June 20, 2013

How to Make Money on Your Car

Some people look at their cars as status symbols, while others may feel that their car is a machine that provides them with convenience. Regardless of how you view your car, you can use it to make some money.

There are several ways to make money on your car, but make sure you do your due diligence before starting. Remember, your car is an investment and just like any other investment you have, you should protect it. Make it a point to get a comprehensive insurance policy that covers your car completely and gives you peace of mind, should you be using it to earn some extra income.

Private Taxi Service

You can use your car to start a private taxi service. However, find out details regarding necessary permits and licences for the area; just having a driving licence will not suffice. You can use your car to provide taxi services to tourists on the weekends and double up as a tour guide, or you can even offer the service for weddings, parties and other occasions. As a private taxi service, the options to hire out your vehicle are only limited by your imagination.

Renting Your Car

Check with rentals in your town or city whether they would be willing to take on your car as part of their fleet. This is a convenient option, as you will not have to be behind the steering wheel driving around your car or looking for customers. Instead, the rental agency would take care of it and you would earn a passive income by renting out your vehicle. You also can make arrangements with the rental agency to rent out your car on days when you are not using it.

Become the School Bus

If you always drive your children to school and drive the same route as lots of other children in their school class, how about making some money by becoming the new school bus? You can make money by charging other parents a nominal amount for dropping and picking up their kids. It requires you to be particular about your timing and finding a route that covers all the homes while taking the shortest route possible.

Loaning Your Car for Shoots

If you have a posh and good-looking car, you can make the brand work to your advantage. You can rent out your car to amateur film makers and professional photographers. You can advertise this in the local classifieds and you will be amazed at the response you can get. Many people do not think about this avenue of making money, but it can be lucrative, especially if you get established in this field.

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