How to make money from your car
Think outside the box, and you can use your car to earn extra cash. Here are just a few ideas…
Cars have a reputation for draining your finances, and we’ve tried to show you how to keep that to a minimum. But think a little outside the box and you’ll find there are plenty of ways to earn some dosh from your wheels.
A few small changes here and there could transform your transport from a money pit into a tidy little earner, so we’ve picked the top six methods of getting your car to pay its way.
Remember, though, if you feel like taking the plunge, it’s important to do things by the book, such as declaring additional income to HMRC and running certain changes past your insurer.
Classic prices may be strong, but old cars can also be expensive to maintain. If you have a desirable vintage vehicle, why not cash in on the wedding circuit? Happy couples love Rolls-Royces, Bentleys and Jaguar E-Types, but VW campers are also very popular – and anything with white or cream paint is a boon.
Check your insurance position, while wedding fairs are a good way to get business. Great Escape Cars supplies classics for short-term rental for events, and will sometimes strike deals with owners of under-used but appealing old cars to hire to fans.
Rent your garage or driveway
Parking in towns and cities is always a pain, so if you have a garage, driveway or parking spot going spare, it can be a tidy little earner. Sites such as JustPark.com and YourParkingSpace.co.uk can help make you extra readies by advertising your empty space to drivers in need of a place to park.
It’s all about location, so the busier the area the better; spaces near train stations, football stadiums or in city centres are particularly sought after. YourParkingSpace reckons you can pocket as much as £350 per month this way.
Your car for hire
Why have a car sitting at home unused and depreciating, when it could be on the road earning you money? Sharing sites such as Easy Car Club (www.carclub.easycar.com) and Hiya Car (www.hiyacar.co.uk) allow owners to rent out their vehicles (which must meet certain quality and value conditions) while they’re not being used – and the former claims you can earn over £3,000 a year.
Punters can search for and book cars in their area, and both companies offer comprehensive insurance, while owners can set their own rental rates.
Become an Uber driver
Love it or loathe it, app-based ride-sharing service Uber is everywhere – and it’s an easy way to make money from your wheels. In order to become one of the company’s drivers, you must have a car that is fewer than five years old and a Private Hire Vehicle licence, which you can apply for via your local council.
The right kind of insurance policies – usually business and public liability – are also a must, which can be pricey. However, once you’re up and running, you can work as many hours as you like.
Become a delivery driver
If you’re regularly out on the road, earn some extra cash by becoming a courier. Nimber (www.nimber.com) specialises in pairing up drivers and other travellers with people who need things delivered.
Once you’ve set up a profile, punch in your journey and the website will search for punters who need stuff picking up or dropping off en route. Find a match, and you can make an offer for your services. The firm insures packages worth up to £500, but you may need to check with your insurer to see if you’re covered for couriering.
Turning your car into a mobile billboard can net you some serious dough. Companies such as Car Quids, Use That Space and Rollin’ads apply stickers or wraps to your motor in exchange for cold, hard cash.
They generally favour newer models and ones that cover a lot of miles or are parked in prominent places, and you may be obliged to clean your car on a regular basis and run the arrangement past your insurer. Rates vary depending on the company and the type and amount of advertising, but can exceed £200 per month.
More ways to be quids in
Fancy making your car a star? Join a specialist agency that’ll hire it out for photoshoots and filming. From fashion spreads to music videos, an unusual, stylish vehicle is a desirable prop. Try www.dreamcars.co.uk or www.1stpositionvehicles.co.uk, who’ll retain a commission from a daily fee of several hundred pounds, but in return will take care of marketing and logistics.
Meanwhile, diehard skimpers could get their next car for free; Freecycle.org is designed to cut down on unwanted clutter destined for landfill sites, and allows users to advertise possessions they want to get rid of, providing the interested party is willing to collect. Cars are among the many products on offer, although you’re unlikely to find anything other than bangers here.
Finally, if you’re a dab hand with a spanner or behind the wheel, then a how-to YouTube video could net you some extra cash. Just bear in mind that pay levels are determined by the amount of views, so your clips have to be interesting enough to rack up some serious clicks.
Have you ever made money from your car? Let us know below...