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Car Features

Turn Your Vehicle into a Cash Cow

30 Jul , 2018  

If the cost of driving is driving you crazy then why not flip it on its head and turn your vehicle into a money making asset?  Whether you have a car, motorbike or a van there’s all sorts of ways to put it to work and turn your vehicle into a cash cow that starts to put money back in your wallet rather than bleed it dry.

This article, looks at a number of ways you can utilise your vehicle to generate some extra cash, but one thing that shouldn’t be ignored is the need to invest in your vehicle just like you would any other asset, and in the most part the majority of maintenance tasks can be undertaken by yourself, for instance you could visit Solomotoparts or Halfords and get the parts you need.  

This way, you are keeping costs down whilst still ensuring the reliable and safe running of your vehicle.

 

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When you think about it, the purpose of a vehicle is essentially to help you get from A to B, however, we live in such a status driven society that the vehicle you drive tends to say a lot more about you than we might like.  

Indeed, we are judged by the vehicle we drive and for this reason we often invest heavily in terms of having a decent vehicle that portrays the image we wish to create, yet on a balance sheet, a vehicle tends to be viewed as a liability rather than an asset.

This article looks at a number of ways to turn this liability into a money making asset, a cash cow, if you will.

 

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DELIVERY DRIVING

Today, if you have a sizeable vehicle you can work for a delivery company such as DHL or even Royal Mail as a freelance contractor.  This is a particularly good option if you’re looking to top up your income around Christmas, as this is when there’s a huge demand for extra delivery drivers.

 

HOME REMOVAL

If you have a big enough vehicle to help people move home this can be a very profitable weekend activity.  It’s particularly viable in terms of helping students move, as often their belongings fit into the size of a large car meaning there’s no need for a van.

 

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PRIVATE COLLECTION

There are plenty of opportunities to pick up items from ebay, gumtree and even furniture stores such as Ikea for people that will pay a decent amount of money for this service, and it can fit around your schedule.

This offers a quick and easy way to make some extra cash that is flexible and can fit around a more traditional full time job.  The way to make a decent profit with regard to collecting items is to utilise the concept of batching – where you batch orders together, for instance, you have five different orders to collect from Ikea, each person paying £25 for delivery – you could make £25 for one trip, or £125 if you batch orders, for the same trip.

 

ADVERTISE

Whilst you can advertise on a car, vans tend to be the most suitable vehicle.  Presuming you have a vehicle that’s in a good aesthetic condition one of the most passive ways to generate an income from your vehicle is to leverage this prime advertising space.  

Indeed, there are several companies looking for vans and cars to brand with their advertisements, particularly if you live in a busy city location such as London, or spend a lot of time on the road.  When you consider how much advertisers spend on a billboard, you can easily see how lucrative an opportunity this might be, for doing nothing other than driving your vehicle as normal.

 

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TEAM UP WITH A LOCAL TAKEAWAY

The popularity of app based food ordering services has now created such a significant demand for food delivery drivers that there are adverts in takeaway windows all over the place.  This can offer an easy, simple and speedy way to get some extra cash.

 

RENT YOUR CAR OUT

Did you know you can rent out your car to other people when you’re not using it?  There are sites such as Turo, known as car sharing marketplaces that use a similar model to AirBnB that allow you to make some extra cash from hiring out your car at times when you’re not using it.

 

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TRANSPORT KIDS

HopSkipDrive is a driving service that specifically transports children.  Unfortunately, it’s currently only available in California, but the concept is likely to catch on elsewhere as it solves the well established pain associated with the school run, particularly for time starved parents.

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