So is there really a need to scout for ways to make money from your car? Let’s see….
Not in the distant past, it was said that one of the things all men desire is “A car” and once that dream is fulfilled; their next big dream is invariably “A better Car”.
Be as it may , the merits of car ownership is itself in serious question , specially by the new, “responsible” and practical generation, especially in towns and cities with well developed transport infrastructure and not so well developed vehicular traffic conditions.
I am sure we all have, at some point, seen that parked car of ours in the expensive garage (we’ll come to that in a bit) and wondered if there were some effective ways to make money from your car.
The world over, there is a newfound awareness about the merits of using public transport and/or to share rides, especially in the countries which rely heavily on imported petroleum products.
Whereas there can be multiple ways to make money from your car, we will try and analyze the ones which are practical and sustainable over a long period of time.
In the interest of honesty, I’d agree that I haven’t tried all of these, but certainly I have given a thought to all of these, at some point or another.
Top 6 Ways to Make Money From Your Car
#1. Sell It
Well, there is no easy way to say this, but if you believe that money saved is money earned, then a serious thought needs to be given to this option.
Whether it can qualify as a strong contender among the ways to make money from your car, it certainly can be foremost on how to save money without having one.
With increasing real estate costs and the costs to own and manage a garage, especially in apartment blocks, a critical evaluation needs to be done on the merits of owning a car in the first place, especially if buying on a loan.
#2. Rent It Out
Well this is a no brainer, really. If you find your car sitting in the garage more than being on the road.
It’s time to selectively rent it out. Among the best and the easiest ways to make money from your car, it gives you complete flexibility and can quickly and effectively create a second income source that is sustainable and easily executable.
These days there are many companies and apps that facilitate and help the car owners find customers that are looking at short/long term rentals.
#3. Banner It Up
One of the most effective ways to make money from your car is to turn it into a moving advertisement board, somewhat like using the walls of your house as a billboard, if you can picture that.
With the increasing costs and decreasing availability of billboard spaces, not to talk of the new and changing building norms, companies are increasingly looking at ways to have mobile advertising done and folks with cars that are looking to rent those out against some cash are much in demand.
#4. Aggregate Yourself
Many cab aggregators Such as Uber or Ola are paying big money to car owners who are willing to put up their cars for cab services, whether driven by self or by another driver/ chauffeur.
The increasingly popular cab aggregators almost solely run on the model of non ownership of the vehicles they ply and for somebody who really wants to find out ways to make money from your car, these aggregators are God sent.
#5. Train Others
One of the best and most socially responsible ways to make money from your car is to teach the others to drive, of course against a fee.
There are a lot of driver’s training schools that are doing roaring business teaching how to drive and if you have some time and a car that needs to be put to good use, you can ride that bandwagon too.
#6. Join the Pool Club
It is a great idea if you can consider turning your car into a pool car, especially for dropping the kids to school.
Everyone in the neighbourhood can take their cars out at intervals and drop all kids together at school. This can be effective for offices too.
You might not generate direct cash out of this and might not actually end up to find it among effective ways to make money from your car , it can save you money substantially in the long term since you will be driving the car that much lesser.
It will earn you the social sustainability brownie points too and a lot of goodwill.
It is clear therefore, notwithstanding the ongoing ownership risk reward argument, I think it makes good sense indeed to do a little research and find out effective and simple ways to make money from your car, while at the same time continuing to own it and utilize it for personal use.
To get more such articles directly to your mailbox Subscribe to eMoneyIndeed now.
We hope you found this article useful and informative as always. Do leave your valuable comments below and share it with your friends.