Ways To Make Money With Your Car

Avatar Tunde Oyeyode | August 21, 2020 67 Views 0 Likes 5 On 1 Rating

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In today’s economy, owning a car is one thing, making some extra cash from it is another great way to have multiple sources of income…wonderful lingo for anyone in the financial sector.

After some research, we found some ways in which you could generate some extra income.

Giving It To A Rental Service

man Renting a black mercedes

Why not?! For the times when you’re not using the car, you can give it to a car rental service for a period of time and so extra cash of course. The biggest risk with this option is your car getting stolen or worse…getting seriously damaged.

Thankfully, these rental services have huge insurance backing and the likes. A rental service in Nigeria that does something like this is PullUp or you can give it to someone to use for a ride hailing service like Uber or Taxify… just have it in mind that the risk will be on you.

Getting A Loan With It

getting a loan

You probably have one big business idea brewing in your head but it needs some cash influx right?! If you’re like me and you don’t have a rich uncle then a loan would be your best shot, plus banks these days allow you to use the car while you slowly repay them. Don’t like the banks? The guys at Cashdrive also offer the same service without you feeling like you’re surrounded by suits.

Pink Slip Drag Races/Races

E46 BMW M3 at autofest, akin adesola, victoria island
E46 BMW M3 at Autofest

You’ve seen those fun races at Autofest yeah? Now imagine doing that for higher stakes! Your car! or a cash bet. Remember, if you drive a Corolla or something similarly slow, we strongly advice you to skip this option.

Use It For Personal Chauffeur Services

chauffeur services with a Mercedes benz sclass

If you have a big flagship sedan like a Mercedes Benz Sclass or Rolls Royce Ghost lying in your garage on the weekends, then this might be a great option for you. Weddings, official business, you name it.

And people will pay a premium for a modern flagship sedan.

Sell It

Selling a car

Before you fall on the floor laughing, this is a great option…depending on what car you have at your disposal. Either way, you can sell your car for a smaller one or an older version an put the excess cash into whatever business you’re into.

An Sclass for an Eclass is great or selling one of your cars is another great option. A 2007 Corolla wouldn’t really give you much returns unless you’re buying a 1990s Corolla in return.

Note: If you use a 2 seater car, it might not work for most of these options. Now go make some money with that car of yours! Or Just take it for a weekend drive…your call.

Also, check out this Nigerian company trying to bring electric cars into the country.


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Written by Tunde Oyeyode