Rental Vehicles

3 Months Ended

Mar. 31, 2023

Rental Vehicles

Rental Vehicles

Note 4 – Rental Vehicles

At March 31, 2023 and December 31, 2022 all of the Company’s rental vehicles consisted of the following:

	March 31,			December 31,
	2023			2022
Rental vehicles	$	27,795,646		$	27,702,758
		27,795,646			27,702,758
Less accumulated depreciation		(7,755,294	)		(7,001,331	)
Rental vehicles, net	$	20,040,352		$	20,701,427

The Company’s rental vehicles are depreciated over their estimated useful life of five years. Depreciation expense for leased assets for the three months ended March 31, 2023 and 2022 was $1,064,331 and $519,533, respectively. A majority of the rental vehicles are leased with terms are generally for 12 to 36 months and the Company has the right to purchase the vehicles at the end of the lease terms.