10 Ways to Generate Passive Income with Your Car

You don't need to rely on driving for Uber or Lyft to earn extra money with your car. Numerous opportunities are available to help you generate passive income with your vehicle, requiring minimal time and effort. As a car owner, you know expenses such as car payments, fuel, maintenance, and repairs can quickly add up.

AAA reports that the average monthly cost of owning a car is $706.[1] However, there are effective ways to counterbalance these expenses by transforming your car into a tool that earns passive income.

This blog post explores ten ways to earn passive income with your car.

You heard that suitable - your car can be a money-making machine!

Whether you have a sleek sports car, a trusty sedan, or even a humble hatchback, there are numerous opportunities for you to turn your wheels into a source of passive income. Imagine earning money while your car sits idle in your driveway or parking lot. It may sound too good to be accurate, but it is possible with the right strategies and creativity. And we're here to guide you through it.

Say goodbye to the days when your car was just a mode of transportation—it's time to turn it into a money-making asset.

So, let's embark on this journey to explore the top 10 ways to make passive income with your car!

Preparing Your Car for Passive Income Generation

Generating passive income with your car can be lucrative without significantly altering your daily routine.

A few strategic steps can maximize your earnings while maintaining your usual lifestyle.

1. Track Your Mileage

Monitoring your vehicle's mileage is one effective method to kickstart your passive income journey. Several companies are willing to compensate you for sharing this data. If you frequently drive and don't mind sharing your mileage information, this is a straightforward way to earn extra cash. Companies often use this data for research, analysis, and improving their services, making it a win-win situation.

2. Maintenance is Key

Before you utilize your car for passive income, ensure it is in excellent working condition. Regular maintenance checks are crucial to prevent unexpected breakdowns or costly repairs. It is essential to regularly maintain your car by holding up with oil changes, tire rotations, and brake inspections. This will assure that your car runs smoothly and safely on the road, provide a safe and reliable vehicle, and help maintain its value.

3. Vehicle Insurance

Review your vehicle insurance policy and ensure it covers the additional usage and activities involved in generating passive income. Some companies may need you to have specific insurance coverage for their programs. Having the appropriate insurance to protect yourself and your passengers in an accident.

4. Vehicle Appearance

Your car's appearance can affect your earning potential, especially if you're involved in ride-sharing or advertising. Keep your vehicle clean, both inside and out, and consider investing in professional detailing to make a positive impression on passengers or advertisers.

5. Familiarize Yourself with Local Regulations

Different cities and regions have specific regulations and requirements for those using their cars for passive income generation. Whether it's ride-sharing, renting your vehicle, or turning it into a mobile billboard, understand and comply with local laws and regulations.

6. Financial Planning

Generating passive income can have tax consequences. It is vital to consult with a tax professional to ensure proper reporting and taxation of your earnings.

7. Safety Measures

Adhere to safety policies and best practices to ensure your personal safety and that of your passengers or customers. This includes maintaining a clean, sanitized vehicle if you're offering rides or being mindful of safety when participating in car-sharing programs.

8. Document Your Expenses

Keep a record of expenses related to your passive income endeavors, such as fuel costs, maintenance, and any investments you make to enhance your vehicle's income potential. These expenses may be tax-deductible.

Following these steps, you can prepare your car to effectively generate passive income while safeguarding your vehicle, maintaining your safety, and ensuring compliance with local regulations and financial responsibilities. This approach allows you to integrate income generation into your everyday life seamlessly.

10 Easy Ways to Make Passive Income with Your Car

Passive income with your car is an excellent way to make money without significant effort.

Here are ten ways to generate passive income using your vehicle:

1. Tapestri

Turn Your Location Data into Passive Income

Tapestri, a prominent location data broker, collaborates with major brands to provide them with valuable insights into consumer shopping behaviors. This is made possible by selling the anonymized location data of individuals who use their app.

How Tapestri Works:

Here's how it works:

If you're an active user of popular apps like Snapchat, Instagram, Facebook, TikTok, Waze, and many others, you've already been sharing your location data for free. This agreement was established when you downloaded and launched these apps.

With Tapestri, you install the app and let it run in the background. That's all you have to do. It quietly tracks your location as you do your daily activities, often while driving your car. There's no need for active interaction with the app. The beauty is that you will consistently earn up to $5 to $25 monthly to keep it installed without further effort.

An appealing aspect of Tapestri is its passive nature. You don't need to constantly check in or perform specific tasks within the app. The earnings flow in consistently every month. Users have reported earning over $5 in the first few days of using the app, showcasing its potential as a simple way to supplement your income without hassle.

