If you are a high-net-worth individual who is also a petrolhead, luxury cars are probably a huge source of pleasure in your life. Being behind the wheel certainly delivers an unrivaled joy. Still, monetizing the assets will certainly create an extra source of smiles.
There are several options at your disposal. Here are four that you may wish to utilize to make money from your vehicles in 2024.
The most obvious way to generate money from cars is to sell them. While you love your collection, you will probably want to drop some models from time to time. By working with a classic car buyer, you can enjoy a fair price and a convenient sale. Whether the sale is used to fund your next purchase or you’ve simply grown tired of a specific model doesn’t matter. It is the easiest way to generate thousands of dollars with immediate results.
Moreover, the ability to solve cash flow issues through quick sales is an extra incentive for having several cars in your collection.
#2. Rent It Out
When you have a collection of cars sitting in your garage, the reality is that you can only drive one at any given time. However, the average person can’t even afford one luxury vehicle with the best features. You can give them the experience of being behind the wheel of a car that would be beyond their means by letting them hire it for a short time. You will need to expand your insurance and set up a company, but the potential returns are huge.
After all, drivers may want to treat themselves to a big birthday celebration or make an epic entrance to the big business event. Your cars facilitate this – for a price.
#3. Rent To Film Crews
As well as renting out your vehicles to individual drivers, you could consider letting film crews hire them. Luxury vehicles are often seen in music videos and a host of other productions. Hiring a vehicle for a day is the cheapest option for the production team while it allows you to generate cash from your assets. Better still, you can be sure that the vehicle will drive very few miles during the course of the shoot.
Of course, you will need to check that the vehicle won’t be used in stunts. Nonetheless, seeing one of your vehicles on the big screen or small screen is very cool.
#4. Offer Luxury Transfers
When businesses need to collect a VIP from the airport, they will often send a luxury car. If you have multiple suitable vehicles that do not get driven daily, this is another business to consider. While you won’t want to be the driver yourself, you can hire drivers and admin teams to take care of this. It creates an additional source of revenue that will continue to build your wealth in a largely passive way.
Future car purchases and servicing can also go through the business, which is an extra bonus. And if you want your luxury cars to actively bring value to your life, this is ideal.