We did Facebook and Google ads on our minivan. We no longer do either regularly. It's quite difficult trying to get someone to understand the concept of Turo who have heard of it from anyone else.
Shipmate! Great updates. Thanks for having the courage to open up your business for the rest of us to learn from. I'm in the Navy in Norfolk VA and considering using Turo for a second income stream. -- As you walk through your vehicles in each video, you sometimes mention what you paid for each. Have I missed the video where you talked about your 2018 net income? Very interested to see how that went. I'd also appreciate a summary of your cars with respect to how long they took to pay off (for the non-leased ones obviously). -- I think I've identified a few vehicle types which will rent well in this area but I'm trying to decide how much to invest in each car. I think a higher price for a newer car (with lower mileage) reduces both the risk of mechanical problem while appealing to more renters. What have you seen? You frequently mention your Taurus and Scion as great money makers but they are cheap, nothing-special cars. Is it because of the rental price point? Have you seen a lower rental price point overcome less-than-great features of a vehicle?
David, Thanks for watching and subscribing. I'm in Afghanistan at the moment and haven't been active on this channel recently. I need to make the 2018 net video (as well as all the monthly videos since I left.) The cash cars we paid off in 4-5 months. All of them cost us around $3-4K. We prefere those vehicles. Our most expensive car ran $18K. We've since paid it off, but that pretty much wiped out all the profits from all the cars for the past 16 months. In the end, we did all the cars on Turo and essentially received a free car. We love the cheap cash cars. The #1 thing that renters search for is price. (#2 is delivery) Some people in certain markets want a nice car with a great driving experience. They are looking to splurge or impress someone. We mostly cater to the price conscious individuals (like ourselves) who need a car and prefer the sharing economy over a RAC company. People like convenience and paying less. That seems to be our greatest market demand. In other areas, there is going to be greater demand for nicer or even extravagant vehicles being rented. We just aren't looking for that market.
@@FarmerJim Thanks for the reply. I've purchased a 2010 Prius and it's been on Turo for 22 days at $38/day. I've already had 7 bookings for a total of 17 days with $416 gross income. To say the least, we're cautiously optimistic. Even though we have less than a month under our belt, I agree with you - it appears that price point and delivery are the major factors. In our area (Va Beach), high price points ($150+) will not get consistent bookings. The cars in the $30s and $40s have more bookings than those in the $50s and higher...by multiple orders of magnitude. 3 of 7 bookings were for road trips and mileage (51mpg!) seemed to be the factor for them. The other bookings were from people who don't have a car and they appeared to run errands around town and see some sights. We paid $8,400 for the Prius and it's in great shape. While I don't expect this performance to remain consistent (but that would be AWESOME!), I hope to pay it off in 12-15 months.
@@davidrowland2773 That's awesome, brother! Prius is a great choice (really any Toyota is a great choice). You paid a great price for it and you have obviously priced it well. This is typically the slower season until Thanksgiving & Christmas, then it's slow for us until Spring Break. Slow does not mean you still won't make money though. All it takes is one renter to book it for a week and you're cashflow positive! Congrats again and thanks for watching and subscribing!
James. I've rented my car out a couple times on turo with positive reviews. When I sell this car and upgrade to a better one will I keep the positive reviews? When I delete this listing I'll still have the good feedback yes or no? Everything's moving pretty slow but it's picking up.
I just subscribed to your channel. I love your content. My wife and I have our van on Turo, and it’s doing so well we are considering scaling and building a rental business. Where do you keep all of your vehicles?
Congrats Samuel! Glad to hear it's going well and we appreciate you subscribing to the channel! We have plenty of free parking on our street and several spots available in our driveway. So far, parking has been a non-issue for us.
Yes you can, I would not recommend it. Under normal driving + turo use. You're almost guaranteed to exceed the mileage allowance. Those fees will eat whatever profit you might have made. I've heard this one host out of honolulu had 10+ cars, all leases and that happened to him. If you can get a good lease deal with lots of miles allowed, then go for it, otherwise if it's (12,000 - 15,000) a year then stay away.
Whats up James. Its Austin, you were my first renter here in Vegas and was wondering if you highly recommend it to get cheap leases? Looking to expand here on Turo.
What's up brother! Of course I remember. You had that sweet Charger! It was a great trip. We are 1/2 way through the experiment, but so far it's been great. The biggest issue is finding an amazing deal on a lease. We pay $165 & $175 for our GMC Terrain's. I can't imagine finding as good a deal anywhere else. If the numbers work though, we do recommend it. Post your link below to your Charger. Glad to hear from you!
Turo Tales One of the dealers here said they have a Jeep Compass for $89 a month. Its for the end of the year sale they said. I watched your video and you said SUVs are the way to go so that would be perfect. I actually dont have the charger anymore though. Traded it for something cheaper.
