“We just noticed the car rental prices were crazy from all the old rental companies, and even though we actually couldn’t find a car on [car sharing platform] Because Next Door while we were there because they were all sold out, it kind of woke up to me to be a decent idea to explore,” he says.
In September last year, he listed his first car, a Suzuki Alto, on Car Next Door. He now has five cars on the peer-to-peer rental platform after buying four other low-mileage used vehicles.
“I ended up going out and buying them [outright] specifically for this purpose,” says Charlton.
He says he’s on track to earn about $15,000 a year with three of the cars, or $1,200 a month before costs. He does not count the two remaining vehicles, because they are on long-term rental with the platform and he did not do the calculations for them.
Charlton says he already earns more on cars than on cryptocurrency and stocks — but he’s not betting everything on car rentals. “If you have a long-term horizon, not being invested in any type of investment is really very risky, just because of inflation,” he says.
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