I never considered this as a side business before, but when dropping off the Volvo I just sold, I was talking with the buyer and he mentioned he rents out his newer Honda on Turo. Said it's almost constantly rented such that he just bought a second car, a late model Kia he wants to rent out too. The website says on average, you can make $800 a month per car. I was thinking maybe a half dozen appliance Toyotas and Hondas would ideal They handle the insurance beyond you own policy and they take care of billing and payments. You basically clean and maintain the cars between rentals. If it gets damaged, you are reimbursed, less a deductible of your choice as low as $0. Anybody here do this? It sounds ideal to me. Buy the cars at auction for wholesale. No sales tax to title and register. And I can do all the service. Am I missing something?
Anybody renting their cars out on Turo?
- Thread starter atikovi
- Start date
Yes, I would buy some plain boring Civics and Accords, or Corollas and Camrys that I'd have no attachment to.
My friend does it with several cars and knows several people that have made a decent living off of it but you're taking the same risks a rental company would. He says the best income ratio is with the typical boring rental cars ;the cheaper the maintenance the better. You do have to deal with people who mess up your car. Generally you'll tell the customer where the car and key is and they'll pick it up and drop it off at the same spot. Sometimes the customer wants it dropped off, can't drop the car off where you want it, or breaks and then you get to go pick it up.
Works out decent around a city where the residents may not have a car. Last I heard, he had about 3 cars out for rental but the income IMO isn't worth the hassle. Some folks have dozens of cars out on Turo and make bank.
Works out decent around a city where the residents may not have a car. Last I heard, he had about 3 cars out for rental but the income IMO isn't worth the hassle. Some folks have dozens of cars out on Turo and make bank.
I would read the fine print for sure, I rented a new Kia Forte in Vancouver for $37/day from enterprise, so I don't know how much profit is left? I guess if you are around a lot and can get some longer term rentals going, it might be worth the time?
Atikovi, if it makes you feel any better, I will say if I rent a car from Turo, I wont abuse it, run over potholes or go over rough railroad tracks over the speed limit like I do with cars from Enterprise.
Yep, my feelings exactly. I don't like lending cars out to people I know, money wouldn't make it any better.
Ive flirted with the idea of RENTING from them, but never followed thru.
Mostly because of the horror stories of owners claiming false charges, Turo insurance not covering certain damage, etc.
The main reason I avoid them is the rental car insurance my Amex offers doesn't include Turo.
Saved my butt a few times I needed it (mostly for windshield damage).
And that insurance is free!
Mostly because of the horror stories of owners claiming false charges, Turo insurance not covering certain damage, etc.
The main reason I avoid them is the rental car insurance my Amex offers doesn't include Turo.
Saved my butt a few times I needed it (mostly for windshield damage).
And that insurance is free!
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I have never thought about it but without putting much thinking, there's no chance I'd do it with a car I cared about and probably little chance I'd do it with a dedicated car purchased for rental.
Thinking of the overhead and hassles, and so little profit margins, I just don't see it being profitable beyond doing something more productive.
Based on the requirements/policies of Uber, I think the car must be something like 10 years or younger. So I'd "guess" this has a similar requirement? Probably needs to be certain models, certain age and mileage restrictions, probably no auction cars, no old beaters, etc. That puts "cheap junkers" out of the running, and means it's got to be something 2013 or newer? Probably need special rental car insurance. Might need business license? Will be paying additional fees and taxes. More frequent maintenance as well. Car accelerated depreciation as well, since it's tagged as a rental. Then after cleaning time/expenses, maintenance, and dealing with the administration, etc. I just don't see any end user profits.
Thinking of the overhead and hassles, and so little profit margins, I just don't see it being profitable beyond doing something more productive.
Based on the requirements/policies of Uber, I think the car must be something like 10 years or younger. So I'd "guess" this has a similar requirement? Probably needs to be certain models, certain age and mileage restrictions, probably no auction cars, no old beaters, etc. That puts "cheap junkers" out of the running, and means it's got to be something 2013 or newer? Probably need special rental car insurance. Might need business license? Will be paying additional fees and taxes. More frequent maintenance as well. Car accelerated depreciation as well, since it's tagged as a rental. Then after cleaning time/expenses, maintenance, and dealing with the administration, etc. I just don't see any end user profits.
AZjeff
$50 Site Donor 2023
You've finally found your gold mine. Besided the appliance Camrys you could get some of the more interesting vehicles out of your vast fleet and charge more. You'll be crazy rich!
Just don't rent anything to anyone called Drivehard.
It has to be at scale or just supplemental. To rent a basic car is more than the big chains after you add in the fees so I don't know how you would get much business. You need a lot of vehicles or something you want and can't really afford so you rent it to offset the payment
There are better ways to make side income.
GON
$100 Site Donor 2024
D2,
That video was very helpful. My assessment, unless one enjoys fighting with people to get morsels, this is a very bad business opportunity. Seems a whole lot of work, and commitment, for a very small return on time and capital.
Auto Auction rebuilds had someone rent their car on Turo, and they swapped expensive parts off the Turo car with the broken parts off their car.
Link please...don't keep it a secret!
I could maybe think of a few reasons why I might want to make my life more difficult and complex, but renting a vehicle I own to John Q. Public is not one of them.
To me it's less about the actual car and way more about potential liability. I undertand that Turo handles the "insurance", but you never know with that stuff. Say a renter kills someone with your car and is under the influence. The lawsuit train might not stop with turo.
