure will depend on factors such as where you live, how long the ad will be running, the age of your car and how much you drive.
Turn Your Car into a Taxicab
If you’re headed to a party or for a night out on the town with friends this weekend, consider becoming the designated driver–for a fee. Yes, you’ll have to refrain from imbibing but if you’re not a big drinker anyway, consider that your friends would most likely rather give you a few bucks than shell out for a real cab that could take them on a joy ride downtown. Charge your friends $10 each and you could make a cool $40-50 by going out for the night!
You could also obtain a specialized license to turn your car into a bona fide taxi. This might be a great option for a weekend job, especially if you live in a touristy area!
Good luck, Penny Hoarders!