Worried your car is losing its value? Know how your car can help you earn money despite its depreciating value
For some, a new car is a way to show their status and a step up in the world, for others it could be a way to meet their family’s requirements and for still others, it could be a way to make their commute a little more comfortable and convenient.
Often, all of these factors influence the decision to buy a car. No matter the reason though, buying a new car can be exhilarating. It’s often accompanied by feelings of accomplishment and pride.
And why shouldn’t it? Owning a car affords you complete freedom and convenience to go anywhere and at any time you please. You don’t have to depend on public transport or arranging for a private taxi or any other kind of pick-up and drop.
A personal car is also so much more comfortable and safer than taking a bus or cab. At the same time, buying a car also has a down-side. Its rupee value starts depreciating the moment it leaves the showroom.
While these are all great returns on your investment, did you know that your car can actually earn you money too? Here are three ways you can make cash with your car:
Get a loan against your car
Need funds urgently? Or perhaps, you’d like to realize a long-cherished dream like an exotic international vacation, paying a deposit on a new home, a fancy wedding or higher education. Instead of selling your car, you can simply take a loan against your car and get your hands on much-needed cash instantly.
Even if you have an existing loan on your car and have paid your first 12 EMIs, you can still opt for car refinance and get up to ₹25 lakhs in just 48 hours. What’s more, you can easily pay back the loan against car up to a period of five years and enjoy favourable interest rates and low EMIs (and we mean low – just ₹2300 per lakh) in the bargain too. Like we said, owning a car has many advantages, one of them being it makes you eligible to get a loan against car.
Car leasing to a cab service or to a driver
The soaring popularity of ride-hailing apps and on-demand cab services all over India also increases your chances of earning extra cash by leasing out your car. This works especially well if you have two or more cars.
You can use your usual car as you please, while your second (or third?) car earns you money instead of collecting dust in your parking space or garage when not in use.
You can lease or rent out your car to a private company or even directly to a driver-partner. Just make sure all your PUC and insurance information is up to date and the car registration is converted to a commercial registration.
You might need to take care of general maintenance and repairs as required, depending on the agreement. The driver partners or companies will use your car to offer their services and you get a steady stream of income without breaking a sweat.
Offer to carpool
Carpooling is not just an economical way to get from place to place, it’s also better for the environment. And if you own a car and find yourself driving down frequently used routes, carpooling can also help you keep your pockets full.
There are a number of mobile apps that you can register on as a car-pool provider, where you put in the details of your vehicle, number of people you’d like to pool with and your preferred route.
These apps will match you with others who are traveling on the same route and would like a ride. You can offer them space in your car and earn a pretty sum from every passenger – all while driving yourself to your own destination anyway.
Or, you could even go the old-fashioned way and pool with people you know, like colleagues or neighbors and share the cost of fuel and maintenance, cutting down your personal car expenses. After all, a rupee saved is still a rupee earned.
So, how are you going to use your car to earn yourself some extra cash? Lease it out, offer carpooling services yourself, or easily get a loan against your car by clicking here.