Your car provides excellent opportunities to earn some extra cash or as a full-time job. Some vehicle side hustles may classify you as an independent contractor, especially after becoming self-employed. This means you should understand your responsibility for paying and collecting income tax. Before monetizing your car, beware of your real net income, accelerated wear and tear, a potentially low resale value, and opportunity costs. Outlined below are five ways to make money with your car.
Advertising is an excellent way to make money with your car, mainly if you don’t want to add extra miles to your vehicle. It involves getting your vehicle wrapped fully or partially with advertisements. You can partner with car wrapping companies that match drivers with companies looking to market their products or services in areas you frequently drive or others that work with blue-chip companies. Pay varies depending on what percentage of your vehicle is wrapped, miles driven, location, and other factors. Check these out for more details.
2. Rent out your car
Renting out your car can earn you extra money. It gives you the flexibility to set your prices based on your car’s model, location, and time. You can earn vehicle rental income in the long and short term. This price flexibility allows you to charge more in high-demand periods. When renting out your car with a rental company, you may be treated as a business owner, especially if you become self-employed. Your car rental income will be subjected to state and federal income tax. You can rent out your car to business or private travelers.
3. Become a ride-sharing driver
App-based cab services are a great way to improve your income. It can be a side hassle or a full-time job. Depending on where you live and the app you pick, the requirements vary. All you have to do is drive people to and from different destinations. They pay via the app then you get most of the proceeds. To become a ride-sharing driver, you must pass criminal background and driving record checks, meet quality standards and vehicle age requirements, and have the financial capacity to cover maintenance, gas, repairs, and insurance costs.
4. Do deliveries
Offering delivery services lets you deliver different items using your car. With food delivery apps such as uber eats, you can receive orders via your smartphone while managing your restaurant trips to collect your orders for delivery. You can also deliver retail purchases, fresh groceries, daily customer essentials, packages, and more. Peak hours vary depending on what you’re delivering.
For example, if you’re doing food deliveries, you’ll do most of these deliveries during lunch and dinner hours. The best part is that you can sign up with multiple delivery apps provided the schedules don’t clash, increasing your earnings.
5. Join Amazon flex
Joining Amazon flex means using your car to deliver Amazon packages to earn additional income. It gives you time flexibility by letting you work whenever you wish. Depending on your availability, you can reserve blocks in advance or choose them every day. You have the freedom to select blocks that suit your schedule, allowing you to get back into your everyday routine. With Amazon Flex, you can earn between $18 and $25 per hour.
Monetizing your car brings many flexible opportunities to pick your working hours, keeping your regular schedule intact. Consider these tips to make with your vehicle.