There’s Money Hiding in Your Driveway—Most People Just Don’t Realize It Yet

In the age of the gig economy and smart technology, many people are uncovering hidden financial opportunities in their everyday lives. One such opportunity is literally parked right outside your door. Your vehicle, often seen as a depreciating asset, can actually become a source of income. From ride-sharing to car rentals, there are various ways to monetize your car, and many people are just beginning to realize its potential.

Ride-Sharing Services

Ride-sharing platforms like Uber and Lyft have revolutionized the way we think about transportation. These services allow car owners to earn money by offering rides to others in their personal vehicles. According to a survey conducted by Ridester, Uber drivers in the United States earn an average of $15.68 per hour before expenses¹. With flexible hours and the ability to work as much or as little as desired, ride-sharing can be a lucrative side gig for those with the time and inclination.

Peer-to-Peer Car Rentals

Another burgeoning market is peer-to-peer car rentals. Platforms like Turo and Getaround allow car owners to rent out their vehicles when they're not in use. This can be particularly profitable for those who own vehicles that are in high demand, such as luxury cars or electric vehicles. Turo reports that the average host in the U.S. can earn over $10,000 annually by renting out their car². This model not only provides additional income but also maximizes the utility of vehicles that might otherwise sit idle.

Delivery Services

The rise of e-commerce and food delivery apps has created another avenue for vehicle owners to earn extra cash. Companies like DoorDash, Instacart, and Postmates enable drivers to deliver food and groceries. According to Glassdoor, delivery drivers for these services can earn an average of $13 to $18 per hour³. This option is particularly appealing for those who prefer not to have passengers in their cars and enjoy the flexibility of setting their own schedules.

Advertising on Your Vehicle

For those who prefer a more passive income stream, wrapping your car with advertisements can be a viable option. Companies like Carvertise and Wrapify pay car owners to display ads on their vehicles. Depending on the size of the ad and the amount of driving you do, you can earn between $100 to $400 per month⁴. This requires minimal effort and can be a great way to supplement your income, especially if you have a long commute or drive frequently.

Considerations and Costs

While these opportunities can be financially rewarding, it's essential to consider the associated costs. Vehicle maintenance, insurance, and fuel expenses can significantly impact net earnings. For instance, ride-sharing drivers need to account for wear and tear, increased insurance premiums, and the cost of gasoline. Additionally, peer-to-peer car rentals may require additional insurance coverage to protect against potential damages.

Maximizing Your Earnings

To maximize earnings, it's crucial to choose the right opportunity based on your lifestyle and vehicle type. For example, if you have a fuel-efficient car and enjoy interacting with people, ride-sharing might be ideal. Conversely, if you own a high-demand vehicle and prefer a more passive income, peer-to-peer rentals could be more suitable. It's also beneficial to keep track of all expenses and earnings for tax purposes, as these income streams can have implications on your tax filings.