Owning a car comes with regular expenses such as fuel and maintenance. Wouldn't it be great if you could earn passive income with your car to offset some of these expenses and make additional money? The good news is that there are ways to earn passive income with your car.
In this article, we'll talk about three main ways to earn money with your car passively. We'll talk about renting out your car, putting advertisements on your car, selling your driving data, and ways to save money on car expenses, which in turn gives you more money.
We won't discuss ridesharing or delivering food, as that type of income requires you to do work in order to earn it. Instead, let's focus on making the income earned from your car as passive as possible.
Renting Out Your Car
One way to earn passive income with your car is to rent it out. There are three websites that are great places to make money renting out your car.
Getaround is an app that links you up with people in your area who are looking to rent a vehicle. It's possible to earn hundreds of dollars per month if your car is eligible to be rented.
Here are some of the eligibility requirements as of Getaround's last update on October 15th, 2021:
- The vehicle must be well maintained and must have documentation of the last major service performed.
- The vehicle must have a model year of 2007 or newer.
- Fewer than 125,000 miles.
- 10 or fewer guest seats.
- Private passenger vehicle with 4 or more wheels (no motorcycles).
- Photos uploaded that show all four sides of the vehicle.
- Must be of an eligible vehicle type.
The full Getaround vehicle requirements can be found at this link.
Getaround has a complete list of charges and fees for both car owners and renters on their website. We believe they go out of their way to fully protect you and your car as you rent it out to people to earn money.
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Turo works similarly to Getaround in that you can rent your car out to people in your area who need a car for a few hours or a few days.
Turo offers different levels of insurance, which impacts how much of your daily rate you take home and how much Turo keeps.
Here are some of the eligibility requirements on Turo:
- The vehicle must be well-maintained.
- The vehicle must be registered in any state except New York.
- Must not be more than 12 years old.
- Meet Turo's insurance requirements (see Turo's website)
- Have a fair market value of up to $150,000
In addition, Turo allows you to list specialty or classic cars that have additional requirements.
Turo also has Canada-based eligibility requirements that you can find here.
Turo will recommend how much money to list your car for, but you are free to choose whatever price you'd like, which has the potential for earning you more money.
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HyreCar works differently than Getaround and Turo in that you're renting your car out specifically to Uber and Lyft drivers versus people needing a car for personal use.
You'll need to have your car inspected by Uber or Lyft and upload photos of your car, as well as provide car registration details.
HyreCar states that it's possible to earn up to $1,000 per month renting out your car to drivers working for Uber or Lyft. This can be an excellent source of passive income from your car and a great way to pay off your auto loan more quickly or build up your savings and investments if you don't need your car all the time.
Advertising On Your Car
Another way to earn passive income with your car is to place advertisements on it. This will likely earn you less money than renting out your car, but in this case, you won't have to worry about something happening to it. Instead, you'll earn money simply by having the advertisements on your car and driving to and from work, and anywhere else you frequent.
Carvertise is an advertising company that links up drivers that want to earn extra money with brands who advertise in their area. There are certain requirements to advertise with Carvertise, such as driving at least 30 miles per day and owning a car that's from the year 2008 or newer.
You'll fill out a questionnaire and be matched up with brands in the areas that you drive.
Carvertise has centers where you'll bring your car to have it professionally wrapped with ads. It's up to you whether or not you want part of your car wrapped with advertisements or your entire car.
Different campaigns pay different amounts of money, though on average, you'll earn $300 to $1,200 per campaign, and each campaign lasts three to four months.
Once the campaign is finished, Carvertise's representatives will safely remove the ads from your car.
You'll need to live in areas where Carvertise does business, and if you do, this can be an easy way to earn passive income with your car.
Wrapify is similar to Carvertise in that you wrap your car with advertisements, however in the case of Wrapify, you'll be paid based on how many miles you drive.
To get started, you'll download an app and create a free account. The app tracks how you drive, such as where you go and how much you drive, and you'll then get offers based on the locations you visit frequently.
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If you find an offer you like, you'll sign up and take your car to a Wrapify location to get it professionally wrapped.
Similar to Carvertise, you'll make more money for opting for a full-car wrap versus a partial wrap.
6. Free Car Media
Free Car Media is a marketing company similar to Carvertise and Wrapify, and will pay you to place advertisements on your car. They will mail you the ads, or you can have them professionally installed.
Free Car Media reports that you can earn up to $400 per month for an ad campaign, though campaigns can pay as little as $50 per month as well.
Sell Your Driving Data
One way to earn passive income with your car while optionally also wrapping it with advertisements is to sell your driving and mileage data. You won't earn a ton of money doing this, but it's still an easy way to make money by just driving your car each day.
OnMyWay is an app where you can earn passive income while driving simply by keeping your phone locked. The concept behind this app is that the app creators want to create safer driving conditions by encouraging drivers not to text or use their phones while they're behind the wheel.
You'll get paid $0.05 per mile for every mile you drive without texting or using your phone. Passengers can also earn money if they're signed up for the app.
Money earned with OnMyWay can be cashed out via in-app deals, such as money towards a smartwatch or luxury bedding. In addition, you can earn money just by signing up and for signing up friends and family.
Reverse Passive Income From Your Car
Reverse passive income is when you do things to save money, such as canceling subscriptions that you're not using or taking advantage of credit card cashback benefits. However, when it comes to your car, there are a few ways to save money that could be considered reverse passive income.
8. Fill Up When Gas Is Cheapest
If you can time it right, fill up your gas tank when gas is the cheapest in order to save money on fuel costs. According to GasBuddy, the cheapest day to fill up is on Mondays, and the most expensive day is Fridays.
Additionally, when there's an option, fill up at a gas station that has lower prices. If you have a BJs membership, for example, you can generally save
9. Keep Your Car Well Maintained
You can save money on car expenses by keeping your car well maintained. This includes changing your oil on time, keeping an eye on tire pressure, and ensuring all of your fluids are at the correct levels. You'll have less expensive maintenance costs by taking good care of your car since you'll help prevent unexpected failures that could be costly.
10. Compare Prices From Different Service Centers
Once in a while, you'll need to take your car in for service. Not all service centers are equal. When performing major maintenance on your car, get estimates from nearby centers and mechanics. Oftentimes, you'll find that the estimates will differ by quite a bit.
Of course, that's not to say that you should bring your car to a low-quality shop in order to save money. Instead, read reviews of service centers in your area and find the center that provides quality service at an affordable price. Saving money this way is a form of reverse passive income that you can earn with your car.
Wrapping It Up
Whether you rent out your car, wrap it with advertisements, sell your driving data, or simply save money on automobile costs, earning passive income with your car is a great way to supplement your monthly income.
In fact, if you earn even $100 a month passively with your car, you have many investing options. Check out these ways to invest $100.
Dave is a Certified Educator in Personal Finance (CEPF®) and is passionate about spreading financial literacy. He founded Clean Cut Finance in 2021 and has been featured on websites like Yahoo! Finance, MoneyGeeks, and GoBankingRates. In his spare time, Dave enjoys experimenting in the kitchen, racing simulation, and reading.