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One key takeaway from George's experience is the importance of sourcing vehicles at competitive prices. The Chevy Malibu, which is a part of his fleet, was purchased for under $5,000, a bargain compared to the typical market prices of similar vehicles. George emphasizes that sourcing through auctions, trade-ins, and connections is crucial to acquiring vehicles worth more than they cost. In fact, some of his $5,000 vehicles are valued over $10,000.
The Cost of Maintenance and Overhead
Owning a rental vehicle comes with several fixed and fluctuating costs. The maintenance expenses include auto insurance, routine checks, and tracking fees. George allocates his expenses as follows: