Anything that requires you to lend your property to others will more than likely end up bad. Most folks don't have manners and do not care about stuff they don't own.
Most people are also clueless.. My sister drove miles with a flat tire and had no clue. she only realized that later that day when she came back to the car at the parking lot. Then she went: "ohhh and i didn't understand why everyone was beeping at me the whole way here".
As a land lord, I agree.. Rented a house out nice condition, they stopped paying rent and are $11,000 behind, and California is taking their time to kick them out, the house is a wreck, holes in all the walls, the floor is wrecked from water, mold all over, broken windows and lights.. It's a huge loss!
@@frag2587 You would think, but sadly no... Wanna be car reviewers will rent performance vehicles on Turo and film car reviews with them. They speed, do 0-60 runs, hard braking, and floor it after every turn/stop to experience the thrill and exhilaration of a vehicle they can't afford. Personally, it's a brilliant strategy that is low risk and high reward to them while putting all the risk on the Turo owner. The only time those people face consequences is when the owners have GPS trackers in the vehicle that monitor for high acceleration, cornering or braking. But even then, Turo's policy is to give a warning as there is no objective damage and repair presented. They understand that hard driving provides more wear on the vehicle, but it didn't directly break something therefore there are no charges. They may have changed it over the years, but that's how it worked in the past.
I was 90% close to renting it. I canceled both appointments at the last min, realizing no one would take care of my car, and I was charging a premium fee. I was charging 75$ for a toyota Corolla 2024 only because it came equipped with 4 cameras, and I was damn sure going to charge for that feature. Most toyotas were going for 50$
Please learn boundaries as a giver, takers have none. You are a kind soul. Took me 44 years to realize people suck and don’t expect a YOU from THEM. I now go to my adopted daughter’s job and take the food they were going to throw out and feed the homeless. 💯
Most of the time people renting vehicles a) are completely unfamiliar with the area or b) so incompetent they can't get insurance or their own vehicle because they wrecked theirs
Make sure you have the maximum number of photos allowed on your listing. Raise your daily rates and raise your 3day, weekly discounts. Gives people the illusion of getting a good deal. Also always respond to reviews on your profile. That will give you better utilization. -10 year power host on Turo!
Dude brought cans of gasoline to explode… 😭😭 I try so hard not to laugh, but can you guess the one thing that DIDNT explode?.. THE… BAAATTERRRYY😭😭😭 again, no attack is a good attack but he also proved the vehicle is gonna withhold a legit blast..
@@DreDresChaptersI'm as much of a cyber truck hater as the next person, but when the explosion video was released, I instantly knew just by looking at it that it wasn't the battery and that it was planted explosives. Trying to explain that to Tesla haters was very mind numbing.
@ honestly….. I do think a lot of people kinda knew lowkey. From comments I’ve seen it wasn’t the typical misinformation but I didn’t truly see anything crazy
Yea this seems so not worth it. I bought a Tesla thinking I'd do Turo with it on the side. Instead I started doing Uber on the side. It seems to me like the time you spend on Turo - delivering, cleaning, etc - could be spent on Ubering instead and it'd be equal money with less miles on the car and less wear. Good content though. Thanks.
Yeah, there's truth to this, but man Uber wears you down fast. It's hard on the body and mind. I just started doing it again after 8 months off. It only took a few trips for me to remember how much it can suck. Truth be told, when you do Uber you're driving around 2 main types of people: drunks and folks trying to get drunk, and people who, for whatever reason, can't, won't, drive. Drunks can be fun and entertaining... sometimes, but often are not. The people who can't/won't drive... they tend to be losers, not fun to drive around, often smell and complain about the dumbest crap. That's most riders, in my opinion. Then there are people in between, sincerely just needing to get from point a-b, because they're traveling or their car is in the shop, but they're like, 10% or less of the crowd. 😅 I gave 16 rides last night, I think only 5 of them didn't smell. That's a good night. 😢
@@gatolibero8329 I think it depends on the city. Over a hundred trips in, and I've had nothing but good experience. But I don't go past 10pm. I use a Tesla with FSD, so I don't have the stress of driving. I think in my city there's just a lot of people who don't want a car, but transit sucks, and weather can be bad, so that's most of my clientele.
What im learning about you from your latest videos is that you are a very kind hard working person who is too often not appreciated by others. Stay strong 💪
It is so true, my friend had some of his cars listed on Turo for rent, and he too had customers return cars back with body damage on them and dirty inside, someone even puked inside of his car.
i remember trying to sign up to turo all exited to post my camery thinking i wouldn't have to do uber anymore and my car would make money it self. and when i got to the last page where you have to set up a interview they show you what your car might generate in revenue, and my cut would be 107 dollars if someone rents it for an entire week. I uninstall the app that day.
It’s pretty pox that someone can book an 8 day trip and cancel with no penalty. Any other service provider would absolutely be still taking some money from that, such as a deposit to cover the loss of previously agreed upon business. I wonder if Turo is taking a cancellation fee and pocketing it
I'm a 60 yo Australian man , your feed popped up on YT . I have casually been viewing your videos and am a little stumped. What's your end goal with this exercise, the damages, depreciation and time investments are clearly not paying off , yes your turnover is providing you with a small financial return, but ultimately the concept that you design ed is flawed. Your Testla is unlike a gas car depreciating with battery destruction and wear and tear to vehicle and parts . You discuss the charge fee and most importantly the time , stress and use of your father's time , you are not including in profit loss . Turo's business model is designed to fail you . Overall, cut and run young fella , get out whilst your behind .. It doesn't make sense , also one accident and well .... $$$ gone
he already has enough money to blow on a discharging toy car... he doesnt give a flying f***... end goal? make some videos. "im an influencer with half a million subscribers..."
Sorry to hear it’s not working out but the videos are a great word of caution. The most successful Turo profiles are the ones where it’s like 30 cars and they’re all Toyota Camry. This only works in large metropolitan areas and even then the margins are low.
Robotaxi would have probably 60%+ utilization though, while this is probably less than 20% utilization because the renters aren't always on the road. Taxi rides also are much more expensive than a several day rental since the price/utilization is significantly higher than what you'd expect from a rental. (i.e. if I needed to go 250 miles, a taxi would probably cost $300 or more compared to a $100-$200 rental)
@@InB4Ethan I don't think I know anyone that would let strangers use their car as a robotaxi. It could never work for people that don't like their car being trashed or smelling bad.
@@PorkchopExpression Oh I am with you there! I can't imagine people wanting to do that unless a) they really can't afford the car or b) they are running a small fleet (e.g. 2-10 cars).
If the car pays for itself and/or makes you money every month why would ppl use their own car? Just get a car dedicated to that specific job, it's not costing you more per month.
