Do you want to make good money off of your car in North America? The Top 5 Car Income Streams are ridesharing, car sharing, delivery and task services, and car wrap advertising. If you're in between jobs or have recently moved to a new city, these side businesses can help with your car payment, insurance, or income.
Earning money from your car may be worthwhile for someone looking for a new opportunity, even though it depends on your income source, location, and amount of time spent.
According to estimates, full-time Uber and Lyft drivers can make up to $ 37,000 annually after taxes and expenses.
Workers who are hesitant to return to the office may find alternative income options like side hustles to be a better option for the time being as in-person work resumes despite the COVID-19 Delta variant.
Apps for ridesharing
Driving for a rideshare app is one way that car owners can make money. Uber and Lyft continue to be the largest and most well-known rideshare app providers, even though there are some localized options like Wingz and Alto.
The busiest times to drive in most areas are during rush hour on weekdays and as bars and nightclubs close. The best candidates to work as a rideshare driver may be college students and those who maintain unconventional schedules.
For full-time drivers, Uber and Lyft both offer comparable salaries, with an average annual salary of $ 37, 223 for Uber drivers and $ 36, 703 for lone drivers. Remember that car owners must cover operating costs like insurance, fuel, maintenance, and repairs.
Potential for income:
Uber: $$
Lyft: $$
Uber
Uber is currently the most widely used ridesharing app in the US. To be regarded as an Uber driver, drivers must satisfy a number of requirements. You must have a valid U.S. driver's license, be of legal driving age in your city, have one year of driving experience, or three years if you are 22 or younger, and have your criminal and driving histories checked.
Uber-owned vehicles must pass a vehicle inspection, have four doors, be at least 12 years old, and be free of cosmetic flaws and commercial branding.
Most vehicles that adhere to these specifications will function, but some cities have unique requirements. For as little as $ 260 per week, drivers without their own car can rent from a partner, but keep in mind that this would lower their weekly income after expenses.
Lyft
Lyft shares similar driving and vehicle requirements with Uber as its primary U.S. rival. Drivers for Lyft must be at least 21 years old, but vehicles may be 15 or older.
Similar to Uber, Lyft drivers must satisfy eligibility requirements in both the city and the state. Drivers must be at least 25 years old in order to reserve a car from Lyft's partners Flexdrive and Hertz in some cities.
Delivery of food
Food delivery services are another way to make money while driving. Drivers can work their own hours delivering food from neighborhood restaurants to homes and businesses thanks to app-based food delivery.
Food delivery services may be a good fit for parents and college students who require flexible hours. The location, the number of hours and days worked, and the monetary value of each order all have a significant impact on average pay.
Potential for income:
UberEats: $$$
GrubHub: $$$
DoorDash:$
UberEats
Depending on the city, UberEats drivers may deliver food by bicycle, foot, scooter, or car. A valid driver's license, a two - or four-door car, the minimum driving age in the city where the driver works, and their background checks must all be met.
For those who require quick cash, drivers can cash out up to five times per day. Without tips, UberEats drivers earn an average of$ 16 per hour. Postmates, a well-known delivery service that also delivers groceries and other goods, was recently acquired by UberEats.
DoorDash
Similar requirements to those for UberEats drivers must be met by DoorDash drivers, but there are no other requirements for vehicles other than the ability for the vehicle to run and deliver the goods.
The average hourly wage is listed as $ 15 on Glassdoor and Indeed. The average hourly pay for DoorDash drivers across the country is only $ 1.45, according to a recent study, so it might not be the most lucrative side business.
GrubHub
At least 19 years old, with a current driver's license and auto insurance, GrubHub drivers are required. Before being permitted to drive, drivers must pass a background check, just like with other food delivery apps.
The average hourly wage varies greatly across the nation, with Glassdoor reporting an average of $ 26 and Indeed reporting $ 13.90.
Delivery Driver ( Other Products and Services )
For drivers looking to make money from their vehicle, there are other options besides food delivery. Additionally, there are options for delivering goods and services, so your car won't smell like a restaurant kitchen.
You can drive for multiple services and benefit from peak hours for better pay thanks to the flexibility provided.
Potential for income:
TaskRabbit: $$
AmazonFlex: $$
Fresh from Amazon: $$$
Shipt:$
TaskRabbit
For locals who are unable or unwilling to handle household tasks themselves, TaskRabbit offers its skills and knowledge in more than 50 categories. They must be at least 18 years old, have a checking account and smartphone, and register for the program for $ 25. Depending on their skillset and accepted tasks, taskers can earn $ 26 per hour or more.
Amazon Flex
Drivers delivering packages for Amazon Flex must be at least 21 years old, possess a current U.S. driver's license, and drive an Android or iPhone smartphone. Twice a week, drivers receive payment, and tips are given after the transaction is complete.
According to Glassdoor, Indeed, and ZipRecruiter averages of $ 18 to $ 19 per hour, Amazon Flex predicts that drivers will earn between $ 18 and $ 25 before expenses.
