Our very own car leasing expert has released comments advising Brits of five ways that they can make money using their car..
The average price for private car motor insurance in the UK rose by 8% in the last quarter of 2022, to an eye-watering £470 per year (Source: ABI). With car insurance only getting more expensive, now is a great time to think outside of the box to earn some extra cash and pay off costs such as these.
Nigel King, Group Operations Director at All Car Leasing has released five money-making tips that could help Brits make money using their vehicle.. The tips could earn Brits an estimated £4,611 in just one year - which could cover nine years worth of car insurance.
Sign up for a ride-sharing service
“With ride-sharing and taxi services always in high demand, now is the perfect time for Brits to sign up and make money as a driver. Companies like Uber make it incredibly easy for anyone with a valid UK driving license and clean driving record to make money from the driver's seat.”
“How much an Uber driver can make per shift depends on a number of factors, including where you are driving, how far you are driving, what kind of vehicle you are driving, and at what time of day. In Oxford, for example, Uber states that their passengers are charged a minimum rate of £4.15 per off-peak trip in a standard UberX vehicle. Therefore, if you did just two trips a week for a year, you could make over £400 in this location.”
“Drivers can also benefit from surge pricing, which sees prices inflate during peak times to meet the high demand for vehicles.”
Estimated annual earnings: £431.60
Sign up to be a delivery driver
“Uber also has its own takeaway delivery service, giving drivers plenty of options to pick up a job and make some extra cash in their free time. Other popular providers in the UK include Just Eat and Deliveroo, who along with Uber Eats, all offer an average salary of around £10 an hour for their drivers.”
“Just like your average Uber driver, one of the perks of signing up to drive for a food delivery service is the flexibility, with drivers having the ability to choose their own hours and how much or little they work. If you did just one shift a week, you could earn around £520 in a year.”
Estimated annual earnings: £520
Get paid to advertise using your car
“Many Brits might not know that you can get paid for advertising a company using your car. Services such as Car Quids and Drovo match drivers looking for some extra cash with brands looking for exposure out on the roads. By signing up for these schemes, drivers can get reimbursed for having their cars wrapped with a company’s branding.”
“Car Quids offers Brits £100 a month simply for driving a branded car. Drovo promises their customers between £75-£500 per month depending on where and how frequently they drive. Drivers in busier areas could earn more for the increased exposure, but cars older than 2011 may not be eligible.”
Estimated annual earnings: £1,200
Get involved with car boot sales
“A classic way for drivers to make money using their car is by participating in car boot sales. These events tend to be relatively low-cost for their sellers as the venue, advertising and customers are already in place. Once you have paid for your place at the sale, all you need to do is turn up with your unwanted items, set up a display from the boot of your car, and be prepared to negotiate with buyers who will be looking for the best price.”
“On a successful day, Brits could expect to make anywhere between £30 to £200 by selling items at a car boot sale. The more committed you are, the more likely you are to make a profit as you continue to build connections with buyers and other sellers at each event.”
Estimated annual earnings: £360
Rent out your car through a rental service
“Why leave your car just sitting there in your driveway when you could make money by letting someone else take it for a spin? The UK has various rental services such as HiyaCar, Getaround and Turo, which all allow Brits to turn their car into an asset and list it for rent.”
“These services have several safety features to ensure that the process of renting out your car is as hassle-free and safe as possible, including giving the owner control over rental prices, providing insurance cover, and implementing comprehensive vetting systems that verify the identity of renters.”
“According to these companies, Brits could make between £400-£650 per month by signing up to list their car all throughout the month, with the ability to pay off insurance costs being a huge drawing point for many of their customers.”
“If you were to rent out your car on a more casual basis and listed it for one week every month at a rate of £25 a day, this could earn you around £2,100 in a year.”
Estimated annual earnings: £2,100
All Car Leasing have shared these tips to help Brits make back the cost of their car insurance using their car. For more car-related advice, visit their website here.