If you commute to work by train, bike, or on foot, chances are you aren’t using your car to its full potential.
With the cost of living so high at the minute, it makes sense to try and earn money from your car wherever possible.
Whilst there will always be certain expenses to put up with - like fuel costs – you could be earning money on your car in other ways.
Read on and find out how to earn money transporting passengers, delivering goods and even by renting your car out for wedding hire.
How Do I Make Money as a Rideshare Driver?
If you enjoy driving, you can put your vehicle to good use and make money as a rideshare driver by working for a company like Uber.
This is a great way to earn money on a flexible schedule – you could earn, on average, £15 an hour working as an Uber driver.
The amount you earn using the Uber Drive app will depend on what, where, when and how regularly you drive.
Your earnings from Uber are calculated based on the fares from the trips, promotions that offer extra cash, and any tips from people you pick up or deliver to.
You can check the heat map in the app to find out where and when there is a high demand for drivers, so that you can earn even more than usual.
To drive on the Uber app, you will need a private hire licence from a council that Uber is licensed by.
You will also need a valid UK driver’s licence and must be at least 21 years of age.
When you are uploading your documents during the sign-up stage, you will need to provide a bank statement for the bank account which will receive your payments from Uber, and a driver profile photo taken at the Uber Greenlight Hub.
The years of driving experience required can vary depending on which city you are based in.
If applicable, you may also need to register for VAT. You may not be allowed to drive for Uber if you have certain driving offences.
Other rideshare apps include Bolt and FREE NOW, so there are plenty of good ridesharing options out there to choose from – though you may find that some ridesharing apps aren’t available in smaller towns.
How Can I Earn Money as a Delivery Driver?
Speaking of Uber, have you ever thought about becoming a delivery driver with a service like Uber Eats?
When making deliveries for commerical purposes, you will need the correct insurance on your vehicle. You will need to tell your insurer that you are involved in the ‘carriage of goods for hire and reward’ - this will probably increase your premium, but you could invalidate your insurance policy if you neglect to do so.
Becoming a delivery driver is a great option if you want to choose your own working days and hours. You can earn money to a schedule that works for you – perfect if you have other family or work commitments, or if you want to earn money alongside studying.
Many delivery jobs will pay you in relation to how much you deliver, which can be motivating. If you are more introverted, then you won’t have to communicate too much with customers either.
Likewise, unlike a full-time contract, your income may not be guaranteed, and you could be faced with busy weekends and quiet weekdays.
Can I Rent Out My Car?
Alternatively, you can list your car for free on websites like Turo.
You can rent your privately-owned car out to other people, earning over £400 a month from trips they take in your vehicle.
There is no sign-up charge, and you can set your own daily price.
This is a great option if you tend to go through periods where you don’t use your vehicle as much.
How Will I Earn Money by Renting Out My Parking Space?
The amount of money you earn can vary depending on the location of the space, how long you plan on renting it, and how often you are going to rent it out.
If you want to rent out your garage – which you can do on sites like Stashbee - or parking space, you may need permission from your landlord, if applicable.
How Can I Make Money Using My Car as an Advert?
These companies will match you with a campaign. Your vehicle can then be branded by professional car graphics specialists, and you can be paid each month to drive your car as an advert for the campaign.
The ads can be easily removed from your vehicle and should not damage your car. You are allowed to reject any adverts you are not happy with.
You can earn up to £100 a month on CarQuids. If you drive for Drovo, you can earn up to £500 a month – depending on where you live and how often you drive during a campaign.
Newer models and vehicles which can cover a lot of miles are especially favoured. You may be asked to clean your vehicle regularly, so make sure you have a sponge at the ready.
Can I Hire My Car Out for Weddings?
If you are driving the vehicle to a wedding yourself, you should dress smartly, drive smoothly and make sure that the car is working properly well in advance.
There are plenty of vintage car enthusiasts out there who will be keen to add a touch of glamour to their big day, and you can help them to do just that.
You can also rent the vehicle out and let other drivers experience the thrill of driving a classic, luxury or sporty car.
What If I Want to Scrap My Car?
Lastly, if you are really strapped for cash and your car needs repairs which would cost more than the vehicle itself, you could consider scrapping the car altogether.
If your car has serious mechanical issues or is otherwise damaged, then scrapping it could be a cost-effective option.
That being said, it can be hard to gauge how much your car will be worth as scrap, given that the market fluctuates.
You can use a car scrap calculator to work this out – the price can depend on the size, weight, age, price and running costs of your car.
We hope that you have enjoyed learning about how to earn money from your car.
If you would like to learn more about taking care of your vehicle on a budget, we have plenty of other interesting and informative blogs for you to check out.