May 06, 2022 - 09:54 AM
Old, clean 1999 Toyota corolla. Image Credit: Motor1
Car leasing businesses can be very tricky. When you try to do it on your own you are not likely to succeed. Insurance costs and risks of theft and loss will greatly outweigh any amount you can hope to get. And if you can’t hire menacing, muscled men to do repossessions, you’ll end up thousands of dollars in the hole!
This is a tough market and likely the same market served by payday lenders who have easier recourse than you will, and yet they are not unusually profitable despite charging usurious interest rates. That insight should stop you dead in your tracks.
There are a few options available to you however outside of Turo but they may not accept really old cars.
Using a mobile app, this company helps to connect millions of people with the ride they need.
A member of the famous Avis group, this company was founded in Massachusetts in the year 2000.
Connects car owners who wish to make some extra cash from their idle vehicles to drivers who are ready to utilise that vehicle.
4. KAYAK CAR RENTAL
This is a subsidiary of the global leader in online travel and associated services, Bookings Holdinds, Inc.
Founded in 1918 in Chicago, Illinois, this company provides short term rentals, long term leases involving all forms of driven transportation and logistics.
Founded inb 2011 and headquartered in the Netherlands, its a mobile app that allows you to hire your vehicle to other people in a convenient and fun way. They even provide 24/7 road assistance
This is a good option for people who require a car to work as freelancers or food delivery drivers but don’t have the funds to buy their own car.
So, go ahead and buy your Toyota and Mitsubishi low cost cars, but you will be better off considering the above solutions instead of trying to go it alone.
May 07, 2022 - 10:38 AM
No it needs some really sophisticated legal engineering to get around the insurance problem. If the car is $100 but insurance is $300 you aren’t getting much bang for your Buck vs a $200 a month car.
I have rented from rent-a-wreck, and got used cars ~4-5 years old and I was content. I expect that insurance is a larger part of the business who rents old cars - and they get none of that.
Most fleets and car rentals have a ~2-3 year cycle, mileage dependant, and they have odometers to judge when they want that car sold off based on the stats.
This pinches used rental operations between repairs to worn cars and the insurance grab, so it needs sharp management. There are a few local garages here in Toronto who will only rent to insured people renting a replacement vehicle as the car insurance covers many aspects of replacement rentals - not all.
Some provide courtesy beaters if they are doing the repairs?