The average Australian family owns 1 car, though from the number of 3 and 4 car garages many new homes have, it’s clear that plenty of Australian families have multiple vehicles.
Cars offer great independence, but they can also cost us quite a bit. From the seemingly never ending rise in gas prices, to monthly lease or loan payments, to auto insurance, to regular maintenance and routine repairs, our cars cost us.
However, there are plenty of ways that you can make money from your vehicle. Consider these five ways:
1. Sign Up for the Office Car Pool
Car pools help people save money and wear and tear on their vehicles. If you have a large vehicle, you could volunteer to be the driver for the car pool. In return, the other people will give you a set amount for gas each week. Keep in mind that you’re also putting wear and tear on your own vehicle, so there should be some additional money to cover that expense.
While you probably won’t get rich with this strategy, you will earn money for doing something you’d likely have to do anyway–drive to work. The downside is that you must work around other people’s schedules, and if you have a long commute, you want to make sure that you get along with your car pool companions.
2. Drive the Elderly to Appointments
If you have a flexible schedule, you could drive the elderly to doctor’s appointments or the grocery store. Especially in more rural areas, the elderly who can no longer drive may have trouble getting around because transportation is limited. You could offer a service to do the driving.
You’ll likely need to prove that you have a clean driving record and may have to pass a security check first.
3. Deliver Pizzas
This is Dave Ramsey’s favorite solution to getting out of debt–delivering pizzas. However, whether you’re a stay at home parent looking for an evening job or a college student looking to make some cash, delivering pizza may be the perfect job. You use your own car as the delivery vehicle and in return you get tips and an hourly wage. The better you know your town, the quicker your deliveries can be and the more money you can make.
Keep in mind that this will add wear and tear on your vehicle rather quickly, so have a good plan with what to do with the extra money you make. (Maybe set some of it aside for a new car.) Just make sure that with the wear and tear of pizza delivery you are insured well…visit Youi Australia Car Insurance for quotes!
4. Refinance Your Car
Rates are pretty low right now, so we’ve been suggesting to our readers that they take advantage and refinance their auto loan. You’d be surprised how much a 1% reduction in your interest rate can save you over the life of your car loan.
There’s a a handy car loan calculator that I use over at IMB. It’ll help tell you what your new payments will be.
5. Rent Your Car Out
Did you know that there are businesses that help you rent out your car? Usually people who need a car for just a few hours choose this option rather than going through a car rental service. These services are springing up in big cities like San Francisco. Some companies like relayrides.com operate in specific locations (Cambridge, MA in this case) and hope to spread to other cities.
To rent out your car, you’ll need to have special equipment installed so the service can monitor where your car is driven. Those who rent your car are screened beforehand, and they’re accessed a penalty if your car comes back dirty or damaged. In return, you’ll earn $3 to $7 an hour.
6. Wrap Your Vehicle with Advertising
If you don’t mind driving around with an advertisement on your car, you could make money doing what you’re already doing–driving your car. The advertisements placed on the car can range in size from covering 1/4 of your car to covering 3/4s.
As you can imagine, getting chosen to host an advertisement is competitive, and there are fraudulent companies out there. If you explore this option, don’t pay any money upfront. That’s a sure sign of a scam operation.
Those chosen are often people living near a big city and are on the road frequently.
You may just see your cars as money drains, but there are plenty of ways that you can make money with your car.