When many hear of the expression “earn money with your car”, Uber or Lyft immediately come to mind. Indeed, they are probably the best known and widely spread ride-sharing services right now.
But, there are many companies that are providing better alternatives. In some cases, better income compared to the above mentioned. Thus providing more options for people like you looking to capitalize on their driving skills and their cars to make extra money on the side.
Takeaways: Make money with your car
There are tons of opportunities to earn money if you hold a driving license by leveraging the power of the community. Whether it is on a full-time basis or just picking up a few hours it is up to you.
A. Drive for a ride-sharing app
Demand for ride-sharing apps is soaring especially in urban cities. But chances are even in suburb, traditional rural or semi-urban areas such services have been growing steadily.
By the far, the known are Uber and lyft in the USA. But they are other players such as Via that does 1 million of ride-hailing a month. Another player is Juno. However, the industry is preparing for the entry of big automakers such as GM and Ford.
- Eligibility
For the most part, to join a ride-sharing app, you will need to be at least 21 years old with a year of driving experience in the USA or at least 3 years of driving experience if you are under 21. In addition, you need to pass a background check and own a car made in 2007 or later. Then your car must be four-door seat and four-door passengers(excluding the driver) be registered in State and be covered with insurance.
- Schedule
It is probably one of the most flexible jobs you’ll ever come across. You can work days, nights, weekends, after work, before work, during your break, on your way for grocery, on your way to a dentist, or on your way to date. It is up to you. More, you can register as a driver with multiple apps and switch them as you wish.
- Location
You can drive for a local ride-sharing app, regional, national and even for a global ride-sharing app,
- Money
Typically if you drive as a full-time driver, you can expect to take home $750 a week as shared by this article published in Penny hoarder. But the total amount you can take home depends on your ability to put in more hours.
B. Delivery
You make money doing delivery whenever you want, whatever you want, and make $20 or more an hour. You can focus your delivery attention to food, packages, industrial supplies, furniture. The list is endless. Or you can do a mix of everything. You can deliver locally, regionally, and even nationally if you believe you have availability.
- Eligibility
- Schedule
You can work days, nights, weekends, after work, before work, during your break, on your way for grocery, on your way to a dentist, or on your way to an appointment. It is up to you.
- Key questions:
Because the market is in high demand, you need to choose which delivery best works for you. Look into factors like:
- The kind of delivery you are comfortable doing
- Assess your availability
- Analyze the area where you live
- Decide whether you want to long haul or short-haul.
- How much is the service paying you
- Money
Normally, you can expect to take home at least $20 an hour. But the total amount you can take home depends on your ability to put in more hours. The type of delivery you are doing also plays a big role. For example, if you register as an independent delivery contractor to deliver sensitive products for the healthcare industry. You will make more money.
C. Renting your car
Buying a car is certainly a great investment but it is also one of the most annoying. That is because you will tight money in an asset that will be sitting there. While you are not actively using them. Similar to the opportunity given to homeowners to rent out their unused space in their property by renting them out. You can do the same with a car.
Turo is definitely one of the most active in the market. This service uses the same model such as Airbnb but for cars. Nonetheless, the car needs to be from 2005 or newer, have a clean title, and have less than 130,000 miles on it. The best part on the company website you can input some basics and find out how much money you can earn.
Another alternative model is Getaround. The company allows you to rent out your parked car. You can not only avoid parking lot fees but even make some money. Getaround covers insurance, vets renters, and installs a device that lets people get into your car. Obviously how much money you can take home depends on how nice your car is.
Finally, they are a group of people that miss the car aged requirement to either join a ride-sharing service such as Uber or Lyft. This service gives you the opportunity to rent your car out to Uber or lyft drivers. The service is called Hyrecar.
Make money with your car additional opportunities
D. Drive people around
Some people need help drive around either because they are too old, too young or have a sort of disability. Companies like eldercare can help you find those opportunities.
- Eligibility
f. Carpool to work
Some cities will now pay you for sharing a ride with a friend or a coworker. The trend is gaining momentum across the country as a result of traffic congestion and pollution. Depending on where you are you can make up $130 over 90 day period. In addition, to making money, carpooling has numerous advantages. Learn more
G. Put ads on your car
This is a great passive income. All you have to do is to let companies display on your car. Then you drive through your normal route each day. Although to qualify you need to drive regularly in areas in high traffic. Check out opportunities from companies such as Carvertise. The money you will make will depend on the terms and conditions of the company.
Conclusion
However, before you jump-start find out if peer to peer car business model is good for you.
Advantages :
- Earn passive income: List your car, set your hours, price, and conditions. Then wait for a person to contact you.
- Community-centered: Because some people will rent your car to do a ride-sharing or logistic business, they will earn money and you will earn money. It is a win-win.
- Off-set your car payment: The revenue can help you pay back your car payment.
- Facile: No effort required.
Disadvantages :
Long hours: If you want to take home a consistent amount of money you will need to put in a lot of effort.
No benefits: health insurance, or social security: you will have to take care of those including taxes perhaps through a third party.
Q&A
- GM: General Motors
- Independent contractors: is a person or entity contracted to perform work for—or provide services to—another entity as a nonemployee. As a result, independent contractors must pay their own Social Security and Medicare taxes.
- Carpooling: The activity of making a regular journey in a single car with one or many people