You have always made quality content and I’ve enjoyed following you these past several years. If you’re having fun making these, I’ll have fun continuing to watch them. 🙂
I did turo for a few months and I do have a ton of recommendations that you could possibly look into. I stopped doing turo for a multitude of reasons which I will be describing later. I was an all star host and I just want to say that the change from a regular person who rents their car out to all star host doesn't change much. When I hit all star I did not see a vast change in how many times my car has been rented out. (I haven't been an all star host for a super long time because I quit turo soon after) so the math could be there it's just I couldn't see the benefits of using turo for my car anymore. Few things to look out for to possibly get more renters are where you're deciding to leave your car. If you leave it in more populated areas such as Airports and what not you are able to charge more for it being there since a lot of the people I was personally dealing with were workers. If you're looking for a lot more hands off approach something I would recommend would be to rent it from your house (do not leave it in front of your driveway if possible leave it on the side of the street but not in front of your house so renters don't know where you live for your safety reasonings). There's some things to look at when it comes to having the guest come to your house is the fact a quick wash and you're ready to go, you can charge the car at your house, you POSSIBLY save more money with washing it yourself at your house. If you're doing a lot of the fixing of the car up yourself you are saving a lot more of that money then taking it to the shop. Some things I talked to with a few turo hosts and things that I picked up when you're trying to do a more hands off approach would be. 1. Rent from your home 2. Find a place that has automatic carwash and all you have to do is vacuum up the insides and wipe stuff down (I had a place that charges me $20 for the highest package) It saved an absurd amount of time then cleaning at home and i was given a car wash pass so I was taking other cars there too to get it washed so i was saving significantly more money/ making money from having the pass since I loaned it out to others and people just gave me like a quick lil $10. 3. I would say find a good medium between not having it to cheap and not having it so absurdly expensive. here are some misconceptions that you have pointed out but a little more in depth 1. Depending how you do turo it's very much a two many job UNLESS you have renters come to your house instead of having a drop off location. 2. Though you are correct the amount of money you are making would technically be less than a minimum wage job. Depending on what you do, you can significantly cut down the time you take per rent/ per month. For example, go to an automated car wash it took me less than 20 min to be in and out (unless there's traffic). Having an automated messaging system from Turo. I spent probably 10 minutes MAX per renter and I've been given nothing but 5star reviews and a few other things and by doing those things you would have significantly less time spent which would equate to a higher per hour revenue source. 3. Determine which protection plan works best for you. I believe I did the 60% because I couldn't technically afford to have something break and me not be covered by it. 4. if the guest takes ANYTHING in the car file a damage claim such as a stolen dash cam and what not. REMEMBER this is YOUR business though you don't want to be rude or anything along those lines it's still a business and the car is your property so not wanting to charge them or anything you can very well do but it's just cutting into your business profits and that's not how businesses are ran. so here's the reason why I left turo. the small dings and scratches that my renter left on my car I was not happy about. I also wasn't happy that there were guests that left my car trashed. I had this one guest that wasn't an authorized driver for my car drive my car back and he was speeding, had drugs in my car, and was arrested and had the car impounded 4 hours away. I had to wait to get it back because I couldn't drive down there by myself. When I got the car back the WHOLE dashboard was lit up like a christmas tree. check engine light the low tire pressure everything was light up my power steering wasn't working nothing. I did however get a pretty decent check from them but none the less it was an absolute headache to get it all sorted out. Another incident a guest left her gun in my car under the drivers mat and I stepped on it without realizing what it was, once i found out I called them to come and retrieve it. But the other reason why I stopped doing turo was the fact i didn't want to have renters come to my home and my mother got in a car accident (she fine though) and we had the second car be determined totaled so i had no one to be able to help me with turo. I was making decent money with turo (Nothing to amazing) but it was only one car and it was paying my car note, insurance, my usage of the car, and more. I wanted more renters so i put my car in a shopping center area every time I had a rental. I thought about making significantly more money by renting out a businesses building close to the airport that had gates around the area and making that my home base with getting more cars. I was thinking of making that area the place where I clean, the cars and hold all the cars. I could easily charge more for renting the cars out at the airport and if it was only a 5 minute drive from the airport to the place I was thinking of renting out. I wouldn't need to park my car at the airport and they could just uber to shop. The car I had was a 2018 C300 Mercedes Benz and i was getting ok business with it but with how much wear and tear the car was getting plus having the car become my primary car after the accident I just decided it was best not to do turo anymore. Might be a little TMI but I believe in transparency. My car note is $591.75 and I was getting about $800-$1200. (Keep in mind that the higher the amount I was getting paid usually resulted the guest messing my car up, leaving my car on empty with gas and so on). You might ask why is your car note so high for it being a 2018. I wanted to pay the car off in 2 and a half years. I don't owe any interest in the car because my brother in law sold me the car. If you have any questions please don't hesitate to ask
Cheap cash cars are how you make money on Turo. I have a 2013 Honda fit that rents everyday for $40. I'm netting 500-600 off this one car. Once I get my ROI, it will be 700-800.
You can set the hours for pick up or drop off. Stop being a door mat and be realistic for what works for you. You also should charge for delivering or cut the distance down. Again, making money doesn’t matter if it’s completely inconvenient
bro how do so many people ding your car like holy crap I've drove a ton for 16 years and never dinged my car. i've hit like 2 curbs ever like holy crap how do people just scratch up a car in one day
Turo doesn’t have anything to do with that. It’s just like he pays for gas but then his renters have to pay him back for it. He can use any debit credit card to pay for it himself.
Just make sure to set up auto pay on that card if it is only ever used for charging. Cash back isn't good if you get hit with the interest rates of most credit cards
Similar experience renting out a Chevy Bolt. The car has come back clean, but has been late on every single trip. I wonder if the experience would be different with a different car like a Toyota Prius.
I feel like I would focus on raising the prices, even if it means less renters. Typically people who pay more for something respect it more. Also, like you said, by focusing on utilization and low cost renting you're not profitable... Even if your car is sitting more from higher rental prices, at least when you do rent it out, it will be profitable (and have significantly less milage depreciation). Some profit is better than none!
My accord died on me suddenly and I urgently needed a car back in my life for work as I had just started a new job. Turbo was a bit cheaper than Enterprise all in, but finding Turo owners with the delivery/pick up fees around $40/$45 sealed the deal for me as I was just desperate for some convenience. Lyft/Uber prob would’ve cost the same but just being able to not stress and plan for now trying to get to my temporary car was incredible. I live in the DMV area and if the delivery was any higher then $50, I passed. I think leaning into pricing out your available up sales will help you with profit. Good luck!
I love these videos. Ive done a lot of food delivery gig work including privately and its great to see yhe perspective from those working directly with the people
Thank you for making this video. I had thought about this as a sort of side hustle but when I worked the numbers, they didn't really make sense plus I'm really risk averse when it comes to people and how they treat my things. 6,000 miles on the Tesla and $200 profit strikes me as a bad equation. My understanding from other videos is the 80,000 miles on a Tesla is considered high mileage. At this rate, you'll make $2,666 before the car hits 80K miles. I'll continue to follow your adventures. Saves me doing this particular experiment.
I think the real issue is the car MSRP does not support the economics of daily rentals. $400/mo car loan is why he is negative.. a car at half the price would likely generate just as much revenue since your price per day would be a lot cheaper than the Tesla, which is more attractive to consumers using Turo trying to save a couple bucks compared to traditional rental companies.
They can cancel on you for free but you can't cancel on them for free. What a garbage company. Please don't support them. btw depreciation on a used m3 is very high right now, $100-400 per month.
Swap the wheel covers and you can get a more modern / aggressive look that would be more appealing in the ad photos. Good luck! I couldn't do this with my M3 :)
I realized, doing Uber, what I thought was a ~$20 hourly payout, was actually $14 because they take 1/3 of your actual payout via fees. I'm okay with it, because the car is paid off, but also kicking myself for not doing the math. I just looked at the nightly payout, divided by how long I was online, and got about $20-22. 😢🎉😂 It's still easier than finding a part time job, with the flexibility of doing my full time job. But folks gotta really do the math, if you're still paying for a car, can't do your own maintenance, and aren't using a fuel efficient vehicle, there's very little profit to be made in these gig apps, which is a shame because there can and should be, but greedy people want money for nothing. 😊
I believe you should change business targets. You should specifically ONLY target people coming in on vacation. If your area is not demand for that specific demographic then find the closest area that has a lot of that specific person
@@YannCavalcante i agree but all business is the same. once you learn business, it all is the same components. definitely also recommend looking up business youtube videos. my wife has been watching this channel for awhile and i always liked the humility. got a subscriber from me!