If you can get a Compass for that low, then I think I'd do it. I may go do it today. Check the mileage included. You definitely want at least 15000 per year and be really deliberate when reading the terms and conditions. Our lease doesn't allow short term renting for 30 days or more.
Hi James. How are you ? I was thinking about the lease. I went to the dealership and ask about lease the vehicle to list it in Turo. The financial gentleman told me, i can't do that. If the manufacturer finds out . I will be in trouble.
Is it in the contract? It wasn't in ours. It has a no sub-leasing for greater than 30 days clause, but that is it. I suspect the dealership wouldn't know and you'd need to talk to the finance company. Reading the fine print is your friend.
James, I watch your videos all the time and your videos are usually excellent but by telling UA-cam you made 32k is a little far fetched! it's more like you made between 12-15k (profit).
Thanks for watching! I understand the concern between the distinction. To be clear, Earning ≠ Profits. We did go from $0 - $32,000 in just 11 months. We're hoping to get people watching and keep them watching as we continue to grow. Keep a look out for more videos coming soon that go into more details. Thanks!
@@coreymoorer5928 Depends on your plan and cars. People will always look for ways to save money. Certain areas will also always have those looking for a premium product and that are willing to pay a premium price. Start searching on the app and trying to determine who's doing well.
With August being the slowest month, you should take vacation then.
How many cars did you rent out in order to make $32k? Was it 7 Vehicles? What are you top vehicle picks that you would suggest to look into?
Currently, I'm in love with renting out my Tesla Model 3, but that may not be feasible for everyone. Try any Scion or cheap Toyota for ROI.
Great Content!
Pls share your handover and picking up strategies.Anyway to automate?
Other things that we can automate?
ua-cam.com/video/sbLN2x9HFp8/v-deo.html
Love the content man
Appreciate the support brother!
you mention aggressively marketing certain cars, what types of marketing do you do? on turo or google fb ig etc? not asking for great detail.
We did Facebook and Google ads on our minivan. We no longer do either regularly. It's quite difficult trying to get someone to understand the concept of Turo who have heard of it from anyone else.
Question, why not buy cars at auction? Would definitely curb off the depreciation a bit.
We have done that with Manheim. Great suggestion. Just have to do your due diligence.
Hi ,
Do you have to form a LLC ?
Thanks
No.
We did anyway though.
Shipmate! Great updates. Thanks for having the courage to open up your business for the rest of us to learn from. I'm in the Navy in Norfolk VA and considering using Turo for a second income stream.
-- As you walk through your vehicles in each video, you sometimes mention what you paid for each. Have I missed the video where you talked about your 2018 net income? Very interested to see how that went. I'd also appreciate a summary of your cars with respect to how long they took to pay off (for the non-leased ones obviously).
-- I think I've identified a few vehicle types which will rent well in this area but I'm trying to decide how much to invest in each car. I think a higher price for a newer car (with lower mileage) reduces both the risk of mechanical problem while appealing to more renters. What have you seen? You frequently mention your Taurus and Scion as great money makers but they are cheap, nothing-special cars. Is it because of the rental price point? Have you seen a lower rental price point overcome less-than-great features of a vehicle?
David,
Thanks for watching and subscribing. I'm in Afghanistan at the moment and haven't been active on this channel recently.
I need to make the 2018 net video (as well as all the monthly videos since I left.)
The cash cars we paid off in 4-5 months. All of them cost us around $3-4K. We prefere those vehicles. Our most expensive car ran $18K. We've since paid it off, but that pretty much wiped out all the profits from all the cars for the past 16 months. In the end, we did all the cars on Turo and essentially received a free car.
We love the cheap cash cars. The #1 thing that renters search for is price. (#2 is delivery) Some people in certain markets want a nice car with a great driving experience. They are looking to splurge or impress someone. We mostly cater to the price conscious individuals (like ourselves) who need a car and prefer the sharing economy over a RAC company.
People like convenience and paying less. That seems to be our greatest market demand. In other areas, there is going to be greater demand for nicer or even extravagant vehicles being rented. We just aren't looking for that market.
@@FarmerJim Thanks for the reply. I've purchased a 2010 Prius and it's been on Turo for 22 days at $38/day. I've already had 7 bookings for a total of 17 days with $416 gross income. To say the least, we're cautiously optimistic. Even though we have less than a month under our belt, I agree with you - it appears that price point and delivery are the major factors. In our area (Va Beach), high price points ($150+) will not get consistent bookings. The cars in the $30s and $40s have more bookings than those in the $50s and higher...by multiple orders of magnitude.
3 of 7 bookings were for road trips and mileage (51mpg!) seemed to be the factor for them. The other bookings were from people who don't have a car and they appeared to run errands around town and see some sights.
We paid $8,400 for the Prius and it's in great shape. While I don't expect this performance to remain consistent (but that would be AWESOME!), I hope to pay it off in 12-15 months.
