The average American may no longer be able to afford an average new car. According to Bankrate, a car purchase may have become a big financial challenge and one may easily spend more than they can afford.
According to the Kelly Blue Book, the average price of new cars would be $33,000. However, you don’t have to pay this cost up front. Luckily there are ways to make payments more affordable. The average American would spend around $493 on auto loan payments a month, according to Experian. Auto loans allow buyers to divide the total cost of a new vehicle over a specified period of time and pay monthly, with interest.
If you are more concerned that a new vehicle is just an added expense, you have to know that you may also use it to generate some extra income. This money can be spent towards the car loan payments so you won’t have to take all the funding from your primary income.
Here are 3 ways to earn extra from your car:
Ride Hailing Platforms
Once you’ve registered as a driver and have downloaded the app, you may begin making money. A rider will ‘hail’ a ride through an app. You, being the driver, and all nearby drivers will be notified through it. You may then offer your rate. If the rider books the ride, you will then pick her/him up and drive him/her to the destination. Finally, the rider pays you for your service.
Essentially, you become an independent contractor. You have the freedom when you want to drive. You have no boss, that means you can choose who you pick up and where you go.
If you air travel frequently, you may choose to drive your car to the airport and park on a slot owned by FlightCar. Basically, while you’re out of town, your vehicle can be rented out by other travelers.
The Rental rate will be based on the miles driven, your car’s model and its age. So while you’re somewhere else doing business or just enjoying a vacation, your vehicle is working for you. Added bonus, you need not pay for parking and you get a free car wash.
How this works is, your vehicle will be wrapped with advertising. It literally becomes a moving billboard. You will be paid based on the size of the vehicle which equals to the advertising space, and the hours you spend on the road.
There’s no need to pick up anyone and drive them to somewhere. No need to have your car rented either. You just do your daily driving routine. So long as you put the ‘billboard car’ on the road, your cash will come rolling in.
Your vehicle does not need to sit idly in the garage or the parking lot. While you are paying it off, it can serve as a tool to help you earn extra money. The great thing about it is that even if you’re done paying off the vehicle loan, you can continue doing these things. By then, your extra income will translate into extra savings. Cars can be a good investment, you just have to find the right car loan and carry a determined attitude to pay the loan off.