A PROFITABLE side hustle may only require a car to make a profit of $1,400 per month.
TikToker Turo Profits, a rental car fleet coach, recently posted a video explaining a simple way to make extra income by renting out your car.
He quickly pointed out that the Dodge Charger Hellcat doesn’t make as much money as you may think, despite the draw that it might have.
In fact, Turo’s most profitable car is a Hyundai Sonata, a car with fewer gadgets, and horsepower, and one that certainly isn’t considered a luxury vehicle.
“The Hyundai Sonata is my most profitable car by far in terms of ROI [return on investment],” Turo explained.
His monthly payment for the vehicle is set at about $203, and while charging $70 per day for renting, Turo breaks even on his cost in about three days.
In total for the month, he said he makes a profit of $1,400.
He noted in the comments that he usually rents it out for 20 days a month.
Of course, the easiest way to do the same may be to rent out your own car on the days you don’t use it as a side hustle.
Better yet, if you’ve already paid off your vehicle, what you decide to charge is your profit.
If you don’t, a car like a Hyundai Sonata that has an affordable monthly payment could mean a great ROI.
With a vehicle like that, it’s compact, it gets decent gas mileage, and it’s often reliable overall.
If you don’t have a car, be careful about only buying one to rent it out as you’re not guaranteed to make money.
You also need to take insurance costs and management into consideration.
For those looking to start a business around it, Turo recommended beginning with economy cars and then working your way up.
Other side hustles that require little investment
Sometimes, relatively profitable side hustles don’t even require you to leave the comfort of your own home to make a few hundred dollars.
One side hustle aficionado watches dogs on the weekends to have the possibility of earning an extra $500 per month.
If you already have a laptop or a computer, it’s easy to find some free editing software and create ambient music videos on YouTube with profit margins that reach as high as $10,000 per day.
Or better yet, one popular form of side hustling is affiliate marketing.
This means writing copy and promoting a product or service from a company digitally to gain viewer traffic.
From the traffic and purchases because of your advertisements, you could make some serious cash, but it requires people to spend.
One student recently paid her tuition fees with ease after having one of her five side hustles include affiliate marketing.
Not to mention, a business coach has explained that affiliate marketing can have the possibility to earn you up to $50,000 per month.
Whether it’s a laptop or a car, having either one has the possibility to make you considerably more passive income.