Meet Neo Bui, a fraud investigator, and now the owner of two Mevo vehicles! Neo is passionate about financial freedom and is aiming for an early retirement. When he heard about Mevo Pool - a pilot program that lets car owners rent their vehicles to Mevo’s car-sharing network - he immediately wanted to know more.
Neo’s journey with Mevo began back in 2022 when he was living car-free in Central Wellington. With a child on the way, Neo and his wife started looking for a larger home, and Mevo proved perfect for easily getting around to open-homes. One of those convenient Mevo trips eventually led to the house Neo and his growing family now proudly call home in Karori.
Neo’s interest in Mevo Pool stems from his previous job as a lender at a bank. There, Neo observed that few borrowers had secondary sources of income. This insight prompted Neo to diversify his own income streams. He now owns a rental property in Wellington. When Neo learned about Mevo Pool, he saw it as another passive income opportunity.
‘As a lender we’re assessing a lot of things and one of them is income. Most people rely solely on the fixed income from their job.’
Neo believes that research is essential when evaluating any passive income opportunity. In the case of Mevo Pool, his first-hand experience with the Mevo service made this research noticeably easier and quicker. Neo fully understands how Mevo operates and how his vehicles will be utilised on the network.
‘I actually didn’t need to do much more research because I already know Mevo. I’ve been following Mevo since 2017’
After speaking with the Mevo team about how Mevo Pool works, Neo went away and crunched the numbers on the eligible vehicle models for Mevo Pool. He decided that he could purchase two Suzuki Swifts and rent them both to Mevo. Neo sourced two near-new Suzuki Swifts from a local dealership, vehicles that fit perfectly within Mevo’s criteria - late model, well-maintained.
Neo arranged for the dealership to transport the vehicles and then Mevo took care of the rest. From organising a third-party vehicle inspection, to adding Mevo signwriting and car-sharing technology, and finally, to making the vehicles available to Mevo users. The team also kept Neo updated throughout the process - which Neo appreciated during an especially busy period at work.
’The Mevo team was really helpful. They answered all the questions that I had. They were really patient and would always keep me in the loop’
Looking ahead, Neo is looking for the next passive income opportunity. He hopes to add more vehicles to Mevo’s fleet, continuing to strengthen and diversify his income streams. He’s also making plans for the future so that he is prepared to receive his vehicles back when their time on the Mevo service ends.