How to Monetize your Car in the Sharing Economy

How to Monetize your Car in the Sharing Economy


The second most expensive asset that most people have is a car. Cars are generally used in a very inefficient way. This study shows that cars are parked 95% of the time. That’s right, for every hour that passes cars are on the road for 3 minutes and doing nothing but taking up space for 57 minutes.

Isn’t that crazy? Think about how much precious space all these vehicles are taking up in cities like New York, San Francisco, London, Paris and so forth. Another way to look at this is that if we can find an efficient way to share our cars, only 1 in 20 people that own a car now would have to own one!

Of course that would be practically impossible, but it shows how much potential there is to find a better solution for our transportation needs. Why do people have to rent cars when they are away? The world is full of cars that aren’t being used!

Car Sharing

Enter the concept of car sharing. A wonderful and efficient way to make the world a better place by (1) reducing the amount of cars needed and (2) providing car owners with an opportunity to recover some of the costs of having a car.

How does it work? Simple. Sign up at one of the car sharing platforms such as Relay Rides, Getaround, and Drivy (France).

Number one concern: what happens if my car get damaged? No worries, these platforms all have collective insurance policies in place to cover you.

Ride Sharing

If you have some free time and you enjoy driving and chatting to people, why not sign up for a ride sharing service? Uber is the biggest one. To qualify, applicants need a car 2004 or newer, a personal insurance policy, a driver’s license and they also must pass a background check. Other ride sharing platforms are Lyft and Sidecar.

Parking & Deliveries

If you have a car, good chance you also have a parking spot that’s probably empty a large part of the day. List it on Just Park and make a few bucks.

If you’re going on holiday, park your car at the airport for free and even get paid by using Flight Car.

Lastly, if you live in New York or San Francisco, you can make cash by delivering goods using WunWUn. In fact, you don’t even need a car, you can deliver by bike!

This is part two of the Monetization Series, in which the author shares his knowledge on how to effectively monetize your assets, skills and knowledge.

Join the conversation! Have you ever considered monetizing your car? What’s your experience? I’d love to hear about it, comment below! If you know of any other platforms, please let me know as well so I can add them!