Make money with your car by renting it out...
Services like Karshare, Hiyacar, Turo, Getaround and many more enable vehicle owners to safely make money with their car by renting it to the public for short- or long-term hire.
Hirers can make up to £550 a month which is enough to offset the additional mileage and wear and tear from loaning the vehicle, whilst making money on top.
Some rental platforms are restricted to city locations and there may be vehicle requirements relating to the age of the car, mileage, value, roadworthiness and ignition compatibility.
There is also a commission charge from the app and some have additional monthly fees for the car unlocking and tracking technology.
From a tax perspective, you can earn up to £1,000 before having to declare it to HMRC.
After this threshold, you should seek advice, because the income may fall under the trading allowance exception but equally you may need to pay tax on any earnings after expenses.
Simone Williams from East London has earned £3,600 renting out her Vauxhall Mokka since July last year via Karshare.
"I started using it because I realised I didn't use my car as much and so thought why not? It gets rented out throughout the month and the money has helped me to do up my home office and gift my son £1,000 for his 21st birthday."
Meanwhile, Alistair Fraser from Manchester started renting out his Suzuki Vitara three years ago and has made more than £7,000 to date.
"I don’t really use my car much except for the occasional long-distance trip or large purchase. I started renting mine for a bit of extra money.
I tend to get about four to six renters per month in the summer and it is quiet in the winter. The money I've made I have used to pay my car off," he said.
And he has had no problems with renters to date.
"I get the occasional parking or bus lane fine but Karshare are very good about sorting that out," he added
...or rent out your drive instead
And it’s not just your car that you can rent.
Secure, cheap parking spaces are in high demand, particularly in cities with good public transport links.
Whilst a train car park could set you back £20+ a day, parking on someone’s drive might be as low as £5.
Apps like JustPark, YourParkingSpace and Stashbee enable residents to hire out a drive, parking space or garage and set the price themselves.
If you are a tenant you may also be able to rent out the space provided the rental terms don't prevent it, the landlord agrees and it is not a communal space.
Whilst there is more demand in city centres close to railway stations, shops and work places, there is some business to be had in more rural areas, especially if there is a local train or bus station nearby.
In the top cities where parking places are in demand, such as London, Manchester, Brighton and Brimingham, hosts can make more than £4,000 a year.
The apps will estimate how much your space could potentially earn although this should be treated with some caution.
Whilst JustPark predicts that my market town driveway could earn £60 a month in reality I have never made that amount in a year.
Make money with your car by becoming a courier
Another option is to do some courier work.
If you do a lot of driving, why not see whether someone needs a package delivered en route?
You could do it full-time by signing up with the likes of Evri or you could more flexibly with a company such as Anyvan.
It is important to extend your insurance to cover the Carriage of Goods for Hire and Reward to ensure the items you deliver are protected.
Car sharing
Although this won’t make you money directly by reciprocal car sharing you can save money on fuel.
Apps like Liftshare can hook people up in the local area doing similar commutes whilst BlaBaCar is handy for European trips.
Sites like Stashbee also give you the option to rent out garage space for storage, with free insurance up to £1,000 worth of goods.
Sell ads to make money with your car
And if you don't mind having adverts sprawled across your car, sites like Car Quids will match you with advertisers earning you up to £100 a month.
The car will be wrapped in a removable self-adhesive film and you can decide how much you want covered which will determine how much you earn.
Just check your insurance first to see if it affects your premium.
Become an Uber driver
Finally, get paid for ferrying people around as an Uber driver.
It could be taking someone to work, getting an excited traveller to the airport or a simply helping a group of mates travel to the local pub.
There are a couple of conditions you should know about though.
The car you use must be less than five years old and a suitable model (these can be found on Uber's website), but an MPV vehicle is usually best.
You will make money in the long term, but there is an initial outlay to factor.
Firstly, you need a private hire licence which you can apply for through your local council. Then there are tests to ensure that your vehicle is roadworthy as well as appropriate insurance.
Find out more at Become an Uber driver: all you need to know about pay, tax and your driving licence.
