For a while there was a time when getting your own car was a symbol of freedom, independence and confidence.
It didn’t take long for the novelty to wear off and become a costly and hassle-filled responsibility, with owners quickly realizing there’s more to driving than just getting from A to B. Especially when you’re on your own, you’re going to need some help navigationally speaking. And what better place to get that help than from a fellow motorist.
That’s where the concept of car-sharing comes in. With it you don’t need to keep buying cars, you can share them with a larger community. And if you’re worried about running out of gas, you can always get a fill-up at a gas station. Aside from the environmental benefits of going electric, it’s a win-win situation when you think about it.
Nowadays, car-sharing has become so mainstream that even motor speedways are getting in on the action. On their website Texzs.com they present a partnership with Starnet Capital Partners to develop a shared car ownership program for the Charlotte Motor Speedway. More details can be found on their website, but here’s the short version:
- Become a vendor
- Get preapproved for a loan
- Buy a used car
- Paint it any color you want
- Add a mattress to the back for a thousand dollars
- Total price of the car: $600
In return for your investment you’ll receive an annual income of up to $14,000 per year from the dealership (before taxes and other fees). So not bad for a few hours’ work. Of course, the flip side is that you could lose money if the economy turns sour and fewer people are looking for a cheap car to rent. But we’ll discuss that in a bit.
Before you start pitching in for the cause, it’s important to note that this is a lucrative business opportunity that may not be for everyone. You’ll need to put in the time and effort to learn the ropes before you jump in with both feet. And even then, you may not end up making a profit. You may lose money as a vendor at first but the risk is worth it if you want to pursue this line of work.
To make sure you qualify you’ll need to purchase a used car, preferably one from a car-sharing company such as Zipcar. The reason for this is that the dealership will not finance the purchase of a new car. However, if the car is over a year old, it’ll be considered “pre-loved” and a much more accommodating proposition.
Once you’ve got the requisite car, it’s time to move on to the next step.
Find A Loan
Lenders will need to review your application for credit and decide whether or not to approve it. One of the primary things they’re going to look at is your income and your ability to repay the loan. For the purposes of this article I’ll assume you’ve been able to scrape up the money for the down payment on the car and you don’t need further financial assistance. This being said, even in this case you may need to prove to the bank that you’re able to repay the loan. Lenders are much more likely to give you a loan if you can show that you’ve got a steady income or can pledge a reliable source of income to make the monthly payments. Having a partner or spouse who’s well-employed and willing to co-sign on the loan for you makes it much easier to qualify as a borrower. Having said that, if you are searching for a car loan and don’t have the luxury of having a cosigner, there are options available to you that can help you secure the funds you need. Banks may be willing to work with you if you’re going through a rough patch in life. This could include having money troubles, getting divorced or having to file for bankruptcy. In this case, they could view your situation as a “change of circumstances” which makes you a more desirable customer and could help land you a favorable deal.
Set Up Regular Fuel Deliveries
If you’re planning on driving the car on a regular basis and aren’t sure how often you’ll need to fill it up, you may want to consider setting up regular fuel deliveries. This can be done by signing up with a reputable fuel delivery service in your area or vicinity. They’ll be able to tell you how much it’ll cost you per month and you can decide whether or not to continue with the service. In the case of the Zipcar car-sharing program, you can drive to any gas station and pay by the hour. This saves you the stress of having to hunt down a gas station that’s open and close to your home or workplace. It also helps you avoid getting stranded because you ran out of gas. Think of all the time that’s been saved by this convenient feature!
Add Some Extras
If you’ve got the disposable income, why not add a couple of nice extras to the car? You might want to consider adding some car mats, a portable air compressor or even a CD player to the vehicle. The choice is completely up to you. Just keep in mind that these are amenities that the average person wouldn’t think of, so be smart about what you add and where you locate them. Adding additional items to a car can increase its value. Just make sure you don’t overdo it and ruin the aesthetic of the vehicle.
Do Your Research
Now that you’ve got your loan and your car, it’s time to do your research. You need to make sure you’re purchasing a good quality vehicle that’s in good condition. There are several factors that go into this, including but not limited to:
- Engine performance
- Style
- Mileage
- Repairs
The worst thing you can do is buy a lemon that requires a lot of work. Make sure you do your research before making any purchase and try to find a good quality used car that suits your needs. Also, make sure you’re buying a title that’s clean and not subject to any liens or loans that might jeopardize your ability to pass the title on to the new owner. Do your research and buy a good quality pre-loved car that you know is in good condition. This way, not only are you getting a great deal but you’re also not taking on any financial risk.
Take Care Of It
Make sure you take care of your new acquisition. This means cleaning it, checking it for leaks and ensuring that the tires are inflated properly. Properly maintaining a vehicle makes it easier to get the most out of it and ensures it runs smoothly all the time. Do your best to keep your car clean and free of any clutter. This helps to ensure it retains its value as much as possible. It’s also wise to purchase a “clean title” as mentioned above. Make sure you look into any service records that the car may have and have them looked at by a professional if there’s any kind of issue. Owning a car that needs regular maintenance is very frustrating and can seriously cut into your time and money. Also, make sure you look into all the different options available for financing your car. This way, you’ll be sure to find the right fit for your needs.
If you’re searching for a car that you can use and don’t need to worry about maintaining, consider a Hyndai, Kia or an equivalent model. They’re all reliable cars and will serve you well for many years (and likely into the foreseeable future). Owning a car that’s in good condition and is capable of running smoothly puts a smile on your face every time you get in it and drives away. Just make sure you do your research before purchasing one and consider all your options, especially if you’re on a tight budget.