FOLLOW US

  • Facebook
  • Instagram
  • Pinterest
  • StumbleUpon
  • Twitter
  • Home
  • About
    • PRs Work With Us
  • MEDIA
  • DIRECTORS CUT
  • Contact Us
Joleisa logo
  • Frugal living
  • Eat for less
  • Start a blog
  • Recommendations

How to Turn Your car Into a Frugal Investment

This post may contain affiliate links

 

 

Think about some of the investments you make in life – many of them are much smarter than others. A house is the perfect example of something you invest in that provides wealth over time. You benefit from a comfortable place to live and raise your family, but property prices dictate that it usually grows in value. The majority of people will sell their house for more than they bought it. Therefore, it’s a frugal bit of business!

 

By contrast, look at your car. Generally, most people make poor decisions when buying cars as they never turn into a profitable investment. Unlike property prices, the value of a car will decrease as soon as you drive it. Thus, most of you will sell yours for a loss. Today’s post is all about turning this loss into a profit, making your car a more frugal investment. Yes, it can be done, but only if you’re savvy. Here are a few thoughts to help you out:

Buy as cheap as can be

Never buy a brand new car if you want it to be a good investment. The value will only ever go down, whereas a used car has the potential to increase. Have you ever seen shows like Wheeler Dealers? Effectively, two guys buy a cheap used car and transform it into something a lot better. Sometimes they make aesthetic improvements, other times it’s more technical upgrades to the engine, etc. Either way, the cost of making these changes increases the car’s value. In turn, they sell it for more than they bought, making a profit – even when including the cost of repairs. 


Consequently, you could do a similar thing with your vehicle. Buy one for as cheap as possible – but make sure it still works and isn’t a complete state. Then, you can make changes yourself and improve the car if you want. In doing so, the resale price goes up, so you could make a profit when you eventually decide to sell. Some people will actually just buy and sell cars like this to make money on the side, so you could do that if you want some extra income and have spare time!

Make your car last for as long as possible

A car is a terrible investment if you buy it, drive it for a year or two, then sell it for a significant loss. However, if you sell your car for a slight loss after having it for ten years, is that a bad investment? By all means, making a profit is ideal, but you should also consider how much use you got out of your vehicle. 

 

Think about it; you pay for a car and use it every day for ten years. That’s an incredible investment as it definitely proved to be worth every penny. So, you can rest easy knowing that the loss you make isn’t that bad. Again, if you make some improvements and sell it for a profit, then you’re laughing all the way to the bank! Still, focus on increasing the longevity of your vehicle to make the investment worth it. 

 

Here are a few common maintenance tasks that will help you do just that:

 

  • Check and maintain the correct tyre pressure
  • Change the oil regularly
  • Take your car in for yearly servicing
  • Be gentle when driving and don’t force the accelerator down or jerk the gearstick
  • Be a sensible driver so you avoid accidents

Use your car to make money

Next, you can boost this investment by making money from it. This is probably the best way that you can turn a car into a profit. Instead of driving around in it without a care in the world, use your car to actually provide a source of income. 

 

It may sound crazy, but there are dozens of ideas you can use in this scenario. For starters, you could become a driving instructor and earn loads of cash in your spare time. Or, get a part-time job as a delivery driver and rake in the money. You could even do something as simple as advertising for other businesses via your car. Many companies pay good money to have a wrap placed on your vehicle that advertises for them. If you don’t care about how this looks, it can be easy money as you don’t have to do anything. 

 

As you can see, there are lots of fun and interesting ideas to explore. Everyone should think about this as it makes your car a better asset. You’ve invested in something and can use it to make more money. In a few months, you may have already reclaimed what you paid for the car! These ideas are particularly useful if you’re currently redundant due to the pandemic. Delivery driver jobs are definitely in demand, but consider any other ideas that only involve a car. It can be a smart way to keep earning money as you look for a permanent job. 

 


Reduce the running costs

Lastly, your car will be more valuable when it costs less money to run. That’s one thing you forget about cars; they cost money to buy, but you also have the ongoing costs. Thankfully, many of these can be reduced by following the tips in the earlier bullet points. Certainly, regular maintenance prevents repairs and keeps the costs as low as can be. 

 

Nevertheless, you should still explore ways to cut the running costs by reducing your fuel consumption. Learn how to be an economical driver, and you will spend less money on your vehicle every single month. Over time, this all adds up and makes your car a much better investment. 

 

See, it’s not that hard to turn a car into a frugal investment! If you play your cards right, you can actually make a profit on this purchase. Even if you don’t, it’s still a savvy investment if you can use it for as long as possible. Follow some of these ideas if you want to get more bang for your buck and make your car more valuable.

Share this:

  • Twitter
  • Facebook
  • Pinterest
  • WhatsApp
  • LinkedIn
  • More
  • Print
  • Email
  • Skype

Related

Filed Under: Frugal

About Joleisa

« The Power of the Freebie: Getting More for Your Money
Frugal Success and a Little Failure »

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

CommentLuv badgeShow more posts

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Hey guys and gals!

Hi, we're Jo and Leisa, twin sisters and authors of Joleisa.com. Originally from the sandy beaches of Jamaica we now reside in England where we followed our calling to teach. But sometimes that call changes and our new passion is writing. We're here to give the ups and downs of it all with our lifestyle tips and tricks to help you avoid the sour lemons that can get in our way of frugal budgeting, intentional living and happiness. Join us and learn more about how we found the simplest ways to achieve easy living. Read More…

AS SEEN ON CHANNEL 5’S

We are Sociable

  • Facebook
  • Instagram
  • Pinterest
  • StumbleUpon
  • Twitter

Recent Posts

  • Every Reason you Need to Build Savings
  • What we have Loved in February
  • Exciting Mothers’ Day Giveaway
  • Gorgeous and Inexpensive Gifts for the Ladies in Your Life
  • Setting up a Trust to Protect Your Child’s Financial Future

MOST POPULAR POSTS

Why we left teaching

  • Be your own boss
  • Set up a blog
  • Making money from your blog
  • Using Pinterest to help your blog
  • Fixing sleep problems
  • Frugal family fun at half term
  • Having to plan a funeral!
  • Let’s show you how we save money on food
  • Our time on Channel 5’s Shop Smart, Save Money
HIBS100 Index of Home and Interior Blogs HIBS100

Copyright © 2021 · Tasteful theme by Restored 316

Copyright © 2021 ·Tasteful Theme · Genesis Framework by StudioPress · WordPress · Log in

YOUR PRIVACY

This website uses cookies to improve your experience. We'll assume you're ok with this, but you can opt-out if you wish.Accept Reject Read More
Privacy & Cookies Policy

Privacy Overview

This website uses cookies to improve your experience while you navigate through the website. Out of these, the cookies that are categorized as necessary are stored on your browser as they are essential for the working of basic functionalities of the website. We also use third-party cookies that help us analyze and understand how you use this website. These cookies will be stored in your browser only with your consent. You also have the option to opt-out of these cookies. But opting out of some of these cookies may affect your browsing experience.
Necessary
Always Enabled

Necessary cookies are absolutely essential for the website to function properly. This category only includes cookies that ensures basic functionalities and security features of the website. These cookies do not store any personal information.

Non-necessary

Any cookies that may not be particularly necessary for the website to function and is used specifically to collect user personal data via analytics, ads, other embedded contents are termed as non-necessary cookies. It is mandatory to procure user consent prior to running these cookies on your website.

SAVE & ACCEPT
loading Cancel
Post was not sent - check your email addresses!
Email check failed, please try again
Sorry, your blog cannot share posts by email.