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- How Do I Make Money Renting My Car Out?
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You got a new car a while ago, and you’re realizing just how much it costs to maintain and repair it. Now, you’re considering renting your car out to make some extra money for yourself. However, you’re not quite sure it’s possible to rent your car out for money.
According to a report released by the U.S. Department of Labor’s U.S. Bureau of Labor Statistics, Consumer Expenditure in 2016, Americans spend an average of $4,793 a year to operate and maintain their vehicles.
This goes a long way to explaining the need to find a way to make some money out of it, whilst it’s still usable. That genuine need bore the idea and fueled the execution of this post. So, stay with me as we explore 10 ways to make money by renting your car out.
How Do I Make Money Renting My Car Out?
Here are ten very simple ways to rent your car out and make money that doesn’t necessarily require any special skills.
#1. Rent Out Your Car
Do you leave your car in the garage on weekends? Do you use the bus, subway, or train to work on weekdays and leave the car on the driveway all week? Or do you take long travels without the car?
Websites like Turo make it possible for you to put the car to good use during these periods. However, the car has to be of a particular market value and age.
If you meet the requirements, you would just need to set a price, say when the car will be available, and where the renter can pick it up.
Also, you can choose to rent your car out to a friend you trust. They probably would want to use it as a taxi but do not want to rent from Uber.
The renting price would depend on the type of car you own. Luxury cars, of course, cost more than regular cars. This can easily earn you about $15 to $25 daily.
#2. Wrap Your Car in Adverts
Generally, making extra money renting out your car will surely involve putting “extra” miles on your car. Wrapping your cars in adverts, however, does not involve driving than you normally would.
Sign up on Wrapify and connect with potential advertisers. The service tracks your daily routes for a while and matches you with local or national companies willing to work with you.
You can choose to not advertise a brand on your car. However, if you decide to ahead with it, they wrap your cars either fully or partially with their adverts. You could make $100 to $450 without having to do anything out of the ordinary, depending on the car and how much of your car is covered.
Please, do well to remember that as a brand ambassador, you will have to be on your best behavior on the steering. Reckless driving whilst advertising a brand on your car will not create the best impression.
#3. Ride-Sharing or Carpooling
People would always need to be transported as they go about their business. You could offer that service and get paid for that. Companies like Lyft and Uber offer services that can connect you to people who need your services.
However, you’d need to meet their requirements like, the car would have to be new and have four doors, as well as other standards depending on the state.
Also, you can try transporting school kids to and from school. So, the commute would be in the mornings and evenings, leaving the rest of the day free for you.
The requirements for you to rent out your car for this purpose are more detailed. You’ll need to have a clean driving record, be at least 23 years old, and have a 5-year experience with kids.
#4. Elder Transit
You get to drive people who are too old or too young to drive around. So, some of them use the services of ridesharing companies like ElderCare to get across to people around who rent out their cars for the services they need.
If you love to take care of the elderly, this job is right down your alley. You get matched to a client that needs your services and if you’re interested, you drive down and pick them up.
In some cities, Uber and Lyft already provide this section for you to get paid to drive your car.
#5. Deliver for Amazon
Delivering packages to people is another way of making money by renting your car out. Companies like AmazonFlex offer the service of delivering packages to people.
To become a courier for Amazon, you’d need to have your car with a valid driver’s license, pass a background check, and have a sound knowledge of that area.
So, when you sign up as a courier, you pick up packages at the warehouse, get directions to your delivery from the app, deliver it and you can make $18 to $25 an hour.
#6. Help People Move
After college, I got a job and had to move to a different state. Now, I have never been a fan of having to pack and struggle with luggage. So, I searched for a guy on Craigslist with a van and had him help me move my stuff to my new place.
Having a huge car is not so compulsory, however, it will make your job offers limitless. So, if you have a cargo van or a box truck, you can check out GoShare for more job offers and make $20 to $50 renting out your car out.
#7. Become a Tasker for TaskRabbit
To become a tasker on task rabbit, you should be at least 18 years old, with a US social security number, a smartphone, a checking account, and a valid credit card. You would also need to pass a background check and be able to work in any of TaskRabbit’s active metro areas in the US.
It doesn’t matter exactly what skill you have, there will surely be someone in need of your services. Whether it’s moving homes, hanging picture frames, fixing appliances, or installing lightning you could earn between $25-$100 per task to rent out your car for their services.
However, you’d have to Sign up on Task Rabbit, to get those opportunities.
#8. Lease Out Your Car
Have you ever wondered who those cars parked at the airport belong to? People rent their cars out to drivers arriving at the airports. They park the cars at the airports for free, so interested parties can rent them for an agreed-upon period with a company like FlightCar.
You can meet your rentee at the airport or any agreed-upon location via an app like Turo. The rates may differ but Turo estimates a profit of $3,466 for renting out a $14,000 car for 10 days in a month.
#9. Try A Star Turn
Did you know that you could turn your car into a movie star? Most of the vehicles you see featured in movies were rented for those “parts”. You can connect with companies that lease vehicles to the movies.
This could assure you of a claim to some tax benefits when your cars start getting featured in movies. You earn money depending on the value of the car as well as the production.
Now, here’s the tricky part. You may be asked to pay a membership fee. However, that is no guarantee your work will be featured in movies.
#10. Become A Shopper
This is perfect for people that enjoy grocery shopping. Some families struggle with finding time to do things as common as grocery shopping. With a car and a love for the activity, you could swoop in and help solve that challenge.
Delivering groceries with companies like Instacart and Shipt pay up to $25 an hour. They allow drivers to get paid to deliver groceries, offering the freedom to work as many hours as they want on flexible work hours.
The upside of this is, you get to listen to your favorite songs, audiobooks, or podcasts while you get paid to rent your car out for this service.
I bet you didn’t know you know you could make money in the ways I just listed above with your car. Fortunately, most of these opportunities offer flexible working hours. So, you can use them as side hustles to earn some extra income.
Even if you don’t need extra income just yet, there’s no such thing as “too much money”. You could start saving up for retirement or something else.
However, check with your car insurance company to see if renting your car out affects your car insurance. This should be carefully addressed, as I’m certain it cost a lot to get, and you wouldn’t want to lose expensive car insurance.
Go through the list and choose an opportunity to make money by renting your car out.
If there are other ways to rent your car out for money you’ve tried and enjoyed, let me know in the comment section.