Between the expenses of the monthly payment, upkeep, gas, and insurance, it’s time to get creative about getting that nice, shiny piece of metal to start earning it’s keep so you don’t feel like you’re being, (ahem,) taken for a ride!
1. Rent out your car while you’re at work
Most cars sit idle 95% of the time,1 and as it sits in the parking lot at work, it’s only doing one thing: depreciating. But did you know that you can rent your car for 15 days each month and in doing so could make upwards of $6,500/year?
Businesses like Getaround and Turo are making it possible for drivers in many cities to earn extra cash while fueling an adventure.
2. Share the load
With the average American commute being almost 30 minutes each way, that adds up to quite a lot of money spent on gas each year and a lot of wear and tear on your car. Why not consider carpooling and share those expenses? Particularly if you live in a suburb outside of a major city, chances are there are other people in your town that are making the same commute. Apps like Hitch-A-Ride, Getaround, Carpooling.com, and Zimride can help match you with commuters in the area going your way. And one more bonus: carpooling not only lowers your costs, but reduces carbon emissions, a huge savings for the environment.
3. Consider going electric
What if you could charge your car the same way you charge your phone? With electric vehicle tax incentives of $7,500 available in all states and several states offering additional incentives (up to $17k), it’s worth a look. Many states offer non-cash incentives including carpool lane access and free parking. Plus, research shows that the average household spends nearly $2,000 per year on gas, so savings can be significant.