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How to generate passive income with your car

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If you have a car, you know that car payments, gas, maintenance, and repairs can add up quickly.

In fact, according to AAA, owning a car costs an average of $ 706 per month.[1] But there are ways to offset costs by turning your car into a passive income-generating tool.

9 smart ways to generate passive income from your car

If you choose to take advantage of these opportunities, you won’t have to make any changes to your schedule or lifestyle. You will be able to use your car normally and earn some extra money while doing it.

Rent it

How can you rent a room or your whole house through Airbnb, you can rent your car and post the list through various applications. This can be a great option if you don’t use your vehicle often because you live in a city or work from home.

1. Getaround

Getaround website

Getaround is a car sharing app that allows car owners to connect with people who need to rent a vehicle. According to the company, you can use it to earn hundreds of dollars per month as long as your car meets its requirements:

  • Model year is 2010 or newer
  • Has less than 125,000 miles
  • Seating for up to 8 passengers

To get started with Getaround, create a new account, including details like the dates your car will be available, as well as a place to pick it up and drop it off. After a 30-day free trial, you will pay a one-time fee of $ 99 and a flat fee of $ 20 per month to continue using the app.

A Getaround representative will install Getaround Connect, a device that allows renters to locate and unlock their car. You will also receive a digital key so that you can access and unlock your car from your phone anytime you want. Plus, your car will have a $ 1 million insurance policy when you rent it.

You can read more about the company and how it works in our Getaround review.

2. Turó

Turo website

Turó is another car sharing app. The company claims that you can use it to earn $ 500 per month or more if you own a registered car in any state except New York. The platform also requires that your car:

  • Not be over 12 years old
  • Have 130,000 miles or less
  • Do not exceed $ 150,000 in value

To enroll in Turo, Create an accountand click “Publish your car”. From there, enter information such as the make, model, and license plate number. Also, include details like the amount of trunk space and whether your car has features like a built-in GPS or leather seats.

Although Turo will suggest a daily rate for your car, you can choose your own rate. The insurance coverage you select will determine the amount of rental fees you can keep.

Here is an overview of your options.

  • Standard plan: If you opt for the standard plan, you will get liability coverage and protection against physical damage. You will also pocket 70% of the price of your trip.
  • Premium plan: You will take home 65% of the price of the trip earnings if you choose the premium plan. This option is similar to the standard plan, but also includes wear and tear and loss of rental income.
  • Basic plan: The basic plan does not cover attrition or loss of rental income. Turo will pay 20% of the initial $ 3,750 of any car damage expense and 100% after that. You will keep 85% of the price of the trip.

Jeremy Poland, owner of The Platform Shop, has used Turo to rent his Porsche Cayenne to business travelers in Houston. He made $ 400 a week for two rental sessions that lasted between three and four hours.

For those who want to use the service, Poland offers some advice: “To make a lot of money with Turo, keep your car clean, leave packages of gum unopened, and relist your vehicle from time to time,” he said. He also explained that the more luxurious your car is, the more you will earn.

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3. HyreCar

Hyrecar website

Unlike Getaround and Turo, HyreCar offers car owners the opportunity to rent their vehicles to Uber and Lyft drivers. To use it, create a free profile with photos of your car, registration information, and inspection documents from Uber or Lyft. If Uber or Lyft haven’t inspected your car, you can pay $ 30 and sign up through RideShare Mechanic.

You will be notified whenever someone wants to rent their car through HyreCar. You will then need to accept your request within 24 hours and coordinate with the driver to hand over your keys and verify your driver’s license. You will be paid as soon as the driver picks up your vehicle.

When the rental ends, you and the driver will agree on the time and place of delivery.

According to the HyreCar website, you can earn up to $ 1,000 per month if you rent your car to share drivers.

Wrap it up with ads

If you don’t mind driving with stickers or wrapping on your vehicle, you can you get paid to place ads on your car.

4. Carvertise

Carvertise website

Carvertise is a Wilmington, Delaware-based advertising company that connects brands like Amazon and Sprint with drivers who want to make extra money by putting advertising stickers on their cars. It has locations in New York City, Los Angeles, Chicago, Dallas, Philadelphia, and Boston.