You should find a software that changes pricing actively, so it looks at the demand and all that and adjusts the pricing. A lot of people that do Airbnb use software's like that
You should consider trying Airbnb for your home just as a series like this tesla saga. Try doing airbnb on a room first so that you don't have to move.
Turo seems a harder way to make money than Uber. You also need supplemental insurance. Your owner's policy will not cover Uber, Turo or even delivery jobs...No regular insurance if your car is used for a job. I'm not sure who insures you or how much it costs, but my experience is that Geico and USAA specifically say that cars used for jobs cannot qualify
What would I do? Unfortunately, you said it yourself, Alex-I’d sell the car and cut my losses. It’s tough to make money on a depreciating asset, especially when people tend to treat it like shit. On another note, have you thought about listing one of your empty rooms on Airbnb? It could be a good way to generate some extra income, as long as you feel comfortable managing it. By the way, are you in the RDU market? I love your drive and determination-keep it up! Joe - SoCal
Get a car camping package for your car (matress, privacy shades. Fridge, rv charging cables etc) and rent it out featuring the camp mode. Less driving and more just idling the climate system. Less forking on Your seats. Get a matress protector. Also the Y would probably rent better.
Pretty sure the high cost would just be better, sure you'll get less trips but people that spend that little really really do not care if they destroy it. So sure it sits but you need less trips to make the same money and less chance to destroy the car. As you have found out making it cheaper does not make you any money at all and will cost you. So why bother if you don't make money, way better off having it sit for a month vs spending a month of work just to lose money and have the car more damaged etc.
Allowing lithium ion batteries to fully discharge prior to charging can significantly impact the service life of the battery. Hopefully tesla has fail safes and 0% isnt really 0% but brother take your $50 atleast. This is awesome I love your videos!
Why risk the loss renting your car? The damage alone is not worth the risk. Way to many losers, for pennies on the dollar and that includes ride share damage. If I were to ride share or rent my vehicle it would have to be an auctioned used police car, avarage price 6,500 thats less then the price of one Tesla, Instead you could have a half dozen rentals. So now Turo has become terror rentals? 😮 No it's Just Not worth it.
This don't seem worth it at all, delivery or ride share has been more profitable without putting nearly as many miles. Outside of driving between jobs i can choose my orders and average at least a dollar a mile. 750 miles for $120 is terrible.
This payout has not become profitable yet and will be very slim even when it dose. He will find his sweet spot for charging and fees and whatnot in most likely it will turn into basically having one persons actual warnings as if they were doing rideshare. What your not understanding is that you believe your McDonald's deliveries are in the end more profitable and what he will demonstrate in about a month is a factor if 2 of what an individual would profit for food delivery, which still is not much of anything, but as I'm trying to get to the OBVIOUS VARIABLE YOUR MISSING IS HE WILL NOT HAVE TO BE OUT DOING THAT WORK THE VEHICAL WILL BE ... BIG DIFFERENCES IN SCALING AND DROWNING ,.
I’m very interested to see how the $million-ish home listings you previewed will come into play in the future. Having purchased my first home at 18, my second five-ish years after that then turning that one into a long-term rental… purchasing the one I’m currently in as a foreclosure with at an insane price and working towards eventually renting this one out as well, I’ll definitely enjoy watching you delve into real estate, if you end up going down that path.
i noticed on turo that FSD costs more, as a non tesla owner im not familiar with it so i dont care about it as a feature, so i wont pay extra to have it hopefully that helps
When you are doing your ROI calculations, it’s difficult to do, but you shouldn’t call the loan as “pure cost”, because hopefully a large portion of that cost is going to principal, which is technically a form of asset gain (on a depreciating asset of course). The right way to do that calculation is: Interest + depreciation - principal gain = cost of “loan” Hopefully it’s better than the pure cost of the loan, but this is why having a car that is being financed is much worse on Turo than a cheap car that is owned outright Btw this is what people get wrong on renting out a property (that is most of the time an appreciating asset), is that the portion of the loan payment that is principal is actually profit, and not just the profit over cost of the loan.
You should track your expenses through actual costs, time and depreciation, not counting your loan payments against the revenue. The money you're paying for the loan isn't forever. Instead take the total cost of the car(with interest) and divide it by the estimated rentable life. That gives you your capital cost over time. Depreciation is the how much value you're losing by allowing people to use the car. Caredge has a calculator that will help you determine your per-mile depreciation. Then take your revenue subtract your expenses, capital cost and depreciation. The number you get is your real profit/loss. Then you can weigh this against the time you spend to get your hourly rate/loss. This gets you pretty good numbers to calculate whether this is a good business. It does miss the fact that the car will probably fetch lower rates as it gets near the end of its usable life, but that's really hard to estimate. I see so many Turo hustlers on UA-cam not realizing their losing money even though they're covering their loan payments because they aren't tracking depreciation.
The loan payment isn't forever, but it is relevant to his finances in the present. He has to be concerned about the loan payment because the only way he can make the loan payment is if the Tesla is paying for itself. If the Tesla isn't at least breaking even on Turo, he needs to sell it asap. He didn't buy it with the intent to put it on Turo, and he doesn't need an additional car. Buying it in the first place was a mistake.
@SomeoneBeginingWithI My point was that he shouldn't just be thinking about covering his current payment. There's a lot of ways to pay your car payment that aren't wise financial decisions. Nobody would think he was making smart decisions if he was covering his car payment by taking cash advances on his credit cards, but that's covering the payment. Meeting your payment while losing money by depreciating your vehicle is also a bad financial decision. If he doesn't do Turo, he's still going to be obligated to make that payment. The payment amount is irrelevant to whether it's smart to do Turo or not.
weirdly, i don't believe i can deduct the miles from this car, the same way you would with other side hustles/gig apps. though you can deduct expenses. regardless, i'll make sure to figure it out before tax season lol
Since you can't add a cancellation fee, could you add a maximum length of time for how long people can book it? That would limit how much you potentially loose from a late cancelation
Find a long term renter with their own (paid in full) non owners vehicle insurance policy. You can also add them to your policy for backup. Rent to them for $1000/month.
this would be super easy money, but i'm not sure who would pay 1k/mo for this instead of just leasing from tesla 😭 unless they've got super bad credit or only want it short term, i guess
@@GoHerping i'll be in Nashville for school June 8-August 8th ish (still need to confirm but for 2ish months) from overseas. i'll need a car for that time! last summer i rented for just under $1k/month from budget. if you advertise and find a trustworthy person, there is a need!!
It seems to me you would get the sensible renters if you charge less. It's the younger ones who can't be bothered looking for the cheapest vehicle, and just want to splash their money just to show off in a Tesla, they are the ones to look out for who are going to cause you trouble.
Want to cut your losses, and make some immediate money? Then stop renting your car and sell it instead! Way less hassle, less work, fewer problems, less liability, and an immediate payout while has the least depreciation it will have! Its value is only going down. Instead of trying to get nine cents per mile only to run to the next repair that cost you thousands of dollars, get rid of the car!
