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60 days ago I had this idea thanks to a charity I’ve always admired. I would offer long-term rentals for drivers who weren’t too picky or too rich (in taste). But were in dire need to no fault of their own. There were a lot of safeguards and a few hoops that most folks would need to clear before I finally rented them out. Money up front with a deposit. Full coverage insurance. No DUI’s or suspended licenses. Mileage limitations. The list went on and on but pretty soon I found a niche… and thankfully that niche has finally found me.
Right now I have 11 cars on the road. They range in age from a 1987 Acura Legned to a 2000 Dodge Caravan. The average age for the fleet? 15 years… and no I didn’t plan it this way. Most of the people I rent to have a car down and need one for work, or are simply staying in Atlant a for a while. I don’t know if it’s the weather or the end of tax season. But for some reason I’m being inundated with calls.
Of course you have the scammers and the snobs who think that they can screw around with you. In fact they’re at least a third of my calls and I’ve had to take a couple of bumps along the way to a better model. But now? My average rental is three weeks old and I’ve arranged to make many of these people owners of the cars instead of renters. Debt has always been the devil of modern society, and I’ve always looked at my recent work as more of a George Bailey undertaking where the local Potters of the world can be kept at bay.
At this point I can safely say that my aspirations have worked out for the better… for the most part. My success rate last year was a little over 80% with the buy-here pay-here side, which is far better than the 50% to 60% average. Keeping the payments reasonable. The length of payment short, and the cars cheap in initial purchase price all helped out greatly. It also helps when your knowledge of cars and their condition borders on the idiot savant side of the equation. Ten years of looking at cars and writing about them will pretty much do that to you. In the meantime I’ve got to find more cheap cars with good owners. Do you know of any?
11 Comments on “Hammer Time: Meir Panim...”
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IIRC there’s a charity that provides functional, reliable cars to single moms, provided by folks who donate the cars and mechanics who donate time and materials to bring them up to a reliable level of operation.. Saw that on _Two Guy’s Garage_ a few years back.
Heck, I’d donate my Benz if my nephews don’t want it, and after it ticks over 500k mi.. I doubt I’ll find few takers though ;)
That sounds a little bit like the fine people at the “Good News Garage”.
http://goodnewsgarage.org/
That charity helps single mothers. Great. What about men? The current recession has disproportionately unemployed men (while the “stimulus” spending has gone primarily to health, education and other public sectors that disproportionately employ women).
It seems to me that a non-profit that helped men with reliable transportation so they can find gainful employment would be a urgent need right now, perhaps more urgent than helping single mothers.
Sometimes I think that life is a New York Times’ headline: Men Unemployed, Women & Children Hurt Most.
@Ronnie
You’re falling into the same trap than most Leftists do, interestingly. You’re thinking about it in terms of a male or female (or black, or white, or whatever) problem.
It’s not. It’s a poor person problem.
Single mothers are, by far, the most vulnerable segment of society. No, scratch that, their children are, and when they don’t have support they almost universally end up being the largest “problem” section of society. When you consider how pathetic ECE and Child Care are, especially for the poor, getting them at the very least gainful employment is reasonable.
I’d also note that the “men” who are most hurt by the recession aren’t older men with families and some equity to leverage, but younger men just entering the workforce who have nothing to fall back on. Getting to work, mind you, is a lot easier for father in a marriage or a single man than for a single mother.
In either case, getting them a car is kind of moot when there’s little or nothing in the way of gainful employment for either men or women. And thinking about this in terms of some kind of racial or sexual scorecard is exactly the wrong way to go about it: this is going to single mothers not because they’re women, but because they’re vulnerable.
Good for you, Mr. Lang. It’s also nice to see someone who is in the “Buy here, pay here” business thinking about actually getting people into transportation instead of just thinking about how much money they can be milked for before they default.
Denver just rolled out a similar program (well, sort of)):
http://denver.bcycle.com/
Twotone
(tense face, arms) must resist…. political flame-bait….. temptations
Here in Southern California a charity like that could be a real lifesaver for people. I have family in the auction business and I’ve been involved with food banks and shelters for years. Maybe there’s a way here for me to help. I’d love to hear more details.
I always thought this would be a good niche for a repair shop that specializes in Volvos, older Mercedes and Hondas. You could keep a fleet of 15 year old 850s or Legends or 300Es in service, charging maybe $150/month – $50 to cover maintanance/repairs, $50 to cover depreciation and $50 in profit.
These mechanics have no trouble sourcing cars, as their clients practically give them away after 15 years. The program becomes a source of business for the repair shop, and they can keep a loaner around without a problem. Given how much these guys love the cars they work on, it’s a way to keep them going, and also to offer a square deal to an honest customer having a tough year.
Of course Steven’s plan is better but it’d be fun to watch the advocates of car sharing try and convince some low income folks to use Zip Car at $7/hour, and daily rates at $78, with all the time restrictions and penalties.
The poor folk would be shaking their heads at all the money they’d have to pay for such limited car usage.
Nope, owning a beater is better.
I don’t really differentiate between young/old, male/female, or any of the other bland categorizations that are out there. As far as I’m concerned all these classifications miss the eyebrows.
Sourcing the right cars is a H U G E challenge and opportunity compared with a few years ago. I am right now trying to uncover any source out there that is worth it and even paying for the privelege.
As far as I’m concerned, if I can find a conservatively driven and well maintained vehicle the rest of it is really not rocket science. However I will tell you that finding the right customers (and keeping them right) is a lot like being an Israeli airport screener. You have to keep on asking the right questions until you find out the real truth… and watch very carefully for their implicit actions and tactics along the way. Nine out of ten folks with an ‘agenda’ or an ulterior motive will usually slip in due time.
I wouldn’t be against doing this in more than one place. Even if it’s done in a small scale, it’s progress and I can tell you for sure that tens of thousands of folks in Georgia alone would value the opportunity to keep a daily driver without going into debt.
I would love to have some corporate relationships to source out more vehicles (or repair components.. or anything for that matter) so feel free to email me if you have any ideas.