We often hear about the great expense that goes into owning a car. As if tax and insurance wasn’t enough, depreciation means the car costs you money for every kilometre you drive. And we haven’t even mentioned fuel yet.
However, with the 21st century and the digital era has come money-making opportunities in every area of life – and cars are no exception. It’s possible to use your car for profitable purposes and, what’s more, you can integrate it into your everyday routine.
Here are five ways you can make money from owning a car, without breaking a sweat.
Uber is now a famous name all around the world, but it has been hit by negative stories in the press about employee mistreatment and low wages. The ridesharing industry is still going strong, though, with alternatives springing up all the time.
Many of them offer features that Uber doesn’t, too. Lyft has a Power Zone option that lets drivers target in-demand areas to earn more money, while Ingogo lets passengers choose between a fixed price or a meter. The next step promises to be even more revolutionary, with the rideshare industry about to join online stores and gaming sites such as online casinos in adopting blockchain technology to accept crypto payments.
A wider range of options is good news for drivers who can take advantage of growing job opportunities as more services become available. They can choose whether they want it as a side income or a full-time gig, too, by being in control of their own work hours.
The pandemic means more and more people than ever are doing things from home, whether it be making a living, buying new clothes, or entertaining themselves by streaming movies.
Internet shopping is also big business, and with so many orders per day, many companies are suffering a shortage of drivers. Amazon are an obvious choice, with an endless supply of work, but many smaller companies are also on the lookout for beginners who can include deliveries into their routine.
One downside is that its more tiring than it sounds: the constant getting in and out of a vehicle is taxing for many people. But if you love exercise and have energy to burn then it could be great fun.
Personal car rental
One consequence of the pandemic that we may not have seen coming is the lack of hire cars. During several months of lockdown, many companies sold off large chunks of their fleets causing a shortage in vehicles now that demand has returned.
With many hire cars at inflated prices, especially at short notice, personal car hire services that let individuals rent out their vehicles are filling the gap.
Turo is the best-known example, but its high commission charges of 25% put many people off. Several alternatives now exist that organize rentals between two parties for a cheaper price, allowing more car-owners than ever to bring in a side income through their motors.
Rent out parking space
Have an empty space on your drive, or an extra parking spot you don’t use? It’s now possible to make money out of it by renting it to drivers in need.
Spots in urban areas, particularly big cities, naturally earn more, but even if you live in a rural area, you may be close to a place of work or transport link that someone needs to park close to. It’s also useful for people who live in the proximity of an out-of-town sports or music venue.
The beauty of this is that it’s pure passive income in that you do virtually nothing to earn it. On apps like Just Park, you simply enter your details, available times and make sure the space is clear for when people book.
Renting out car charging point
Electric cars aren’t as popular as Elon Musk would like, but they are becoming more common. Unfortunately for EV enthusiasts, the amount of charging points isn’t keeping pace, to the point where the lack of them might even limit the industry’s growth.
However, where there’s a demand there’s a potential business opportunity. EV owners with charging points at home have been letting people use their equipment for a small price per hour. Like renting out parking spaces, it’s a passive income as they just need to ensure their spot is free for whenever the customer wants it. Apps that arrange charge rentals have sprung up in several countries as a result.
This opportunity may be a slow burner, though, as EV use is yet to truly take off in some countries. It does appear to be a rising industry, though, so give it a few years and charge station rental may become a useful income stream.