5 Ways to earn money using your carBy Randell Tiongson on September 11th, 2016
According from the Chamber of Automotive Manufacturers of the Philippines, Inc. (CAMPI) and Truck Manufacturers Association (TMA) statistics on car ownership, there has been a 27.6% increase in the first quarter of 2016 in terms of car purchases in the country. With down payments as low as P25,000 to P50,000 coupled by historic low interest rates, more Filipinos now have the convenience of owning a car that can help them get around.
Most people think that cars are depreciating assets but if you utilize your car, it can be a big income generator for you. You just have to be creative on finding income opportunities with your car.
Here are some ways to generate income from your car:
Register your car to an online transportation network
This way of monetizing your car is beneficial both for you and for passengers who are looking to have convenience while commuting. There are a lot of online transportation networks like GrabCar, Uber, or Wunder that you can join in order to get commissions based on the volume of serviced passengers.
Just remember to register your vehicle at the online transportation network, attend their orientations, and get the appropriate insurance so you can get the most out of your car insurance. Most insurers will not grant a claim when the insurance used is for a private vehicle.
Be a tour guide
This is an income stream that you can do over the weekend. Just determine the areas you are most familiar with and make itineraries that your customers can choose from.
Choose unique routes in the city which you think get many customers, such as a food trip route or a Pokestop tour. You can advertise your services through your friends and family, Facebook groups, and online forums.
Rent out your car
You can choose to rent out your car to either only people you know or through inquiries you get online. The good thing about this is that you can earn passive income here and also utilize your car if it was just sitting in your garage for the longest time.
What you can do to make sure that your car is safe is get a security deposit or a collateral so that the borrower will not be able to steal your car.
Downgrade your vehicle
This can be done through selling your current car and buying one with a lower fair market value. For some, it can be a last resort because their car is their priced possession. This can also save you money in the long run through cheaper car repairs and maintenance. The premium of your car insurance will also go down once you do this.
You can bank on some people to only trust a driver they know. You can offer to drop off your neighbors, their kids, and other people in the area to their schools or workplaces for a fee. Just make sure to compute your expenses so you can price this right.
This is not a common practice for Filipinos since they’ll see this more as a favor you can do for them. Make the benefits of carpooling and your commitment evident so they will agree to your service.
Use your car as a moneymaker
Don’t look at your car just as a depreciating asset. You can also capitalize on it to bring you extra cash by these tips which can surely get in additional income for you in the long run.