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How to use your car to earn extra cash

By Cameron Kirby, 17 Jul 2018 Car Advice

How to use your car to earn extra cash

Becoming part of with these web-based service providers could help your new car pay for itself

Australian’s have struggled with low wage growth in recent years, which has seen entrepreneurial types take on secondary work to top up their earnings. One of the most established ways to pocket some extra cash is to register with one of these web-based services and jump in your car.

UBER

Perhaps the most well-known option for car owners looking to earn money is with ride sharing apps such as Uber. At its core, ride sharing works much like a taxi service where you are the driver using your own car to ferry passengers to their destinations.

Read next: Finding a suitable UBER car

Finder.com.au claims Australian Uber drivers take home 75 percent of their weekly fare total, and drivers generally make on average $35 to $40 per hour before the parent company takes its 25 percent cut. You can work as little or much as you like with Uber by simply signing on to drive when it is convenient.

To be eligible you must be at least 21 years of age, insured to drive the vehicle, hold a current unrestricted driver’s licence in your state or territory and have held one previously for at least 12 months. Your vehicle must be no more than 10 years old and in excellent working condition with four doors for access.

Read next: Uber buys 24,000 self-driving Volvos

Uber also has a food delivery offshoot called Uber Eats, where your passengers are meals rather than people. This is a good option for those looking to stay in one local area rather than travel across town.

CAR NEXT DOOR

If driving others sounds like too much work and your vehicle is frequently left unused, you could be earning money for doing nothing. Vehicle-sharing platforms such as Car Next Door make this possible by allowing you to rent your vehicle to members of the public for short periods.

Renting a vehicle with Car Next Door costs users $5 an hour, or $25 a day, with a distance fee of 33 cents per kilometre on top of that. Vehicle owners take home 50 percent of the timed rate up until $240 dollars, and then 75 percent after that, while also earning 25 cents per kilometre.

Read next: Uber hires ex NASA engineer to head up aviation transportation

Car owners must pay a $60 monthly fee to use the service, but users in popular areas are virtually guaranteed to earn at least $2000 a year. The fee covers comprehensive insurance for borrowers plus yourself and five other drivers, with 24/7 roadside assistance.