I’ve had my model S listed for two months now, and no renters yet! Likely my prices are “too high” ($70/day for performance model…) but at a certain point, as you see, it’s not worth your time to lower the price 😬
When starting a business, you’re usually starting at a net loss, and your car is essentially paying itself off. Once your loans are paid off your profit starts increasing significantly, you’ll be in a better financial position to expand and buy cash cars or more cheaper teslas 😂
Another thing to consider is that. It is being used. If you are not going to sell it then it is best that it gets driven in general. Idk about EVs specifically. But in general machines are made to used. The longer they sit the more problems they will have. That is why you do not actually want older super low milage vehicles. It means you are going to replace of alot the internals because they have just been rotting or denaturing the whole time it has been sitting.
So long as an EV is stored with its battery at about 40% or so it won't have the same issues you get with other cars and not being used. Now if you store it and the battery is fully charged or if it is too low that can cause some huge headaches. too low and it might over deplete the battery over time even when the car has protection added to protect the battery. Storing it too high is just bad for battery health but will mess it up over time.
Evaluate if it is worth making nickles and dimes to tie up your time. Plus, you have an older car. If I am renting a Tesla, I want a newer one with recent features vs an older one. How is your pricing compared to the newer ones out there?
Good luck with your continued Turo renting of your Tesla. Maybe when the Tesla Taxi is available, you can buy one of those to work the streets. At least with those, it would self drive and you wouldn't have to worry about the drunks or other-wised challenged, and you wouldn't need to pick it up or drop it off.
Maybe you could use this LR Tesla for shipping (smaller) stuff, but longer distances.... Remove the back seats, maybe add a trailer if needed... Think Shipping wars, but with a Tesla... Do a few of these a month, make a few thousand, and the rest you can still deliver Amazon Flex with your purple Tesla
Do tesla simps really think that a tail light dying on a 2 year old car is normal? I just traded in my 2016 civic with 100k miles and the ONLY thing I ever had to change were the brakes and the battery
i do sort of agree, you could say this is more like a cashflow breakdown than a profit breakdown. but it's hard to predict what the car will be worth when i pay it off. though the numbers will definitely improve as the car is paid!
I think the problem is that you're renting out a Tesla. If you instead rented out a newer, more economical car - and by economical I mean not an EV (think toyota corrola or nissan sentra) you would probably get more mature guests who just need a rental. Using a Tesla is going to attract those who want to impress their friends, joyride an EV, etc. My personal opinion, ditch the Tesla, buy a brand new cheap car like a honda civic.
I think you’re forgetting the crucial part where you’re gaining equity. You’re paying $450 a month for the car, and you gained $500 from renters. so only paying $200 out of pocket after everything including insurance is awesome cuz at the end of the day you have a fully working vehicle that at the very minimum is paying for itself, and the days it’s not being used you can use it, have some friends try it out so that they can then use your tesla referral and buy one at the end of the day, after a year or two most of the car payment would be done and at that point any profits you make would finally go into your pocket with your own fully OWNED tesla
"the days it’s not being used you can use it" isn't applicable here because Alex already has his own tesla for personal use. The tesla that's on Turo was originally bought for some roommates who turned out to be awful people who didn't deserve all the help Alex was trying to give them. Getting to a point of fully owning the turo tesla isn't a benefit to Alex. He doesn't need it and buying it at all was a mistake.
@@SomeoneBeginingWithIBro is acting like I haven't watched any of his videos. Lol, when he bought the car, he stated that it was better than his current Tesla; it doesn't hurt to roam around in a different car from time to time. Again, bro is explaining why he bought the Tesla AS IF I HAVEN'T BEEN A SUBSCRIBER FOR YEARS NOW LOLOLOL. Buying a second car isn't always a mistake; sure, buying it for your lazy bum roommate does suck, but again he will, over time, gain equity, and when it comes time to sell, he will get a cash price mostly paid by strangers. So at the end of the day, the profit he is losing will, at the end of the day, come back when he cashes in on his car.
@@FactZapTV I was replying as if you hadn't watched any of his other videos because your comment sounded like a person who was completely new to the channel. Having two Tesla's doesn't benefit Alex. He wouldn't have bought the second Tesla if it hadn't been for the roommates. The car is going to depreciate, and is getting damaged. I understand all the possible benefits you're describing, but I don't think any of them apply to the details of this situation.
Make sure on your taxes to write off the depreciation and keeping track of expenses for that car. That's the only way i see you coming out even instead of losing on these turo rides.
Anything that requires you to lend your property to others will more than likely end up bad.
Most folks don't have manners and do not care about stuff they don't own.
Most people don't even care about themselves..
Most people don’t even take care of they own
Most people are also clueless.. My sister drove miles with a flat tire and had no clue. she only realized that later that day when she came back to the car at the parking lot. Then she went: "ohhh and i didn't understand why everyone was beeping at me the whole way here".
As a land lord, I agree.. Rented a house out nice condition, they stopped paying rent and are $11,000 behind, and California is taking their time to kick them out, the house is a wreck, holes in all the walls, the floor is wrecked from water, mold all over, broken windows and lights.. It's a huge loss!
The proverbial rented mule
Time to get a third Tesla.
😂
How is this comment 9 days old ... video up since 8 mins ...
@@skaliev6032members get early access
@@skaliev6032 it was probably shared to members of his channel who pay for early access of videos.
@@skaliev6032 good point
Seems like Turo is high risk and low reward
Depends on your entry point.
There is no entry point where you can get high reward@@VetteAction
@@VetteAction I agree, if it's vehicles that have a "higher perception" value then i'd imagine people would be more inclined to be careful.
@@VetteActioneconomic car ?
@@frag2587 You would think, but sadly no...
Wanna be car reviewers will rent performance vehicles on Turo and film car reviews with them. They speed, do 0-60 runs, hard braking, and floor it after every turn/stop to experience the thrill and exhilaration of a vehicle they can't afford. Personally, it's a brilliant strategy that is low risk and high reward to them while putting all the risk on the Turo owner.
The only time those people face consequences is when the owners have GPS trackers in the vehicle that monitor for high acceleration, cornering or braking. But even then, Turo's policy is to give a warning as there is no objective damage and repair presented. They understand that hard driving provides more wear on the vehicle, but it didn't directly break something therefore there are no charges. They may have changed it over the years, but that's how it worked in the past.
Turo: Rent your car to strangers so they can have adventures… while you cry over their parking skills. 😂
I was 90% close to renting it. I canceled both appointments at the last min, realizing no one would take care of my car, and I was charging a premium fee. I was charging 75$ for a toyota Corolla 2024 only because it came equipped with 4 cameras, and I was damn sure going to charge for that feature. Most toyotas were going for 50$
"adventures"
Thank you for your service testing Turo out, so we don't have to.
😂
LOL
Hear THAT! LOL!
Please learn boundaries as a giver, takers have none. You are a kind soul. Took me 44 years to realize people suck and don’t expect a YOU from THEM. I now go to my adopted daughter’s job and take the food they were going to throw out and feed the homeless. 💯
It’s wild how a young adult such as myself can go years without crashing once, but every other turo renter crashes the tesla 💀
Because you drive your own car and have to repair it. The turo customers dont.
Most of the time people renting vehicles a) are completely unfamiliar with the area or b) so incompetent they can't get insurance or their own vehicle because they wrecked theirs
@@BatLByup. People don’t take care of things they don’t buy.
It's not their car what do they care?
@@BatLB You’d think they would remember that they have to pay for damages to the vehicle regardless
Make sure you have the maximum number of photos allowed on your listing. Raise your daily rates and raise your 3day, weekly discounts. Gives people the illusion of getting a good deal. Also always respond to reviews on your profile. That will give you better utilization.
-10 year power host on Turo!
