Due to the lack of consistent public transportation, even in major cities, most Americans need a vehicle to get around. Studies estimate that roughly 85% of Americans travel to and from work with a personal vehicle. In addition to the necessity of a car, the costs are continually rising. Consumers pay an average of over $30,000 for a new car and make monthly payments averaging $479 for 68 months. Other vehicle cost includes insurance, gas, and maintenance. Transportation can account for an average of 14% of the household budget second only to housing costs.
You drive to work, run errands, and transport children to and from school. With the high cost of owning a car, you can convert your vehicle into a source of income by tapping into new ways to earn money with your vehicle.
Rent Your Vehicle
Several online companies connect car owners with individuals looking for an inexpensive rental. Peer-to-peer rentals allow you to choose available days each month to work around your schedule. Rent out your vehicle for an afternoon or a week. There is high demand for low-cost car rentals. Three companies serving as a marketplace for personal vehicle rentals include Hyre Car, Zip Car, and Turo.
The daily rate for a car rental range from $35 to $65, and the car owner receives 85% of the posted rates, plus any extra charges for exceeding the mileage limit. All vehicles have double-backed insurance through the marketplace, which surpasses state minimums. Uber and Lyft drivers who rent out their vehicle through Hyre Car also receive insurance coverage. Hyre Car pre-screens drivers, which includes a background check.
Zip Car Rental
Zipcar has 673,000 subscribers with 8,900 vehicles offering peer-to-peer rentals. This service focuses on college campuses and targets drivers with university email addresses. Students without vehicles can rent from other students who have transportation. Students can earn extra money on the days they do not use their vehicle.
You can list your vehicle through Turo within 10 minutes. The simple process uses the vehicle’s market value to set the rate. Your location and the time of year will also contribute to the amount of money you can earn. You can choose a different rate from the autogenerated one, but it could affect the demand for your vehicle if you choose a less competitive rate.
The vehicle owner keeps between 65 and 85% of the trip price based on the protection package you choose. You do have the option to waive vehicle protection through Turo. If you invest in your commercial rental insurance, you can earn 90% of the total rental price.
The company screens all rental applications before they can rent a vehicle. In the event of an emergency, Turo offers a 24-hour emergency line for customer assistance.
It is possible to cover all your vehicle costs if you list the car for rent on a regular basis. For example, Hyre Car estimates owners make an average of $14,000 annually by renting out their vehicle.
Join the Ride Sharing Movement
Ridesharing allows you to use your car to transport passengers to their destination and make additional cash. You can “clock in” through an app and work around your current schedule. If you find you have extra time a few hours each week, you can sign up for Uber or Lyft and earn money driving others. The highest demand for drivers are in the evening and on weekends, when you might have free-time for a second job.
Uber allows you to select to drive for UberX, XL, Select, and POOL. There are different vehicle requirements for each category. You do not need a commercial license and earn money based on when you drive and the amount of demand at your location.
Lyft works in a similar fashion to Uber. However, they have stricter rules regarding driving infractions. For instance, you can have no more than three moving violations in the past three years and cannot have any major violations in the past three years. A DUI or drug-related infraction in the last seven years will disqualify you as a driver.
To work for either company, you must complete an online application, which includes both personal and vehicle information. You must verify details either in person or through pictures. The background check can take a few weeks to complete.
Food Delivering Services
All major cities now offer food delivery services through peer-to-peer delivery options. Based on your location, companies that hire individuals to deliver food vary in popularity. For instance, if you live in New York or Illinois GrubHub is the most popular service, whereas in California, it’s Postmates, and in Texas, DoorDash is the lead provider. Most major cities have multiple companies offering services.
The way delivery services work is the company partners with restaurants, convenience stores, and other retail companies for delivery. Then the company hires local drivers to fill delivery orders.
Postmates works through an app. You turn it on when you want to work, and the app notifies you of current orders. The company verifies the driver through a photo, which allows both the restaurant and the person receiving the delivery to verify the person making the delivery. Postmates requires all drivers to pass a background check. Delivering can occur on foot, by bike or by car. The app will assign orders based on your transportation type and the ability to quickly fill an order.
Applying for GrubHub requires a driver’s license, car insurance, and bank account information. You fill orders through the app as an independent contractor, similar to the way Postmates operates.
DoorDash accepts licensed drivers over 18 with a year or more of driving experience. You work as an independent contractor and keep 100% of tips. You earn the most when working during peak hours. You can accept one delivery on your way home from work or work several hours in the form of a shift.
There are many companies hiring drivers to deliver restaurant food. If you’d prefer to deliver more than hot meals from restaurants, Shipt specializes in grocery deliveries. All require a reliable vehicle but do not have the strict requirements of ridesharing companies.
Earn money using your vehicle for advertising purposes.
Free Car Media
Free Car Media is a company which connects advertisers with drivers. You can earn money by placing magnetic advertisements on your car, earning an additional $400 per month. The simple sign up process requires both personal and vehicle information. Once entered into the driver database, the company matches you with a sponsor.
Some requirements include driving a minimum number of miles per month and providing basic product information to anyone asking questions about the advertisement.
If you are struggling with large amounts of high-interest credit card debt, contact the specialists at Finance Solutions today at (855) 331-4852 to receive a FREE debt analysis. They will review your current situation and develop a customized plan to help you reduce your credit card debt.