I think the "drop-off" of revenue is not due to the lack of a good location etc i believe the spring/summer months are just historically better for car rentals. Something to consider
Thanks for speaking the truth. Many complainers buy high end Bentley's and BMWs renting it tot anybody and complaining about TURO's coverage. All negative reviews but very misleading. All depends on your system and business model just like you said. Like you said, you made it become a passive income by allowing someone else to rent your cars for you since they have a perfected system which you don't feel like doing actively. So so found a way to work it into your passive positive income stream. However relationship you have with the individual it's positive passive income now instead of active income which you don't enjoy doing. Respect for the review.
I'd love to learn more about the restrictions you run on your profile. I generally make at least 1k/ month on my Nissan Sentra, but your cost analysis is apt! It costs 330/mo for payment 65 insurance 35 parking and 100/ mo maintenance and repair. So even the worst months come somewhat close to breaking even. Hmu anytime dude!!
Thank you! I definitely appreciate that. But.. I'm currently on my way out the Turo game. This never was my niche or passion, just something that sort of came up. Lol
I think it's better to buy cheap cars, fix them up, and then rent them out. Don't buy cars for $13K that's just too much. I'd be able to buy 3 cars for that in Europe and be able to rent them out easily.
@@butterfly-pf8lj Honda Civic Hatcback would be my first choice since it has a modern interior and modern body and is very practical... I could get 3 of those for 8,000€ but i'd have to fix them up a little bit, as in paint and interior.. but that would not be expensive
While risk to one's property is important, I would think liability risk would be the biggest concern. If the renter injures or kills someone with your car, are you adequately protected? I would think you would want to consult with an attorney before contracting with Turo. The attorney expenses and liability insurance rider would need to be factored in when determining if one can make money from this.
Very helpful. I was thinking of getting a 2020 hellcat. I won’t be in it for the profit. Just to break even and able to drive the car. with no car payment. What do you think?
Its strange people expect Turo's insurance policy to cover the full purchase price of the car. The purpose of insurance is to make you whole for the _value_ of the asset you lost, not make you whole for the decision to buy the car in the first place. Dealer markups and depreciation are simply costs of ownership associated with a brand new car. You might as well be asking Turo to pay you back for your gas and oil changes. Only an idiot would rent out a brand new car to strangers and hope to make money.
Valentine Wai You’re right, that’s why I handed my cars over to other hosts for them to manage it for me. Now, it’s 100% passive for me and I can focus on other businesses in which I am more passionate about.
@TreeFiddy I think if you're renting a car solely for the purpose of making income than that's probably true but if you wanted a second car or just something fun that you don't drive all the time anyway, like the dude with the slingshot, than turo and good option.
@@HustleNinjas When you handed them off - are the cars still in your name? If not, you're saying that they manage the headache of all the crashes and customer bs?
Hello, I wanted to ask, does your car usually rent everyday on TURO? Also, where can you store your vehicle for cheap , if you cannot store it at your house
ishmell1 It’s utilized around 70-80% of the time. As far as storage, look for parking lots in your area, they usually do monthly memberships and what not. I’d suggest joining some Facebook groups with other Turo hosts in your area and working with them.
I think those who rent the cars should take care of the cars because they get cheaper rent and renter should appreciate it. Otherwise go rent to big cats companies and waste tons of money
I was actually thinking about purchasing a new car and then using turo to pay it off but I did the math and after watching this video it’s confirms that it would be a very stupid idea. It’s pretty much impossible and in the long run you would end up losing money and if you actually end up fully paying off the car, the car would most likely be a sh*t box by then
GAP Insurance doesn't cover 'commercial' use, however, I have seen few people have success using it, but I've also seen people get denied. Very gray area.
Turo is only good for the person renting the car, not the host. I know at least 20 people personally in the Miami and Orlando area that were all breaking even or losing money after depreciation. One guy i know got into serious trouble because he was over mileage on a lease car he had on turo and owed the dealer $7000 when he returned the car. Another buddy of mine tried to be slick and rolled back the mileage before returning the car, he's so dumb he had went to the dealer 6 months prior for warranty work and the dealer recorded the miles, he tried to lease return the car back with 12000 miles less than it had 6 months before (lol) the dealer would not take the car back and forced him to buy the car out, they wouldn't even allow him to finance it either, they went to court for it and everything. This turo shit ain't worth it. When i first got my 2019 S class i put it on Turo on the weekends (and i did make enough money to own the car basically for free) but after only a few months the interior of my car was getting beat to shit and started looking rough, the mileage was also piling up so i got out immediately.
All the people you know must have done something wrong because after depreciation, maintenance(plus nest egg for tires, repairs etc), car payment, and insurance I still NET 500-600. Then again my area is one of the most populated in the country. Numbers are everything, from the car you buy, (most in demand car by color, make, model, reliability). What your area typically demands (my area demands SUVs and regular cars). Where you put your car (next to densely populated areas with nearby tourist sites / attractions. Some areas this isn't all possible. Best areas to live: San Fran, LA, San Diego, Miami / Orlando, Las Vegas, New york area (jersey city, weehawken, guttenburg, basically hudson county), Chicago, Huston, pretty much all major metropolitan areas are by far the best money makers. Can't forget where Turo was born: Boston. If you're anywhere other than those places it might not be worth the hassle / responsibility. This guy said none of the above and I pretty much summed it up in 2 paragraphs.
