How to Buy and Sell Cars for Turo WITHOUT Taking a Loss!
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- Опубліковано 11 жов 2024
- It can be difficult to get in and out of cars that you list on Turo without taking a loss due to excessive miles put on the car from renting on Turo. Everyday I hear from hosts who are upside down on their Turo cars due to excessive depreciation and negative equity. In this video I will walk you through one of my cars I had on Turo, breaking down how I bought it, how I sold it, and how it performed on Turo.
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This woman is absolutely gorgeous!
and smart... yeah?
you all are too kind! 😊
Yea she is. I haven't seen her videos in a long time but there's something definitely different about her 🤔
She worked hard, at the gym. Really inspirational actually
Would really help to see revenue and expenses over the 2.5 years to see actual profit. Thanks as always for the content.
👀
Using her 3x payment. She netted 2x payment -
@@reseller7 yeah that needs to be explained better. If she made 3x payments how did she still owe 28k?
@@hijackedmarketing2058 because profit, and there's no need to pay for months that you're not gonna use the car
Since the car was bought while the market was low and sold while the market is screaming hot, I think it's important to more heavily emphasize the very unusual circumstances that explain this example. The market is inflated by ~25% right now so realistic resale, apples-to-apples, is closer to $21k and we all know BMWs depreciate like rocks so that could be generous. On the vehicle itself, it's great you didn't end up with negative equity but what now? Income stream from that vehicle is gone and replacement will be hard to source at a realistic price. As mentioned below: insurance, maintenance, cleaning, parking and other carrying costs not mentioned. Buy low, sell high... always good advice but almost never applicable to vehicles.
My thoughts exactly. Since rental prices are so high right now I feel she was safe to rent it for an extra year.
Thank you. Right now is the time to buy. Just trying to find something with our budget and market.
I love that every time a question comes to mind, she answers it within 2 minutes. Thanks for the great info!
Glad it was helpful!
Thank so much for this video, Saimah... We just listed our first car (a Camaro Convertible) on Turo in Dallas and in the first 30 days, we've accrued 4K in miles. It was rented out for 22 out of 30 days... so we plan on making some changes to help mitigate the mileage and limit that depreciation factor.
Yes! Definitely bring the miles down and hopefully this trip is just an anomoly
I always ask people what hell they plan to do with my car!
@@davidpham9353 Thanks. Yeah i never rent for the "suggested turo price" made that mistake only once on the first trip, before i realized Turo doesn't give 2 shits about my car or bottom line!
Fantastic Content!
Key points:
1. 20 to 25 % MSRP Off
2. 60K MILES : Time to sell
3. Mileage Management
Love it !
Thanks
Glad you enjoyed it :)
That's really smart. I would've done something a bit differently, but for the most part everything matches out just about. Good Job!
This lady is blessing
I can not wait to start my business
Thank you and good luck!
Good info! Been buying vehicles for a long time and put lots of miles on my vehicles…she’s not wrong.
I appreciate that! Are you host on Turo?
@@saimahsexperience not yet, but strongly looking into it.
You’re very right with BMW X series expensive maintenance costs. I have been using BMW X5 for 5 years now and I know it’s very expensive to keep.
God bless you! This video is extremely informative! I was so worried about my car having negative equity, but I feel more relieved on what to do now and for the future of buying cars for my fleet
You are so welcome! :)
Turo is going great!
Our strategy is different. You shouldn't use MSRP to use as a baseline to buy cars based on a speculative percentage. We use actual whole sale market values (MMR) on the real time value of a used vehicle based on a few critical factors. Miles, demand, region and condition. Knowing this number is the key to whether you make the right buy vs. being over leveraged on a vehicle purchase. Rule of the thumb ..the only profits you want to give a "dealer" is just there dealer fee. Nothing more nothing less. Just got to buy at the right time and have your funds ready to make the deal!
that's a great point thanks for sharing the insight!
Seems like Saimah is talking about retail purchase, 22% off MSRP being the rule of thumb. Are you getting wholesale prices at a dealer? Just want to clarify, bc it seems like you're talking apples to something not apples?
You’re tooo awesome this information is gold!
