March 9, 2023
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Owning a car is an expensive business these days. It currently costs around £95 to fill a fuel tank with diesel, which is a hefty sum of money. Other costs like maintenance have also risen, and buying a used car is more expensive than ever. If you own a car and would like to use it to earn some extra money, here are a few ideas to try.
Ride-share services like Uber have gone from strength to strength in recent years, and in larger cities, they are very popular. It’s fairly simple to sign up as a driver, but there are certain requirements to be aware of and opportunities will vary depending on where you live.
Another option is to set up on your own. This works well if Uber isn’t licensed in your town or city. You’ll need a private hire licence from your local council in addition to meeting other requirements.
If the flexibility of being a part-time taxi driver appeals, look into things like tax insurance and how much competition there is. Search for taxi insurance quotes and bear in mind that factors like the age of the vehicle will affect the quote.
Parking places in many large cities are at a premium. People who commute often struggle to find parking if they don’t have access to on-site parking at their place of work. Anyone with a driveway to spare in an in-demand area, such as close to a hospital or airport, can make money from renting out this space.
You’ll need to find somewhere else to park your own car, but if you have a garage, that’s not a problem. You could even rent out your garage for long-term, secure parking, and leave your own car on the drive!
Many of the big names like Amazon use self-employed couriers to deliver packages. This is a good job if you have a larger vehicle or even a van. You can pick up as much or as little work as you like, and you don’t need to interact with people if being friendly isn’t your thing.
There are a few things to note, such as the fact you will need to tell your insurance company about the work, as many policies don’t allow for the vehicle to be used commercially; it’ll also increase your insurance premium.
It’s also important to factor in the cost to you of being stuck in traffic. Since time is of the essence when delivering packages, the longer it takes, the less you earn.
Car wraps are a useful advertising tool for local and national brands. Your car can earn you money as an advertisement on wheels if you spend enough time on the road and in the right places. Companies are willing to pay vehicle owners money in return for the car sporting stickers or full body wraps. Check out sites like Car Quids to learn more.
Don’t let your car drain your bank account each year. Follow one of the tips above and make it earn you some money for a change!
To begin, you'll either need to meet the specific requirements of a ride-sharing service like Uber or, if you're going independent, obtain a private hire licence from your local council. You will also need to arrange for specialist taxi insurance.
It can be very profitable, particularly if your home is in a prime location where parking is limited, such as near a train station, city centre, or major workplace. It provides a simple way to generate passive income from an existing asset.
You must inform your insurance provider that you'll be using your vehicle for commercial purposes, which will increase your premium. Also, consider how traffic can impact your earnings, since delays mean you complete fewer deliveries.
Companies pay you to display their branding on your vehicle, either with stickers or a full vinyl wrap. Your potential earnings depend on factors like your daily mileage and the areas you typically drive through. Services exist to connect drivers with interested brands.
Yes, most standard car insurance policies do not cover commercial use. If you plan to work as a taxi driver or a courier, you must notify your insurer to get the correct coverage, which will almost certainly increase your premium.