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For most vehicle owners, cars constitute liabilities because of the rising expenses such as fuel and maintenance costs. But, what if you had a way to make money with your vehicle? That would be a step towards diversifying your income streams and gaining some financial security. With that said, here are four simple ways to make the most out of your car financially.

Rent out your vehicle

silver car with a key

Have you noticed you do not use your car as much? Consider renting it out when you are not driving it during the working days or over the weekends. If your job location is just a few miles away from home, you can consider cycling to work instead of burning fuel and increasing your expenses. Car renting sites such as Turo, allow vehicle owners to make money renting their vehicles. You only need to set the price of your vehicle as well as its availability and location. Before you list your vehicle to rental agencies, be sure to confirm from your insurer whether such a move will not invalidate your insurance deal with them.

 

Place adverts on your car

 

It is possible to make money from your vehicle without renting it out to others. One way to do this is to place ads on your car. Choose a brand that appeals to you and get paid to promote the company. Mobile advertising may suit car owners who are always on the road and drive to big cities. You can also make extra cash from your car by working with sites such as CarQuids or Rollin Ads. Once you are an experienced driver, placing ads on your vehicle will be a win-win situation for you and the company you are promoting.

 

Medical transport services

 

You do not necessarily have to own an ambulance before you can make money sending people to the doctor’s office. In this generation, senior citizens and other people with medical issues often need to make routine visits to their doctors. If you own a fuel-efficient car such as a Peugeot Motability model, consider using it to transport patients who cannot drive to health centres. Bring smiles to the faces of patients while earning a decent amount of income for your good works.

 

Be a casual delivery driver

 

Yellow car with watermelons in the boot

Being a lifestyle courier is another simple strategy to make some money without working too much. It involves getting paid to drive and deliver items. As online retail stores work harder amidst the Coronavirus lockdown, the need for delivery drivers is rising sharply. As a car owner, you may want to convert that golden opportunity to make money. Online retailers like Amazon Flex offer delivery service opportunities for car owners to gain self-employment. For one to be a qualified courier, you may have to show your valid driver’s license and be familiar with your locality. Some casual delivery drivers make as much as £15 per hour.

It is possible to make passive income with your car, and you can try any of the above methods.

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