Most financial experts consider your car or boat a depreciating value that only goes down in value the longer you have it. But your vehicle is so much more than that. Your vehicle is indeed a great way to get from point A to point B, but it can also be a money-making machine that can either pay for itself or even earn you a nice side income. If that sounds right up your alley, here are six ways to use your car or truck as a revenue generator.
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Buy a boat
Boat loans are a great way to turn your vehicle into a money-making machine. You can use boat loans to finance the purchase of a new or used boat, motor, trailer, or any other boat-related equipment. Boat loans are available from a variety of lenders, including banks, credit unions, and online lenders. They typically have lower interest rates than auto loans, and you may be able to get boat loan terms that are more favorable than those of an auto loan. Boat loans can also be used to refinance an existing boat loan. If you have good credit, you may be able to get a boat loan with a fixed interest rate that is lower than the current boat loan rate. Boat loans are also available for people with bad credit.
Work for a ride-sharing app
If you have a car that’s in good condition and you’re looking to make some extra cash, consider becoming a ride-sharing driver. This is a great way to make extra money on the weekends or nights if you’re a night owl. All you need is a good vehicle and an app like Uber or Lyft.
Drive for delivery apps
If driving people around isn’t your thing, consider becoming a delivery driver for app-based services like UberEats or GrubHub. These services involve picking up an already-placed order and leaving it at the customer’s address. Most services don’t require you to deal with the customer, so if you’re naturally introverted or anxious, you could still earn a good income without needing to handle customer service issues.
Create a mobile business
If you’ve got a talent for things like dog grooming, massage, or hair and nails, consider becoming a mobile business by using your car as your office space. Being a mobile business owner isn’t as hard as you might think since many customers are looking for someone to come to them instead of the other way around. Sign up for a mobile payment provider such as PayPal or Square, and you can take payments right away without worrying about whether your customer has cash or that the check may bounce.
Drive for shipping companies
If you’re good with your hands (or have access to a truck or car with lots of trunk space), why not drive for freight companies? This can be an excellent way to make some extra money, and it doesn’t require any special skills or experience. Many companies like UPS and Amazon look for additional drivers during the holiday season, so checking out the job listings online is worth checking out.
Sell your car
Last, but certainly not least, if you have a car that’s in good condition and you’re looking to make some extra cash, consider selling it. You may be able to get a few thousand dollars quickly, (especially if your car is in excellent condition.) To sell your vehicle, you’ll need an online auction site like eBay, AutoTrader, Facebook Marketplace, or Craigslist and a good camera on your phone to take clear pictures.
The bottom line
Your vehicle may be a depreciating asset to accountants, but it doesn’t have to be to you! Turn your vehicle into a money-making machine by giving these options a try.