Very reveling of the society we have . So sad
At least nobody took it on a fun trip to Trump Tower.
Dude brought cans of gasoline to explode… 😭😭 I try so hard not to laugh, but can you guess the one thing that DIDNT explode?.. THE… BAAATTERRRYY😭😭😭 again, no attack is a good attack but he also proved the vehicle is gonna withhold a legit blast..
@@DreDresChaptersI'm as much of a cyber truck hater as the next person, but when the explosion video was released, I instantly knew just by looking at it that it wasn't the battery and that it was planted explosives.
Trying to explain that to Tesla haters was very mind numbing.
@ honestly….. I do think a lot of people kinda knew lowkey. From comments I’ve seen it wasn’t the typical misinformation but I didn’t truly see anything crazy
Wonder the owner would get it back!
Should I send this comment to the fbi tip line? We need to stop joking about terrorist attacks
Yea this seems so not worth it. I bought a Tesla thinking I'd do Turo with it on the side. Instead I started doing Uber on the side. It seems to me like the time you spend on Turo - delivering, cleaning, etc - could be spent on Ubering instead and it'd be equal money with less miles on the car and less wear.
Good content though. Thanks.
Yeah, there's truth to this, but man Uber wears you down fast. It's hard on the body and mind. I just started doing it again after 8 months off. It only took a few trips for me to remember how much it can suck. Truth be told, when you do Uber you're driving around 2 main types of people: drunks and folks trying to get drunk, and people who, for whatever reason, can't, won't, drive. Drunks can be fun and entertaining... sometimes, but often are not. The people who can't/won't drive... they tend to be losers, not fun to drive around, often smell and complain about the dumbest crap. That's most riders, in my opinion. Then there are people in between, sincerely just needing to get from point a-b, because they're traveling or their car is in the shop, but they're like, 10% or less of the crowd. 😅 I gave 16 rides last night, I think only 5 of them didn't smell. That's a good night. 😢
@@gatolibero8329 I think it depends on the city. Over a hundred trips in, and I've had nothing but good experience. But I don't go past 10pm.
I use a Tesla with FSD, so I don't have the stress of driving.
I think in my city there's just a lot of people who don't want a car, but transit sucks, and weather can be bad, so that's most of my clientele.
What im learning about you from your latest videos is that you are a very kind hard working person who is too often not appreciated by others. Stay strong 💪
It is so true, my friend had some of his cars listed on Turo for rent, and he too had customers return cars back with body damage on them and dirty inside, someone even puked inside of his car.
The last one is the worst! I am afraid of puke. I don't know how I'd handle that.. I feel bad for the person who got sick!
You feel bad for......I feel bad for person who had to clean it up.
@@Katrina-mx2sf My friend took it to an auto detailing company. And the turo renter was charged an extra 150 dollar cleaning fee.
i remember trying to sign up to turo all exited to post my camery thinking i wouldn't have to do uber anymore and my car would make money it self. and when i got to the last page where you have to set up a interview they show you what your car might generate in revenue, and my cut would be 107 dollars if someone rents it for an entire week. I uninstall the app that day.
4:05 "It's a tesla it'll drive itself I don't need to be sober"
my immediate thought
It’s pretty pox that someone can book an 8 day trip and cancel with no penalty. Any other service provider would absolutely be still taking some money from that, such as a deposit to cover the loss of previously agreed upon business. I wonder if Turo is taking a cancellation fee and pocketing it
The novelty of tesler has worn off, my local Turo is jam packed with them
I'm a 60 yo Australian man , your feed popped up on YT . I have casually been viewing your videos and am a little stumped.
What's your end goal with this exercise, the damages, depreciation and time investments are clearly not paying off , yes your turnover is providing you with a small financial return, but ultimately the concept that you design ed is flawed.
Your Testla is unlike a gas car depreciating with battery destruction and wear and tear to vehicle and parts . You discuss the charge fee and most importantly the time , stress and use of your father's time , you are not including in profit loss .
Turo's business model is designed to fail you .
Overall, cut and run young fella , get out whilst your behind .. It doesn't make sense , also one accident and well .... $$$ gone
Could still make money with UA-cam ?
dont think you understand how much money hed make off videos.
@@willhodgson862 oh I see... if he puts out a video per month on his experience being a host he can add that to the monthly "Turo" revenue.
he already has enough money to blow on a discharging toy car... he doesnt give a flying f***...
end goal? make some videos. "im an influencer with half a million subscribers..."
People don’t respect other people’s properties
Depends on the people.
Its like other people's money.
time to get out of that venture
Sorry to hear it’s not working out but the videos are a great word of caution. The most successful Turo profiles are the ones where it’s like 30 cars and they’re all Toyota Camry. This only works in large metropolitan areas and even then the margins are low.
This is the best argument against using your own car as a robotaxi when/if it comes out.
and because the car drives there is more time for people to party/eat/whatever in the car.
Robotaxi would have probably 60%+ utilization though, while this is probably less than 20% utilization because the renters aren't always on the road. Taxi rides also are much more expensive than a several day rental since the price/utilization is significantly higher than what you'd expect from a rental. (i.e. if I needed to go 250 miles, a taxi would probably cost $300 or more compared to a $100-$200 rental)
@@InB4Ethan I don't think I know anyone that would let strangers use their car as a robotaxi. It could never work for people that don't like their car being trashed or smelling bad.
@@PorkchopExpression Oh I am with you there! I can't imagine people wanting to do that unless a) they really can't afford the car or b) they are running a small fleet (e.g. 2-10 cars).
If the car pays for itself and/or makes you money every month why would ppl use their own car? Just get a car dedicated to that specific job, it's not costing you more per month.
You have always made quality content and I’ve enjoyed following you these past several years. If you’re having fun making these, I’ll have fun continuing to watch them. 🙂
thanks!
I did turo for a few months and I do have a ton of recommendations that you could possibly look into. I stopped doing turo for a multitude of reasons which I will be describing later. I was an all star host and I just want to say that the change from a regular person who rents their car out to all star host doesn't change much. When I hit all star I did not see a vast change in how many times my car has been rented out. (I haven't been an all star host for a super long time because I quit turo soon after) so the math could be there it's just I couldn't see the benefits of using turo for my car anymore. Few things to look out for to possibly get more renters are where you're deciding to leave your car. If you leave it in more populated areas such as Airports and what not you are able to charge more for it being there since a lot of the people I was personally dealing with were workers. If you're looking for a lot more hands off approach something I would recommend would be to rent it from your house (do not leave it in front of your driveway if possible leave it on the side of the street but not in front of your house so renters don't know where you live for your safety reasonings). There's some things to look at when it comes to having the guest come to your house is the fact a quick wash and you're ready to go, you can charge the car at your house, you POSSIBLY save more money with washing it yourself at your house. If you're doing a lot of the fixing of the car up yourself you are saving a lot more of that money then taking it to the shop.
Some things I talked to with a few turo hosts and things that I picked up when you're trying to do a more hands off approach would be.
1. Rent from your home
2. Find a place that has automatic carwash and all you have to do is vacuum up the insides and wipe stuff down (I had a place that charges me $20 for the highest package) It saved an absurd amount of time then cleaning at home and i was given a car wash pass so I was taking other cars there too to get it washed so i was saving significantly more money/ making money from having the pass since I loaned it out to others and people just gave me like a quick lil $10.
3. I would say find a good medium between not having it to cheap and not having it so absurdly expensive.
here are some misconceptions that you have pointed out but a little more in depth
1. Depending how you do turo it's very much a two many job UNLESS you have renters come to your house instead of having a drop off location.