@@Andrew-sx2st which cars would you recommend? I am also from an area like yours, NYC, long island. I am looking into bottomed out 3 series BMWs, because I know how to fix german cars, beamers and porsche. I am lookin at 3 series and 5 series 2006ish with 100k miles.
@@edlikestoboogie Turo does not operate in the New York state. IMO BMWs are horrible (depreciation wise, and they are unreliable). Even if you can fix it yourself, that would mean you taking the car off the platform and losing money. Here is the turo policy from the website about what cars you can own: In the US, vehicles must: Be registered in any state except New York Be no more than 12 years old (see below for exceptions for “specialty” vehicles) Meet our insurance requirements Have a fair market value of up to $150,000* Have fewer than 130,000 miles** Have a clean (e.g. not a “branded” or “salvage”) title*** Have never been declared a total loss Meet Turo safety and maintenance requirements Abide by Turo’s Exclusivity policy “Specialty” or “classic” cars must: Be model year 1990 or older (special considerations for 1991-2006) Have a fair market value of up to $85,000 Be in excellent mechanical and physical condition. They must have all seat belts in safe, working condition Also people rack on miles quick.. You would probably stack 30k a year in miles depending how often the car goes out of course. The vehicles that rent out the most in our area are SUVs and compact cars (camrys, and Honda CRVs for example)
Idk but about having to deal with a 15K+ car , monthly note of $250-$300 if you have good credit and full cover insurance $90-$130 per month makes you price your car on a certain daily rate just to be able to clear your monthly car expense per month. Then you're up there in high price competing with bunch of other folks renting out their fully owned cars similar to yours so then you're stuck trying to fish a renter. You are then forced to get more competitive barely making enough and attract cheap renters whom specially don't take care of your cars interior or exterior and stress out because you're carrying a huge note on it hoping to get paid. WELP. I'f a remember correctly a car has to be no older than 10 years and under 130K. I got a 2012 Mazda 6 with about 100K miles for about $3,500 so no NOTE and only liability Ins which was pefect for Turo. I get to have it fairly priced so I can attract long term renters which could be 3-5 people per month instead of 10+ short term 2-3 days taking more of my time to answer text messages, meet/drop off/prepare car/clean/deal with problems etc... . Even if there's a problem either with no returning it clean, less than full tank, smoking ashes, paint scratch. Then I hit them with the fees and claims over my $3,500 car. Had rental and a scuff claim and already brought me $1500 in first month
@@SandStormXII Nice man! I was considering doing this for my truck and getting a new truck for myself. It seems so risky though, especially with a truck where they might use it to load a bunch of heavy stuff. Do you feel like the risk is pretty high with Turo? I've seen enough horror stories where it makes me nervous.
My experience with TURO: TURO absolutely RIPS OFF their hosts, and renters. Their "insurance" is worthless. They mark up everything, hide fees on the renter's side, and takes full advantage of their Hosts. Their take is way more than just 25% of the trips (or whatever they say they are taking based on your selection). In fact, I have had trips where I've seen the guests total and Turo takes more than double the trip fees I get. Things like underage drivers, they collect a fee for these high-risk drivers, and keep the fee without sharing any of it with Hosts who take all the risk renting to younger drivers. I have 3 cars including an economy car and 2 luxury cars that I rent on the side, not full time, and those are 3 of 5 cars I own. 5-star host with 60 trips. Bottom line, TURO is a company that takes blatant advantage of people wanting to rent a vehicle. Most just don't realize it yet.
It's been a minute to actually see it on my own personal account, but if I remember correctly, that was the exact amount you get deposited in your account, so Turo's fees were already removed unless they have changed things since then.
I did the math guys and guess what, TURO is good business for TURO not for yall. I need at least 461 trip to break even , fuck that. Most cars in Turo average 50-100 trips In addition, I have to change oil, tires, maintain the car? LMAO ok Looks like Uber, you barely break even if you are lucky
. There is no way to keep the owner of the vehicle out of a court room if he lends his vehicle through this app to someone and there is a bodily injury claim or a property damage claim.
Cristina that’s always a worry of mine. I can try and negotiate with the dealerships. It also depends which cars you plan on renting out. I personally would like more exotic cars because I can charge more for those cars.
@@AlejandroAguilar-zx2tz yes I was just watching a video where the guy says you canst the amount of miles the person drives. and yes luxury cars are preferred on this app.
Cristina yea I’ve watched a ton of videos on Turo many mixed emotions towards the platform. Supposedly they will increase the amount of money they will take. So if they take 30% you get 70%. That can affect many people who have multiple cars on the platform.
