4 Ways To Use Your Car for Passive Income in the Next Year
Written by
Brooke Barley
Edited by
Amen Oyiboke
Commitment to Our Readers
GOBankingRates' editorial team is committed to bringing you unbiased reviews and information. We use data-driven methodologies to evaluate financial products and services - our reviews and ratings are not influenced by advertisers. You can read more about our editorial guidelines and our products and services review methodology.
20 Years
Helping You Live Richer
Reviewed
by Experts
Trusted by
Millions of Readers
Looking for ways to make extra money? Look no further than the car you’re driving. According to experts, the car you have can become a moneymaker if you know the right ways to put it to work.
GOBankingRates spoke with two auto experts to find out how to make your car work for you and how much money you can expect to earn.
Rent Out Your Car With Turo
Melanie Musson, an auto industry expert with AutoInsurance.org, highly recommends using Turo to rent out your car. Provided your car has less than 100,000 miles on it and is worth less than $200,000, according to Turo’s eligibility guidelines, you can make money by renting out your car to people who are looking to drive around your city for a bit.
“Depending on your vehicle, you could make $100 a day or even more,” Musson said. Turo’s website also had a figure that households renting out one car can pocket an extra $10,000 a year. You can get even more if you have more cars to rent out.
Do Gig Work
People are always going to need rides and want food delivered, which is good news for people looking for another income stream. Auto expert and general manager at Find By Plate, Ruth Calkins, said drivers can use their cars to drive for ridesharing or deliver food. Earning potential, Calkins said, really depends on the specific app. “Car owners [are] able to earn as high as $10-$25 per hour, although different platforms may have different rates.”
Advertise on Your Car
Making money off your car can be as easy as affixing an ad to the door. “With wraps and magnetic graphics, you can turn your car into an advertisement,” Musson said. Calkins agreed with Musson, saying if drivers know where to go, they can earn up to $500 a month advertising. “Things like how much they drive, the routes they take, and the areas they frequent, because at the end of the day, the point of advertising isn’t just to get messages across, but also to ensure that these messages get across to the right audience, and make enough of an impression.”
Participate In Studies
Did you know that companies want to study your vehicle? Musson said that looking for studies concerning driving or drivers could earn you some extra money. “Some research groups actually will pay you to allow them to monitor your driving habits and where you go. You could earn $100 a month through this avenue.”
More From GOBankingRates
