Saving money on easy ways generate passive does not have to be complicated. We rounded up the essentials so you can spend less and skip the guesswork.
Key Takeaways
- 10 Easy Ways to Generate Passive Income with Your Car You don’t have to drive for Uber or Lyft if you want to make extra money with your car...
- There are several opportunities that can allow you to earn passive income with your car with minimal time and effort.
- Written by Anna Baluch Last Updated: September 25, 2023 Reviewed by Jana Lynch Home Passive Income Some of the links on DollarSprout point t...
You don’t have to drive for Uber or Lyft if you want to make extra money with your car. There are several opportunities that can allow you to earn passive income with your car with minimal time and effort.
Written by Anna Baluch Last Updated: September 25, 2023 Reviewed by Jana LynchSome of the links on DollarSprout point to products or services from partners we trust. If you choose to make a purchase through one, we may earn a commission, which supports the ongoing maintenance and improvement of our site at no additional cost to you. Learn more.
If you own a car, you know that car payments, gas, maintenance, and repairs can add up quickly.
In fact, according to AAA, it costs an average of $706 per month to own a car.[1] But there are ways you can offset the costs by turning your car into a passive income earning tool.
10 Smart Ways to Make Passive Income with Your Car
If you choose to pursue these opportunities, you won’t have to make any changes to your schedule or lifestyle. You’ll be able to use your car as normal and make some extra cash while you do it.
Track your mileage
Some companies will pay you in exchange for your mileage data. If you drive a lot and don’t mind selling that information, this is a simple way to earn some passive income with your car.
1. PogoIf you’re already driving daily, Pogo offers an simple way to turn that into a passive income stream. The app runs in the background, collecting anonymized location and purchase data as you commute, run errands, or take road trips. In return, you earn cash rewards with zero effort.
Since I’m on the road most days, I make around $8 to $12 per year just by keeping Pogo installed. It’s not a huge amount, but it’s completely passive, enough to cover a few gallons of gas or a subscription.
Beyond passive earnings, Pogo offers cash-back rewards, surveys, and even discounts on car insurance, potentially saving you up to $500 per year. If apps like Google and Facebook already track your location for free, Pogo makes sure you actually get paid for it.
2. OnMyWayOnMyWay is a data collection app that lets you prevent distracted driving. If you go to the website and type in your phone number, you’ll get a link to download the app. You’ll earn $10 just for downloading it and $0.05 for every mile you drive without texting.
Although you won’t receive a payout in cash to your bank account, PayPal, or Venmo account, you can exchange your earnings for in-app deals or to different, lesser-known stores like Hollywood Sensation or Jordan Lash. These deals are coupon codes that advertisers have purchased and range from $10 to $100 in value.
3. MobiloMobilo is an app that strives to put an end to distracted driving by rewarding users with points instead of cash. The app will activate Google Maps or another GPS app on your phone. If it detects a speed above 12 mph for at least two minutes, you’ll get points.
Mobilo will reward you with one point every minute you don’t use your phone. It’ll deduct a point any time you use your phone while driving. You can redeem your points for Mobilo, a new cryptocurrency. The company states that in the future, insurance companies and others who value safe driving will accept Mobilo as a form of payment.
As of February 2020, the only product you can purchase with the cryptocurrency is Mobilio Airbag, which can help you if you get into an accident during a ride with Zipcar or Share Now. If you purchase it 30 minutes before your ride and don’t use your phone during the trip, you can use Mobilio Airbag to pay the damage fee Zipcar or Share Now will charge you.
Rent it out
Just like you can rent out a room or your entire home through Airbnb, you can rent out your car and post the listing through various apps. This may be a excellent option if you don’t use your vehicle frequently because you live in a city or work from home.
4. GetaroundGetaround is a car sharing app that allows car owners to connect to people who need to rent a vehicle. According to the company, you can use it to earn hundreds of dollars per month as long as your car meets its requirements:
- Model year is 2010 or newer
- Has fewer than 125,000 miles
- Seats a maximum of 8 passengers
To get started with Getaround, create a free account, including details like the dates your car will be available as well as a pick-up and drop-off location. After a 30-day free trial, you’ll pay a one-time fee of $99 and a flat fee of $20 per month to continue to use the app.
A Getaround representative will install Getaround Connect, a device that allows renters to locate and unlock your car. You’ll also receive a digital key so you can access and unlock your car from your phone any time you’d like. Additionally, your car will carry a $1 million insurance policy when you rent it out.
5. TuroTuro is another car sharing app. The company states that you can use it to earn $500 per month or more if you own a car that’s registered in any state except New York. The platform also requires that your car:
- Be no more than 12 years old
- Have 130,000 miles or fewer
- Doesn’t exceed $150,000 in value
To sign up with Turo, create an account, and click on “List Your Car.” From there, enter information like the make, model, and license plate number. Also, include details such as the amount of trunk space and whether your car has features like a built-in GPS or leather seats.
Although Turo will suggest a daily rate for your car, you can choose your own fee. The insurance coverage you select will determine how much of the rental fees you get to keep.
Here’s an overview of your options.
- Standard Plan: If you opt for the standard plan, you’ll get liability coverage and physical damage protection. You’ll also pocket 70% of the cost of your trip.
- Premium Plan: You’ll take home 65% of your trip earnings cost if you choose the premium plan. This option is similar to the standard plan but also includes wear and tear and loss of rental income.
- Basic Plan: The basic plan doesn’t cover wear and tear or loss of rental income. Turo will pay 20% of the initial $3,750 of any car damage expenses and 100% after that. You’ll get to keep 85% of your trip cost.
Jeremy Poland, owner of The Platform Shop, has used Turo to rent out his Porsche Cayenne to business travelers in Houston. He earned $400 per week for two rental sessions that lasted between three to four hours.
For those looking to use the service, Poland offers some advice: “To make good money on Turo, keep your car clean, leave unopened packs of gum, and relist your vehicle every once in a while,” he said. He also explained that the more luxurious your car is, the more you’ll earn.
Related: 16 Passive Income Apps Everyone Should Be Using
6. HyreCarUnlike Getaround and Turo, HyreCar gives car owners the chance to rent out their vehicles to Uber and Lyft drivers. To use it, create a free profile with photos of your car, registration information, and Uber or Lyft inspection documents. If you haven’t had your car inspected by Uber or Lyft, you can pay $30 and sign up through RideShare Mechanic.
You’ll be notified any time someone wants to rent your car via HyreCar. Then you’ll need to accept their request within 24 hours and coordinate with the driver to give them your keys and verify their driver’s license. You’ll get paid as soon as the driver picks up your vehicle.
When the rental is over, you and the driver will arrange a drop-off time and location.
According to the Hyre
Final Thoughts
The bottom line: a little research on easy ways generate passive goes a long way. Compare your options, watch for seasonal offers, and never pay full price when a better deal is one click away.
Originally published at dollarsprout.com.
