Published on February 8th, 2016 | by Bedfellow Contributor
February 8th, 2016 by Bedfellow Contributor
By Jeff Cohen, Georgia EVentures, LLC
“You bought a cast new Tesla Model S aloof to hire it out to bodies you don’t alike know?” I get that catechism asked all the time aback I acquaint them that I purchased my 2015 Tesla Model S new so I could hire it out.
“Why would you appetite to do that?” is consistently the additional question.
The acknowledgment is absolutely absolutely simple. After a year of attractive at second-owner Tesla Model S acquirement opportunities online, I absitively to actualize my own 3-year-old Tesla and accord bodies who appetite to drive one for best than a analysis drive the befalling to advice me armamentarium it. This was my way of appliance a GoFundMe annual after absolutely ambience up that blazon of financing.
So how absolutely does this work? The blueprint beneath shows the sources I acclimated to accounts my cast new 2015 Tesla Model S 60 (outflows) and the sources of allotment to pay for it (inflows):
I acclimated conventional automotive costs (cash-down auto accommodation note) to access the Tesla. That is represented by the 2015 banknote outflows accretion the acquirement amount (sales tax and allotment fees are captured in net assets from rental business).
To self-fund the Tesla, I acclimated the afterward agency to compensate my upfront costs, targeting a three-year captivation period:
Renting out the Tesla. So, how does that work?
Rental Platform. About a year and a bisected ago, I met two guys in Athens, Georgia, who started up a bounded EV car rental business alleged Juice Car. They purchased a Nissan LEAF and a Chevrolet VOLT and began renting them out by the hour/day/week through a San Francisco–based carsharing belvedere again alleged RelayRides. As the abstraction of renting my Tesla began to form, I looked into RelayRides (now alleged Turo) and admired what I saw. Turo offers agent owners a belvedere to bazaar their vehicle, set pricing, administer the car’s availability, and acquaint with -to-be renters. Turo provides anniversary bedfellow with $1 actor annual of auto allowance accountability advantage and an easy-to-use pre-rental photo affidavit affection so I can accommodate affidavit of agent action afore anniversary rental. I can set airport commitment fees ($100.00 annular trip) and add my own claimed rental behavior (e.g. no pets, babyish accident and charwoman fees and balance breadth charges). Customer abutment has been accomplished with questions/issues bound aural a day. Until recently, Turo offered up to $100.00/month in business amount reimbursements for my Facebook folio advertising. I currently allegation $199.00 per day, able-bodied beneath Enterprise rates.
Renter Experience. Since July, I accept busy out the Tesla to 12 renters. Overall, the acquaintance has been actual positive. Bodies who hire a Tesla apperceive what they are renting and tend to amusement the car with a abundant accord of respect. Once a rental is confirmed, I accelerate out my 3-page Quick Alpha Guide and accommodate links to Tesla’s accomplished Walk Through video series. About every bedfellow has analysis apprenticed the Model S, so I can focus on new/updated appearance like Autopilot. I conduct a walkthrough and abbreviate analysis drive with the bedfellow above-mentioned to handing over the key fob.
Renter profiles. So, who has been renting your Tesla? Not surprising, the majority of renters are pre-purchase intenders, individuals who plan to acquirement a Tesla and appetite continued time abaft the caster to be absolutely abiding afore they bang bottomward $65,000–$100,000 for a acclimated or new Model S. These renters amount the demographic spectrum. The additional best accepted rental use is as the Wedding Day ‘getaway’ car. A division of the rentals accept been for this purpose; a one-day rental aloof for the helpmate and benedict to drive abroad from their accession in a actual air-conditioned (but never decorated) vehicle. On one occasion, the benedict was too adolescent (have to be 30 ) to hire my car. So, I agreed to put on a clothing and drive them from the accession to their auberge on the aforementioned property. Easy money! Again addition brought two babyish dogs to the car adage ‘here ya go, they are advancing alternating for the ride.’ I was in disbelief, but actuality I am babyminding two babyish dogs barking abroad as the helpmate and benedict booty their final pictures of the night. That led to the ‘no pet policy’ and, fortunately, alone a slight nick to the aperture console trim was experienced.
How continued do they hire and how far do they go? The boilerplate rental is 3 days, which balances the 1 day renters adjoin a few 5–6 day trips. The Tesla is appropriate to break aural Georgia, but trips bottomward accompaniment can bound become aerial breadth drives. I acquiesce 150 miles/day, and my longest renters accept apprenticed 725–840 miles. My shortest-distance bedfellow collection alone 75 miles. Alone one bedfellow has paid balance breadth charges, as they could not get the Tesla alternate and kept it over night (secured brief parking required). Six months of renting has resulted in about 11,000 afar actuality put on the Tesla!
Rental Issues. The better claiming to renting the Tesla is to ensure that renters apperceive where/how/when to recharge the car. Because it is a fast and able rear-wheel-drive vehicle, they artlessly adulation to ‘blast off’ from a continuing start. Able-bodied that eats through a 60 kWh array (EPA rated at 208 miles) appealing quickly. Fortunately, I can adviser the agent through my Tesla iPhone App. I consistently apperceive area the agent is located, how fast it is actuality driven, and aback it is actuality charged. Atlanta is a absolute burghal to hire the Model S because we accept 14 Supercharging stalls centrally amid in city Atlanta (10) and a ample suburb (Decatur Tesla abundance — 4). Plus, we accept over 700 L2 and DCFC stations, so award a abode to allegation is not the problem. So far, I accept had to alarm a “Code Red” to aloof one bedfellow who let the array get bottomward to 12 afar of range. He was alone a few afar from the Atlantic Station Supercharger, so crisis averted. I afresh had to add a ‘battery balance abrasion fee’ to my claimed rental altitude based on seeing all of the 600–900w/mile spikes on the activity histogram gauge.
Minimizing Agent Damage. Fortunately, my Tesla has alone suffered one aperture ding, which was calmly repaired with blow up paint. That bedfellow beatific me an added $100.00 for the trouble. Four things I did to adapt the Tesla for rental has badly bargain accidental damage:
Last question. Do you anytime get to aloof drive the Tesla yourself? Absolutely. I esplanade the Tesla about 15 afar from my home in a added centrally amid abode in Metro Atlanta and I detail it at home, so trips aback and alternating for pre-rentals are the majority of my drives. But I accept taken the Model S on two aggregation business trips averaging 950 afar anniversary and on claimed trips to Nashville and Chattanooga, TN. From a breadth standpoint, 78% are business-related afar (rental, rental prep, Tesla annual visits etc.) and 22% are for claimed use. An exact breadth log is appropriate for business use documentation.
Check aback with me at the end of aing year and we can see area things angle at the mean of the three-year captivation period!
Jeff Cohen is an EVangelist who publishes the Atlanta Electric Agent Development Coalition blog (www.atlantaevdc.com), operates Georgia EVentures, LLC (www.gaeventures.com), and works by day as the National Sales Manager for General Electric’s EV Infrastructure Charging business in the US/Canada. He’s additionally a adept CleanTechnica reader, and we are actual beholden that he absitively to allotment this advice with our readership here.
© Copyright by Jeff Cohen – All Rights Reserved.
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