10 Easy Ways to Generate Passive Income with Your Car

You don’t have to drive for Uber or Lyft if you want to make extra money with your car. There are several opportunities that can allow you to earn passive income with your car with minimal time and effort. Get information about Obtain Cryptocurrency for Free Online Without Any Investment from this previous article.

If you own a car, you know that car payments, gas, maintenance, and repairs can add up quickly. In fact, according to AAA, it costs an average of $706 per month to own a car.[1] But there are ways you can offset the costs by turning your car into a passive income earning tool.

Smart Ways to Make Passive Income with Your Car

If you choose to pursue these opportunities, you won’t have to make any changes to your schedule or lifestyle. You’ll be able to use your car as normal and make some extra cash while you do it.

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1. Track your mileage

Some companies will pay you in exchange for your mileage data. If you drive a lot and don’t mind selling that information, this is a simple way to earn some passive income with your car.

Tapestri

A location data broker, Tapestri works with large brands to help them gain an understanding of consumer shopping habits. They do this by selling the anonymous location data of anyone who uses the app. If you use Snapchat, Instagram, Facebook, TikTok, Waze, or a million other apps, you’re already giving away your location data for free. (You consented when you downloaded and launched the app). With Tapestri, you install the app and forget about it. That’s it. It tracks your location history as you drive around town in your car. You don’t have to interact with the app in any way, and you’ll earn up to $25 each month, every month, just for leaving it installed. I made a little over $5 in the first 10 days of using the app and couldn’t care less if Target wants to anonymously know I work from home all day.

OnMyWay

OnMyWay is a data collection app that helps prevent distracted driving. If you go to the website and type in your phone number, you’ll get a link to download the app. You’ll earn $10 just for downloading it and $0.05 for every mile you drive without texting. Although you won’t receive a payout in cash to your bank account, PayPal, or Venmo account, you can exchange your earnings for in-app deals or to different, lesser-known stores like Hollywood Sensation or Jordan Lash. These deals are coupon codes that advertisers have purchased and range from $10 to $100 in value.

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Mobilo

Mobilo is an app that strives to put an end to distracted driving by rewarding users with points instead of cash. The app will activate Google Maps or another GPS app on your phone. If it detects a speed above 12 mph for at least two minutes, you’ll get points. Mobilo will reward you with one point every minute you don’t use your phone. It’ll deduct a point any time you use your phone while driving. You can redeem your points for Mobilo, a new cryptocurrency. The company states that in the future, insurance companies and others who value safe driving will accept Mobilo as a form of payment. As of February 2020, the only product you can purchase with the cryptocurrency is Mobilio Airbag, which can help you if you get into an accident during a ride with Zipcar or Share Now. If you buy it 30 minutes before your ride and don’t use your phone during the trip, you can use Mobilio Airbag to pay the damage fee Zipcar or Share Now will charge you.

2. Getaround

Getaround is a car sharing app that allows car owners to connect to people who need to rent a vehicle. According to the company, you can use it to earn hundreds of dollars per month as long as your car meets its requirements:

• Model year is 2010 or newer
• Has fewer than 125,000 miles
• Seats a maximum of 8 passengers

To get started with Getaround, create a free account, including details like the dates your car will be available as well as a pick-up and drop-off location. After a 30-day free trial, you’ll pay a one-time fee of $99 and a flat fee of $20 per month to continue to use the app. A Getaround representative will install Getaround Connect, a device that allows renters to locate and unlock your car. You’ll also receive a digital key so you can access and unlock your car from your phone any time you’d like. Additionally, your car will carry a $1 million insurance policy when you rent it out.

3. Turo

Turo is another car sharing app. The company states that you can use it to earn $500 per month or more if you own a car that’s registered in any state except New York. The platform also requires that your car:

• Be no more than 12 years old
• Have 130,000 miles or fewer
• Doesn’t exceed $150,000 in value

To sign up with Turo, create an account, and click on “List Your Car.” From there, enter information like the make, model, and license plate number. Also, include details such as the amount of trunk space and whether your car has features like a built-in GPS or leather seats. Although Turo will suggest a daily rate for your car, you can choose your own fee. The insurance coverage you select will determine how much of the rental fees you get to keep. Here’s an overview of your options.

• Standard Plan: If you opt for the standard plan, you’ll get liability coverage and physical damage protection. You’ll also pocket 70% of the price of your trip.
• Premium Plan: You’ll take home 65% of your trip earnings price if you choose the premium plan. This option is similar to the standard plan but also includes wear and tear and loss of rental income.
• Basic Plan: The basic plan doesn’t cover wear and tear or loss of rental income. Turo will pay 20% of the initial $3,750 of any car damage expenses and 100% after that. You’ll get to keep 85% of your trip price.

