Last Updated on October 25, 2020 by Andrew Shih
Ready to make money with your car?
You worked hard to buy a car; why not make the car works hard for you?
If you have a car, you have several ways to make money with it. You can trade-in your vehicle to get cash. You can do side hustles that can supplement your income so that you can save for big-ticket items or a nice vacation. You can change your car into a passive income opportunity, allowing you just to sit back and earn money. This article will show you various unique ways to make money with your car so that you can put more money in your pocket.
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Flexibility in work hours makes this a great option to consider. How much you can earn with rideshare service depends on several factors such as where and when you drive. You can generally expect to earn between $10/hour to $20/hour from the rideshare app without extra tips. However, if you can pick the best time, location, and trip to drive, you can earn more. Apps to choose from include:
To drive for Uber, you need to be at least 21 years old with a valid driver’s license. Your driving record needs to be decently clean, and you need at least one year of driving experience. The vehicle also must not be older than 15 years and must have four doors. If you don’t own a car, you can rent one from a rental partner, but this will cut into your profits. Each city and state may have added regulations that you should be aware of before starting work.
The most significant difference between this app and Uber is that there is in-app tipping that is customary. The requirements for driving for Lyft are the same fundamentally as Uber, such as you need to be at least 21 with a license and clean driving record, and you must have a 4-door compact or larger car that is newer than 15 years old.
If you want a more predictable schedule, Wingz is a much better alternative to Lyft and Uber. Rides can scheduled rides for up to 2 months in advance, and drivers must wait longer at airports to pick up their customers. Not only do Wingz drivers have to meet the minimum requirements set by other rideshare apps, but these drivers also have stricter standards to uphold. Their car can’t be older than five years old, and drivers must pass a knowledge exam and in-person and online orientation before they can begin driving.
2. Make Food Delivery
Delivering food today is a lot easier than it was. Rather than working for a single company and hope to earn extra money, you can sign up for apps that allow you to pick and choose how much you want to work and what hours you wish to do so. You can expect to make between $10/hour to $20/hour before optional tips. Some popular apps include:
The first requirement for being an Uber Eats driver is to meet the minimum age requirement for driving in your location, which could be up to 21 years old. You must have a valid driver’s license and at least one year of driving experience. There are also requirements for the vehicle, which means that if you have a car that is nearly 20 years old, you won’t meet this requirement. The great thing about driving for Uber Eats is that you can get your payments up to 5 times a day, giving you money sooner.
To drive for DoorDash, you need to have a valid driver’s license and be at least 18 years old. You do need to have auto insurance and must have a clean driving record. The good news is that this option doesn’t have any vehicle requirements, and you could deliver food on your bike, scooter, or motorcycle as well.
Postmates does more than just a food delivery service; it also delivers groceries, clothing, and anything else offered locally through the Postmates in your area. The requirements to drive for Postmates are comparable to other similar apps.
Grubhub drivers need to have a valid driver’s license as well as valid auto insurance. Drivers must be at least 19 years old and have a background check performed before driving for Grubhub.
What’s unique about this app compared to other similar apps is that employees are treated as W-2 employees. Being a W-2 employee means an hourly minimum, and Bite Squad must abide by state and federal labor laws. However, they are also more selective about their drivers and have stricter requirements, such as the driver needs at least two years of driving experience.
3. Deliver Goods
Delivery services aren’t just for delivering takeout from restaurants; there are other goods that you can earn money delivering such as:
As previously mentioned, Postmates delivers a wide variety of goods, depending on where you live. You do need to be at least 18 years old, have a vehicle that is insured or a bike, and pass a background check.
To deliver groceries for Instacart, you need to be at least 18 years old, be able to lift at least 40 lbs. without any accommodation, and must have reliable access to a vehicle. After they assemble their customer’s orders, they will deliver it right to the doorstep.
Shipt works with various stores, including Target, Petco, and local grocery stores, to deliver all types of goods. You could potentially earn $22 an hour with this app, but this depends on other expenses. To drive for Shipt, you must have a valid driver’s license and auto insurance policy and a reliable vehicle and can carry up to 40 lbs. of goods without accommodation.
According to Amazon, contractors for Amazon Flex can make up to $25 an hour, though expenses can significantly reduce these potential earnings. Drivers for Amazon Flex must have a valid driver’s license and auto insurance policy and a mid-sized 4-door car or larger to drive for the company.
4. Help People with Tasks
You can earn money by helping people with tasks, such as assisting them in moving. A great option to consider to make money doing tasks is TaskRabbit.
TaskRabbit hooks you up with a variety of odd jobs that you can do. You can set up how much you make, accounting for the 15% cut that TaskRabbit takes out of your earnings. However, you can select the types of tasks you are willing to do. You need to be at least 19 years old and verify your identity, such as your SSN.
