Welcome to a man’s guide to earn opportunities that will help you pay off your car loan and earn additional income while saving for your next vehicle purchase. You are a savvy dude who wants to gain an edge, with the least amount of investment possible. You are looking for a way to augment your monthly income as you work towards a new vehicle purchase. Or you are looking for ways to make your current vehicle earn money for you. This article is for men who want to explore the options available to use their car to earn money.
Why men and only men? We live in a world of gender equality, so we want to dedicate a separate article specifically for women. Because men and women tend to approach vehicle purchasing, ridesharing and renting in different ways, and each merits their own specific list of solutions.
Here is a list of opportunities that can help you save money, earn income and prepare your savings account for your next vehicle purchase.
Gentlemen, consider these questions:
Do you currently own a vehicle?
Do you want to afford a better vehicle?
Are you confident in your driving abilities?
Are you open to meeting more new people, potentially increasing your network and gaining new connections?
Do you live in a major metropolitan city?
Are you eager to earn money on your own schedule?
With the emergence of Uber and Lyft, ridesharing has become common in most major metropolitan cities. If you are looking for a way to earn additional income as you drive, consider Uber and Lyft. Especially if you are looking for an income stream to supplement a new car payment, ridesharing is an appealing option. According to the Washington Post, ridesharing is helping many millennials afford to purchase not only used cars, but new cars as well: “The emergence of ride-sharing has been a boon to millennials…[it has] become a great way for people to make money off a depreciating asset: their car.”
According to the Washington Post, services such as Uber and Lyft have long been pitched as a replacement for car ownership. But the Washington Post suggests that “those ride-sharing services may be giving drivers, particularly millennials, another reason to buy a car. Roughly 1 in 6 millennial car buyers — or about 15 percent of them — plan to drive for Uber, Lyft or another similar service, according to a recent report by market research firm Mintel. That’s compared to about 9 percent of the overall population.”
So which one is better? Both Lyft and Uber allow a person to hail a ride from their smartphone, so in addition to your car, a driver will need to have a smartphone with a data plan. This should be obvious, but sometimes, it helps to point this out. Additionally, peak fares vary throughout the day, and often, drivers will admit to using both platforms during peak demand. These drivers claim they can earn even more income on convenient routes within their timeframe of opportunity on both platforms.
A side by side comparison of Lyft and Uber is offered by Ridester.com, which presents itself as the go-to resource for ridesharing drivers. Ridester.com suggests that, given the toe-to-toe competition between Uber and Lyft, that compensation levels over time would be roughly the same. Ridester tells us: “when Lyft introduces a new driver promotion, Uber does the same. When Lyft offers new users huge amounts of free ride credit? You bet, Uber also gives their riders account credit on the house. Uber also Uber invests in autonomous cars? Lyft strikes a record deal with GM. This makes most people think that the companies probably keep a really good eye on each other and prices to obviously stay competitive.”
With both Lyft and Uber, there are initial signing bonuses. Driver compensation may vary based on the location, timing, and a number of other factors. Check out driver sign up at Lyft and driver sign up at Uber to see what your compensation level would be. You may discover that you can afford monthly car payments on a new vehicle with only a few hours dedicated to ridesharing. Or you may discover that you can earn more than you anticipated, giving yourself an additional revenue stream using your asset that is depreciating in value: your car.
With the income you earn as a rideshare driver, you can take advantage of a Payleaf account. Payleaf is an online bank that offers rewards when you meet your savings goals. Through Payleaf, you can create one or multiple goals, and access calendars to help you calculate the exact amount of money you will need to achieve each goal. If one of your goals is a new vehicle purchase, you could automatically deposit your rideshare earnings into your Payleaf account to meet your desired amount for a new vehicle. Additionally, you can funnel a percentage of your rideshare earnings into another goal, such as retirement or a big trip you are planning.
Gentlemen, another option for you is renting your vehicle. Consider these questions:
Do you currently own a vehicle?
