BenM
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Hello, let me start off by saying I am new to the thread but I have been somewhat of a lurker for a decently long time now. So the other day I was watching re-runs of my favorite TV show(the only TV show I really indulge myself in watching) Top Gear and I thought about how cool of a job it must be to get to show up every morning and drive one of these insane sports cars. Immediately some ideas started swirling around in my head, I thought what if I could do something along these lines too.
Now call me a fool if you will but I ran the numbers for a few hours that night and the following morning for renting out one of these exotic beasts and the numbers... well they actually make sense.
A five year lone of $180,000 at a modest 3.11% interest rate it comes to $3,243 per month just for financing alone which may seem like a lot but just here me out.
Insurance is something that escapes me a little bit because clearly if you are renting out $180,000 sports car than your going to need some serious commercial insurance which I haven't been able to find an exact monthly/yearly rate for but ill just take a guess and estimate it at say around $1,500 per month.
Now next would be maintenance and yes this I figure will most positively be a hefty monthly cost so lets say $3,000 a month just for maintenance alone.
Lets add it all up $3,243 for financing plus $1,500 a month for insurance plus $3,000 for maintenance comes to $7,743 per month in cost, sounds like a lot right?
Well I figure I could easily rent the car out for around $1,200 per day so all I would have to do is feasibly rent the car out for 7 days or one week out of the month to pay for expenses and after that I could see back and watch the money pour in. On top of all this I get to purchase and own a car I have always dreamed of having and hopefully could reinvest profits back into the company to finance more cars and so on so on.
Let me know what you think and please share any and all flaws you see.
Now call me a fool if you will but I ran the numbers for a few hours that night and the following morning for renting out one of these exotic beasts and the numbers... well they actually make sense.
A five year lone of $180,000 at a modest 3.11% interest rate it comes to $3,243 per month just for financing alone which may seem like a lot but just here me out.
Insurance is something that escapes me a little bit because clearly if you are renting out $180,000 sports car than your going to need some serious commercial insurance which I haven't been able to find an exact monthly/yearly rate for but ill just take a guess and estimate it at say around $1,500 per month.
Now next would be maintenance and yes this I figure will most positively be a hefty monthly cost so lets say $3,000 a month just for maintenance alone.
Lets add it all up $3,243 for financing plus $1,500 a month for insurance plus $3,000 for maintenance comes to $7,743 per month in cost, sounds like a lot right?
Well I figure I could easily rent the car out for around $1,200 per day so all I would have to do is feasibly rent the car out for 7 days or one week out of the month to pay for expenses and after that I could see back and watch the money pour in. On top of all this I get to purchase and own a car I have always dreamed of having and hopefully could reinvest profits back into the company to finance more cars and so on so on.
Let me know what you think and please share any and all flaws you see.
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