Most people use their cars to ride to work and back, occasionally using them to go on vacation. Nothing’s wrong with that, except they are missing out on making the car work for them and generating wealth. When you own a car, you own an asset that can be put to work.
By sharing it and using it to help others, you can receive compensation for your trouble. It can be a side hustle that adds a couple of hundred dollars to your monthly budget or full-time employment when you are between jobs. Let’s explore some ideas on how to use your car to help build wealth.
Sell Your Vehicle
Selling your vehicle is not the best way to make money from your car. However, in dire situations like pending bankruptcy, it may be your only option to generate some cash to finance other loans. The American Bankruptcy Institute found that, since 2022, bankruptcy filings have increased by 17%. So, if you find yourself in that sad situation, you can cash in your car to keep the wolf away from the door.
Sell Car Parts
Many vehicles on our roads are in bad shape. According to the survey done by Visual.ly, 77% of cars need maintenance or repairs. Most of the time, owners do not take the time to keep up with the car’s maintenance schedule because services and car parts are expensive.
Hopefully, you are one of the responsible owners who looks after their car and has their vehicle serviced according to the manufacturer’s schedule. Then, the chances are that the parts replaced during your scheduled service can still be used by others. Some parts, like a drive shaft, don’t have a set lifespan, but your service schedule wants you to change that part once every 75,000 miles. If you have been driving carefully and do not have undue wear and tear on your engine parts, the drive shaft your service provider replaces is most probably still in good condition and can be used by other drivers whose driveshaft is broken. You can resell your old driveshaft to others at a reduced price and make some money in the process. They will be happy to get a good part at a fraction of the price, and you can finance your next service. Just don’t forget to ask your mechanic to save and return all the parts they replace in your car next time you go for a service.
Join a Ridesharing App or Delivery Service
Joining a ridesharing app or a delivery service will let you make extra money every day. More and more people are using delivery services because they are so convenient. In 2010, around 210 million websites were available, including those where you can sign up and make money delivering anything from groceries to fast food. Today, there are 1.8 billion sites available.
Ridesharing is another option. Ridesharing apps work on the principle that if you travel in the same direction as your customer, offering them to share your car will help them get to their destination and help you earn a fare in the process. Not only does this system help reduce the number of vehicles on the road and reduce traffic volume, but it also saves the environment by reducing carbon dioxide emissions. The most well-known ridesharing app is Uber. It is available in many countries across the globe. Of course, there are other apps like Lyft and Ola, so you can choose the one that best suits your circumstances.
If you think owning a car is expensive, you probably are not using it right. Instead of just using it for yourself, let your second biggest asset, after your home, work for you. You can set your hours and work as much or as little as you want. In the process, you will help others and gradually build up your savings to get out of debt.
Speak Your Mind