5. Put an Advertisement on Your Car
An easy way to make money with your car is by wrapping your car in advertising. What’s appealing about this option is that you don’t need to do anything but drive as usual. Companies that you can earn income for advertising include:
Drivers who qualify for this company are matched with brands that want to advertise in your area. Drivers must have a car that is no more than ten years old, and it must have a factory finish paint job. They must also drive at least 30 miles every day and have a clean driving record. There is the potential to earn $200 a month for higher-paying campaigns. Plus, up to $30 an hour for parking in specific locations. However, you should be aware that you don’t choose the brand for which you are advertising.
Working with brands like Microsoft and Zillow, the Wrapify driver requirements include having a car less than 12 years old, and the driver must be 21 years old with a clean driving record. The vehicle must be in good condition without body damage. Wraps that cover most of the car can potentially earn you up to $450 a month, though earnings of between $200 and $300 are usually more realistic.
6. Rent Out Your Car
If you have a car that you don’t use regularly or is an extra car, you can rent it out to people similar to an Airbnb but for cars. Some options to help you rent your car include:
Your car needs to be registered, insured, and no more than 12 years old to rent it out with Turo. The app has a calculator that can come up with a fair rental price or create one yourself. You could earn between 65% and 85% of the total trip price depending on the selected vehicle protection package. If you waive the protection, you could earn up to 90%, but this isn’t recommended unless you have commercial rental insurance on the car.
Your car must be less than ten years old with fewer than 125,000 miles to rent your car with Getaround. The vehicle must not seat more than eight passengers be a private vehicle with four wheels. You may only get about 60% of the trip price, but there is a $50 monthly credit for owners who drive around more frequently to rent a car.
Vehicles for HyreCar cannot be more than 15 years old, and it must be a 4-door vehicle. It must be in good condition without any commercial branding. Many of the drivers use cars for rideshare and food delivery services. Because these drivers use the car as their livelihood to make money, the turnover tends to be lower and, thus, minimize the time you have to drop off, pick up the car, and screening new renters.
Here is a useful video that talks about the Good, Bad, and Ugly about HyreCar.
7. Sell Your Car for a Higher Price
When selling your car for a higher price, you will typically sell on Craigslist or AutoTrader.
For the most part, private sellers end up on Craigslist to sell their vehicles. The problem is that you will be competing with a lot of other sellers on this site. You can create and link to a professional website such as AutoTrader to attract buyers to your car.
This site is highly reputable and is used by private sellers and dealerships to sell and buy cars. If you list your car on Autotrader, you can gain more exposure and advertise your car to buyers willing to pay more for quality. Given that AutoTrader and Kelley Blue Book (KBB) are own by the same parent company, your ad is also visible to KBB users.
8. Get Quotes from Multiple Dealerships
The problem with trading in your car is that you may not get the trade-in value that you deserve at the dealership. You can make more money by getting quotes from multiple dealerships and sell your car separately than trade-in and buy a new car at the same time.
Some places to get a no-obligation quote include:
AutoTrader instant cash offer is powered by KBB. The interface is easy to use. You get an instant cash offer after you input the detail about your vehicle. The cash offer is valid for 7 days. If you choose to accept, you can bring your car and offer to a participating dealership. After the dealership completes the review, you will get the cash.
Edmunds uses data from actual sales to determine the trade-in value for your car. This price is determined by how many people in your area bought the same car. The user interface is similar to AutoTrader. Once you complete the vehicle detail, you will get an instant cash offer valid for 7 days from a participating dealership.
TrueCar also takes sales information for people who bought the same car in your area to determine a fair price for your vehicle. The user interface is similar, and you will get an instant cash offer valid for 3 days from a participating certified dealership.
9. Get Cash for Your Car
You can also get a quote and sell your cash using CashforCar.com.
You can get a fair quote for your used car in any condition, including damaged or total loss conditions. They give you a fair market cash offer for your vehicle if it’s in good condition. However, you must have a clean title and have paid off the loan.
10. Donate car
Donating your car is another excellent option if you are willing to give up your car for good cause. While you won’t get upfront cash, you can get a tax deduction if you itemize on your tax return.
This site is a reputable one where you can donate your car and get the information to deduct this donation on your taxes. The process is simple and can be done online or via the phone to schedule a free vehicle pickup. Almost all types of vehicles are accepted, including car, RV, boat, motorbike, truck, and even non-commercial airplane.
Start making money with your car?
As you can see, there are so many different options for making money with your car, from doing deliveries to providing a rideshare service to customers. You can even ride around with advertisements on your vehicle if you’re not opposed to being a driving billboard. But you can cover maintenance and other costs while you are out driving anyways.
There are also passive income opportunities to consider, like renting out your car, which can be a risky venture. But one that you can benefit from as you get more used to the renting system. You may even be able to invest in additional cars to scale up your business.
Lastly, you can get cash by doing a trade-in with your car. However, you should be sure not to just settle with the first offer and get quotes from other places to privately sell your vehicle. Just putting in a little effort can give you a few extra hundred dollars or more.
Understandably, most people do not have a spare car to do these side hustles but still want to bring home extra income. If this is you, you may want to consider side hustles that you can make extra money online from home.