We all know that a new car depreciates as soon as you drive it off the dealer’s lot. And it just continues to steadily decline in value after that. But what if there were a way to offset that gap? Thanks to the gig economy, there are a lot of opportunities for your car (with your help) to contribute to paying for itself.
Amazon Flex is aptly named—it lets you set your own hours, so you can deliver packages during your spare time. As long as you live in one of the cities where Flex operates, are over 21, and have a midsize or larger car, you can download their app and answer some questions to get started. Once you’re approved, you can book time slots right from the app. Most drivers earn $18 to $25 an hour driving for Flex.
If you don’t drive your car every day—most people don’t—and you’re okay with letting other people drive it when you’re not, Turo could be an ideal way for your car to bring in some cash in its spare time.
Depending on the car you have, how often you rent it, and the area you live in, it’s possible to cover your entire monthly car payment, or even make a profit. (Some people even buy multiple cars expressly to rent them out and take advantage of all the earning potential!)
If you have a larger truck or van, and you’re open to helping people transport large and or heavy things, you may want to look into Lugg. It’s a clever idea—when people buy a big piece of furniture on Craigslist, or they’re moving locally and don’t have a ton of stuff, Lugg can be a great option. Especially if the person who needs to move something isn’t comfortable renting or driving a big truck, or doesn’t have the strength to do the moving. If you live in or near one of the cities they serve, you can earn up to $2,500 a week. Find out more about becoming a Lugger here.
Meal Delivery Services
Services like Uber Eats, Postmates, and Caviar are extremely popular in most major cities now. And they need a ton of drivers. Unlike ride sharing services, you don’t have to drive people (which not everyone wants to do, and it definitely requires a lot in terms of things like having the right insurance and having to drive places that are farther away than you want to go), you just have to drive their food to them. You can go online whenever you’re available, and will be able to stay in the same general area.
With Uber Eats, you can earn around $10-12 an hour after car-related expenses like gas, but that can go up to $20 in bigger cities. And if you are a rideshare driver as well, this can be a great way to fill in your time in between rides.
With Postmates, you can typically earn a little more than with Uber Eats—during peak times the median earnings are $19 an hour. Caviar seems to have the best compensation overall; their drivers average $20-25 for each hour of driving. All of these services also allow tips, and drivers keep 100% of those.
With all of the meal delivery services, to maximize your earnings you’ll of course want to make sure you work during peak lunch and dinner times.
Whatever type of car-related side hustle interests you most, any of these options can be a great way to take the edge off your car payment, and maybe even make enough difference to help you afford a car that’s maybe a little newer or more exciting to you.