If your car is redundant for most of the working week, it’s likely to be a money burner. But with a little legwork it’s easy to turn it into a money earner. Here are 10 ways of using your car to generate income ‑ without resorting to mini cabbing or pizza deliveries!
Turn your car into a TV star
MAKES YOU: £300 to £600 a day
Most TV shows, films or music videos set in the last 100 years need cars. And there are specialist agencies that source and provide them. Star Car Hire‘s founder Ciaran McKay says drivers can expect to earn £300 to £600 a day. One top tip from Ciaran: “Beware of any agency charging you to register your car.”
Share your car with fellow commuters
MAKES YOU: Fuel and running cost money
By giving other commuters a lift, you can share the cost of fuel, parking and running costs. Liftshare is the largest car-sharing network in the UK, and helps like-minded drivers hitch a ride. The fun of such a scheme is finding out who you get as a sharing companion…
Rent out your car when you’re not using it
MAKES YOU: £150 a month
EasyJet subsidiary easyCar’s Car Club went nationwide in 2014. It pairs people who want to hire cars with owners whose cars aren’t being used. The company’s CEO Richard Laughton claims it vets owners and drivers thoroughly and that owners can earn about £150 a month. However he adds: “It’s probably not for people who are too attached to their car.”
Classic cars on TV shows
MAKES YOU: From hundreds to thousands of pounds
Buying cheaper classic cars is a way to make money if you know your stuff. A Morris Minor is unlikely to lose value, and as numbers inevitably deteriorate, so values of tidy cars steadily climb. Get you timing right – such as a car appearing on a TV show, like the Audi Quattro on Ashes to Ashes – and you could make a big profit if you buy it early enough.
Wrap your car in vinyl
MAKES YOU: £1,500 a year
Any driver can follow the example of sponsored London taxis. Cover your car in a flexible, semi-permanent coat of plastic and companies can emblazon their logos over your vehicle. Lion Media which specialises in uniting car owners with potential ‘sponsors’ says drivers need to cover at least 500 miles a month but owners can earn up to £1500 a year.
Use your commute to be a courier
MAKES YOU: Petrol money
Anyvan.com founder Angus Elphinstone says an increasing number of commuters are taking courier work to cover their petrol costs. Around 10 per cent of Anyvan’s 1000 jobs a day are for objects small enough for a family car so why not sign up and give it a try?
Clean your car to maximise its value
MAKES YOU: Up to 10% of your car’s value
Experts at used car auction house BCA say a clean car can be worth between 5 and 10 per cent more than one in tatty condition. If you’re planning on selling, invest some spare time in getting your car looking just right and get a better price.
Rent out your parking space
MAKES YOU: Between £50 and £400
According to website park@myhouse, a single off-street parking space near London’s Kings Cross station could earn up to £400 a month. In the suburbs, parking is estimated to be worth £100 a month. Rentagarage.org.uk claims a rural garage can earn around £50 a month while they’ll fetch £100 a month in most major towns and cities. A contract with the renter specifying what is and isn’t included is vital.
Speculate on newly launched cars
MAKES YOU: Up to £100,000
Some cars are so hotly anticipated and initially in such short supply that early examples could be sold on by the first owner for more than their recommended retail price. It takes capital, knowledge, guts and an eye for the market: for example, early versions of the Rolls-Royce Phantom were selling for around £100,000 more than RRP.
Rent your car at a track day
MAKES YOU: Money towards running your car
Drivers who take to the race track in their own car (known as a track day), could halve the cost of the entrance fee by letting another driver share their car. Make sure you choose a well run track day, take out special track day insurance, agree in writing the terms and conditions with your fellow driver, and check that the organisers don’t mind multiple people sharing the same car (most are happy with this arrangement). Then burn rubber without burning so much cash.