You might be wondering about the privacy implications. Tapestri operates by anonymizing the location data it collects, meaning that your personal information is not shared. It offers a level of comfort for those concerned about data privacy. After all, why not let big brands gain insights into your habits if they can help you earn extra money with minimal effort?

Tapestri stands out as a hassle-free, passive income generator in the age of data-driven insights. It leverages your location data securely and anonymously. If you're comfortable sharing your whereabouts, Tapestri could be a worthwhile addition to your income stream.

Earning Potential:

Your earnings with Tapestri online surveys can range from $5 to $25, and this amount largely depends on your level of app usage. Additionally, factors such as your geographic location and the duration of your app installation influence the money you make.

2. OnMyWay

Promote Safe Driving While Earning Rewards

OnMyWay is a unique data collection app designed to combat distracted driving. Its innovative approach allows users to contribute to road safety while earning rewards.

How Does The OnMyWay App Work?

The OnMyWay app operates on a simple but effective concept: it promotes safe driving while rewarding users for their responsible behavior.

Here's how the app works:

• Registration: To get started with OnMyWay, provide your phone number on their website to receive a download link for the app.

• Downloading the App: After receiving the download link, install the OnMyWay app on your smartphone. It is available for both iOS and Android devices.

• Earn $10: As a welcome bonus, you'll earn $10 just for downloading the app and registering. This initial reward encourages you to get started.

• Drive Safely: The core of OnMyWay's functionality is to promote safe driving practices. The app tracks your driving behavior whenever you're on the road. Specifically, it monitors whether you're texting while driving.

• Earning Rewards: You'll accumulate earnings for every mile you drive without texting. OnMyWay rewards you with $0.05 for each mile where you demonstrate responsible driving by not texting. This encourages safe driving practices and provides a financial incentive to stay focused on the road.

• Reward Redemption: It's important to note that OnMyWay doesn't offer cash payouts to your bank account, PayPal, or Venmo. Instead, you can exchange your earnings for in-app deals. These in-app deals consist of coupon codes that can be used at various partner stores and businesses.

• In-App Deals: The coupon codes vary in value, typically from $10 to $100. This allows you to convert your earnings into significant savings on various products and services.

The OnMyWay app operates on the principle of making safe driving more rewarding. Monitoring your driving behavior and rewarding you for distraction-free driving encourages safer roads while allowing users to enjoy valuable deals from partner stores. It's a win-win concept that promotes road safety and tangible rewards.

Earning Potential:

By driving around 10,000 miles without distractions, which may take up to a year for an average American driving about 30 miles per day, you can earn about $500 through the OnMyWay app. Your earnings can increase if you drive more frequently and cover longer distances. While OnMyWay won't make you wealthy, it offers a decent income source for those who spend a significant amount of time behind the wheel.

3. Mobilo

Promote Safe Driving with Rewarding Points

Mobilo is a unique app that aims to combat distracted driving by rewarding users with points, which can be redeemed for Mobilo cryptocurrency.

Mobilo is an app that promotes safe driving habits and rewards users for their responsible behavior on the road. It serves as a unique solution for curbing distracted driving while offering the potential for passive income through its points-based system and cryptocurrency.

How Mobilo Works:

• GPS Activation: When you use Mobilo, it activates your phone's GPS, such as Google Maps or another GPS app.

• Speed Detection: If the app detects that you're traveling above 12 mph for at least two minutes, it rewards you with points.

• Earning Points: You'll earn one point every minute you refrain from using your phone while driving. However, Mobilo will deduct a point if you use your phone while on the road.

• Point Redemption: These points can be redeemed for Mobilo, a cryptocurrency. Mobilo envisions that various entities, including insurance companies and others valuing safe driving, will accept Mobilo as payment.

• Mobilio Airbag: The only product available using Mobilo cryptocurrency is the Mobilio Airbag. This airbag can be valuable in the event of an accident during a ride with services like Zipcar or Share Now. By purchasing it 30 minutes before your ride and refraining from using your phone during the trip, you can use Mobilio Airbag to cover the damage fee charged by Zipcar or Share Now.

Renting Out Your Car:

In addition to Mobilo, you can also consider renting out your car as an additional source of passive income. Much like renting out a room or your home through Airbnb, you can list your vehicle on various apps designed for car rentals. This is particularly beneficial if you don't frequently use your car, such as when living in a city or working from home.

By participating in Mobilo and renting out your car, you can promote safe driving and unlock new income streams, all while contributing to a safer and more responsible driving culture.

