Mar 12, 2023
This story is part of a new series of features on the subject of success, Benzinga Inspire.
One young car enthusiast has figured out how to turn his passion for automobiles into a profitable side hustle.
What To Know:
According to CNBC, Andrei Echeverria generates up to $14,000 a month by renting his fleet of vehicles to random people on Turo, a peer-to-peer car-sharing marketplace.
Echeverria, 32, now has a total of six vehicles listed on the rental platform, but he got started with just one. Here's a look at how he did it.
From Clunker To Cash Machine:
Echeverria has been buying, fixing and selling cars for profit, (or in his case, a nicer car) for the last 16 years. He started with an old Honda HMC-0.53%+ Free Alerts Civic and flipped his way up to aBMW BMWYY (BMW) 435.
About five years ago, Echeverria listed his BMW on Turo and was able to parlay his earnings into an Audi A7. With two vehicles in his possession, the road ahead became more clear.
In 2019, Echeverria took out a loan to buy a Mercedes-Benz Group
model. His monthly earnings on Turo quickly climbed to $3,500. By 2020, he was able to swap the Benz for a nicer model and he grew his earnings to $4,500 per month.
He eventually used the money to purchase two more vehicles while interest rates for bank loans were depressed due to the pandemic. When the reopening ramped up, Echeverria and his fleet benefited from a huge surge in demand.
Echeverria continued using his earnings to purchase more vehicles and, by the end of 2021, he was profiting close to $10,000 a month.
The initiative is not without risks. Of the eight vehicles he had, two renters wrecked a pair of them, he told CNBC. But Turo paid him more than $20,000 in insurance money and he used the cash to pay down existing loans.
Echeverria spends between eight and 10 hours a week managing bookings, keeping the vehicles clean, and developing strong relationships with local mechanics.