Turn Your Vehicle Into a Money Making Asset
If the cost of your car is driving you crazy then why not flip it on its head and turn your car into a money making asset? If it seems like you are always paying out for fuel insurance, repairs and vehicle tax, then it might be time your car gave you something back.
This article, therefore, looks at ten ways you can turn your vehicle into a money-making asset and generate some extra cash.
There are many things you can do daily, using your vehicle, to earn extra money, some obvious such as transporting items for people whilst others are less obvious such as advertising products via vehicle signage that can make for a great way to earn “no extra effort income” meaning, an income you derive from doing the things you would be doing anyway, meaning they don’t require any additional time thus making it a form of passive income generation activity.
When you think about it, the purpose of a car is essentially, to help you get from A to B, however, we live in such a status driven society that the vehicle you drive tends to say a lot more about you in terms of social standing than it should.
In many ways, we are judged by the car we drive, and it can be sad to see just how much focus and attention is put into such material items.
On a balance sheet, the majority of people would view their vehicle as a liability rather than an asset — due to the continual cost of things such as tax, servicing, fuel, and insurance… few people can treat their car as an asset, and by most people, a car is viewed as an expensive yet necessary financial liability.
Most people choose to drive a car for practical purposes, but if you’re interested in making money from your vehicle then it might be worth looking into getting a van, as a van serves the purpose of transporting you from A to Z but also opens up a plethora of money-making opportunities that can turn your vehicle into a cash-generating asset.
That said, there are plenty of ways to leverage your car to make money too – for instance, you don’t need a van to deliver takeaway food, or set-up as an Uber driver.
When a person is really in a bind, financially speaking, it can leave them feeling desperate and backed into a corner. At times like this, we need to be at our most resourceful, but we are often in such a state of panic and despair that we don’t know where to turn and like a rabbit, in the headlights we allow the situation to control us, rather than us controlling the situation.
The sense of panic induced powerlessness robs people of their ability to respond in a pragmatic way to remedy the situation, as people often end up feeling emotionally paralysed, yet there are all sorts of options to make extra cash, and turning your vehicle into a money-making asset is just one of them.
This post now looks at ten ways you can leverage your vehicle to have it make you money rather than cost you money, and some are applicable for van owners whilst others are applicable for car owners.
- DELIVERY DRIVING
Today, you can work for a delivery company as a freelance contractor, however, the working conditions aren’t always great, as you will be kept to a very tight schedule and you’re not exactly your own boss, but the work is guaranteed and the pay is reasonable.
- HOME REMOVAL
If you have a big enough van to help people move home, particularly students, which doesn’t require too large a vehicle – this can be a good way to make some extra cash, at the weekend.
The major benefit to this is that it is a reasonably large job meaning you can charge a decent amount – and unlike delivery driving, for instance, this doesn’t require too much fuel or wear and tear (i.e. the more miles you drive the more depreciation of your car)… and in the instance of helping people move house, the net profit is high.
- PRIVATE COLLECTION
You can pick up items from ebay, Craigslist, gumtree and even furniture stores such as Ikea for people in return for cash. A lot of times people are willing to pay a fair amount of money to save themselves the hassle of having to pick up large items – particularly if it would mean they had to hire a van or larger car themselves.
This can be a quick and easy way to make cash that is also flexible and can fit around a more traditional full time job. The downside of this is the fact these are often small jobs – meaning you won’t be able to charge too much money, as there’s a ceiling to what people will pay. However, if you were to use the concept of “batching” where you batch orders together (e.g. from Ikea) then you can create a substantial amount of profit.
- ADVERTISE
Whilst you can advertise on a car, vans tend to be the most suitable vehicle, and presuming your van or car is in a good aesthetic condition and is reasonably new, one of the easiest and most passive ways to make money from a vehicle is to use this prime real estate as a place to house adverts. Indeed, there are several companies looking for vans and cars to brand with their advertisements and these companies will pay a decent amount particularly if you live in a desirable location and/or spend a lot of time driving.
- DRIVE FOR UBER
Uber can be a good way to make money if you are prepared to put in the hours. In New York City, for instance, working 30 hours per week will net you around $1,500.
To get an idea of how much money you can make driving for Uber, in your area, it might be a good idea to check out a fare estimator such as Ridester, as this way you can calculate whether it would be profitable enough for you to get involved as a driver.
There is, of course, an application process, so you won’t be able to make money instantly, but Uber or Lyft are both great ways to earn money using your car. You’ll just need to be at least 21 years old and drive a car that is no older than ten years old with a full and clean driving licence, and no criminal record.
- TEAM UP WITH A LOCAL TAKEAWAY
The popularity of app based food ordering services has created a significant demand for food delivery drivers. This can be an easy, simple and speedy way to get some extra cash; and not just from the deliveries themselves but from customer tips too.
- GET A CAR TITLE LOAN
If you’re in need of a short-term cash injection, then you could always get a car title loan. as These aren’t usually suitable for long-term lending but they can be a great way to pay for emergency and unexpected purchases such as a vets bill.
These types of loans are often easy to obtain, as they are secured on an asset, but the flip side of that is if you don’t pay, you run the risk of your vehicle being seized.
- RENT YOUR CAR OUT
Today, you can rent your car out to other people using a model that’s akin to AirBnB with sites such as Turo which is known as a car sharing marketplace; essentially, you designate where the hirer picks the car up from (e.g. your home or office) and they hire it, then return it to you – making you a tidy profit without having to do anything at all, other than deal with the pain of not having transport… therefore, this one works best for households with a couple of cars.
- BECOME A CHAUFFEUR
If you fancy something a little higher end than driving for a company such as Lyft or Uber, and you happen to have a luxury car this could be for you. Sites like Juno, currently only operating in New York, the UK, Russia and Israel connect professional people looking for luxury cars with drivers – through the criteria is pretty controlled, for instance, you must have a car that is 2011 or newer in black, dark blue, silver or white – and it then has to be registered with the NYC Taxi & Limousine Commission.
That said, drivers keep 100% of their trips and 90% of the total fare – meaning it’s a great way to make money, particularly in consideration of the value of the fare.
- TRANSPORT KIDS
HopSkipDrive is a driving service that specifically transports children. It’s currently only available in California, but the concept is likely to catch on as it solves a well-known pain of the school run – particularly for busy working parents.
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