Do you want to afford a better vehicle?
Are you willing to spend long periods of time relaxing and not driving?
Are you comfortable sharing your vehicle for only a few days out of the month?
Do you want to earn income on an asset that is depreciating in value?
If you answered yes to any of these questions, consider renting your car. How is renting different than ridesharing? While ridesharing requires you to be the driver, thus keeping you behind the wheel for extended periods of time, renting allows you to do legwork upfront, and then sit back and relax while your asset does the work.
Two of the top peer-to-peer renting platforms are Turo and GetAround. Turo is available across the country, even in locations beyond major metropolitan cities. GetAround is limited to high density population areas, such as large cities along the coasts and major inland metropolitan areas.
Both Turo and GetAround market themselves to car owners as an income stream that can make a dent in monthly car payments and supplement other payments, such as student loans. Turo claims that, on average, most Turo hosts can cover their payments by renting out their vehicle just nine days out of the month.
The downside to renting your car is that it requires more work upfront. The upside is that, when done right, you can kick back and relax while your asset is making money for you.
Peer-to-peer renting requires additional commercial liability coverage beyond your standard legally required car insurance. Both Turo and GetAround offer liability insurance coverage through their platforms. With Turo, you are covered by $1 million in liability insurance and your car is protected against physical damage. All Getaround trips are insured through their primary insurance policy. Coverage includes liability, collision, property damage, and uninsured motorist protection. However, it is highly recommended that you invest in your own commercial rental insurance. Not only does this mean you are covered by commercial insurance in your name, but you may be able to opt out of the umbrella policy offered by the platform, thus giving you a greater percentage of take home earnings. Of course, this implies that you will need to be fully committed to renting out your asset in order to make a profit.
Why so much upfront effort just to rent out your car? ThePennyHoarder.com explores the mindset you need to have in order to maximize your ability to earn income by renting your things. In addition, ThePennyHoarder.com offers a straightforward and honest review of what it means to rent your stuff, including your car. Some things to consider before renting out your car would include legal protection, requesting a security deposit, having a photo archive of your car in its condition prior to renting, your contractual agreement, and your tax obligations after you earn income. While renting might not be for everyone, it is certainly an option to earn, especially if you have more than one vehicle.
The more traditional route in which you can use your vehicle to earn additional income is to perform courier and delivery services. Some of the most manly action heroes have started out as pizza delivery boys: Peter Parker was a pizza delivery boy before he became Spiderman, and Glenn Rhee from The Walking Dead started out as a pizza delivery boy before becoming a lethal zombie killing ninja warrior. The earning model should sound familiar: you make a small amount per delivery, you earn minimum wage per hour, and you get to keep what you make in tips. There are several options: pizza delivery, sandwich delivery, grocery delivery, mail courier service, hospital delivery, and professional document delivery are some of the most common opportunities. Panera Bread Co. is launching a delivery program. However, the popular food chain has been select about the locations which get to trial the delivery service.
If you want to branch out beyond the traditional delivery opportunities, the gig economy is growing. In 2015, Amazon initiated a new pilot program for package delivery. Called Amazon Flex, the program helps deliver Prime Now packages even faster by hiring regular people to deliver packages to Amazon customers. Similar to the ridesharing platforms of Uber and Lyft, Amazon Flex lets anyone with a smartphone and a car become a part-time driver for the huge retailer. You can sign up to participate in Amazon Flex, however, it is only available in select locations across the country.
If you are the entrepreneur type, independent and business savvy, then you may want to consider starting your own courier business. This is arguably the highest risk, highest reward model out of all the options available to you. The internet is full of resources, such as business plans, success stories and reviews of services that have helped courier services grow from scratch.
In conclusion, there are several earn opportunities for men to pay off car loans, afford monthly payments on new vehicles. As you earn additional income while saving for your next vehicle purchase, you can also utilize Payleaf as a means to maximize your return. Payleaf is an online bank account that rewards you for meeting your savings goals.