If you are looking to earn money from your vehicle, selling your car is probably the most obvious option. Finding out your car worth
is easy with our app, but if you aren’t looking to sell your car just yet, there are a few ways that you can earn extra money by using your vehicle. We have taken a look at some of these below:Sell advertising space
If you don’t mind having your car covered in advertising, then you could let businesses use your vehicle as a tool for promoting their business.
If you agree to do this, your car will be wrapped in a self-adhesive printed film known as a car wrap. You can usually decide how much of your car you want to be covered, which will there determine how much money you will earn.
There are different companies who offer varying amounts to advertise on your car, but the average amount seems to be between £100-£200 a month, which works out at £1200 - £2400 a year, which can help to cover the running costs of keeping the car on the road.
Some companies will require you to sign a contract that lasts for a few years, and you must drive a certain number of miles in that time, so make sure you read the small print. It is also worth checking with your insurance company to see whether having the advertising on your bodywork will increase your premiums.Become a courier
If you do a lot of driving, you could look into whether someone needs a package delivered en route. One easy way to do this is with a site called Nimber, which allows you to make a delivery to a place you would have been going to anyway.
All you need to do is fill in a form with a few details, and the site matches you with courier jobs based on the routes you travel regularly, meaning you can accept them if it suits you. If you accept, you are put into contact with the sender, with whom you can arrange a time and meeting place suitable for the both of you.
There are other options available, including some that specifically refer to van drivers, so it might be worth looking into if you are a frequent traveller. It is important to remember that you extend your insurance cover to Carriage of Goods for Hire and Reward to ensure the items you deliver are protected.Become an Uber driver
Rather than transporting goods, you can get paid for transporting people as an Uber driver. It could be taking someone to work, taking a group of friends to the pub or ferrying people to the airport.
There are a few conditions that are worth noting, including:
- Your car must be less than five years old and must be a suitable model (found on Uber’s website). Selling your car and purchasing a new model may be an option if you are looking to do this long term.
- There is some initial outlay, including gaining a private hire licence (you can apply for through your local council), and tests to ensure your vehicle is roadworthy.
After this, you can get underway earning money! Uber claims the average driver earns around £15 an hour, after its 20-25% service fee.Rent out your car
If you have a car that you don’t use all the time, you can earn money by loaning it out. EasyCar Club is a website which can match people who want to borrow a car with those people who have a car to rent out, and claims that you can make up to £1,500 a year or more.
It automatically screens drivers booking the cars, and you can accept or decline each booking. Membership is free, and you can also set your own rental price.
As with Uber, there are a few conditions with membership, including:
- The car cannot be more than 15 years’ old
- Mileage must be under 120,000
- Replacement value must be £40,000 or less
- Vehicle must have valid MOT certificate, road tax and existing insurance
If you don’t fancy renting out your car, you could also rent out the parking space you use for when it’s not there. If you have a garage, driveway or off-street space spare, you can rent it out with a number of potential websites.
This service is great for people who live close to major sports stadiums, music venues or festival locations. Some sites claim you can earn between £40-£450 a month from renting your parking space, so it might be worth looking into if you are in a prime location.Car share
Although it’s not technically making money, it is a form of potentially saving money in the long term. You could look into splitting the journey with your work colleagues, or share the school run.
Alternatively, there are websites where you can find people who travel in the same direction as you, meaning you can share your journeys. LiftShare can help you find such people, and there are other sites like BlaBlaCar who cover journeys a bit further, such as other parts of the UK or mainland Europe.
You can list your upcoming journeys, along with available seats and where you will be stopping. You can then make back the petrol money from other users heading your way.
Just bear in mind, you cannot make a profit from car sharing. If you do, you are likely to invalidate both your tax and insurance. However, the money you save on petrol bills can be put towards other things, such as savings and everyday expenditure.
These are just a few ways you can earn some extra money using your car, aside from selling it. It is worth remembering that the income you make from these services may well be taxable, so you should declare the extra income to HMRC.