The pay ranges from $ 16.50 to $ 20.50 or more depending on the location, but drivers can also apply for a full-time position with 40 hours per week and benefits.
Groceries on Amazon that are fresh and whole
Amazon Flex includes delivery drivers for Amazon Fresh and Whole Foods. Drivers have the option of working two to four-hour shifts as independent contractors or full-time with guaranteed pay and benefits.
Full-time employees are eligible to drive an Amazon Prime vehicle, but the driver and vehicle requirements for Amazon Flex remain the same.
Instacart
For their customers, Instacart drivers deliver groceries and groceries. Shoppers must be at least 18 years old, able to lift 40 pounds at the very least, and have US citizenship. S, as well as having access to a dependable car and smartphone.
PayScale lists the average hourly rate at$ 18 and Indeed quotes $ 11.44 per hour. Hourly income varies by location, number of hours worked, and delivery pay.
Shipt
Although there is a specific request for knowledgeable produce selection, Shipt's shopper requirements are comparable to those of Instacart. Everything from household goods to groceries to pet supplies is delivered by Shipt drivers.
Weekly pay is given to shoppers, with Shipt noting that seasoned customers typically receive $ 22 per hour. The anticipated average hourly income, according to PayScale and Glassdoor, is between $ 13 and $ 16 per hour.
When not in use, rent your car
Renting out your car when you're not using it is another way to make money with it. For those who have a second car, don't drive frequently, or have specific times when they are not in need of it, car sharing for short-term rentals may be an excellent option.
Your car may experience more wear and tear as a result, but you might be able to make enough money to pay for insurance and car maintenance.
Potential for income:
Turo: $$$
Getaround: $$$
HyreCar: $
Turo
Through Turo's platform, drivers in the United States( with the exception of New York ) can share cars. The vehicle must be under 12 years old, have less than 130,000 miles, be registered and insured with a clean title, and not be totaled.
Drivers who don't pay for Turo's insurance plan must meet state minimum requirements, such as liability, and register as commercial hosts with commercial auto insurance coverage. Peer-to-peer hosts receive between 60 % and 90 % of the renter's payment to Turo for each trip, whereas commercial hosts only receive 92.5 %( keep in mind that maintaining commercial auto insurance is more expensive ).
To figure out how much money you could make, Turo provides a calculator for specific American cities.
Getaround
For hosts who offer their cars for short-term rental, the car sharing company Getaround provides 200 maximum daily miles, 24-hour roadside assistance, and in-trip insurance coverage.
The remaining requirements are similar to Turo, and vehicles must be no older than 2007 and have fewer than 125, 000 miles. For data access via the installed Connect device, hosts are required to pay a 40 % commission for each scheduled trip, $ 99 for setup, and$ 20 per month.
A proprietary algorithm used by the company determines the rates hosts will receive for renting their car through this service. Additionally, rates change depending on factors like demand, location, and time of day. The business asserts that the typical host makes $ 6,000 annually.
HyreCar
Drivers for Lyft and Uber who don't own cars can rent short-term vehicles from HyreCar. Owners must coordinate key drop-offs with drivers in order to receive insurance coverage from HyreCar while the vehicle is rented.
Owners can earn up to $ 720 per month renting out their car, according to HyreCar. Owners are expected to promote themselves and their vehicles to drivers because success varies.
Wrap advertising around your car
The best way for drivers to supplement their income may be to wrap their vehicle in advertising if they drive a newer model and make longer commutes. Without having to add time to your schedule to deliver goods and services to others, this option can reduce excess miles and wear and tear. There are strict mileage restrictions, and the advertising company pays drivers per mile.
Potential for income:
Carvertise: $
Wrapify: $
Carvertise
Through Carvertise, commuters and rideshare drivers can earn money by promoting brands. Nascar, Wawa, Netflix, and Penn State are some of the company's brand partners. Drivers must have a spotless driving record, vehicles must be at least 2008 or newer, and they must commute 30 miles per day or more.
Drivers are matched to brands based on their driving habits and can anticipate making between $ 450 and $ 1,500 per campaign. Pay is determined by the campaign's size, with a $ 100 monthly base and an anticipated$ 300 monthly income.
Wrapify
According to Wrapify, as long as the passenger car is 2010 or newer and has no significant body or paint damage, 95 % of them are eligible for personal use. LinkedIn, Pandora, Spotify, The Weather Channel, Expedia, and other retailers are examples of Wrapify.
Drivers must submit to a background and driving record check and travel at least 50 miles per day. Depending on wrap level coverage, drivers are predicted to earn between $ 174 and $ 452 per month.
In conclusion
Although having a car can help you make extra money, there are some drawbacks you should think about first. Driving-related side hustles can cause the car to experience excessive wear and tear. Your safety may be at risk if you pick up passengers and let others operate your vehicle, and accidents are more likely to occur when you're on the road more frequently.
Understanding insurance requirements and potential coverage gaps is crucial if you're thinking about making money while driving your car. Consider the benefits and drawbacks, as well as the potential earnings from driving or renting your car to others, before making a decision.
