Not only are cars a large initial investment, but they also cost a lot to keep and maintain. For the savvy extra earners, though, your vehicle can be the key to bringing in some additional cash.
The gig economy has birthed a myriad of platforms that offer drivers flexible opportunities to make money on their terms using their car, truck, or even RV! From ridesharing, delivery services, and peer to peer renting, there are several options to put your investment to work and supplement your income.
Are you that friend with a truck who always seems to be the most popular person on moving day? Now you can be that person with a truck who earns up to $24,000 a year extra (according to their website) by lending out their truck on FluidMarket. The truck sharing company offers the same basic service as car sharing platforms but specifically for trucks. While earnings depend on your type of truck and how often you rent it out, you can feel at ease by the fact that you’re insured up to $300,000, you keep 80 percent of the rate, and every renter is vetted through a DMV background check.
Uber + Lyft
This is the OG way to earn extra cash with your car. Platforms like Lyft and Uber are so flexible and easy to use that they can make for a great supplement to your income. Lyft continues to improve its platform with higher earning incentives for driving during peak hours, giving three rides in a row, and driving a certain amount per week. If you’re signing up for the first time, keep an eye out for sign up bonuses or get a referral link from someone you know to earn more.
Postmates + Uber Eats
You don’t have to chauffeur people around to make money driving around. Postmates and Uber Eats are two of the top third party food delivery platforms. Simply sign up to be a driver and you’ll pick up orders from restaurants and deliver them to the people who ordered it. Pretty straightforward and perfect for when you’re not in the mood for small talk. You can earn extra by driving during peak times and completing a certain number of deliveries per week.
No, it’s not a myth: being a mystery shopper is actually a way to earn some extra dough. While there are definitely fake or very low budget mystery shopping companies out there, BestMark is the best bet to do it through. It’s not as quick and easy to apply as the gig economy platforms mentioned so far. You have to apply for consideration, which is not guaranteed. You need to have a car so that you can visit various retail locations.
Unless you live in your RV, you should be taking advantage of RVShare. Another peer to peer rental platform, RVShare gives RV owners the opportunity to rent out their RV when they’re not using it. You can earn $120 to $365 per day according to their website, depending on the type of RV and how often you rent it out. You can review and approve all of your potential renters before renting. You’ll also receive 1-on-1 support, rental insurance coverage, and verification of the people who rent your RV.
Outdoorsy is another fantastic option for RVers looking to make a little extra cash when they’re not using their vehicle. What sets Outdoorsy apart is their strong emphasis on safety. They offer up to an outstanding 1 million dollars liability insurance coverage on approved rentals. Outdoorsy also touts the high rating average of its renter community, and offers peace of mind with 24/7 roadside assistance, DMV background checks on renters, and a dedicated customer service team.
Carvertise + Wrapify
Turns out you don’t need to own a billboard to make money off advertising. Carvertise and Wrapify both offer the opportunity for drivers to earn by placing advertisements on their vehicles. Drivers, upon approval, get matched with campaigns in their area that they can choose to accept. An ad that either partially or fully covers your car will be wrapped on your vehicle if you accept, and will remain on for the duration of the campaign. Carvertise quotes that you can make $300 to $1200 per campaign. Wrapify estimates you can make $84 to $452 per month, depending on the coverage of the ad on your vehicle and other factors.
This option is from the “make money by saving money” school of thought. Gabi is a car and home insurance comparison service. Simply link your existing auto insurance account with them or send them your policy documents and they’ll compare your current rates with over 20 different other options. They claim you can save an average of $460 a year. Why not see if you can?
Zebra Insurance is another fabulous option for cutting down your car insurance rates. Start by entering your zip code and filling in some simple information and you’ll see the options you have for coverage in your area. It’s so much simpler and more efficient than going to each provider’s website and checking rates one-by-one. You’ll ultimately save a bunch of dough by seeing all that’s on offer and being able to choose the most cost efficient option.
This is not another typical auto insurance. If you’re a low mileage driver, MetroMile offers the amazing ability to pay-per-mile for your auto insurance coverage. With this insurance you pay a low base rate and have a per mile rate as the remainder of your premium. The per mile rate is pennies per mile. This can be a great saver if you don’t drive a lot, you have a secondary vehicle, or your driving tendencies fluctuate.