Glad you think so! 😊
Excellent video!!! Very informative! Thank you for sharing!
This video was extremely helpful and everything said was taken into account and your beautiful which made the video that much better
I'm the unlimited miles Turo renters nightmare, lol. Up until a few months ago I used to rent cars on a monthly basis. Finally leased a ride. Average monthly payment from any of the big players was $700 insurance included. Sometimes during winter months payed only $450 per month. But I drove a lot. Owned convenience shops in multiple west coast states. Averaged around 9k miles a month. The big players never complained.
Great videos so far! So doing some rough math, you purchased for $46.8k plus interest and sold it for $28k. 46.8 - 28 = 18k. Spread that 18k across 30 months, your cost was around $626 per month. With a multiple of 3, you are implying that car made about $1880 per month. Subtract $626 from $1880 and your net profit without insurance and other costs is $1254 per month. Is this what you meant when you said all profits?
I wonder this too!
Keep us posted
Don't forget that new york trip. That probably accounted for most of her profit. The real figures are MUCH lower. If it wasn't for the car bubble she's losing on this deal. So much work and risk for not enough money for me.
@@CarlosGarcia-ij4yg so you're saying *TURO* ISNT for you. Correct?
@@user-lc7zt8sk6i I'm saying the strategy of buying new cars isnt for me. There are too many obstacles to overcome. Best to buy a 3 year old car to try something like this. I'm WAY sceptical about her figures.
I certainly took notes 📝 always enjoy your content
so glad you find it helpful!
Need another LIVE session..youre too exotic to be missing this much
Hello Saimah. I appreciate your great and insights you sharing with us. I have benefitted tremendously from your experience as i consider going into rental car business on Turo platform. I will like to meet you personally in this regard and you, as my mentor. I’m from Fayetteville, GA
Great video!! Thinking about jumping in!!
You should! Check out my course its super helpful when getting started powerhost.club/course
Good stuff will need to keep this in mind on my second rental
I swear I was trying to pay attention to the great information she was presenting, but her eyes and her eyebrows are so pretty I was distracted all the time. I will invest on taking her courses as a investment to myself. She knows what she is talking about. Thank you!!
You're welcome! I think you'll find the course informative :)
@@saimahsexperience Awesome, will definitely do them. 🙏🏽
We had a major repair on a car and swapped it with another car on the platform. That car got totaled on its 1st trip out. Luckily for us because of the market we have positive equity on it!
that's amazing!
Teaser: Great teaser to make me want to purchase your course.
Thank you for this informative video! Yes you are a delightful sight!
Thanks so much!
Can you please make a video on Turo in NYC
Great videos. Are you financing personally or through an LLC?
There is serveral things that you need to consider. Where do you live is the first?
Is it popular with tourists? Get convertibles, Minivans, Suvs. Cars that are popular with travelers
Do you live somewhere where theres lots of offices. Like houston, washington. Get cheap budget cars, and higher end cars luxury cars such as bmw cheapest models like bmw 3 series , x3 so that u can cover both end of the market
Awesome information
Currently Any sales of used cars will allow the end user to reap many more monetary benefits then ever before when it’s time to get rid of the car/cars that you may have currently.
exactly! rare opportunity to fix some mistakes or make money!
Thank you Saimah. I'm trying to decide if I should keep or sell the X4 M40i I have on the platform as well. The resale prices are fantastic, but it's also one of my favorite cars... Decisions, decisions... :)
I would have kept mine if it didn't have so many miles its such a great car!
Great video Saimaha. Very good info. What do you categorize a start up business doing this?
Hello Saimah, thank you so much for sharing your knowledge, experience and wisdom with us… I recently started watching your channel and I have seen lots of videos so far. however I am a bit confused about financing or leasing the vehicles. In a previous video, you had a starting host and you advised him to lease but in this one you were talking about financing (I am guessing because this was an older deal) so which one do you recommend. Thank you for your valuable time and keep up the good work 👍
Good job saimah.
1st is the worst second Is the best, n I’m the best for you ;)
Love your videos too 🌟🌟🌟🌟🌟 5 star review
appreciate it!
so much valuable insight I highly appreciate you. can you also get into the financing bit? I feel like that is a major key missing
thank you and definitely!