2. Though you are correct the amount of money you are making would technically be less than a minimum wage job. Depending on what you do, you can significantly cut down the time you take per rent/ per month. For example, go to an automated car wash it took me less than 20 min to be in and out (unless there's traffic). Having an automated messaging system from Turo. I spent probably 10 minutes MAX per renter and I've been given nothing but 5star reviews and a few other things and by doing those things you would have significantly less time spent which would equate to a higher per hour revenue source.
3. Determine which protection plan works best for you. I believe I did the 60% because I couldn't technically afford to have something break and me not be covered by it.
4. if the guest takes ANYTHING in the car file a damage claim such as a stolen dash cam and what not.
REMEMBER this is YOUR business though you don't want to be rude or anything along those lines it's still a business and the car is your property so not wanting to charge them or anything you can very well do but it's just cutting into your business profits and that's not how businesses are ran.
so here's the reason why I left turo. the small dings and scratches that my renter left on my car I was not happy about. I also wasn't happy that there were guests that left my car trashed. I had this one guest that wasn't an authorized driver for my car drive my car back and he was speeding, had drugs in my car, and was arrested and had the car impounded 4 hours away. I had to wait to get it back because I couldn't drive down there by myself. When I got the car back the WHOLE dashboard was lit up like a christmas tree. check engine light the low tire pressure everything was light up my power steering wasn't working nothing. I did however get a pretty decent check from them but none the less it was an absolute headache to get it all sorted out. Another incident a guest left her gun in my car under the drivers mat and I stepped on it without realizing what it was, once i found out I called them to come and retrieve it. But the other reason why I stopped doing turo was the fact i didn't want to have renters come to my home and my mother got in a car accident (she fine though) and we had the second car be determined totaled so i had no one to be able to help me with turo.
I was making decent money with turo (Nothing to amazing) but it was only one car and it was paying my car note, insurance, my usage of the car, and more. I wanted more renters so i put my car in a shopping center area every time I had a rental. I thought about making significantly more money by renting out a businesses building close to the airport that had gates around the area and making that my home base with getting more cars. I was thinking of making that area the place where I clean, the cars and hold all the cars. I could easily charge more for renting the cars out at the airport and if it was only a 5 minute drive from the airport to the place I was thinking of renting out. I wouldn't need to park my car at the airport and they could just uber to shop.
The car I had was a 2018 C300 Mercedes Benz and i was getting ok business with it but with how much wear and tear the car was getting plus having the car become my primary car after the accident I just decided it was best not to do turo anymore. Might be a little TMI but I believe in transparency. My car note is $591.75 and I was getting about $800-$1200. (Keep in mind that the higher the amount I was getting paid usually resulted the guest messing my car up, leaving my car on empty with gas and so on). You might ask why is your car note so high for it being a 2018. I wanted to pay the car off in 2 and a half years. I don't owe any interest in the car because my brother in law sold me the car. If you have any questions please don't hesitate to ask
Cheap cash cars are how you make money on Turo. I have a 2013 Honda fit that rents everyday for $40. I'm netting 500-600 off this one car. Once I get my ROI, it will be 700-800.
niceee
Awesome as if we didn't have enough problems Honda Fit 2013 will now go for 30K there will never be a car worth under 20K again lol
alot of work for almost no money
You can set the hours for pick up or drop off. Stop being a door mat and be realistic for what works for you. You also should charge for delivering or cut the distance down. Again, making money doesn’t matter if it’s completely inconvenient
Love seeing your channel picking up on the views again
we're so back
bro how do so many people ding your car like holy crap I've drove a ton for 16 years and never dinged my car. i've hit like 2 curbs ever like holy crap how do people just scratch up a car in one day
Get a cashback credit card for all that supercharging. If turo doesn't charge a fee for it, you can get 2% back on all your customers supercharging.
Turo doesn’t have anything to do with that. It’s just like he pays for gas but then his renters have to pay him back for it. He can use any debit credit card to pay for it himself.
5% on a citi custom cash
Just make sure to set up auto pay on that card if it is only ever used for charging. Cash back isn't good if you get hit with the interest rates of most credit cards
Yo can you get travel miles? Turo could be insane you can rent your car just to get trips all over the world lol
@@TheRadTrav only debit not credit?
Similar experience renting out a Chevy Bolt. The car has come back clean, but has been late on every single trip. I wonder if the experience would be different with a different car like a Toyota Prius.
I feel like I would focus on raising the prices, even if it means less renters. Typically people who pay more for something respect it more. Also, like you said, by focusing on utilization and low cost renting you're not profitable... Even if your car is sitting more from higher rental prices, at least when you do rent it out, it will be profitable (and have significantly less milage depreciation). Some profit is better than none!
Exactly what I would advise! Raise the prices so he gets more respectful customers.
My accord died on me suddenly and I urgently needed a car back in my life for work as I had just started a new job. Turbo was a bit cheaper than Enterprise all in, but finding Turo owners with the delivery/pick up fees around $40/$45 sealed the deal for me as I was just desperate for some convenience. Lyft/Uber prob would’ve cost the same but just being able to not stress and plan for now trying to get to my temporary car was incredible. I live in the DMV area and if the delivery was any higher then $50, I passed. I think leaning into pricing out your available up sales will help you with profit. Good luck!
Hey dude! I respect your grind and your attitude. You are a really cool guy !
At least they aren’t blowing it up/ running it into people. Thats a positive
I love these videos. Ive done a lot of food delivery gig work including privately and its great to see yhe perspective from those working directly with the people
Thanks for these videos I find it extremely interesting.....just got to the end my advice is keep grinding homie you will get it figured out...
🫡
honestly after the recent stories of people using tesla's for crimes through turo i'd pull out immediately, esp the cybertruck incident in vegas.
that's what insurance is for, just buy another one
Thank you for making this video. I had thought about this as a sort of side hustle but when I worked the numbers, they didn't really make sense plus I'm really risk averse when it comes to people and how they treat my things. 6,000 miles on the Tesla and $200 profit strikes me as a bad equation. My understanding from other videos is the 80,000 miles on a Tesla is considered high mileage. At this rate, you'll make $2,666 before the car hits 80K miles. I'll continue to follow your adventures. Saves me doing this particular experiment.
Maybe side hussles that require putting miles on your car don’t pencil out in the long run
I think the real issue is the car MSRP does not support the economics of daily rentals. $400/mo car loan is why he is negative.. a car at half the price would likely generate just as much revenue since your price per day would be a lot cheaper than the Tesla, which is more attractive to consumers using Turo trying to save a couple bucks compared to traditional rental companies.
They can cancel on you for free but you can't cancel on them for free. What a garbage company. Please don't support them.
btw depreciation on a used m3 is very high right now, $100-400 per month.
Swap the wheel covers and you can get a more modern / aggressive look that would be more appealing in the ad photos. Good luck! I couldn't do this with my M3 :)
The way I was sat with my morning coffee when I saw this upload ☕️🚙. Love these chill videos!
How about. Lower the price but have the minimum of 2 or 3 days. So it’s somewhat worth it.
I realized, doing Uber, what I thought was a ~$20 hourly payout, was actually $14 because they take 1/3 of your actual payout via fees. I'm okay with it, because the car is paid off, but also kicking myself for not doing the math. I just looked at the nightly payout, divided by how long I was online, and got about $20-22. 😢🎉😂 It's still easier than finding a part time job, with the flexibility of doing my full time job. But folks gotta really do the math, if you're still paying for a car, can't do your own maintenance, and aren't using a fuel efficient vehicle, there's very little profit to be made in these gig apps, which is a shame because there can and should be, but greedy people want money for nothing. 😊
Wait until the tax season 😂
Depends the areas and vehicles electric or hybrid less cost.
