Great video - advice from an experienced Turo host . Turo is not profitable in most markets. Tourist areas too saturated and drive prices down others suffer from seasonality. A lot of host think they’re making money because they are covering car payment and insurance but are not outrunning depreciation, so they lose when - there is a recall car gets unlisted ,when it gets totaled from a accident , or they just want to exit the vehicle . Yes you can make money but the path is very limited and it’s definitely not passive at scale. You make money when you purchase the car if you buy bad you already lost .Car needs to be older than 5 years so most of depreciation hit is past . You still have to buy it under book value which is not easy. Car being older will require more maintenance, which you have to be able to do yourself or have a partner that does it. Cars normally don’t last more than two years before having to be replaced due to accident,mileage or wear and tear. So do your cost analysis off of the two year timeframe and pray it survives longer
Hi @rickfresh7959, thanks so much for watching my video and leaving such a detailed comment. You definitely bring up some valid points about the challenges of being a Turo host. It's important for others considering this option to weigh all the costs and risks before jumping in. I appreciate your insights and experience as a Turo host, and I'm sure your comment will be helpful to others who are trying to decide if Turo is the right fit for them. Thanks again for sharing your thoughts and being a part of our community here on UA-cam. Best of luck in all your future Turo endeavors!
Absolutely. What I gathered from many Turo hosts is that: the only way to make real profit from Turo is to score a trouble free car that basically won't give you repair bills. Any repairs will wipe out your profit for 1-3 months. To be able to rent it out consistently would also require it to be a reliable car. Ideally, you also purchased the car under market value so you don't have to worry much about depreciation. But overall, I think expensive cars are difficult to turn profit as their maintenance are more expensive + insurance. (Without bookings, you will lose a lot more than if you were to just buy a cash car).
I am renting out a red Tesla and I only vacuum the interiors. Red for some reason always looks like it’s fresh from a car wash. Car wash though can be as cheap as 5$ but in the scheme of things that’s 10% profit gone.
I have a friend who started with 1 car on Turo now they have over 100 cars here in Vegas and it's growing like crazy! On the other hand, I rented a Prius for $700 a month in San Diego in a pinch.
Hey @MrBthompson20, thanks for watching and commenting on my video! It's always great to hear from my viewers. As for the $250, it was a lucky day for me haha. But I know what you mean, things are definitely different now. Is there anything specific you'd like to see from me and the channel in future videos? I'm always open to suggestions and feedback. Keep on watching! 🎥🤗
Sounds like you’ve had nice guests with little problems. I started Turo 6 month ago with 3 economy cars. The nightmares never stop for me. Someone totaled one of my cars, people have abandoned the car, car has been towed multiple times while in trips, and I’m constantly getting parking tickets people don’t pay. It’s a nightmare after another every week.
Hi @edwardramos9666, thanks for your comment. I'm glad you enjoyed the video and created a job. I appreciate your support. I would love to know what you would like to see from me and the channel in future videos. Your feedback means a lot to me and helps me improve my content. Also, if you have any suggestions or ideas, please feel free to share them. I value the input of my viewers. Thank you again and have a great day!
Hey! Not a direct answer tbh you have to make it work for you. If you only have one car it gets a lot riskier because if something happens to the car you may be left hanging. I would still try it, but would have to sign up at the highest plan in case someone crashes the car and it’s in the shop you’re not left hanging. Run the numbers on it. Keep me posted!
I'm in Tampa Florida, and thinking about car rental or car dealership business. Hard to decide. How ypu were able to create that list of good cars for rent? Is there anyway I can do it for my area?
@vianaj7 Once I saw your 'make & model' (BMW 335i) and insurance payment of $126/month (which I'm assuming was full coverage) I KNEW you were going to be disappointed brotha! lol Firstly, if you want to approach it as a business you must drop ur ins. to liability only. This is becuase you were handing off the vehicles during check-in and picking them back up anyway. There's very little risk to warrant the extra cost of full insurance being your Turo policy would cover most your car. #2) You CAN'T think of renting automobiles like real estate at all. They're highly *depreciating* assets unlike real estate which appreciate. Meaning the rental rate has to cover BOTH the return you're looking for AND the loss in depreciation. So, that 1% you were referring to better have another 1% added to even financial justify the endeavor... at $50/day you needed to rent it at least half the month/15days for $750, you take out Turo's 25% assuming a 75 protection plan and it's just $562. 2% of $30,000 is exactly $600. Meaning at half the month rental you haven't even covered depreciation AND a modest 12% ANNUAL return on investment in an endeavor that not passive at all but actually very active, time consuming and risky* Turo take's too much of the pie! Had you gotten a TRUE $100 a day from the actual $150/day the clients were paying the rental exercise woulda been nicely lucrative for you... ps: thanks for the video detailing your experience though, I think it's one of the most accurate and honest I've seen so far ;)
@@vianaj7 Haha of course, and thanks for the content brotha. Lmk what's the 'next' endeavor on your plate when u think of it... two heads are better than one! ;)
Great video - advice from an experienced Turo host . Turo is not profitable in most markets. Tourist areas too saturated and drive prices down others suffer from seasonality. A lot of host think they’re making money because they are covering car payment and insurance but are not outrunning depreciation, so they lose when - there is a recall car gets unlisted ,when it gets totaled from a accident , or they just want to exit the vehicle . Yes you can make money but the path is very limited and it’s definitely not passive at scale. You make money when you purchase the car if you buy bad you already lost .Car needs to be older than 5 years so most of depreciation hit is past . You still have to buy it under book value which is not easy. Car being older will require more maintenance, which you have to be able to do yourself or have a partner that does it. Cars normally don’t last more than two years before having to be replaced due to accident,mileage or wear and tear. So do your cost analysis off of the two year timeframe and pray it survives longer
Hi @rickfresh7959, thanks so much for watching my video and leaving such a detailed comment. You definitely bring up some valid points about the challenges of being a Turo host. It's important for others considering this option to weigh all the costs and risks before jumping in. I appreciate your insights and experience as a Turo host, and I'm sure your comment will be helpful to others who are trying to decide if Turo is the right fit for them. Thanks again for sharing your thoughts and being a part of our community here on UA-cam. Best of luck in all your future Turo endeavors!