Did you factor in your tax benefit of depreciation? This lowers your businesses overall income which means less taxable income. You can also look into a 179 tax benefit. Same thing essentially.
Hey Saimah, I’d like to join your powerhost club. Is it possible to join now but get the one on one consultation later??
Wish I had the $1200 really need a mentor I’m thinking about starting but idk exactly how I should do it
What is the terms of years you usually get on these cars you finance, and what turo plan works best for you?
thanks for the information!
What about other costs ie insurance? Thanks for the informative videos btw 🙏🏾
Good info!!!
How do you make that much a day? I see the cars you mention listed for about half of what you say. Is there something else that pays you other than the listing price?
Two questions...
Is your "Price" including tax and fees?
And when you say 3x your car payment, are you including your insurance payment in the car payment?
Thank you!
Do you have separate LLC on each vehicle ?
What you're saying about Miami is partially true. A lot of guests actually drive to Orlando and key west.
This is true!
siamah the serious
Great video! Thabks
So much missing information. But good for you. Keep making money and steering people away from my own business model!
what information is she missing?
So what was the net Profit? Also if market had regular conditions would profit be similar? You are the only one pushing the new car argument but you are not fully supporting it? We need more info
First comment….. Love your videos, thanks for bring clarity..
Thanks for watching! I appreciate it!
I'm doing crude math in my head and being generous with the numbers %0 interest on the loan, maintenance, insurance, car rented out @170/day 4 days/week...Turo's %30 i'm at almost 20k
Not great, not bad. Depends how much work you have to do Are your cars rented out 4 days a week? Or does it vary
How much did you profit on this vehicle? How much did you spend on cleaning? Or is this is another video?
Beauty with the brain.
How does this add in todays market
Great video👍
Consider maintenance and tax implications as
you might have showed as deprecation for 2.5 years
Calculating income based on EMI is little tricky and one directional approach
appreciate the insight!
Hey if you come to Hawai'i could i take you out on a date?
Man, I do not want to be that guy, but I just wanted to say you're gorgeous. I am truly grateful that women exist XD
You are too cute! Thanks for allowing me to pay attention. I took notes :)
You are so welcome!
Where were your trackers when he drove to NY🤔
I feel like I’m watching Kim KWest teach me about Turo 😅
😂
Welcome to California my G.
@@iCGreen_ Never been my guy
Where do you park all of your cars?
So you profited about $49-50K during the 2.5 years? Do I have that correct? That's awesome
So how much did you actually make on the BMW? I thought you made triple payments??
When you purchase these vehicles do you finance under your LLC or your personal? if personal, how do you avoid affecting your own credit and credit score negatively with multiple 'hard inquiry"
If she buys them with her personal credit and always pays on time she'll have amazing credit. So the impact is good. Multiple hard inquiries that get rejected is bad impact on your credit score.
Who do you think about the San Francisco market fall of 2021?
I actually found a 1999 Plymouth prowler 7k mi $661 per month... It's a weird and quirky car for a weird and quirky City I know we have a vastly different demographic up here what do you think?
I was hoping to have an exit strategy of 40,000 mi, this kind of car may appreciate overtime even with that kind of mileage and cult following or am I completely wrong lol?
Was also thinking of getting a newer mx-5, 2 series bmw or mini all convertibles...
so beautiful
Hi, I’ve watched hours of your content. I love how you move with business! Can you please mentor me?
Yes! Check out powerhost.club and join my community I do live calls every week and help you through all your business questions
@@saimahsexperience Hello and how are you Saimah. I am from New York City. I wanted to ask if getting a high end vehicle like a Range Rover to start off with is a bad idea? I have a chance to get a great deal on a new 2021 Grand Cherokee L, but I am nervous that it won't do well in my area, or a Range Rover would be better.
If you buy a used car for Turo, should you look for 25% off the book value?
Hi. I’m looking into getting the turo game am I better off waiting for the car market to level out
Yes! that's what I would advise!
