How to make extra cash with your car

12 Feb 2021

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Owning a vehicle can be an expensive task, with the purchasing price, the registration, insurance, upkeep and more eating into the budget, so why not try to make some money off it?

The average motorist drives 13,400km per year, according to the Australian Bureau of Statistics. That equates to about 258km per week, which sounds low. But if you’re the ‘average motorist’ there’s probably a fair chunk of time where the car doesn’t get any use, yet it still costs you money. So, why not try to maximise use out of your car, and turn some idle time into some dollars - here are five ideas that could produce extra cash just by using your car.

5. Rideshare

Perhaps the most obvious way to make extra money with your car is through signing up to a rideshare service. Yes, if your car is relatively new and in good condition, you could be eligible to drive on a platform including Uber, DiDi, and others. A new addition to the rideshare world is Shebah, which is run by women for women (plus children). Certain age restrictions for your vehicle apply to be a rideshare driver, and you’ll likely need to adjust your insurance and registration accordingly - you don’t want to be caught out in a crash, and discover you are not covered for rideshare!

4. Car Rental

If you want to make extra money from your car, but don’t want to actually drive, making your car a rental car could be the answer. Technically called ‘car sharing services’, these relatively new apps enable you to rent your car to whomever you like, whenever you like. Apps include CarNextDoor, and DriveMyCar. CarNextDoor usually rents cars for $25-$40 a day, while the app also reimburses you 25c/km to cover petrol and maintenance. In the event of an accident, CarNextDoor’s comprehensive insurance covers your vehicle.

3. Meal Delivery

Meal delivery may be a more suitable option if you are a younger driver or have an older car. For example, with UberEats, your car only needs to be a 1998 model or newer, as opposed to tougher restrictions on the rideshare side of things. New for 2021, the Uber Eats app displays drivers with upfront delivery information, including minimum earnings. Again, you’ll have to review your insurance to make sure you are covered for meal delivery.

2. Advertising

If you tend to drive a lot, and don’t want to deal with stinky meals or stinky passengers in your car, advertising could be an option. Brands such as OpenAds and Wrapify wrap your car in various ads, and you are paid based on how much and how far you drive. It’s estimated you could earn up to $400 a month, which could be a handy addition to the bank account, covering petrol and maintenance. That is, if you don’t care about the aesthetics of advertising on your car.

1 . Rent Out Your Parking Space

This final option might actually apply more if you don’t actually have a car! If you have a spare parking spot you don’t use, you could rent it out. Various websites such as Spacer and Parkhound allow you to rent out your driveway or space to people who need a place to park. This could be especially useful if you live in or near a CBD so commuters can rent your unused spot. You can accept or reject whomever you want as the requests come in. Parking is usually booked on a monthly basis, so it really only makes sense if you’re renting it out to commuters who have a regular travel pattern. For example, on Spacer, parking in the Brisbane CBD is rented out for around $200-$300 per month, while Sydney and Melbourne tend to yield more, but keep in mind Spacer takes a 15% cut. Compared to daily parking for a commuter, which can cost upwards of $20 a day at the best of times, this could work out to be a much more attractive option.

Interested in financing a new car? At Carloans.com.au, we work with reputable banks and lenders to find the most competitive interest rate for you. Have bad credit? That’s no problem - some of our lenders are happy to give you a second chance. Enquire with one of our finance specialists today.

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