To earn money with Carvertise, you will need to drive at least 30 miles per day and own a 2008 or newer car. Once you fill out a short questionnaire on your website, the company will match you with a brand that advertises in the areas you visit frequently.

If Carvertise thinks you are a good fit, you will go to one of their locations in person so that a representative can place the car wrap ad on your car. You will choose between a partial or full immersive ad and earn between $ 300 and $ 1,200 per campaign.

On average, campaigns last three to four months. Carvertise will remove the ad from your car as soon as the campaign ends.

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5. Wrap

Wrapify website

Wrap works with brands that want to promote their offerings through “mobile billboards.” They place print ads on cars and pay drivers based on the number of miles they drive. If you want to make money with Wrapify, you will need to pass a background check and drive a 2010 or newer vehicle.

To sign up to work with Wrapify, download your app and create an account. The app will track your driving habits and send you campaign offers based on the places you visit frequently. If you see a campaign that interests you, sign up and go to a nearby Wrapify store to wrap your car.

The number of miles you drive within a campaign zone and the type of wrap you choose will determine how much you earn. If you opt for a full wrap, you can earn between $ 264 and $ 452 per month. With a partial adjustment, your earning potential will range from $ 196 to $ 280 per month.

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6. Local businesses

Local businesses are always looking for new and creative ways to advertise their products and services. This opens up an opportunity for you to contact them and ask if they would pay you to put your name, phone number, and logo on your car.

If they’re interested, come up with a fair offer (around $ 100 to $ 300 for a month-long campaign, for example) and negotiate from there. Keep in mind that a company that has been around for years may have a bigger budget, but a startup might be more willing to pay for ads.

Once you set the price and length of the campaign, you can work with a local sign maker to create a magnetic sign to put on your car.

7. Free Car Media

Free Car Media website

Free media for cars is a non-traditional marketing company that pays drivers to place advertisements on their cars. If you want to make money with the company, fill out an online application. If you are accepted, the company will send you an email with the details of the program.

Once you select a campaign, Free Car Media will send you an ad for your hatchback with instructions on how to place it in your car. If you want to make more money and drive with an advertisement all over your car, it will direct you to a nearby location for a professional installation.

Most programs with Free Car Media last six to 24 months and pay between $ 50 and $ 400 per month.

Track your mileage

Some companies will pay you in exchange for your mileage data. If you drive a lot and don’t mind selling that information, this is an easy way to earn passive income from your car.

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8. OnMyWay

OnMyWay website

I’m on my way is a data collection application that helps avoid distracted driving. If you go to the website and enter your phone number, you will get a link to download the application. You’ll earn $ 10 just for downloading it and $ 0.05 for every mile you drive without texting.

Although you will not receive a cash payment to your bank account, PayPal or Venmo account, you can exchange your earnings for offers in the app or at different lesser known stores like Hollywood Sensation or Jordan Lash. These offers are coupon codes that advertisers have purchased and have a value between $ 10 and $ 100.

9. Mobilo

Mobilo is an app that strives to put an end to distracted driving by rewarding users with points instead of cash. The application will activate Google Maps or another GPS application on your phone. If you detect a speed above 12 mph for at least two minutes, you will get points.

Mobilo will reward you with one point for every minute that you don’t use your phone. You will deduct one point each time you use your phone while driving. You can exchange your points for Mobilo, a new cryptocurrency. The company claims that in the future, insurance companies and others who value safe driving will accept Mobilo as a form of payment.

As of February 2020, the only product you can buy with cryptocurrency is Mobilio Airbag, which can help you if you have an accident while traveling with Zipcar or Share Now. If you buy it 30 minutes before your trip and you don’t use your phone during the trip, you can use the Mobilio Airbag to pay the damage fee that Zipcar or Share Now will charge you.

Be careful when investing money upfront

When you are looking for ways to generate passive income With your car, stay away from any business that requires you to make an initial investment. If you have to pay to apply or remove a wrap ad from your car, look elsewhere. In most cases, legitimate companies will not charge you to work for them.

It’s also important to be realistic about how much money you can make from your car. These opportunities won’t replace your full-time job, but they can help offset auto-related expenses like your loan payment, gas, or maintenance. Even if your car is paid for, it never hurts to have an additional source of income.

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