Utah isn’t the friendliest state when it comes to transport, so you need a vehicle to get you around. There’s some good news, however. You can do so much more than drive it. Here are four ways you can maximize your vehicle:
1. Apply for a Secured Loan
When you’re short on cash, a loan becomes a viable option. However, in many cases, the lender requires your house as collateral. With the home prices in the state skyrocketing, there’s a good chance you’re only renting.
If you need cash fast but don’t have a home, you can apply for title loans in Utah. In this setup, you surrender the vehicle’s title temporarily to the lender to get money in return. You don’t need to leave your vehicle, so you can still use it. You may also qualify to the loan even if you have a bad credit score (which is usually 579 and below).
2. Rent It
Even if you don’t have a house, you can still part of the growing sharing economy, thanks to your vehicle. Turo, for example, is a peer-to-peer car rental service. The process is similar to Airbnb. You sign up, make your vehicle available, and then charge those who want to rent it by the hour. The website has a calculator to give an idea of how much you’ll likely earn.
While you can get more money with high-end cars, you can still lease a Mazda, Nissan, Honda, and Mitsubishi. You can ask customer support to find out if they accept your model. Either way, you can be on a cruise and still earn money with your vehicle.
3. Open Up Your Garage
If you’re blessed to have a car and a garage, then you can make the most out of both by opening up the latter. There are two ways to do this: one, you can spruce it up, transform it into a cozy room, and then rent it. Utah is one of the states with the highest population growths, so you won’t have to worry about demand.
Another option is to lease your garage. You can sign up to websites such as Parqex or Pavemint and connect with people looking for a shelter, albeit temporarily, for their own vehicle.
4. Transform It into a Home
Do you think that the costs of housing in Utah are already high? If you want to free yourself from mortgage but still dream of freedom, you can convert your vehicle into a mobile home. Granted, a car significantly lacks space, but with some ingenuity, you can live and thrive in such setup. If you go to YouTube and websites that promote tiny living, you will receive plenty of tips on how to do it.
Unlike that of land, the value of cars can depreciate fast. The moment you leave the showroom or the parking lot, it already loses as much as 15% of its market value. By the first year, it drops by 20%. On top of that, you have to spend on maintenance, insurance, and other costs of ownership. Why don’t you make the most out of it then with the ideas above?