Uber just arrived in Canberra and I am so excited! I have used Uber elsewhere and loved it. It was so much cheaper than taxis most of the time (they do have peak times and a couple of times it was more expensive than a taxi. Lucky I always do a price comparison on my phone to find the cheapest and most practical travel option for me.)
The reason I mention Uber is because it is one way to make money with your car and it is also a way to get a free ride. If you use my promo code kyliet208ue we both get a free ride! (Not meaning for us to ride together obviously!)
How to make money with your car
Uber: sign up as an Uber driver and get paid to drive. Much like being a taxi except from what I hear a lot more fun! I haven’t done it but every Uber driver I have chatted with enjoys it.
Car Wraps: I haven’t personally done this, but friends have. Basically your car (usually a newer model) is covered in advertising for a business. You are then a mobile billboard for them. This works best if you drive a fair bit and don’t mind being a mobile ad.
Rent your car: one of my friends tried this recently. She said it was an easy process. They only have a few restrictions such as cars must be less than 10 years old and less than 150,000kms. You are insured and they have lots of things in place to protect you and your car plus extra service if you cannot do the handover such as if you are going overseas. My car is older than 10 years so I can’t try it, but someone else in my family might give it a go with theirs.
Delivery drivers: Pizza and other take away are two delivery options that spring to mind. I haven’t done either option, although many of my friends and relatives have.
Carpool: this saves money and can make you money. We used to carpool and one person drove all the time, the others gave them some petrol money. I know some carpools work where everyone drives one week in a rotating manner, but not everyone has a car to do this.
Those are the main things I can think of for making money with your car.
How to save money with your car
1.) Work out what your car is really costing you
Add up the cost of fuel, insurance, maintenance including tyres and servicing plus replacing parts, registration and calculate depreciation of your car for each year you plan to have it. You don’t need to add in the cost of replacing it here, as that will be used in depreciation on your next vehicle, but think about how much you will need to save to replace your car when it needs it. One car in this family costs $11,300 a year to have, the other $6,000. Combined that is nearly $20,000 a year.
2.) Calculate the cost of public transport
Public transport can sometimes be cheaper than owning a car, especially if you live within walking distance to most things or have a great public transport system. Canberra does not have good public transport and where I live now, it is even worse.
Basing it on cost alone, it would cost me $116.40 a month for myself and $132 for both my daughters together, totalling $248.40. Our bus system stops charging after 40 rides for adults and 30 rides for students, so I used the maximum rate, meaning any other travel is included. There would be times I would need a taxi to go to events which from where I live is about $75 minimum each way. 4 events a month would be $600 if I had to taxi to all of them. Although, now Uber is here, I can get it cheaper!
Sadly, where I live it would take me 2 buses and 35 minutes on the bus to school, then I wouldn’t be able to get a bus home for another 30 minutes and it would take me 45 minutes on those 2 buses to get home. Alternatively, it would take me an hour to walk home. In the afternoon it would be 45 minutes to school and same thing to get home. I would spend at least 3 hours a day travelling to and from school vs 40 minutes total in the car.
Look at the public transport in your area. Compare the cash price as well as the time cost to see if public transport is the better option for you. I know in many major cities lots of my friends live without cars and I would love to, but at this time it is not practical for me.
3.) Shop around for insurance
As I mentioned in this post, you can save a lot of money by comparing policies and making sure details are up to date. If you car was finance, but isn’t anymore, that will reduce your premium. If only people over the age of 25 will be driving your car, stipulate that and you can save more. Play around with your excess amount to find one you are happy with as this reduces your premiums too.
4.) Maintain your car
Get your car serviced regularly, clean it, buff and polish as needed, use seat covers and car mats and your car will stay looking new for longer. This will help in resale value.
5.) Get the right car for your needs
In my life I have owned a few cars and some of them were more “I really like this car” rather than “this suits our needs”. Some were not cheap on fuel or servicing. It was an expensive lesson to learn. Now, I only look at cars that suit my needs and high on that list of needs is economical, safe and retains value.
How does any of this tie into my challenge?
I got paid this week to drive. It was $200 cash, unexpected since I was going there anyway. Also, we are selling one of our cars. It would be amazing if it sold this month, but I don’t expect it to.
Current total for the month: $4,225
Do you make money with your car?
Do you use Uber?
As mentioned, if you use the code we both get a free ride, but other than that I get no benefit from promoting Uber!