About 40% of Americans would struggle to cover a $400 emergency, according to Bloomberg. If you are looking for ways to generate extra income and increase your savings, your car can help you. In fact, your vehicle is one of the greatest hidden assets you possess.
Unfortunately, most people don’t realize that they can create a revenue stream using a personal vehicle – with or without you behind the wheel. This extra money can be used to offset the car’s expenses, cover bills, and increase your savings. Here are some ways to make money from your car.
Your car can help you get the emergency cash you need, according to MontanaCapital.com . Ridesharing is one of the most popular ways people earn using their vehicles. Ridesharing services use technology to connect drivers and riders, and you can start earning by driving for them during your spare time.
The advantage is that you can set up your work schedule as you please, and log out of the app when you need a break. You can also take advantage of peak times when the prices are higher. Recently, apps have emerged that allow you to split your time between different ridesharing apps allowing you to maximize your income.
Rent it Out
If driving people around sounds tough for you, then consider renting out your car. There are many companies that you can register to help you rent out your ride safely. Using their apps, you can state the availability of the car, set your price, and state the pick-up location.
Some of these renting platforms have calculators to help you check how much you will earn. Through renting, you’ll not only avoid parking lot fees but also make some money when your car is idle. Customers can pick up the car from your home or office and bring it back at the agreed time. Some platforms insure your vehicle and vet the person who wants to rent it; thus, you can have peace of mind.
Become a Casual Courier
Today, any motorist can turn any journey into a money-making opportunity thanks to the rising need for delivery. Large online retailers need delivery agents who will ferry items from the local distribution to customers’ homes. By signing up with a casual carrier service, you will start delivering parcels, boxes, and small items.
Once you drop off a package, you scan the barcode and move on to the next place. All you need is a driving license, a background check pass, and to be conversant with the local area. Compared to food or grocery delivery, being a casual carrier is less time-sensitive. Here, you can create your own schedule.
Wrap it in Adverts
If you move around a lot in your car, you can make several hundred dollars as a mobile billboard. Although it may not sound appealing, you can go for this option as a temporary solution to raise some quick money. There are many app-based services that connect car owners with companies that want to advertise.