Whether you’ve been behind the wheel for years or have just purchased your first car, there’s one thing that most drivers can agree on: getting and staying on the road can be costly. It’s not just the initial car purchase that you need to think about; insurance, car tax, fuel, and regular maintenance costs can all quickly add up each month or year. In fact, for many drivers, expenses can mount up so quickly that they may even consider getting rid of their car and finding an alternative way to get around. But the good news is that there are several things that you can do to help your car pay for itself.
#1. Rent Your Car Out:
Today, there are many car rental schemes that provide a cheaper alternative to renting a car from a big-name brand. If you drive on the weekend but your car tends to be parked up throughout the week, it’s literally just sitting there costing you money for five out of seven days. Instead, it’s a great idea to consider making some of that money back by renting your vehicle out to others, with a potential income of £3,000 a year to be made. Don’t forget to double check with your insurer before renting out your car; you may need to change your policy to avoid it becoming invalid.
#2. Rent Out Your Parking Space:
Perhaps you’re in the opposite situation to the above, where you’re driving your car almost every day of the week. But if you commute to work, that leaves your parking space available for most of the day. Renting out your parking space can be a great way to make some extra income, particularly if you live in or close to a city centre. Busy locations such as cities tend to be congested with very few parking spaces, and if you are able to find somewhere to park it’s usually very expensive. So, it’s no surprise that many drivers are looking into alternative options such as privately rented spaces.
#3. Advertise with Your Car:
Driving around with ads plastered on your car might not be the most aesthetically pleasing of options, but it can certainly help you make some extra cash to pay for your wheels. It is even better if you can find a brand that you love and don’t mind using your car to promote! And, the adverts are usually stickers that can be easily removed from your car once you’re done, making it a very worthwhile option to consider if you are in need of a temporary solution to make some extra money.
#4. Car Share:
If you’re the kind of person who’s always offering people lifts, then why not make some money from it? If you commute to work on your own, then you have empty seats in your car, which could be taken by colleagues or even friendly strangers who are travelling in the same direction as you. You can find several websites or apps that allow you to sign up and offer your services as a lift-giver, and passengers will cover their cost for the ride. Bear in mind that if you’re hoping to make a profit from carpooling, then you’ll need to notify your insurance company and change your policy to ensure that you are still covered in the event of an accident. In addition to the money side of things, car sharing is kinder to the environment and you’ll have a more interesting commute when you’re able to use it to meet new people.
#5. Selling Your Car:
Last but not least, although it might not pay to help you keep your car on the road, making the most money from selling your current vehicle is always best if you want to use the funds to help you upgrade to a new one. There are many reasons why you might be considering selling your current vehicle – perhaps your family is expanding and you need a bigger car, maybe your car is getting old and you’re worried that it won’t be roadworthy for much longer, or perhaps it is time for a change. Either way, there are several options. Selling your car privately will usually make you the most money, although if you have a fairly new car in good condition, it might be worth seeing how much you could make by selling it to a dealership. Older cars that are not going to last much longer will be harder to sell – market them for parts or sell to the Scrap Car Network for some quick cash.
Running a car today can be one of your biggest expenses, but smart drivers can work to ensure that their car is paying for itself. Which of these methods will you try? We’d love to hear from you in the comments.