Know how to jump into the investment world with your car

May 2, 2024 6 min read

Have you ever wondered how you might be able to jump into the investment world with your car?

If you’re like most people, the thought has probably never even crossed your mind. Fortunately, with HyreCar, you can reap the benefits of using your car to generate passive income rather than letting it sit idle in your driveway or garage.

Of course, there are other investment options available for those who choose not to jump into the investment world using their car. Starting a business, investing in mutual funds, or trading stocks are few ways people can choose to invest when seeking additional revenue streams.

Using HyreCar can lead you to earn significant returns on a regular basis, month after month. All your safety and insurance concerns will be taken care of. Getting started takes only a few minutes of your time and our seamless re-booking process ensures that you can keep your passive income stream flowing.

When examining all options, however, it becomes clear that investing with your car by renting it out to generate passive income is the most beneficial form of investment.

Benefits to look forward to when you decide to jump into the investment world with your car

The great thing about renting out your car is you can earn money while you sleep! You don’t have to put in extra work in order to earn extra income. You’ll be working smarter, not harder.

This is what’s referred to as “passive income.”

The word passive refers to the fact you’re not actively having to accomplish anything to earn income. While you do have to make arrangements to have your car used as a rental, you’re not responsible for carrying out any task while it’s being used.

Car rental is only one way to earn extra income. Many other investment options exist as well. Let’s examine a few of them.

Various investment options

Some people choose to invest in stocks or mutual funds, while others start their own small business.

Stocks

For those looking to invest $500 or more, stockbrokers like E*TRADE and TD Ameritrade allow users to buy and sell stocks for as little as $5 per trade. $500 is enough to open an account and start trading shares of all the biggest and most widely-traded companies like Facebook, Amazon, and Netflix.

For smaller trades, the Robin Hood mobile app can be used for making several free trades per day. Robin Hood has no minimum requirements for opening an account.

For even smaller trades, go with Loyal3, where you can buy fractions of stock shares. With this brokerage, you can buy and sell the stocks of over 70 companies at a much smaller cost. No matter how much the shares of a company cost, in some cases you can buy a part of them for just $10.

Mutual funds

Mutual funds are a good way to get started making small investments. A mutual fund allows an investor to be diversified without much work on their part. Rather than just owning one specific stock, you could own hundreds. Mutual funds can also be used as long-term investments. Several hundred mutual funds allow investors to get started with a minimum amount of $500.

TD Ameritrade has even cheaper options. Over 250 mutual funds are available on TD Ameritrade that have zero minimum deposits, meaning you can start investing in mutual funds with as little as you like.

Mutual Funds are a great option for someone new to investing.

Sign up with Acorns today to start growing your wealth in the background of life by saving and investing automatically. Acorns helps you invest the spare change from your every day purchases so you can effortlessly grow your portfolio.

Invest time in a profitable venture

There are many low-cost ways to start a business today. Starting a blog can be done for little to no cost and can earn income through advertising revenue, webinars, online courses, or subscription fees. If you’re not a blogger, offering services like dog walking or lawn maintenance can be done for the cost of a few flyers and a batch of business cards.

Another way to invest time in yourself is to buy products in bulk and resell them at a profit. Sites like wholesalecentral.com have been known to offer great deals on desirable products for people willing to buy large quantities.

Once you buy a large quantity of something at a discount, you can sell smaller packages for a profit using sites like eBay and Amazon. Simply create a seller account and list your items. You will need to be able to package and ship your items quickly to keep customers satisfied.

Why should I rent out my car to HyreCar?

Of all the investment options available, using your car as a rental is by far the best.

Did you know that the average person’s car spends 96% of its time sitting idle in the driveway or garage? And during that entire time, your car is losing value. All vehicles depreciate in value with time. Even a Ferrari that costs upwards of $250,000 one year could be sold as a used vehicle for $90,000 or less ten years later.

Create passive income

Why let your car sit around and be lazy when you’re not using it? Make it work for you by allowing others to use it as a rental. With HyreCar, you can create a new passive income stream using an asset that you might not even think of as having investment potential.

List your car today

HyreCar allows you to list your vehicle on the marketplace within minutes. Before you know it, you will be on your way to earning passive income on a consistent basis using the car you have always taken for granted.

The average weekly price that you will be able to set for your car ranges from $200 -$400. By comparison, the average income of someone renting out a single car using HyreCar is $900 – $1200 per month. You can even list multiple vehicles and rent them out at the same time, increasing your passive income.

Of course, you also have to factor in other expenses. You may have to pay for routine maintenance, for example. Like any other source of income, money earned by renting out your car will be taxable. The way it will be taxed varies depending on whether or not renting your car is a business for you or just a side hustle. When getting ready to jump into the investment world with your car, try to take into account all the factors associated with your new passive income stream.

Opportunity to jump into the investment world with your car using HyreCar

You have a unique and lucrative opportunity by choosing to use HyreCar as a means by which to turn your car into a rental for potential rideshare drivers. You can earn an astounding $1,200 per month or more by listing just a single car.

No hassle with our seamless booking process

This passive income stream can remain continuous thanks to our seamless booking process. Once you have used your car to jump into the investment world with HyreCar, you can continue to do so with minimal effort. Most drivers on the platform extend their rental day-by-day or week-by-week, meaning you will continually be getting paid. Their dedicated team sources drivers right into your car, so you never have to worry about your car sitting idle again.

Our simple re-booking process means this passive income can be yours without you having to invest much of your time after the initial set up.

We’ve got you covered

We have a blanket liability policy that compensates for the inadequacies of personal and ridesharing insurance policies. You can jump into the investment world with your car and not have to worry about the potential insurance implications. No matter what happens, HyreCar will always have your back.

For your safety, all drivers are required to pass strict background checks. Not only do they have to pass a special background check for HyreCar, but they also have to go through background checks for Uber, Lyft, or another rideshare service they plan on driving for.

In addition, a DMV check, criminal background check, and sex offender database check will be carried out by each driver. Such a thorough background check process assures our customers who want to jump into the investment world with their car that whoever is driving their car is an upstanding citizen and will take the responsibility of driving it seriously.