Jeremy Poland, owner of The Platform Shop, has used Turo to rent out his Porsche Cayenne to business travelers in Houston. He earned $400 per week for two rental sessions that lasted between three to four hours. For those looking to use the service, Poland offers some advice: “To make good money on Turo, keep your car clean, leave unopened packs of gum, and relist your vehicle every once in a while,” he said. He also explained that the more luxurious your car is, the more you’ll earn.

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4. HyreCar

Unlike Getaround and Turo, HyreCar gives car owners the chance to rent out their vehicles to Uber and Lyft drivers. To use it, create a free profile with photos of your car, registration information, and Uber or Lyft inspection documents. If you haven’t had your car inspected by Uber or Lyft, you can pay $30 and sign up through RideShare Mechanic. You’ll be notified any time someone wants to rent your car via HyreCar. Then you’ll need to accept their request within 24 hours and coordinate with the driver to give them your keys and verify their driver’s license. You’ll get paid as soon as the driver picks up your vehicle. When the rental is over, you and the driver will arrange a drop-off time and location. According to the HyreCar website, you can make up to $1,000 per month if you rent out your car to ride share drivers.

5. Carvertise

Carvertise is an advertising company based in Wilmington, Delaware that connects brands like Amazon and Sprint with drivers who want to earn extra cash by placing ad decals on their cars. It has locations in New York City, Los Angeles, Chicago, Dallas, Philadelphia, and Boston. To make money with Carvertise, you’ll need to drive at least 30 miles per day and own a car from 2008 or newer. Once you fill out a short questionnaire on its website, the company will match you with a brand that advertises in areas you frequently visit. If Carvertise believes you’re a good fit, you’ll go to one of its in-person locations so that a representative can put the car wrap ad on your car. You’ll choose from a partial or full wrap ad and earn anywhere from $300 to $1,200 per campaign. On average, campaigns last three to four months. Carvertise will remove the ad from your car as soon as the campaign is over.

6. Wrapify

Wrapify works with brands who want to promote their offerings through “rolling billboards.” They place wrap ads on cars and pay drivers based on how many miles they drive. If you’d like to earn money with Wrapify, you’ll need to pass a background check and drive a 2010 or newer vehicle. To sign up to work with Wrapify, download its app and create an account. The app will track your driving habits and send you campaign offers based on the places you frequently visit. If you see a campaign you’re interested in, register for it and go to a nearby Wrapify shop to get your car wrapped. The number of miles you drive within a campaign zone and the type of wrap you choose will dictate how much you earn. If you opt for a full wrap, you can make anywhere between $264 and $452 per month. With a partial wrap, your earning potential will range from $196 to $280 per month.

7. Local businesses

Local businesses are always looking for new and creative ways to advertise their products and services. This opens up an opportunity for you to reach out to them and ask if they’d pay you to place their name, phone number, and logo on your car. If they’re interested, propose a fair offer — around $100 to $300 for a month-long campaign, for example — and negotiate from there. Keep in mind that a business that’s been around for years might have a bigger budget, but a startup might be more willing to pay for advertisements. Once you settle on a price and duration for the campaign, you can work with a local sign maker to create a magnetic sign to place on your car.

8. Free Car Media

Free Car Media is a nontraditional marketing company that pays drivers to place ads on their cars. If you’d like to make money with the company, fill out an online application. If you’re accepted, the company will email you with program details. Once you select a campaign, Free Car Media will mail you an ad for your rear window with directions on how to put it on your car. If you want to earn more money and drive around with an ad on your entire car, it’ll direct you to a nearby location for professional installation.

FAQs

1. How much can I realistically earn from these passive income opportunities?

The amount you can earn varies depending on factors such as the app or service you choose, your location, and how frequently you use these platforms. On average, users can earn anywhere from a few hundred dollars to over a thousand dollars per month.

2. Are there any specific requirements for my car to qualify for these opportunities?

Yes, each platform has its own set of requirements. These may include factors like the model year of your car, the number of miles it has, and its overall condition. Make sure to check the specific criteria for each platform before getting started.

3. Do I need to make any changes to my daily routine or schedule to participate in these opportunities?

No, one of the benefits of these passive income methods is that they integrate seamlessly into your existing routine. You can continue to use your car as you normally would, and earn money in the process.

4. Is there any cost or fee associated with joining these platforms?

Some platforms may have nominal fees, such as sign-up fees or monthly subscription charges. Additionally, you may be responsible for any costs related to vehicle inspections or maintenance. However, these costs are typically outweighed by the potential earnings.

5. How do I ensure the safety of my personal information when using these apps?

All the platforms mentioned in this article prioritize user privacy and data security. They use encryption and other security measures to protect your information. Additionally, it’s important to only download apps from reputable sources and to review their privacy policies.

Remember, it’s always a good practice to read and understand the terms and conditions of any platform you decide to use.