4 ways to make money on your car

At MoneyAware HQ we’re always on the lookout for ways to help you boost your income. How about ways to make money from your car?

Owning a car can be a huge expense, from the initial purchase to tax, insurance, MOTs, servicing and obviously, fuel.

Man looking at cars

So how can you recoup some of the costs? Here are four ways to make money on your car.

1. Get in the carpool lane

Buddy up with people travelling your way.

How does carpooling work?

There are lots of sites such as Liftshare, Gocarshare and blablacar.

To offer a lift:

  1. Sign up to your chosen site
  2. Add your start and end points
  3. Select when you’re travelling

You’ll be notified when someone wants a lift, and you can choose whether they pay you via your bank or PayPal account.

For commuters, check if your local authorities are working with Liftshare. Their dedicated sites show groups travelling to the same destination.

How much money could I earn?

It depends on where you’re going and how many passengers you take. For example, a weekend trip from MoneyAware HQ in Leeds to London and back had a suggested passenger contribution of £21 for up to 3 passengers. Other journeys I planned were around £4/passenger.

Research from Liftshare suggests commuters could save £900 a year just through car sharing.

Pros

  • Cuts travel costs
  • An easy way to make money for something you’ll already be doing
  • Ladies only lift sharers available
  • User reviews

Cons

  • If no one’s going your way, you’re out of luck
  • If you’re offering a lift, you can’t be flexible on when you leave

two girls sat in car boot

2. Rent out your car

Make money from your car while you’re not using it.

How does renting your car work?

Websites, where you can register your car, include Easycarclub, Drivy and Hiyacar.

You get the final say on who takes your car before they pay, and you have the option of handing the keys over in person or fitting your car with a smart box allowing remote access.

How much money could I earn?

How much you could earn varies between providers, but usually depends on:

  • The make and model of your car
  • The year it was registered
  • Your annual mileage
  • The value of the car
  • How many days a month you can rent it for

Potentially, a relatively new Ford Fiesta rented out for 30 days you could earn around £700.

Pros

  • Smart technology trackers
  • You don’t have to be there to rent your car out

Cons

  • Accidents can happen
  • Could be against the terms and conditions if you lease your car

 

3. Advertise on your car

Let brands in your area advertise on your car.

How does it work?

Sites such as Car Quids will match you with advertisers in your local area. Add stickers to the sides and windows of your car which are easily removable at the end of the campaign.

How much could I earn?

How much you earn varies between advertisers, campaign length, where you use your car and how often you use it. Car Quid suggests that on average users make around £100 which you can sometimes boost through additional social media promotion.

Pros

  • Get paid for driving your car as normal
  • Potentially less risky than renting your car

Cons

  • Try not to feel self-conscious

 

4. Sell your parking space

Make money by letting people use your parking space.

How does it work?

Sign up to Park on my drive, Just park or Your parking space. Connect with users needing a parking space whether you’re in a city centre or a cheaper alternative to airport and event parking.

How much could I earn?

Once you sign up, you’ll be advised how much your space is worth on an hourly and monthly basis. The more popular your area, the more money you could earn.

Pros

  • Some spaces could be worth hundreds of pounds a month

Cons

  • You can only earn money if the demand is there

 Have you tried any of tips? What was your experience like? Would you recommend it to other MoneyAware readers? Let us know in the comments.

Posted by in Making money

11 Oct 2018
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