Earning Potential:

The amount you can earn with Mobilo, the points-based app that rewards you for safe driving behavior, can vary based on several factors.

Here are some key considerations:

• Driving Behavior: Your earnings are directly tied to your driving behavior. Mobilo rewards you for each minute you don't use your phone while driving and detects your speed. For every minute of distraction-free driving, you typically earn one point.

• Speed and Mileage: Mobilo may reward you when your speed exceeds 12 mph for at least two minutes. Additionally, you can earn points based on the number of miles you drive safely without using your phone.

• Points Accumulation: As you accumulate points, you can redeem them for Mobilo, a cryptocurrency. The value and exchange rate of Mobilo may vary, and it's essential to check the current rate or rewards offered by the app.

• Product Redemption: With Mobilo, you can use your accumulated Mobilo cryptocurrency to purchase products, such as the Mobilio Airbag, designed to help users in accidents during rides with certain car-sharing services.

• Referral Programs: Some apps, like Mobilo, offer referral programs where you can make extra rewards by referring friends or family to use the app. The distinct terms and conditions of the referral program may vary.

4. Turo

Earning with Car Sharing

Turo is a car-sharing app that lets you put your vehicle to work and earn extra income. The platform operates with specific requirements, and how much you can make depends on various factors. Here's how Turo works and the potential for earnings:

How Turo Works:

Eligibility: To use Turo, your car must be registered in any state except New York. Additionally, it should meet specific criteria:

• Be no more than 12 years old.

• Have fewer than 130,000 miles.

• Not exceed $150,000 in value.

Signing Up: Create a Turo account and click "List Your Car." Enter your car's details, such as make, model, license plate number, trunk space, and special features like GPS or leather seats.

Pricing: While Turo suggests a daily rental rate for your car, you can set your fee. Your choice of insurance coverage will influence the portion of the rental fees you get to keep.

Insurance Options and Earnings:

Turo offers different insurance plans, each affecting your earnings:

• Standard Plan: The standard plan provides liability coverage and physical damage protection. You keep 70% of the trip price.

• Premium Plan: Opting for the premium plan grants you 65% of your trip earnings. This plan is similar to the standard one but covers wear and tear and loss of rental income.

• Basic Plan: The plan doesn't cover wear and tear or loss of rental income. Turo covers 20% of the initial $3,750 in car damage expenses and 100% afterward. You retain 85% of the trip price.

Earnings Potential:

Your earnings potential on Turo can depend on several factors, including the make and model of your car, your location, the need for rental cars in your area, and the price you set for your listing. Some Turo hosts have reported earnings of around $500 or more per month, while others have turned car sharing into a more substantial source of income.

Keep in mind that while Turo offers income opportunities, it's essential to thoroughly understand the terms, conditions, and insurance options associated with the platform to ensure a successful and profitable experience.

5.HyreCar

Earning with Your Vehicle through Rideshare

HyreCar lets car owners rent out their vehicles to Uber and Lyft drivers, providing a source of income.

How HyreCar Works:

• Profile Creation: To get started with HyreCar, create a free profile. This profile should include photos of your car, registration information, and Uber or Lyft inspection documents. If Uber or Lyft hasn't inspected your vehicle, you can complete this step by paying $30 and signing up through RideShare Mechanic.

• Listing Your Car: Once your profile is set up, you'll be notified whenever someone wants to rent your car via HyreCar. You have 24 hours to accept their request. After acceptance, you must coordinate with the driver to hand over your keys and verify your driver's license.

• Payment: You'll receive payment as soon as the driver picks up your vehicle, making the process quick and convenient.

• End of Rental: At the end of the rental period, you and the driver will arrange a suitable drop-off time and location.

Earning Potential:

HyreCar reports suggest that many car owners using the platform can earn as much as $12,000 per year, although your actual earnings will depend on the specific vehicle you offer.

It's important to note that your share of the booking price will typically range from 75% to 85%, depending on the type of coverage you select. Your choice of coverage will determine the percentage you retain from each booking, making it crucial to consider your preferences and coverage options when using the platform.

HyreCar Benefits:

Flexible Rental Options: You can rent your car monthly, weekly, or daily, tailored to your personal needs and commitments.

No Lengthy Contracts: HyreCar operates without the burden of long-term contracts or sign-up fees. You can list or rent your car without being tied to lengthy commitments or paying commissions.

Rideshare Insurance: HyreCar offers rideshare insurance to drivers, ensuring their rideshare information is accessible on various rideshare and food delivery apps. This coverage includes up to $25,000 for damage protection and $300,000 for liability coverage.

