Five ways Aussies could be earning extra cash with their cars
Wednesday 28 June 2017
Article by Tom Watson
Owning a car these days isn’t cheap, in fact according a recent RACV survey the nearly 14 million registered passenger vehicles on Australian roads are creating a weekly car ownership bill of around $2.8 billion.
According to the AAA’s (Australian Automobile Association) latest Transport Affordability Index the average Aussie spends $124 on car loan repayments, $32 on registration and licensing, $22 on car insurance and $66 on fuel each week.
Thankfully there are plenty of options out there for car owners wanting to cut down on their expenses, with the first step shopping around for a more competitive car loan or car insurance policy.
In fact, a recent Mozo mystery shop found that Aussie drivers could save hundreds or even thousands of dollars each year simply by switching their comprehensive car insurance provider.
But what if you’ve already got a great deal on your car loan or insurance policy? Well here are five novel ways you can use your car to put hundreds of extra dollars in your pocket each week to recoup some of those yearly car expenses.
1. Car Next Door
- What is it? Are you forking out hundreds of dollars a week on car loan repayments only for your car to spend most of the time parked in the garage gathering dust? Well set it to work with Car Next Door - a service which enables you to rent your car whenever you like to people in your area. And don’t worry, all borrowers are vetted, and if the worst comes to worst (e.g. an accident) your vehicle will be insured by Car Next Door’s comprehensive insurance.
- How much could you earn? According to Car Next Door some of its renters are making over $10,000 a year. While you can set your own price, most cars are rented for around $5-$8 an hour, or $25-$40 for a day. You’ll also get 25c/km to cover costs like petrol and servicing.
- Requirements? Your car will have to have been manufactured in the last 15 years (so after 2002), have less than 200,000 km’s on the clock and be in good running order.
- Where is it located? You’ll only be able to take advantage of this car renting opportunity if you live in Sydney, Melbourne, Brisbane or Newcastle.
- What is it? Like Car Next Door, DriveMyCar is a car sharing service but aimed at long term renters. With a seven day rental minimum you’ll be handing over the keys for more than just a couple of hours, but on the flip side you’ll also be earning money for at least seven days.
- How much could you earn? The rate you can earn is based upon the market value of your car. For instance, if your car is valued at $24,000 you could earn $840/month or over $10,000 a year.
- Requirements? Your car must be under 10 years old, with less than 150,000km on the clock and a market value below $75,000.
- Where is it located? DriveMyCar is currently available in every major city in Australia, and even operates in regional cities.
- What is it? You’ve heard of Uber, but have you heard of the Australian-owned ride sharer GoCatch? With GoCatch you’ll be able to make money simply by driving people around with your own car.
- How much could you earn? Drivers take home 85% of every fare, with different pricing schemes in every state and a minimum fare starting at $8. You’ll also earn more depending on the time of day you choose to drive, with a two-tier pricing system based on peak and off-peak times.
- Requirements? To drive with GoCatch you’ll need to be at least 21, have held an unrestricted driver's licence for at least 12 months and own an Apple or Android smartphone. Your car must be a 2010 model or newer, have less than 150,000 km on the clock and be covered by an adequate third party property or comprehensive car insurance policy.
- Where is it located? GoCatch operates Australia-wide in all major cities, as well as in some regional cities.
- What is it? Like Uber and Go Catch, Shebah is a ridesharing platform but with a bit of a twist: unlike traditional ridesharing companies, Shebah is only for women (and children), with an all-female driving team. Driving with Shebah will allow you to earn some extra cash simply by driving people from A to B.
- How much could you earn? You’ll pocket 85% of every fare you take with Shebah.
- Requirements? Aside from the obvious (you have to be a women), you’ll also need to be at least 21 years old and have held an unrestricted driver's licence for at least 12 months. Your car can be any age, but it must be in excellent condition and be covered by a specific rideshare car insurance policy.
- Where is it located? Shebah currently operates in Victoria, New South Wales and Queensland.
5. Uber Eats
- What is it? Uber Eats is a food delivery service from the same company behind… you guessed it, Uber. Like driving for Uber you’ll be able to earn money with your own car, but instead of ferrying people around you’ll be making deliveries from restaurants to customers.
- How much could you earn? The minimum fee per delivery is $11.20 (before Uber takes a cut), but your earnings will be dependent on demand.
- Requirements? To use your car for Uber Eats you’ll need to be at least 20 years old with an unrestricted driver's licence. Your car will also need to be a 1998 model or newer.
- Where is it located? You’ll be able to hit the road driving for Uber Eats in Melbourne, Sydney, Brisbane, Perth and Adelaide.