Typically, when we make investments in Phoenix, AZ, we hope for a return on that investment. If you invest in a house, you hope that it will appreciate in value and that you will be able to sell it a profit at some point. Likewise, if you invest in the stock market, you hope that the shares that you buy in certain companies will rise over time.
There is only one investment we make where we expect to lose money – buying a car. When you purchase a car in Phoenix, it loses value the moment that you drive away from the dealership. This phenomenon is most prominent with new cars, but it is also the case when you buy cars in the secondary market.
For many, purchasing a car is one of the biggest purchases we make. The idea that we save up a large sum of money just to see it lose its value so quickly is not ideal. Fortunately, all is not lost. One of the benefits of our modern economy is that people are finding ways to use more of their assets to make money. And cars are no exception to this.
How to Make Money with Your Car
In the gig economy, there are now many ways to make money with your car. In this article, we’ll show you some of the most popular methods that people are using. We will also highlight some of the lesser-known apps that are very niche at the moment but are growing in popularity in certain parts of the country.
The most high-profile way of making money with your car is to use one of the ride-hailing apps. Most people are familiar with the big names that have emerged in this industry.
Uber has gained a mixed reputation in the media spotlight. When it first arrived on the scene, people were genuinely excited about the app. For the customers, it was cheap, convenient, and easy to use. For the drivers, it was an easy and flexible way to earn money and pay off their title loan in Phoenix, AZ, using an asset that they already had. To know more about Title Loans, visit here.
As Uber grew though its success, taxi drivers in cities across the country weren’t too impressed with being replaced by Uber drivers. They looked for protection from cities and states through legislation. At the same time, there were scandals involving Uber driver assaults and negative press involving the corporate culture at the company. An ongoing debate began about whether or not Uber drivers are permanent employees entitled to benefits.
Despite all of the above though, ride-hailing apps such as Uber are still fantastic ways for drivers to make money. There aren’t too many jobs that offer the same level of flexibility and convenience that they do.
Of course Uber is not the only ride-hailing app out there. Lyft is another popular app that offers the same service as Uber with similar requirements and benefits for the driver. With Lyft, drivers get to keep all of their tips, and you can work any time day or night.
Deliver Food to Make Money
Another excellent way to make money with your car is by delivering food to customers. Just like the ride-hailing space, several apps are competing for your business here. UberEATS is perhaps the most well known due to its connection with regular Uber operations. Grubhub has also jumped into this space.
Grubhub is an online website where consumers can order food to be delivered by a driver who is paid on average $13/hour. Other, smaller companies in this space include Munchery, Favor Delivery, DoorDash, and Postmates.
The next group of options allows you to put the trunk of your car to work instead of just the passenger seats. Some smart tech guys realized that there was a cash value that we associate with the tedious task of doing grocery shopping. Their response to this situation was to create a means through which strangers could deliver groceries right to people’s doorsteps.
Shipt and Instacart
There are now many apps that allow customers to order groceries and have them delivered for a fee. Shipt and Instacart are two of the more prominent companies in this space. For you, the driver, the downside to making money this way is that you have to get out of your car. But there are upsides too, as you may enjoy getting those extra steps each day rather than sitting for hours on end.
In addition to groceries, you could also become a delivery driver for Amazon packages. Amazon Flex drivers can set their availability in chunks of time each week that they are available to deliver packages for the online shopping behemoth. The drivers can earn between $18 and $25 an hour, which could be an excellent additional income for any household in the country.
Rent out Your Car
Last but not least, you can make money from your car without even leaving your house. The idea of letting another person drive your car isn’t appealing to many proud car owners. However, if you knew the kind of money that you could be earning from an asset that would be sitting in your garage, then you may reconsider this pride.
One example of this new industry is an app called Turo, which lets you rent out your car to people who live near you or near where you work. If you work from 9-5pm per se, then you could set this time frame as the car’s availability and earn money while you sit at your day job.
Hopefully, this article will give you some food for thought on whether or not you are getting the most out of your vehicular asset. If one thing is for sure, making money from your car in Phoenix, AZ feels a lot better than watching it depreciate.