HyreCar Requirements:

The vehicles on HyreCar are commonly used for Lyft, Uber, and other delivery services and must meet specific requirements, typically including:

• Being less than 15 years old.

• It has four doors.

• Passing a vehicle inspection.

• Being free from significant cosmetic damage.

HyreCar presents a flexible and contract-free platform, allowing you to rent your car for rideshare and delivery services with added insurance coverage for peace of mind. However, ensuring your vehicle meets the outlined requirements to participate in the program is essential.

6. Wrapify

Earn Passive Income with Car Advertising

Wrapify is a vehicle advertising company that allows you to generate extra passive income by turning your car into a moving billboard. If you have a regular driving routine and are comfortable with your car's exterior being utilized for advertising, Wrapify can be an excellent way to earn additional income effortlessly.

How Wrapify Works:

Wrapify's operation is straightforward. When a Wrapify campaign becomes available in your area, you can choose to accept it. Your next step is to take your car to the Wrapify office, where they'll professionally wrap it with advertisements at no cost.

Once your car is wrapped, the Wrapify app, available for both iOS and Android, begins tracking your daily commutes, and your compensation is based on this data.

Campaigns typically last one to six months. Wrapify will remove the wrap when a campaign concludes, returning your car to its original appearance.

Earning Potential:

Wrapify campaigns are focused on specified areas suggested by advertisers. When you accept a campaign, a campaign zone is established, typically covering around 50 miles from the advertiser's target city.

Additionally, Wrapify offers four distinct Wrap Coverage Levels, and your earnings depend on the coverage level you select.

Here's an overview of the potential earnings for each coverage level:

• Full Coverage: $264 - $452 per month.

• Partial Coverage: $196 - $280 per month.

• Lite Coverage: $181 - $280 per month.

• Static+ Rideshare Topper: $174 - $280 per month.

Not having a wrap on your car won't generate income; you must drive within the campaign zones to earn money. The payment per mile is variable and depends on factors like the time of day, traffic conditions, and the number of vehicles on the road. On average, you can desire to earn over 20 cents per mile. Your total earnings can vary based on these factors and the extent of your involvement with Wrapify campaigns.

7. Getaround

Earning Income with Car Sharing

Getaround is an established online car-sharing platform that allows users to generate additional income by renting out their vehicles when they are not in use. Founded in 2009, the platform boasts a user base of over 9 million individuals. Car owners can enjoy several advantages, such as complimentary insurance coverage and contactless sharing, making it a lucrative and convenient option for earning extra cash.

How Getaround Works:

Getaround is a car-sharing platform connecting car owners with individuals seeking to rent vehicles. To participate, your car must meet specific criteria, including being a model year 2010 or newer, having fewer than 125,000 miles, and accommodating a maximum of 8 passengers.

The steps to get started are as follows:

• Profile Setup: Create a free Getaround account and provide details about your car, including availability, dates, and pickup/drop-off location. After a 30-day trial, a one-time fee of $99 and a monthly flat fee of $20 will be charged to continue using the app.

• Getaround Connect Installation: A Getaround representative will install the Getaround Connect device in your car, enabling renters to locate and unlock your vehicle. You'll also receive a digital key for convenient access via your smartphone. A $1 million insurance policy will cover your car during rentals.

Earning Potential:

The earnings you can expect from Getaround depend on several factors, including your vehicle type and the demand in your area. Getaround employs automated pricing technology to help car owners optimize their rates. The minimum hourly rate for cars on Getaround is around $5, and in some locations, you can set your pricing.

Fees and Costs:

• Getaround charges a 40% fee to car sharers to cover insurance and other expenses.

• You're responsible for maintenance costs for your vehicle, as it may experience more frequent use.

Benefits of Getaround:

• Getaround Connect: The device ensures security and lets car owners track their vehicles during rentals. It can even disable the car in extreme situations.

• Insurance and Mileage: Car sharers and renters receive 24/7 roadside assistance, and car sharers have comprehensive collision and liability insurance up to $1 million. The daily mileage limit is 200 miles.

• Safety: Getaround conducts driving-record checks on renters and cross-checks records with various references. Renters must meet specific requirements, ensuring you rent to safe drivers.

• Contactless Rentals: Getaround's system enables contactless rentals, eliminating the need for physical meetings with renters.

• Referral Bonuses: Getaround offers referral bonuses, allowing you to earn cash for referring new guests or hosts.

• Vehicle Requirements: Your vehicle should be a 2005 or newer model with less than 125,000 miles.

