QUIT YOUR TURO CAR RENTAL BUSINESS NOW!
Вставка
- Опубліковано 22 лип 2022
- If you want to quit your Turo car rental business right now is the time to do it. The used car prices are still very high so you should have a lot of equity in the vehicles you own if you bought them even one year ago!
Disclaimer:
I am not a CPA, attorney, lender, or financial advisor. The content in these videos should not be construed as tax, legal or financial advice.etc, and may be outdated or inaccurate; it is your responsibility to verify all information yourself. This is a UA-cam video for entertainment purposes ONLY.
My Instagram:
turo.tactics?ig...
#turo #turohost #turotactics - Навчання та стиль
Always look for other sources as well. I own a fleet of 60 deluxe class and one of local bmw dealer reached out to me to do business with them because they are experiencing shortage on loaner vehicle due to they don’t have any new cars and my fleet is full of newer luxury cars which meets their standard. It’s win-win business for both. I get to use their big parking lot, their employee even wash the car for me if its used by their customer, dealer’s able to get quality rentals for their customer and their lot doesn’t look empty.
Thats awesome!!
Jin S; your experience sounds like a great opportunity. Can I ask you how you made this deal. Are you financing?
@@anibalmorillo2479 first of all my English isn’t perfect..there will be some grammar errors. But here’s my story.
I started Turo with $150k that I got from HELOC back in 2017, I built fleet of 19 cheap economy cars mostly Hyundai Elantra and Kia Forte. that year my gross earning was $160k, added 11 more cars in 2018 and gross 260k and secured 5 year 5.9% apr business loan of 500k in 2019. 2020 was slow, gross only 180k. 2021, I sold almost every economy cars I had because of crazy used car market frenzy. Got paid more than what I paid for. Then from Summer 2021, I started buying and leasing luxury cars like bmw,Mercedes,jaguar,Land Rover,Alfa Romeo.
This year so far, my gross is $983k
The way I stated business with bmw dealer is, General manager in bmw dealer was my regular renter and randomly he asked me to do business with bmw dealer because they had hard time providing customer with quality loaner vehicle, customer complained about getting Toyota Corolla as their loaner from enterprise rental..
$370k left to be paid for the business loan, 34 cars are paid off and 23 leased.
Bmw offers car sharing lease program which legally allows you to list on Turo. Only in California but you can make deal with dealer in California and ship or drive your car to your home state. Mileage cap does exist but they cost only $0.23 per mile overage after 15k miles a year. Since my daily rates are minimum $100 with 100 miles allowance a day, I’m making $1 per mile overage, so it’s still worth to pay $0.23
@@jins8144 that’s amazing man. How much is the dealership making from you?
Thank you, Dave for all the information. I'm considering signing up with TURO and adding it to my LLC. We'll see.😊😇
Thanks for posting this ! Very helpful.
Very helpful and direct thank you for not beating around the bush
Keep your head up ! It’s ups and downs in this industry💪🏽
Thank you so much 😊 enjoying your Channel
Your business mindset is backwards. You got a truck everyone wants that you don't rent out. Then you got cars that nobody's wants that you do rent out. Ppl rent cars for the experience now. Get something ppl would want to drive and it will rent!
Tell that to @AubreyJanik
Very very much thanks for the advice!!
Thanks for the encouragement
That's actually what I was thinking because you can still have your car and once it's paid off the money goes back into your pocket and still builds your credit
Sir, your reality maybe different from other Turo host. If you live in a booming area where tourism is booming and car rental doesn’t have enough inventory for everyone then it’s a different story. 😉
THANK YOU Dave
Traverse uhhh. Those suck. Thanks Dave great video.
Well noted sir👍
Why dont you place the vehicles that are not renting on hyer car for uber/lyft to drive
You had me at Dave ramsey🎉
Just think, under normal used car prices, he would be under water on all of them or at best breaking even with the loans.
It’s none of my business and I just want to lead with reassurance as I state this: I care about you and everyone from a general sense.
I notice that you seem a little out of breath when you’re talking man and it just concerns me a little.
