5 Ways to Turn Your Old Car into a Passive Income Machine

Are you looking for ways to earn passive income from your old car? Look no further! Here are five creative ways to make money from your vehicle without putting in too much effort:

Rent Out Your Vehicle To Rideshare Drivers

If your car has seen better days and appears worn, but it still runs well, you should rent it out through HyreCar: This service allows you to rent out your car to ride-sharing drivers that make deliveries for services like DoorDash and Uber Eats when you’re not using it. By signing up with HyreCar, you can earn passive income from your car without having to do much work. The amount you can earn will depend on the demand for your car in your area and the duration of the rental period. On average, car owners on HyreCar can earn around $500 to $1,000 per month. Liability insurance to cover any damages to your vehicle while it’s being driven by someone else is included.

Rent Out Your Vehicle To high-end Drivers

If your car is 12 years old or less and in pretty good condition, then placing it on Turo is the way to go: Turo is a peer-to-peer car rental platform that allows you to rent out your car to travelers and tourists in your area. This can be a good way to earn passive income from your car, especially if you live in a popular vacation destination. The amount you can earn will depend on the demand for your car in your area and the duration of the rental period. On average, car owners on Turo can earn around $600 to $1,200 per month.

Renting out your car as a film prop

If you live in an area with a thriving film industry, you may be able to rent out your car as a prop for movies and television shows. This can be a good way to earn passive income from your car without having to do much work. The amount you can earn will depend on the demand for your car in your area and the duration of the rental period. On average, car owners who rent out their cars as film props can earn around $200 to $700 per month.

Special Event Renting

Renting out your car for special events: You may be able to rent out your car for special events like weddings, proms, and other formal occasions. This can be an excellent way to earn passive income from your vehicle, especially if you live in a popular event destination. The amount you can earn will depend on the demand for your car in your area and the duration of the rental period. On average, car owners who rent out their cars for special events can earn around $200 to $650 per month.

Wrap Your Car In Ads and Get Paid To run Your Own Errands

Renting out your car as an advertising space: You may be able to earn passive income from your car by renting out the space on it as an advertising platform. Companies may be willing to pay to have their advertisements displayed on your car as you drive around town. The amount you can earn will depend on the demand for your car in your area and the duration of the rental period. On average, car owners who rent out their cars as advertising spaces can earn around $2500 to $1,300 per month.

As you can see, there are many creative ways to make passive income from your old car. Whether you’re interested in renting it out through HyreCar, Turo, or as a film prop or special event vehicle, there are plenty of options to choose from. So why not put your car to work and start earning passive income today?

Armand Lucas
Armand Lucas

Serial entrepreneur and writer for Millennial Entrepreneur, RelyOnPros, NY Style Magazine and HomeRestored.com