Costs to Consider:

• The one-time installation fee is $99, and the monthly fee is $20 for the Getaround Connect system.

• Maintenance costs for your vehicle due to increased use.

Using Getaround can be a source of passive income if you don't use your car constantly throughout the day. You can set the app to automatically rent out your car during periods when you're not using it, making it an excellent option for those looking to earn income with their vehicle when it's not in use.

8. Carvertise

Carvertise is a straightforward platform that lets you boost your earnings by having your car wrapped with advertisements.

How Carvertise Works:

Carvertise is a platform that allows you to earn money by driving with advertisements on your car.

The process to join Carvertise and start earning is as follows:

Step 1-Complete Application Form:

• Visit the official Carvertise website.

• Click on 'Drivers' on the homepage.

• Click on 'Become a driver.'

• Fill out the application form, providing your personal information, including name, email, car model, and more.

• Authorization to be contacted by phone or email.

• Hit the 'Submit' button.

Step 2- Find a Brand Match:

Based on the information you provided in the application, Carvertise will search for advertising campaigns from their partner brands within your locality. Once a suitable campaign is found, Carvertise will contact you via phone or email, offering details about the advertising campaign and the deal. You have the option to select a brand to work with.

Step 3- Get Wrapped:

Carvertise will arrange for your car to be professionally wrapped at a local service shop. To be eligible for wrapping, your car should have its factory paint, not a recent paint job. You may receive either a partial wrap (less than 50%) or a full wrap (more than 50%), but your windscreen and window panes won't be wrapped for safety reasons.

Step 4- Receive Payment:

You'll earn money once your car is wrapped and on the road. Carvertise provides a mobile app to track the miles you drive, although payments are based on the campaign's size and the brand you're advertising, not the miles you cover.

Step 5- Remove the Wrap:

When the campaign concludes, Carvertise will arrange for your car to be unwrapped at a local service shop. This service is free of charge. You can receive payment for a one-time campaign or apply for another campaign.

Earning Potential:

Earnings with Carvertise vary depending on the campaign size and brand. On average, you can earn around $100 per month to start. There are also cash contests during campaigns that can boost your earnings, allowing you to earn over $300 per month. You can opt to receive payment per campaign, typically lasting 1 to 6 months, with potential earnings ranging from $350 to $1,200.

Carvertise Requirements:

To qualify for Carvertise, you need to:

• Have a clean driving record.

• Drive at least 30 miles per day.

• Possess a valid driver's license.

• Be at least 21 years old.

• Have a car with factory paint, not a recent paint job.

• Ensure your car is in good condition with no damages or dents.

• Use a car that is a 2008 model or newer.

9. Free Car Media

Free Car Media is an unconventional marketing company that compensates drivers for showcasing advertisements on their vehicles. If you're interested in earning income through this avenue, start by completing an online application on their website. After your application is approved, the company will contact you via email with program-specific information.

Upon selecting a campaign that aligns with your preferences, Free Car Media will send you an ad designed for your vehicle's rear window. The package will also include clear instructions for easy installation. Suppose you're looking to maximize your earnings and are willing to display ads on your entire car. In that case, the company will guide you to a nearby location for professional installation, ensuring a seamless and eye-catching display.

The typical duration of programs with Free Car Media ranges from six to 24 months, offering compensation between $45 and $400 per month. These well-structured campaigns provide a steady source of additional income for participating drivers.

10. Collaborate with Local Businesses

Local businesses constantly seek innovative advertising opportunities to promote their products and services. This presents a unique chance for you to approach them and discuss the possibility of placing their contact information and logo on your vehicle.

Should they express interest, suggest a reasonable offer, such as $250 to $500 for a one-month campaign, and negotiate as needed. Remember that well-established businesses may have a larger advertising budget, while startups could be more open to investing in this advertising method.

Once you've agreed on the campaign's terms, partner with a local sign maker to design a magnetic sign that can be affixed to your car. This sign will be a mobile billboard promoting the local business and helping you earn extra income.

Final Message

When exploring ways to generate passive income with your car, it is crucial to exercise caution and be aware of potential scams. Avoid any company that requires an upfront investment or charges you to apply or remove a wrap ad from your car. Legitimate possibilities typically do not require you to make any financial commitments. Furthermore, it is paramount to have realistic expectations about the amount of money you can earn. Passive income from your car will not replace your full-time job, but it can help offset car-related expenses such as loan payments, gas, or maintenance. An additional income source can be helpful, even if your car has already been fully paid off.

By being cautious and realistic, you can explore legitimate opportunities to generate passive income with your car and make the most out of your vehicle.