@@davidrowland2773
That's awesome, brother! Prius is a great choice (really any Toyota is a great choice). You paid a great price for it and you have obviously priced it well.
This is typically the slower season until Thanksgiving & Christmas, then it's slow for us until Spring Break. Slow does not mean you still won't make money though. All it takes is one renter to book it for a week and you're cashflow positive!
Congrats again and thanks for watching and subscribing!
I wanna start soon
What are you waiting for?!
Turo Tales just bought a Lexus gx 460 last week.
Baller!
What city do you live in?
El Paso, Texas
How did you get a $35 referral code?
James. I've rented my car out a couple times on turo with positive reviews. When I sell this car and upgrade to a better one will I keep the positive reviews? When I delete this listing I'll still have the good feedback yes or no? Everything's moving pretty slow but it's picking up.
Your account will keep the reviews, just unlist the car, but don't remove it.
I just subscribed to your channel. I love your content. My wife and I have our van on Turo, and it’s doing so well we are considering scaling and building a rental business. Where do you keep all of your vehicles?
Congrats Samuel!
Glad to hear it's going well and we appreciate you subscribing to the channel!
We have plenty of free parking on our street and several spots available in our driveway.
So far, parking has been a non-issue for us.
How many cars ?
6 full time.
So you are allowed to list a lease?
Yes!
Turo doesn't care if your leasing your car for their services, BUT if your leasing company finds out your renting your car they could repo your car.
Only if it is in violation of the Lease contract.
Definitely need to read the fine print.
Yes you can, I would not recommend it. Under normal driving + turo use. You're almost guaranteed to exceed the mileage allowance. Those fees will eat whatever profit you might have made. I've heard this one host out of honolulu had 10+ cars, all leases and that happened to him. If you can get a good lease deal with lots of miles allowed, then go for it, otherwise if it's (12,000 - 15,000) a year then stay away.
Sounds like a great success story, but could you tell us your "net" earnings for 2018?
Planning to do exactly that for the end of the year! Thanks for watching.
Stay tuned for more. 😊😊😊
Turo Tales is it possible to scale this? how many cars at a time?
@@kaioser
It's definitely possible. It's market dependent, but keep it cheap at the beginning.
Why was the net not discussed in this video? seems like it should be standard for an earnings video.
Where did you leased your cars at?
Found the deal on leasehackr and wen to GMC.
Is earning before turo takes their cut?
Earnings is after.
Whats up James. Its Austin, you were my first renter here in Vegas and was wondering if you highly recommend it to get cheap leases? Looking to expand here on Turo.
What's up brother!
Of course I remember. You had that sweet Charger! It was a great trip.
We are 1/2 way through the experiment, but so far it's been great.
The biggest issue is finding an amazing deal on a lease.
We pay $165 & $175 for our GMC Terrain's. I can't imagine finding as good a deal anywhere else. If the numbers work though, we do recommend it.
Post your link below to your Charger.
Glad to hear from you!
Turo Tales One of the dealers here said they have a Jeep Compass for $89 a month. Its for the end of the year sale they said. I watched your video and you said SUVs are the way to go so that would be perfect.
I actually dont have the charger anymore though. Traded it for something cheaper.
If you can get a Compass for that low, then I think I'd do it. I may go do it today.
Check the mileage included. You definitely want at least 15000 per year and be really deliberate when reading the terms and conditions. Our lease doesn't allow short term renting for 30 days or more.
Turo Tales Ok cool. Im going to go up there when I get back to Vegas later this week and see whats up. Thanks for your input!
Hi James. How are you ? I was thinking about the lease. I went to the dealership and ask about lease the vehicle to list it in Turo. The financial gentleman told me, i can't do that. If the manufacturer finds out . I will be in trouble.
Is it in the contract?
It wasn't in ours. It has a no sub-leasing for greater than 30 days clause, but that is it.
I suspect the dealership wouldn't know and you'd need to talk to the finance company. Reading the fine print is your friend.
James.. maybe u can do a video on leases and talk about the basics on how they work.
Nice video. So what is your net profit after all the expenses?
Earnings are after Turo takes their cut. We're close to 10% costs.
James, I watch your videos all the time and your videos are usually excellent but by telling UA-cam you made 32k is a little far fetched! it's more like you made between 12-15k (profit).
Thanks for watching!
I understand the concern between the distinction. To be clear, Earning ≠ Profits.
We did go from $0 - $32,000 in just 11 months.
We're hoping to get people watching and keep them watching as we continue to grow.
Keep a look out for more videos coming soon that go into more details.
Thanks!
What market are you in?
West Texas
Do you think ATL will be a good market to start a Turo business?
@@coreymoorer5928
Depends on your plan and cars.
People will always look for ways to save money. Certain areas will also always have those looking for a premium product and that are willing to pay a premium price.
Start searching on the app and trying to determine who's doing well.