It’s often said that buying a car is one of the worst financial decisions you can make. Indeed, it is true that it’s a depreciating asset that loses half its value the moment you buy it.

However, there’s no reason why you can’t combine the pleasures of car ownership and still manage to get some return on your investment.

Here are a few ideas on how to do just that, make money with your car.

Car Sharing

Car sharing

While I won’t include becoming a fully-fledged Uber driver in this article, although it’s a bonafide way of making money with your car, I will suggest you check out apps/sites like LiftShare or Blablacar.

These websites will allow you to get in touch with people similar transportation needs to your own. 

Say, for example, you were driving from London to Liverpool. You could post your “trip” on Blablcar and “sell” spots on your car for a price you decide.

Blablacar users can then search the app or site to find people who can, essentially, give them a lift to where they need to go.

Rent Your Car

Rent your car

It seems like an obvious thing to do, but what might not be so obvious, is how easy it is doing this nowadays.

Thanks to advances in technology and communication, renting out your car sporadically to make some extra cash is quick and straightforward.

A popular app/website that has recently launched is Drivy. This peer-to-peer network allows people to hire/rent out cars seamlessly. The site takes care of all the logistical issues, even covering your vehicle with insurance from Allianz and 24/7 breakdown cover from the AA.

Drivy claims you can make up to £800 a month. While this may very well be at the top end of the scale, it could be worth a try to see what you can get.

Advertise On Your Car

Advertise on your car

A sure-fire way to turn heads as you drive down the street. While some people would find this method somewhat “tacky”, if all you are looking for your car is a method of transportation, this can be a perfect way also to turn it into a money earner.

Many companies will pay substantial amounts of money to people who display advertisements on their cars. Of course, there will be some strings attached. It’s not enough o have the advertising since it has to be shown to consumers. You may have to commit to driving around the city for a certain amount of hours or leaving the car parked in a busy area.

If this is something you think you might be interested in, check out https://carvertise.com/drivers/.

Download Mileup

Download Mileup

By far the easiest way to make money with your car. All you have to do is drive!

Using Mileup, you can do just this.

Just follow these easy steps.

  1. Download the app
  2. Earn points by driving
  3. Exchange your points for goods.

While I don’t think you can cash out your points, this is a great way to obtain valuable goods for merely driving. You can find a great variety of products to exchange your points for. Anything from headphones to watches or even smartphones and Ipads.

If, like me, you are wondering what exactly Mileup in getting in return, let me assuage your concerns.

Mileup, like most apps on your phone, will be tracking your movement and behaviour while you drive and selling this information to companies.

Conclusion

Making money with your car is easy and lucrative, mostly thanks to the emergence of the sharing economy. So get your car out on the street and put it to work. And not to be done while you are in your car, take a look at this post on Apps To Make Money (UK) for some more money-making ideas.