I believe you should change business targets. You should specifically ONLY target people coming in on vacation. If your area is not demand for that specific demographic then find the closest area that has a lot of that specific person
Yep. With time he will learn it, of course you can make money with Turo, but you need to get experience and understand this business.
@@YannCavalcante i agree but all business is the same. once you learn business, it all is the same components. definitely also recommend looking up business youtube videos. my wife has been watching this channel for awhile and i always liked the humility. got a subscriber from me!
You should find a software that changes pricing actively, so it looks at the demand and all that and adjusts the pricing. A lot of people that do Airbnb use software's like that
You should consider trying Airbnb for your home just as a series like this tesla saga. Try doing airbnb on a room first so that you don't have to move.
Turo seems a harder way to make money than Uber. You also need supplemental insurance. Your owner's policy will not cover Uber, Turo or even delivery jobs...No regular insurance if your car is used for a job. I'm not sure who insures you or how much it costs, but my experience is that Geico and USAA specifically say that cars used for jobs cannot qualify
You have inspired me to rent out my camper on outdoorsy and so far I’ve made over $700. And that’s with only two trips
NICE
What would I do? Unfortunately, you said it yourself, Alex-I’d sell the car and cut my losses. It’s tough to make money on a depreciating asset, especially when people tend to treat it like shit.
On another note, have you thought about listing one of your empty rooms on Airbnb? It could be a good way to generate some extra income, as long as you feel comfortable managing it.
By the way, are you in the RDU market? I love your drive and determination-keep it up!
Joe - SoCal
Get a car camping package for your car (matress, privacy shades. Fridge, rv charging cables etc) and rent it out featuring the camp mode. Less driving and more just idling the climate system. Less forking on Your seats. Get a matress protector. Also the Y would probably rent better.
@@tim1210 how on earth would any of that fit inside a car?
12:35 that’s a very bad trade off brother those people are gonna keep disappointing you but i’d be over that
Pretty sure the high cost would just be better, sure you'll get less trips but people that spend that little really really do not care if they destroy it. So sure it sits but you need less trips to make the same money and less chance to destroy the car. As you have found out making it cheaper does not make you any money at all and will cost you. So why bother if you don't make money, way better off having it sit for a month vs spending a month of work just to lose money and have the car more damaged etc.
Allowing lithium ion batteries to fully discharge prior to charging can significantly impact the service life of the battery. Hopefully tesla has fail safes and 0% isnt really 0% but brother take your $50 atleast. This is awesome I love your videos!
Why risk the loss renting your car? The damage alone is not worth the risk. Way to many losers, for pennies on the dollar and that includes ride share damage. If I were to ride share or rent my vehicle it would have to be an auctioned used police car, avarage price 6,500 thats less then the price of one Tesla, Instead you could have a half dozen rentals. So now Turo has become terror rentals? 😮
No it's Just Not worth it.
we should show this video to every muskrat. perfect de-rad material! thanks for the resource bud!
You pay $100 a month for full coverage insurance on a Tesla that you rent out on turo? How ?
i have it bundled with 3 cars and a house
Can you put a QR code that says rent me on the rear bumper maybe a small bumper sticker will get more eyes on your Turo listing
This don't seem worth it at all, delivery or ride share has been more profitable without putting nearly as many miles. Outside of driving between jobs i can choose my orders and average at least a dollar a mile. 750 miles for $120 is terrible.
This payout has not become profitable yet and will be very slim even when it dose. He will find his sweet spot for charging and fees and whatnot in most likely it will turn into basically having one persons actual warnings as if they were doing rideshare. What your not understanding is that you believe your McDonald's deliveries are in the end more profitable and what he will demonstrate in about a month is a factor if 2 of what an individual would profit for food delivery, which still is not much of anything, but as I'm trying to get to the OBVIOUS VARIABLE YOUR MISSING IS HE WILL NOT HAVE TO BE OUT DOING THAT WORK THE VEHICAL WILL BE ... BIG DIFFERENCES IN SCALING AND DROWNING ,.
I’m very interested to see how the $million-ish home listings you previewed will come into play in the future. Having purchased my first home at 18, my second five-ish years after that then turning that one into a long-term rental… purchasing the one I’m currently in as a foreclosure with at an insane price and working towards eventually renting this one out as well, I’ll definitely enjoy watching you delve into real estate, if you end up going down that path.
i can't wait, but will equally enjoy working towards it:)
i noticed on turo that FSD costs more, as a non tesla owner im not familiar with it so i dont care about it as a feature, so i wont pay extra to have it
hopefully that helps
The world's fastest car is a fully insured rental.
When you are doing your ROI calculations, it’s difficult to do, but you shouldn’t call the loan as “pure cost”, because hopefully a large portion of that cost is going to principal, which is technically a form of asset gain (on a depreciating asset of course).
The right way to do that calculation is:
Interest + depreciation - principal gain = cost of “loan”
Hopefully it’s better than the pure cost of the loan, but this is why having a car that is being financed is much worse on Turo than a cheap car that is owned outright
Btw this is what people get wrong on renting out a property (that is most of the time an appreciating asset), is that the portion of the loan payment that is principal is actually profit, and not just the profit over cost of the loan.
very true
You should track your expenses through actual costs, time and depreciation, not counting your loan payments against the revenue.
The money you're paying for the loan isn't forever. Instead take the total cost of the car(with interest) and divide it by the estimated rentable life. That gives you your capital cost over time. Depreciation is the how much value you're losing by allowing people to use the car. Caredge has a calculator that will help you determine your per-mile depreciation.
Then take your revenue subtract your expenses, capital cost and depreciation. The number you get is your real profit/loss. Then you can weigh this against the time you spend to get your hourly rate/loss.
This gets you pretty good numbers to calculate whether this is a good business. It does miss the fact that the car will probably fetch lower rates as it gets near the end of its usable life, but that's really hard to estimate.
I see so many Turo hustlers on UA-cam not realizing their losing money even though they're covering their loan payments because they aren't tracking depreciation.
The loan payment isn't forever, but it is relevant to his finances in the present. He has to be concerned about the loan payment because the only way he can make the loan payment is if the Tesla is paying for itself. If the Tesla isn't at least breaking even on Turo, he needs to sell it asap. He didn't buy it with the intent to put it on Turo, and he doesn't need an additional car. Buying it in the first place was a mistake.
@SomeoneBeginingWithI My point was that he shouldn't just be thinking about covering his current payment. There's a lot of ways to pay your car payment that aren't wise financial decisions. Nobody would think he was making smart decisions if he was covering his car payment by taking cash advances on his credit cards, but that's covering the payment. Meeting your payment while losing money by depreciating your vehicle is also a bad financial decision.
If he doesn't do Turo, he's still going to be obligated to make that payment. The payment amount is irrelevant to whether it's smart to do Turo or not.
Use the mileage tax deduction on this car for the business miles driven. That's another $3K in business expense you can deduct
weirdly, i don't believe i can deduct the miles from this car, the same way you would with other side hustles/gig apps. though you can deduct expenses. regardless, i'll make sure to figure it out before tax season lol
Since you can't add a cancellation fee, could you add a maximum length of time for how long people can book it? That would limit how much you potentially loose from a late cancelation
Find a long term renter with their own (paid in full) non owners vehicle insurance policy. You can also add them to your policy for backup. Rent to them for $1000/month.
this would be super easy money, but i'm not sure who would pay 1k/mo for this instead of just leasing from tesla 😭 unless they've got super bad credit or only want it short term, i guess
@@GoHerping i'll be in Nashville for school June 8-August 8th ish (still need to confirm but for 2ish months) from overseas. i'll need a car for that time! last summer i rented for just under $1k/month from budget. if you advertise and find a trustworthy person, there is a need!!