I hope you’re getting to bottom of whatever complications (if any) may be going on with your health and properly making the steps to recalibrate yourself appropriately.
I appreciate the info and have been watching your videos since you started the account. I hope to see your content for years on end.
thanks good video
I just have to add that those value quotes on line are not set in stone! Dealers see what you see on line, it may say worth 16700 but the dealers gonna cut that by 20 to 25 % in terms of what they're offering! Yes you could sell to private buyer but depending on the used car market in your area you may or may not still end up loosing 20 to 30 % on the sale! My advice would be to reevaluate your turo settings, lower prices, study your market and go from there! If you must sell take into account if selling would only hurt you later!
Hello Dave, What model suv are renting the most? Are they 5 or 7 seats... just getting started and just got my first booking... looking to scale 😊 thanks... J. B.
2017 Dodge Journey, 2017 Mitsubishi Outlander both are 7 passenger
I wanted to finance a new Chevy Tahoe and put it on turo to make payments. I live in St. Louis Mo, how possible is that scenario
Hey Dave, I have been interest in the car rental industry, I have my own vehicle a 2013 Acura MDX and 2018 Honda Civic, and I also live in San Antonio, I was wondering in your opinion, should I start the business despite the gas prices, which it going down right now. Is it a good idea to become host?
It is slower than normal right now. part of it may be because gas prices but also inflation. People are not spending as much money as they use to. I think the civic would be a good car to put on there. just look and see what other people are renting a similar vehicle for.
Thank you Dave! I appreciate the reply. I’ll look more into it.
Who said cars were depreciating liabilities?
That truck would be your biggest money maker
I see host and guest with bad experiences on TURO. Owners with cars badly damaged by customers who mistreat them and TURO sending unjustified invoices to customers who have taken care of the cars. I consider that TURO is not doing a good job to guarantee everyone that they have a good experience. This makes me think that the commitment of these companies, owners and clients, is very little and that the benefits obtained from one and the other are very great.
I think they do not make money, people dont take care of other peoples cars. I dont think is a good business. But for a avarage person that dont have to much money to maintain their car etc and buying just one car on tour and be in debt with that car with the company??
Do people make money on tour or no? I think they spend more money by paying car, insurance etc
As they say.... " Location, location, location"
Where are you located? Because I just started turo in NYC the 27th of June with two cars and both or them are doing really well out here, we are in the process of getting out 3rd car now.
San Antonio Tx
how? you must be renting out expensive cars
I sse that the NY market is booming now that the laws have changed. I'm still learning but I would say be careful and don't overleverage on vehicles. More and more people will start adding cars there which may create a competitive market. Or long as you have an exit strategy 👍🏾
@@ROCBOYZGURLZ Competition is always good keeps me motivated to better then the next man, but by the time they decide to join I’ll have some skin in the game, meaning I’ll be an all star host and I will be recommended before them.
I see that as well. New Yorker as well but you know as I do when it pours it definitely pours. Keep it simple and don’t over extend or find a way to decrease your risk
Where are u located? Just curious because im in Tampa,Florida a major tourist area.
Thanks
The rush to the exits will be insane. The used car market is crashing, and those exiting Turo will crash it even further. Dark times ahead for these types of businesses...
When the layman sells, the sharks buy
@@JohnQPublic345 the sharks aren’t coming in to catch falling knives, the “sharks” will wait until they’re repo’d. This is something people that want to feel better about buying say LOL
The sharks will be eating their own shit sandwiches 🥪, commercial real estate is in big trouble, and there’s a lot of other things wrapped up in that besides the physical land and buildings themselves. So many investment vehicles are tied to the market.
And inflation ain’t going anywhere folks, we can all see the truth at the grocery store. At the pump, every insurance bill, every utility, all the stuff for my kids. I think there’s going to be a big adjustment in standards of living in the US over the next 10-15 years.
I’m out. Times are about to get much more tough and there’s no point to struggle making just the payments now and wait to pay out of pocket in the future
My business has just picked up again in San Antonio Texas. five of my seven vehicles are rented now.
Wise decision. Keep this comment saved somewhere and let's come back to it in a year. You'll see you took the right path.
