Owning a car is no mean feat these days. When I mention owning a car, I mean owning a good, preferably new car in perfect condition. This means that the car you own will meet the Uber and Lyft application requirements for their UberX or Lyft services.
It doesn’t matter if you are leasing or paying back a car loan, or whether you paid for your car and own it completely. The very fact that you have access to your car opens up some lucrative options that were not so obvious only five years ago.
While rideshare companies have sprouted up all over the place, it was only in the last five years, and the car ownership has become a business opportunity with many options to choose from. In fact, you don’t need to rely on only one source of income to fully appreciate your cars income potential.
Here are five ways to generate income using your car, without having to drive (unless you like to drive for a living).
The US Bureau of Labor Statistics published a finding that shows the average cost of a car is around $4,800 a year. This is based on all the IRS expense figures that make up the cost per mile and the depreciation factor.
A car on average drives 4 hours a day and stands for 20 hours. Unless you are a driver by profession, then the car will be on the road for anywhere up to 12 hours a day and parked for over 12, since you tend to park during your work too.
This means that a car is an expensive asset, it’s not a standard asset since it devalues fast, and succumbs to market trends of supply and demand that are technologically based, In other words, its not like buying gold or property, its buying something that if you don’t utilize it, will cost you to keep it.
The 5 gig economies to convert your car into a profitable asset are:
Advertising is about space, about getting people to notice a product. Advertising is about eyes. A car has a lot of surface space to cover as well as internal space. There are a number of emerging technology options that provide income from utilizing your cars surface and internal space for promoting products as your car stands and drives.
These are just four of the current options available, with plenty more coming along to jostle for your attention:
- Pay Me for Driving
Each one provides a lucrative passive income source, all you need to do is wrap your car’s body in advertising and install a digital advertising option in your car. With two separate advertising sources working simultaneously, you will earn anywhere from $250 to $800 a month just from letting your car become a rolling advert.
If you own a truck, a van, or a large SUV you can rent it out to people that need to haul stuff. You don’t do any driving or heavy lifting. You just rent out your vehicle to theirs, or to haulage contractors that need an extra vehicle.
There are a number of haulage gigs such as TaskRabbit that makes your large vehicle a source of income.
One interesting source of income that has become extremely popular is standard package courier services. Just like FedEx and UPS, you can either use your car to deliver packages for companies such as Amazon Flex, or you can rent it out to a driver that works for various gig companies.
Delivering packages includes food as well, and there are many good companies that provide income for standard delivery services, such as GrubHub, DoorDash, UberEats and many more.
Another interesting delivery gig is Instacart, which is basically shopping for other people, again, this is a gig that you can rent out or do yourself. However, if you do have the time and the inclination to deliver or shop and deliver for people, this is a great source of income and allows you plenty of free time to learn, relax and enjoy.
In fact, this is not limited to car ownership, if you own a bike you can rent that out to a courier as well as a car.
This is the obvious choice for any car owner, working for Uber and Lyft, or renting out your car to a driver that will work for these companies and pay you a monthly income, either as a percentage of their income or a flat fee which you set.
I won’t write much about this subject since there is so much info about rideshare driving out there. Just know that it is a good source of income, but only if you like to drive strangers and are prepared to deal with all kinds of weirdo’s too.
You can earn well over $3,000 a month by driving a simple shift every day.
Let Other People Drive People Around
This is my favorite choice, and I usually do this one since is a form of passive income. I also use advertising too, so when combined with this option, I earn well over $1,500 a month without touching my cars wheel.
Here is what I do, I rent my car out via Hyrecar, an online gig economy that basically turns every car into a rental vehicle for Uber and Lyft drivers.
This means that you know your car is being used for Uber and Lyft driving which is a plus since 99% of their drivers are screened and safe to work with.
To drive for Uber and Lyft you need to keep the car clean, so you know that your driver is keeping your car clean while you maintain your car for mechanical efficiency.
For me, Hyrecar is a win-win situation, and I have earned some good money while working with them.
Aman Bhangoo is the co-founder of Uber Driver Forum who helps rideshare drivers and riders to find answers to their most pressing questions. With over 3.5 years of experience, Aman brings a vast amount of knowledge, style, and skills to help fellow drivers. He has given over 18,000 rides with Uber and more than 6,800 rides with Lyft.