I run a Turo fleet in Atlanta GA it does very well, If you ever would like us to host your vehicle here let me know.
how many cars are in your fleet?
@@VetteAction So 10 in total. 3 of them are mine. The rest are partners vehicles we host for them.
w vid man ..i enjoy watching your videos thank you for the content 🙏
It seems to me you would get the sensible renters if you charge less. It's the younger ones who can't be bothered looking for the cheapest vehicle, and just want to splash their money just to show off in a Tesla, they are the ones to look out for who are going to cause you trouble.
When are you going to take a blacklight into the car and double check it
lol that's a good idea actually. i've got one, so stay tuned...
Want to cut your losses, and make some immediate money? Then stop renting your car and sell it instead! Way less hassle, less work, fewer problems, less liability, and an immediate payout while has the least depreciation it will have! Its value is only going down. Instead of trying to get nine cents per mile only to run to the next repair that cost you thousands of dollars, get rid of the car!
He didn’t buy it to sell it
Just an odd comment.
I’ve had my model S listed for two months now, and no renters yet! Likely my prices are “too high” ($70/day for performance model…) but at a certain point, as you see, it’s not worth your time to lower the price 😬
I wonder how Turo deals with breakdowns and tows
Im sure when Spring hits you will see a pickup in the car rental.
When starting a business, you’re usually starting at a net loss, and your car is essentially paying itself off. Once your loans are paid off your profit starts increasing significantly, you’ll be in a better financial position to expand and buy cash cars or more cheaper teslas 😂
Another thing to consider is that. It is being used. If you are not going to sell it then it is best that it gets driven in general. Idk about EVs specifically. But in general machines are made to used. The longer they sit the more problems they will have. That is why you do not actually want older super low milage vehicles. It means you are going to replace of alot the internals because they have just been rotting or denaturing the whole time it has been sitting.
So long as an EV is stored with its battery at about 40% or so it won't have the same issues you get with other cars and not being used. Now if you store it and the battery is fully charged or if it is too low that can cause some huge headaches. too low and it might over deplete the battery over time even when the car has protection added to protect the battery. Storing it too high is just bad for battery health but will mess it up over time.
Evaluate if it is worth making nickles and dimes to tie up your time. Plus, you have an older car. If I am renting a Tesla, I want a newer one with recent features vs an older one. How is your pricing compared to the newer ones out there?
Good luck with your continued Turo renting of your Tesla. Maybe when the Tesla Taxi is available, you can buy one of those to work the streets. At least with those, it would self drive and you wouldn't have to worry about the drunks or other-wised challenged, and you wouldn't need to pick it up or drop it off.
Maybe you could use this LR Tesla for shipping (smaller) stuff, but longer distances.... Remove the back seats, maybe add a trailer if needed... Think Shipping wars, but with a Tesla... Do a few of these a month, make a few thousand, and the rest you can still deliver Amazon Flex with your purple Tesla
How much money in total do you make a year.
Do tesla simps really think that a tail light dying on a 2 year old car is normal? I just traded in my 2016 civic with 100k miles and the ONLY thing I ever had to change were the brakes and the battery
this is a 7 year old car
It doesn’t make sense to deduct the loan payment from your profit. The money is going towards an asset you own
i do sort of agree, you could say this is more like a cashflow breakdown than a profit breakdown. but it's hard to predict what the car will be worth when i pay it off. though the numbers will definitely improve as the car is paid!
I think the problem is that you're renting out a Tesla. If you instead rented out a newer, more economical car - and by economical I mean not an EV (think toyota corrola or nissan sentra) you would probably get more mature guests who just need a rental. Using a Tesla is going to attract those who want to impress their friends, joyride an EV, etc.
My personal opinion, ditch the Tesla, buy a brand new cheap car like a honda civic.
a new civic would depreciate badly. its more important to get something past the worst part of the depreciation curve imo
There's this one thing where you allow people to park at your house and get paid.
jesus i just knew that was a thing
I see this dude who has like five RV's in his lawn they are probably all doing this.
Volume man, volume! Scale by ten and visit poorhouse, scale by 100 and LIVE in poorhouse!
What insurance do you use
Best option to go through Tesla if you buy it from them or not, other insurance will rip you off $$$
U didn’t pay people to drive you car around. You and people paid Turo for people to drive your car around
There is an old joke about what the best off-road, burn out, and drag racing cars are rentals!
Well at least you will own the car after the payments are done.
Can u resell it now for a lil profit?
gotta use cars you don't 'care' about
for sure
I think you’re forgetting the crucial part where you’re gaining equity.
You’re paying $450 a month for the car, and you gained $500 from renters. so only paying $200 out of pocket after everything including insurance is awesome
cuz at the end of the day you have a fully working vehicle that at the very minimum is paying for itself, and the days it’s not being used you can use it, have some friends try it out so that they can then use your tesla referral and buy one
at the end of the day, after a year or two most of the car payment would be done and at that point any profits you make would finally go into your pocket with your own fully OWNED tesla
"the days it’s not being used you can use it" isn't applicable here because Alex already has his own tesla for personal use. The tesla that's on Turo was originally bought for some roommates who turned out to be awful people who didn't deserve all the help Alex was trying to give them. Getting to a point of fully owning the turo tesla isn't a benefit to Alex. He doesn't need it and buying it at all was a mistake.
There is no equity, you lose money on cars the day you take it home from the dealer
@@SomeoneBeginingWithIBro is acting like I haven't watched any of his videos.
Lol, when he bought the car, he stated that it was better than his current Tesla; it doesn't hurt to roam around in a different car from time to time.
Again, bro is explaining why he bought the Tesla AS IF I HAVEN'T BEEN A SUBSCRIBER FOR YEARS NOW LOLOLOL.
Buying a second car isn't always a mistake; sure, buying it for your lazy bum roommate does suck, but again he will, over time, gain equity, and when it comes time to sell, he will get a cash price mostly paid by strangers. So at the end of the day, the profit he is losing will, at the end of the day, come back when he cashes in on his car.
@@FactZapTV I was replying as if you hadn't watched any of his other videos because your comment sounded like a person who was completely new to the channel. Having two Tesla's doesn't benefit Alex. He wouldn't have bought the second Tesla if it hadn't been for the roommates.
The car is going to depreciate, and is getting damaged. I understand all the possible benefits you're describing, but I don't think any of them apply to the details of this situation.
@ he bought it used lol, he could prob sell it right now and get around the same price he paid for it (besides the rear damage his roommates did)
I would NEVER rent out my Model 3, even though it is now 6 years old. People will mess it up, it is just not worth it.
I’d sell the car asap.
3:25 that part of tesla looks like it'll skewer a person
it does look like it lol. but it's soft rubber
Use a credit card instead of debit card for business expenses/Tesla superchargers
my credit card is maxxed:)
Oh lord pay your debts asap
you have one of the coolest cars to rent so if you can't make money their app is broken its like those $3 uber orders for 23 miles
Thanks to our dads, that want to see you succeed.
Make sure on your taxes to write off the depreciation and keeping track of expenses for that car. That's the only way i see you coming out even instead of losing on these turo rides.
Just subscribed bro!