Conventional wisdom says that cars are money-suckers: they’re expensive to run and, with the exception of rare or vintage models, depreciate value over time spent accruing miles on the road. However, in the “gig economy,” you can actually use your car as a way to earn extra income while doing something you love. These flexible options are great for people looking for extra work in retirement, or to supplement their day job with extra cash and minimal work requirements.
The most popular form of making income with your car is joining peer-to-peer ridesharing, such as Lyft or Uber. Driving for these companies comes with some restrictions: for instance, to qualify as an Uber driver, you must be at least 21 years old with a minimum of one year's driving experience (unless you are under 23, in which case you will need three years of driving experience.) You will also need to drive a four-door car less than 10 years old, which means you'll need to focus your car search on newer models fit for ride-sharing. Once you've registered, picking up jobs will earn you a high rating and enable you find more work as a part-time driver that suits your schedule and driving preferences.
Become A Shipping Company
Individuals with a small van or SUV can register as a shipping company. In most big cities, 80% of moves are local, small-scale moving jobs that don’t require storage facilities or big trucks. Once you’ve registered, you can use moving aggregate websites to pick up jobs and make offers on moves in a system that works a lot like Uber or Airbnb. This is a popular option for drivers who love long treks but prefer to ride solo when on the road.
Rent Out Your Car
Companies such as Drivy and Hiyacar offer systems where you can register your car to rent out to other users, often people traveling or in need of a car for a short amount of time. Under these systems, the driver has the final say on who gets your car and any rules associated with using it. You can hand over the keys in person or use a smart box for remote access. If you do choose to rent your car out, make sure you have a robust insurance policy that will cover you in the event that one of your renters gets into an accident.
Loving your car is a costly hobby, but fortunately there are ways to make good on your investment and earn extra income by spending time on the road. These jobs are highly flexible to suit your schedule, and can enable you to earn extra cash without reporting to a boss every morning.