I’m researching this opportunity I live in New Orleans and I’m wonder if I should get into this. Being that the city has now demanded everyone to be vaccinated before they can go into any business. Is this still a good choice plus what’s the benefit of buying a car for this business and not a nice used car. I’m just now getting to know about turo never knew this was a thing. Thanks also can you explain what this business is??
Samantha, what about buying with cash. I know you lock up your money, but any advice?
personally I like to leverage the banks money so I don't use that route.
Sima why you don’t deliver to LAX anymore? Even you can charge the 120 delivery fee is it not worth?
For me personally I just live too far away so I’m unable to accommodate LAX
I use to live in OC so I can see how NSA it’s much convenient plus that airport gets a decent amount of traffic. Thanks Saimah!
What is Turo?
You must get thousands of car warranty spam calls!
I wonder if you could've made more than 3X car payment with your C8 but you decided to sell it at a profit?
oh definitely I was around the 4x-5x mark on that but the resale value was just too good to pass up. :) I also have access to another C8 so I may jump into it and list it.
Your Turo profile shows only 3 cars. Are you getting out of the business? Or did you sell off everything else?
why your title is alwasy different with your content
Hi I’m from Houston just bought my first Turo car a 2021 Mustang Mach E MSRP price. It payed for its car note in July renting out 8 days for 127$ a day but august it hasn’t rented once. what should I do?
You need to adjust your value offering on your listings. I would highly encourage you to join my community this is literally what we've been talking about these past few weeks.
Look at the market and lower your rate 🤷🏽♀️
Now they are all over msrp
Are you buying cars in this market? They're selling two year old used cars now for 10k over msrp...
No way! I next to impossible to find a good deal. I'm stuck at the moment and just need to wait for prices to come down.
What is your annual earnings on the Tauro platform
I know she said shes a 6 figure host
releasing an earnings video soon!
Every car u buy lost value soon as u bought it. There are a cuple exceptions to the rule
How do you rent your car without seeing customers?
Not sure which video it is, but she talks about getting lock boxes to hold the keys
What happened to the guy who ran off to New York?
Oh my that’s a long story! I made a video on it back when it happened I’ll have to dig it up but the car was returned pretty badly damaged with a broken window and it’s still a mystery as to what happened exactly!
@@saimahsexperience I’d love to hear the full story & how it was resolved. I’m sure others would appreciate the story considering that something like that can happen to anyone on Turo. Love your videos! Thanks!
I need a woman with a brain like her on god😂
What’s going on is everything OK where are the videos are you losing money
🙌🏾
:)
We sure got 11 haters
Buy 4runners new. Sell after two years for more then you paid for them. Win win 🤙
Good luck making back 5k in sales taxes plus fees and down payment and interest with a 2 year old used vehicle with 40k miles on it! Lol. Post your video!
@@CarlosGarcia-ij4yg 2021 4runner sr5 4wd starting msrp $38640
2019 sr5 4wd 40k miles no options added clean retail cpo $43850
Clean trade in $40100 (nada)
2018 sr5 4wd clean retail cpo $42150
Clean trade in $38400
@@CarlosGarcia-ij4yg these are Toyota, not BMW. Just wanted to make that clear since it seems you're not very familiar with them.
@@shanem3012 that appreciation will not last. once the chip shortage is over you're done. And i know about Toyota, thats basically all i buy. (Although ironically I'm at a BMW dealer as we speak, buying a beemer for mainly personal use! Lol)
@@CarlosGarcia-ij4yg yea I know it wont last and I hope it comes down soon so I can buy a couple more. I have two 18s on turo and have no plans on selling them. Theyre already booked over new years so I hope to god we dont get locked down again!
Are you Desi? Cuz if you are you know how hard it is to convince your parents for this stuff 😂
I don't offer unlimited miles
good neither do I anymore !
Does Toro pay you? You sure promote them alot,there's other platforms to make money 🤑
Lol! No not affiliated with them in anyway other than just being a host on the platform 😂
@@saimahsexperience they need to pay you then! You definitely put them on the map
Hey beautiful are you dating anyone ?, I’d love to take you out sometime
She is the reason why guys crash cars..ha..ha Car Kardashian 😎