Could a car be your biggest money-making machine? Well, we wouldn’t go that far, but it could make you some extra cash. There are plenty of ways you can make a lot of money from your vehicle. Whether you want to keep it or trash it, here are some great options.
Sell It On
Arguably the most obvious choice is just to sell it and make the money as quick as you can. You can sell your car fast using Carcoin or a similar company. This saves you the trouble of arranging for your car to be advertised online or the risk of sticking it at the side of the road. Through a service like this, you can cut out all the issues associated with selling a car. You even lose your accountability if there’s something wrong with the machine. A lot of car sellers have found themselves in hot water after selling their vehicle on eBay when it had a problem.
If your car doesn’t work, you can still sell it for cash. You just need to take it down to your local scrap yard. They are sure to buy it off you, even just to get the parts inside it. If you do this, you’ll probably make quite a lot of money off your old banger. Not quite as much as it was worth when you bought it, but still a considerable amount!
Use It As An Investment
Alternatively, you can treat your car as an investment. One day you’ll sell it on, but while it’s in your hands, take good care of it. The best way to get a car investment is to buy a classic. You can buy an old, worn, classic car and patch it up. Make it a project, if you enjoy working with cars and then sell it on once it’s ready. In the world of automobiles, they call this car flipping, and it can be quite profitable. Just be careful how many cars you flip. Eventually, you’ll be recognised by the government as a car seller, and then you’ll have to pay tax. You should only flip cars that you’re using for private use as well. This is a loophole that will help you escape an expensive taxation charge.
Rent It Out
If you’re low on cash at any time through the year, you can consider renting your car out. You can get quite a lot of money doing this, even in the short term. Someone might pay you fifty dollars to have your car for just a couple of hours. If you do this a few times a day, you could easily make a couple hundred. Students often do this to make ends meet and get that precious drinking money.
Off To The Races
If you don’t care what happens to your car, you can take it in for rally racing. Your vehicle will get banged up doing this, and it will lose some value. However, the good news is that you can make money racing, especially once you start getting sponsorship deals. But, if you want to make cash, you better have some skill behind the wheel.