This is how I started my Turo business in 2022
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- Опубліковано 14 лис 2022
- I am now bringing in $2500/month on turo and this video will explain how I started and grow the business. If you already do side hustles then turo may be a great way for you to increase your monthly income.
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I just bought a Pacifica after my Lexus ES got rear ended. Love it. Been using it for UberXL but have been strongly considering posting it and my BMW X3 on Turo. Ive watched a ton of videos and yours has been super informative. You're the only person who mentioned the bit about, on your first car pay your downpayment down a few months, before you buy a second car. I really appreciate that insight.
My pacifica does really well on turo. I don't love the transmission in it, but overall, it's been a good van. The very best way of growing the turo business is to do it slow and keep reinvesting. Just in the month of March, my pacifica did $1600 and only added about 1000 miles.
You will find that you will get very different guests for your two cars. My 300s gets run all over the place and is always being driven over 100 mph.
@@Drivetowin13 interesting. I definitely like your approach in regards to saving, and reinvesting, basically a gradual level up with mitigated risk. I work in the legal field so I have a tendency to overthink and complicate planning. This video really helped me!
Very informative. So happy i found this video. Thank you, Jason! Looking to get started with hosting in 2023!
Great let me know if you have any questions it is a really great way to earn money off cars.
THIS! I NEEDED THIS! THANK YOU!!!!
Starting a turo business is easier than you think.
Hey thanks for this info!
Glad it helped
Awesome Video! Thank you!
Go make that money!
Wow I’m happy to find this video.
I am happy you found it as well
Hey loved your video! was wondering what you think the best car for someone who wants to start turo, in the salt lake city, utah area would be? and are the risk worth it?
I have another video releasing tomorrow that might help you out quite a bit.
Each market is different, the best advice I can give is generally people want an experience so go with something unique. Check and see what the local rental cars rent and stay away from them. I also would not over extend yourself financially.
@@Drivetowin13 oh sounds good I’ll en one of the first to watch it! And appreciate your help!
@@Drivetowin13 what’s your math on how you got to the break even mark at the monthly payment of $500?
My man!! Whats up Jason? 😎✌🏼
Finally getting back to normal here after the hurricane. Winter there yet?
@@Drivetowin13 meh- kind of…
@@RideshareRodeo I'm getting ready to decorate a palm tree😃
@@Drivetowin13 well did not see that coming 🤙🏼
Are you still in the Turo business. Also great advice, but you didn’t mention if you started out with an LLC? Thoughts?
Yes, of course I still do my Turo business, and I am expanding it. I do have an LLC but I would recommend speaking with a CPA about your personal situation.
Now that you have a few months in, whats your take on things, and have you started to pay your self yet?
BX STAND UP!!!
I have 1.5 years into doing turo and have increased to 5 cars on the platform. I am in this for the long game and not short. I have been able to pay all expenses and increase my car count by 3 since this video was made. I return all the profits back into the business and will continue to do so until I reach 10 cars.
How did you figure out which vehicle was highly desired in your area?
Well, for the next two weeks you can use carsync.com and it gives you a lot of information. May 1st turo is blocking carsync from the data.
The other way is simply to go on turo and search the vehicles in your area and see how many trips they have on them.
Do insurance prices here in florida eat into your profits running multiple cars on turo?
Yes but I just work the price into what I rent each car out for. I basically figure out my total costs on the car and then determine what I need to make to cover cost and profit then I set my price accordingly. As an example my 300S is recommended by turo to rent for $40/day but after figuring out my costs and profit needs $40/day would not cover it so I rent it for $70-$80/day and it is rented about 75% of the time.
@@Drivetowin13 that makes sense! Thanks for the info. The transparency is appreciated.
Buying the car at the right price is the most important thing. Sure, you could be making more than the expenses per month but meanwhile you’re upside down on the loan due to the depreciation. It’s like dividend stocks. Yes the stock pays you monthly but if the value of the stock itself is rapidly decreasing then you’re not really making money.
Yes absolutely finding the deal on the car is key when running a profitable turo business which is why I purchased my 300 out of state.
I'm looking at a Chrysler town and country right now. Super nice and well kept older vehicle. I live right by a huge airport. I think it'll do well.
My Pacifica is booked about 80% of the time and has been a great turo vehicle.
Before I get started, is there a way I can tell if the area I'm in is over saturated with Turo rentals ?
So the short answer is no but you can go on to the website and start playing around as a customer to see how many cars are available. If you look at the hosts and how many rentals they have done that will give you an idea. What market are you in?
@@Drivetowin13 I'm in the Buffalo area...
I have done that but I have no idea how much there vehicles are available for rental
@Jim C If you go to the website on the computer and you act as if you are booking a car you can look at the calander and it will show the availability of the vehicle. If you want to email me I can send you some more info on this:
Drivetowin13@gmail.com
Do you already have a vehicle to put on or are you going to purchase one for turo?
What do you do for commercial insurance on the vehicles?
I use Lula, but there is also ABI that is close in price.
@@Drivetowin13 What is ABI?
@turopro157 The reason I did not go with ABI is because they have a 250 mile limit per month vs Lulas 300 and ABI requires a tracker different than bouncie, and I have all bouncie trackers. Coverage wise they are almost identical
@@Drivetowin13 I currently have Lula as well for my turo only cars. I was just considering financing a new tesla as my persoal car and just renting it out enough to cover the paymnet each month, so because im going to be the one driving it mostly im trying to find a way to insure it under my LLC where i can still rent it out occasionally. Any ideas?
@turopro157 That is tough because your commercial loan will require commercial insurance. Liberty mutual might have an option but I have not looked into this exact senerio. You may have to go with traditional commercial insurance which is very expensive
Why do people rent from Turo verses a a car rental company ? I never heard of Turo until I seen a video last week .
There are several reasons why.
1. When you reserve a car you are reserving that exact car and not the "or similar" that the rental car companies do.
2. When you reserve a car it is reserved and you won't find yourself in a situation where you get to the rental counter only to find they over rented the cars and don't have one for you.
3. There is no long lines to wait in when you arrive you just walk directly to your car and drive away.
4. You can't rent non typical rental cars.
These are just a few reasons.
@@Drivetowin13 Thank You
My market has no Teslas and the nearest one is 60 miles away and renting for $ 150 per day with a 5-star rating and 67 trips. I figure I can buy a Tesla and make a killing in my area. Hypothetically speaking, if I were to rent it for $ 100 per day, what are Turo's hidden fees that we the renter can't see but you the owner can? Basically, what's my profit per day?
Basically at $100/day it will all depend on which protection plan you pick. I ha e mine on the 80/20 so I have a $750 deductible so out of the $100/day I would make $80/day. Does that make sense. One of my cars I have on the 90/10 plan
@@Drivetowin13 Thanks, I knew there was a fee but wasn't sure how much.
@Jamal Jamal If you send me an email I'll send you back some screenshots so you can see exactly what it looks like.
@@Drivetowin13 I sent it but UA-cam deleted it. I'll try again
Yahoo
Do you recommend LLC or sole proprietor
Everyone's situation is different, so first, I would consult a CPA.
I personally started out sole proprietor, and as I made money, I formed an LLC.