How to earn money from your car

How to earn money from your car

Your car can be a useful tool to supplement your income.

Whether you have just purchased a car, or have been driving for years, you agree that driving daily cars can be expensive.

Expenses can rise quickly, sometimes to the point where you might even consider getting rid of your car. But there are ways your car can help pay for it. Sometimes it makes you profit.

Here's how to turn a driving machine into a money-making machine:

1. Rent your car

Driver opened the car

Do you drive during weekends, but never work during work week? Or do you go to work, but leave your car on the way all weekend? Or maybe you are going on a long vacation?

Well, you can use all this time not to use the car.

It is rented out without pain thanks to sites like Toro. You can determine the price, availability of the vehicle and the receiving location.

One of the main downsides is that your vehicle must have a certain market value and age to be included. Always check with your insurance company if renting your car will void your insurance.

Potential income: over £ 3,000 a year.

2. Rent out your parking spaces or your garage

Parked car

If you live in the city center, near the airport or sports stadium, you might be lucky! Sites that attract a lot of people tend to be crowded and difficult to stand on.

So renting your garage or driveway is very logical. It is one of the easiest ways to earn passive income without breaking a sweat. It is usually daily travelers who can make the most of your parking spots.

All you need is permission from your owner, if you are not the owner of the home. Then sign up for one of several locations, like ParkLet and JustPark.

You can rent it whenever you want. If you drive to work, you can allow someone else to stand in your space during your absence, for example.

Note that you cannot rent your resident permit for street parking designated by the local council. The space must be on private land.

You should also check how this affects your home insurance, and whether you should advertise income to HMRC.

Potential income: over £ 1,000 a year.

3. Wrap your car in ads

A car wrapped in ads

Image source: CarQuids

To be honest, placing ads all over your car is not something everyone will find attractive. Unless, of course, you choose a brand you like. Either way, it can be a temporary solution if you need some extra cash.

If you're on the road a lot, you might want to check websites like CarQuids and Rollin 'Ads. They allow drivers to place ads on their cars. You can choose what you want to advertise, and reject brands you don't feel comfortable with.

Being a brand ambassador also means that you must be on your best behavior behind the wheel. Wrong drivers or speed will not create the best advertiser experience.

Usually all you have to do is sign up, choose a brand, and then set an ad time. Then you just have to pay and get extra cash every month.

Potential income: around 100 pounds a month.

4. Be a casual courier

Car carrier

Becoming an informal courier or a lifestyle carrier is another flexible way to earn extra cash in your own time. The growing need for delivery drivers is closely linked to the ever-growing Internet trade.

Thanks to companies like Hermes and Amazon Flex, drivers can sign up as freelance couriers, and online retailers can offer better delivery options to their customers.

To be a courier, you need to own your own car with a valid MOT, hold a valid driver's license, pass a background check, and have knowledge of your local area.

It is always good to be good at organizing workload and planning roads.

You may need to have courier insurance, so be sure to shop for the best deal.

Potential Income: around £ 15 an hour.

5. Share your trip

Two people share a car

This is about saving money, rather than earning additional money. Car rides can help you cut fuel bills by hundreds of pounds every year.

If you go to work on your own, you have almost three empty seats. Seats that can be taken by colleagues or friendly strangers who need to go in the same direction. Which in turn covers its costs.

Websites like BlaBlaCar and Liftshare are great platforms that have made the process so easy. Travelers enjoy the most convenient alternative to expensive crowded trains, and you can save a little money.

Regardless of the financial side of things, car sharing is more environmentally friendly. And you can meet new people.

Most insurance companies will continue to cover your car, as long as no profit has been made. So, if all the money goes to cover the costs of running your car, you'll be fine.