money making ideas using your carOwning a car is often a necessary convenience for families living in areas without adequate public transport. Yet at the same time car ownership can be one of a household’s biggest expenses. Once you factor in the cost of fuel, financing, insurance, and maintenance, you may have little left in your budget for anything else. Help offset the cost of car ownership by putting it to good use!

There are a number of ways to make money on the side by using your car. The following are a few ideas to help top up your bank account.

Become a courier.

Do you already clock in plenty of hours behind the wheel? Why not drop off packages if they’re on the way? Working as a part-time courier is a way for you to multi-task and make a bit of extra money when running your errands. You can sign up on sites like stuff2send.com, anyvan.com, or Craigslist to deliver goods for a fee.

Rent it out.

You may have thought about subletting a room in your house, but have you thought about renting out your car when it’s not in use? New services like WhipCar matches drivers who want to borrow a car with those who have a spare car that’s not in use. Rent it out for a block of time or the whole weekend, and make money on the side. This service screens both cars and drivers to ensure a safe match. Another option is to sign up for services like Uber which allow you to become a taxi driver, shuttling your passengers from one location to another.

Resell it.

If you don’t use your car on a regular basis or think you could benefit from a smaller or more efficient model, it may be time to think about selling it. You could take it into the dealership for a trade-in, or sell it yourself. Advertise in the classifieds section of listings sites like Carsales or Auto Trader, or place an ad in your local paper. You could even sell it on eBay using an online auction format. There are numerous options for listings, but for best results you’ll need to take great photos and check your car’s value using tools like Kelley Blue Book.

Sell advertising space.

Not all of us are ready to part with our cars just yet or rent it out to strangers. Another way to make money using your car is to use it as a temporary promotional tool, charging for advertising space. This involves covering the car with a self-adhesive wrap, featuring advertisements. Some companies will pay you according to the space used, while others will require that you drive a certain number of miles. Be sure to read all terms and conditions carefully.

Give driving lessons.

Have you taught your own children to drive yet? If you have oodles of patience and enjoy teaching, try offering lessons for local teens or adult drivers. Many parents are too busy to provide hours of practice with their children, but if you have time to spare you could provide this service at a lower rate than a professional driving school. This keeps costs down for customers and boosts your income at the same time.

These are just a few ideas to get started with turning your car from a major household expense into a worthwhile money-maker!

What other ideas can you think of?

Image Source: Photoxpress

About Robert Farrington

Robert Farrington has written 77 articles on this site..

Robert Farrington is the founder and editor of The College Investor, a personal finance site dedicated to young adult and college student finances.

Tagged with →  
shares