Absolutely. What I gathered from many Turo hosts is that: the only way to make real profit from Turo is to score a trouble free car that basically won't give you repair bills. Any repairs will wipe out your profit for 1-3 months. To be able to rent it out consistently would also require it to be a reliable car. Ideally, you also purchased the car under market value so you don't have to worry much about depreciation. But overall, I think expensive cars are difficult to turn profit as their maintenance are more expensive + insurance. (Without bookings, you will lose a lot more than if you were to just buy a cash car).
I am renting out a red Tesla and I only vacuum the interiors. Red for some reason always looks like it’s fresh from a car wash. Car wash though can be as cheap as 5$ but in the scheme of things that’s 10% profit gone.
Exactly. The Teslas are interesting because you have some savings like gas and insurance but depreciation is still high.
How’s it going for you?
I have a friend who started with 1 car on Turo now they have over 100 cars here in Vegas and it's growing like crazy!
On the other hand, I rented a Prius for $700 a month in San Diego in a pinch.
Vegas is a hot market for it!
How did you get $250. It’s one $150 now and days. Lol
Hey @MrBthompson20, thanks for watching and commenting on my video! It's always great to hear from my viewers. As for the $250, it was a lucky day for me haha. But I know what you mean, things are definitely different now. Is there anything specific you'd like to see from me and the channel in future videos? I'm always open to suggestions and feedback. Keep on watching! 🎥🤗
Anyone else giving Turo a try??
That’s why I’m here! Seeing if it’s worth it.
@@nellgeezis it?
@@ritacristobal1285 yes
Sounds like you’ve had nice guests with little problems. I started Turo 6 month ago with 3 economy cars. The nightmares never stop for me. Someone totaled one of my cars, people have abandoned the car, car has been towed multiple times while in trips, and I’m constantly getting parking tickets people don’t pay. It’s a nightmare after another every week.
Job created
Hi @edwardramos9666, thanks for your comment. I'm glad you enjoyed the video and created a job. I appreciate your support. I would love to know what you would like to see from me and the channel in future videos. Your feedback means a lot to me and helps me improve my content. Also, if you have any suggestions or ideas, please feel free to share them. I value the input of my viewers. Thank you again and have a great day!
I’m in Florida near Disney I need help and advice I only have 1 car my personal car would it be worth it to have people rent your car out ?
Hey! Not a direct answer tbh you have to make it work for you. If you only have one car it gets a lot riskier because if something happens to the car you may be left hanging. I would still try it, but would have to sign up at the highest plan in case someone crashes the car and it’s in the shop you’re not left hanging. Run the numbers on it.
Keep me posted!
I'm in Tampa Florida, and thinking about car rental or car dealership business. Hard to decide. How ypu were able to create that list of good cars for rent? Is there anyway I can do it for my area?
@@Anderwistdo it it’s good business but be prepared for a lot of ups and downs
@vianaj7 Once I saw your 'make & model' (BMW 335i) and insurance payment of $126/month (which I'm assuming was full coverage) I KNEW you were going to be disappointed brotha! lol
Firstly, if you want to approach it as a business you must drop ur ins. to liability only. This is becuase you were handing off the vehicles during check-in and picking them back up anyway. There's very little risk to warrant the extra cost of full insurance being your Turo policy would cover most your car. #2) You CAN'T think of renting automobiles like real estate at all. They're highly *depreciating* assets unlike real estate which appreciate. Meaning the rental rate has to cover BOTH the return you're looking for AND the loss in depreciation. So, that 1% you were referring to better have another 1% added to even financial justify the endeavor... at $50/day you needed to rent it at least half the month/15days for $750, you take out Turo's 25% assuming a 75 protection plan and it's just $562. 2% of $30,000 is exactly $600. Meaning at half the month rental you haven't even covered depreciation AND a modest 12% ANNUAL return on investment in an endeavor that not passive at all but actually very active, time consuming and risky* Turo take's too much of the pie! Had you gotten a TRUE $100 a day from the actual $150/day the clients were paying the rental exercise woulda been nicely lucrative for you... ps: thanks for the video detailing your experience though, I think it's one of the most accurate and honest I've seen so far ;)
Loved the comment Kevin! Agree with everything! On to try the next thing 😂
@@vianaj7 Haha of course, and thanks for the content brotha. Lmk what's the 'next' endeavor on your plate when u think of it... two heads are better than one! ;)
I have a few running now. Shoot me an email and let’s sync up. vianaj7.com
The website trick is such a good tip!!
Thank you 💪🏼💪🏼
Dude ur very smart really appreciate this informative vid
Hey buddy, would you mind sharing your excel spreadsheet so I can use it for my own fleet?
Thank you,
Hi @w
appreciate the honest review
💪🏼💪🏼
Hey man ! Any good detailing guy can take out the smell , should take up to 3 hours max . And it’s by ozone machine .
Hey @icecream
Amazing video. I really enjoy it.
Thank you so
Miss pronouncing a lot of cars
Hi @terrell
It’s mis not miss