@@TuroTactics inbox me or text me brother I’m in San Antonio
You made the right call
2021 Kia telluride, lowered to $65 per day and no rents since I got it back on June 18th
What city are you in?
@@TuroTactics LA
@@mariosagas what's your day mileage
Cause it’s a kia
@@TuroTactics earnings are up again, so far this month $1,175 🔥
Honestly I think that this would be a good time to sell an entire fleet of cars. The next 3 to 6 months will probably be slow. You can sell all of your cars and take thousands of dollars of profits on each one which will replace the income you would make from renting them. Then you can just repurchase a fleet of cars at a lower price range when the market comes down. So you'll still make profits but you won't have to do any work.
That’s if the cars run properly
@@henryhybridbeats3334 Why would my cars not run right in the first place?
your information is always on point. I will be buying my first turo car investment next month. Wish me luck.
Good luck
Be careful
You may not need GAP- unless you contract as a commercial use/ rental car! Same on extended warranty- read fine print.
If you finance
Get new cars with warranty from dealer-
Or secure an auto service shop(s) near you.
Double check for recalls-
Good luck 🍀
@@anthonygutierrez4546 awsome thank you
Dave, how’s it going.
New recommendation-
Don’t do Turo-
@@anthonygutierrez4546 why
Do you know what happens if the guest does not upload the 3 photos of the license on the Turo platform? front, back and selfies??
You won’t be covered by TURO insurance. For remote pick up don’t give them access to the car unless they upload those photos. They have 30 minutes after the trip start time or they are considered a no show.
Just divested my fleet. Not for the money but just so time consuming.
I would only rent to parties 40-over. Much more respectful of your vehicle.
Please do not do Touro is a bad idea. I rented my SUV for the weekend came back, smelling like weed horrible and the guy that took my car was to black man with gold chains. Do you know where I live so I’m afraid to report them to Turo because I have a Corvette in my driveway. If you snitch on them, they will take care of you, but f**k in your cars. PLEASE DON’T DO TURO
Hold on U renting ur traverse for 400/day ??? I have a brand new suburban how much can I rented a
Day ?
I am renting the traverse for $75 a day
Or you can resale your vehicles
I quit, it was costing me more then I was making, you rent a car out for w days $140 for 2 days they blow a tire you gotta pay for tow and tire and your out $400, or you out it under 60% plan n people rent it for 2 days and destroy rotors on a Benz n you have a $850 repair that turo is supposed to cover but since you just purchased the car 2 months ago and don't have a receipt for last time they where changed turo don't cover it even if your on 60% plan they are trash
Truth
i guess having a benz in your fleet is more of a liability than actual upside, now I can see how you could be losing money any given month, shit happens, so yeah.
Sounds like you jumped i head first why not start small
I WANT TO QUIT BECAUSE RENTERS DESTROY CARS
Turo doesn't reimburse?
@@jaebae7071 not always like they say. They are loop hole 🕳 Savvy. Be ware-
Have you quit yet because i'm thinking about starting up. Any advise?
Should I rent out my glc benz I am leasing ? And what if something get damaged like paint or cracked. or tires get fucked by burn out. Also if stolen turo cover to certain amount ?
Don’t do it-
I have GLE complications horror story.
Keep your GLC for your self.
Especially if it’s a lease.
If you have the Mercedes app, you should be able to track, start, and lock your GLC.
🤙🤙🤙
Where are you located??
San Antonio tx
It was the best time.... Now many if you are going to be upside down and stuck with that over priced POS.... Oringeman Crash gunna get ya.
I Live in Saskatchewan canada and they won't allow Turo in my province. I'm kinda glad
Ru sure? Coz here in Alberta it’s allowed. Pls reply
lol you guys are fucking the hosts. "just be happy enough to make enough for your car payment"
Im just tired of shitty guests renting my cars.
Dave Ramsey is fixing to lose his ass in the stack market.
I’m biased but I wouldn’t rent a VW.
WHOA
Turo Hail damage rental??? Branded title. smelly
this is a terrible video .. used cars will continue to gain value for years .. until there is no more that chip shrotage and its not coming until 2024
@ultraoctaneacademy