Whether you’re using it to get to work more conveniently, to get around more freely wherever it is you have to or want to be, or indeed if it just makes for the most practical way through which to drop the kids off and pick them up from school, everyone knows that a car is a liability and not an asset. It doesn’t have to be one though, although every indication is that it’ll do nothing but cause money to flow one way; out of your bank account and into the car’s running costs.

Start by Minimising the Associated Running Costs

This starts with the very moment you’re browsing for vehicles and comparing them against each other with a view of finally settling on one you’re going to purchase. You need to consider what the running costs of the vehicle are going to be and try to minimise them as much as possible. Things like the car’s fuel consumption rate, insurance costs and everything else which will need you to spend money on the maintenance and operation of your car should be considered – service fees, etc. You should aim for a nice mix between all these elements to minimise running costs, but it has to be within reason because there is indeed ultimately a reason why you wanted to buy the car in the first place. So if you want to drive the kids around, you might not be able to go with the smallest car available in an attempt to enjoy the best fuel consumption rate.

Using Your Car to Generate an Income

Minimising the operational costs of running and maintaining your car can only go so far. At the end of the day you’re still going to be spending money on its up keep, so you have to take things a step further if you want to turn it into an asset as opposed to the liability that it is. One of the best ways of doing that today is signing up to ride sharing service to become a driver. Making money with Uber is a great way to go as the network of drivers and clients is quite an extensively established one, so it’d perhaps only be a matter of complying with the requirements to become a driver.

If you prefer other platforms such as Lyft, that’ll perhaps also just be a matter of working towards getting your Lyft Driver rating up so that you have a good track-record and are always in line to get more work.

There are quite a few other means through which to use your vehicle to generate an income, such as perhaps using it as a mobile billboard. You don’t even have to go all the way and have your car permanently branded. Magnetic stickers work like a charm as they can be removed when you’re on your ride sharing deployment, otherwise small businesses and even some of the biggest and most established companies will pay some good money to have some mobile advertising displayed on what are otherwise ordinary vehicles.