@@AlejandroAguilar-zx2tz yes, like uber increased their portions after popularity and ppl had leased vehicles putting them into binds...turo can do the same...so much think about I am feeling discouraged
Hell yeah man. Great video for turo beginners to watch. Get a good deal on a car, watch your depreciation. Good vid 👍🏼
I think the "drop-off" of revenue is not due to the lack of a good location etc i believe the spring/summer months are just historically better for car rentals. Something to consider
Thanks for speaking the truth. Many complainers buy high end Bentley's and BMWs renting it tot anybody and complaining about TURO's coverage. All negative reviews but very misleading. All depends on your system and business model just like you said. Like you said, you made it become a passive income by allowing someone else to rent your cars for you since they have a perfected system which you don't feel like doing actively. So so found a way to work it into your passive positive income stream. However relationship you have with the individual it's positive passive income now instead of active income which you don't enjoy doing. Respect for the review.
N S Thank you for the positivity. I stopped reading comments from this video some time ago. So many experts in here. Lol
I'd love to learn more about the restrictions you run on your profile. I generally make at least 1k/ month on my Nissan Sentra, but your cost analysis is apt!
It costs 330/mo for payment 65 insurance 35 parking and 100/ mo maintenance and repair. So even the worst months come somewhat close to breaking even.
Hmu anytime dude!!
Thank you! I definitely appreciate that.
But.. I'm currently on my way out the Turo game. This never was my niche or passion, just something that sort of came up. Lol
@@HustleNinjas it's definitely a nice low effort side game if you only have a few paid off cars, but as a full time gig it's a lot of work.
Hey @go on how can I schedule a consultation with you? Great numbers I have a couple of questions thank you
Go On why $100 a month for maintenance? Sounds like a lot for a Sentra
can i hit you up? i'm interested in doing it
Should I purchase my cars in my business name?
I think it's better to buy cheap cars, fix them up, and then rent them out. Don't buy cars for $13K that's just too much. I'd be able to buy 3 cars for that in Europe and be able to rent them out easily.
What are cheap cars. Kia huyndia
@@butterfly-pf8lj Honda Civic Hatcback would be my first choice since it has a modern interior and modern body and is very practical... I could get 3 of those for 8,000€ but i'd have to fix them up a little bit, as in paint and interior.. but that would not be expensive
What if we have GAP insurance? I have that on all my cars, but wouldn’t this be a must for cars being rented on Turo
While risk to one's property is important, I would think liability risk would be the biggest concern. If the renter injures or kills someone with your car, are you adequately protected? I would think you would want to consult with an attorney before contracting with Turo. The attorney expenses and liability insurance rider would need to be factored in when determining if one can make money from this.
Was thinking of buying a 2018 Camry and just using it full time for turo.
I was considering getting a Toyota too how was it
Following up on this. Have you done it? How did it go?
Nice video! I was able to make $571 a month renting only 10-12 days or so a month!
That's great! What are are you in? I'm in LA, trying to see if I should do this or not.
david walker you should definitely do it! I made a video about my experience renting my car in SF.
david walker is
10 to 12 days? That’s suck wtf lol u made no money
That’s good something is better than nothing keep thriving brother
Thanks brother for the openness!!!
Someone said they learned nothing from this video. Most people don't read fine print on a thing lol. Great fkn vid!
Very helpful. I was thinking of getting a 2020 hellcat. I won’t be in it for the profit. Just to break even and able to drive the car. with no car payment. What do you think?
Renters will destroy your car
Cool info, also it looks like you make more in summer time and less in winter, sounds right though, just like a lot of companies.
Umm not in Florida 😎 If you want to check out the Tampa market let me know.
ricardovaldesrv93 what do you mean?
You say get friends that also do Turo but I came to this video for that reason.
Have you listed in Turo? Trying to get more feedback of someone listing their own personal daily driver
Its strange people expect Turo's insurance policy to cover the full purchase price of the car.
The purpose of insurance is to make you whole for the _value_ of the asset you lost, not make you whole for the decision to buy the car in the first place. Dealer markups and depreciation are simply costs of ownership associated with a brand new car. You might as well be asking Turo to pay you back for your gas and oil changes.
Only an idiot would rent out a brand new car to strangers and hope to make money.
TreeFiddy he doesn’t understand. Just talking out his ass.
Actually Turo is passive, you just have a poor business model
Valentine Wai You’re right, that’s why I handed my cars over to other hosts for them to manage it for me. Now, it’s 100% passive for me and I can focus on other businesses in which I am more passionate about.
@TreeFiddy I think if you're renting a car solely for the purpose of making income than that's probably true but if you wanted a second car or just something fun that you don't drive all the time anyway, like the dude with the slingshot, than turo and good option.
@@HustleNinjas When you handed them off - are the cars still in your name? If not, you're saying that they manage the headache of all the crashes and customer bs?
Hello, I wanted to ask, does your car usually rent everyday on TURO? Also, where can you store your vehicle for cheap , if you cannot store it at your house
ishmell1 It’s utilized around 70-80% of the time. As far as storage, look for parking lots in your area, they usually do monthly memberships and what not. I’d suggest joining some Facebook groups with other Turo hosts in your area and working with them.
@@HustleNinjas just a criticism about how you speak, when you use "what not" it makes you sound poorly educated ... and what not. :)
Anyone know if Turo allows vehicles that have a "Rebuilt Salvage title" to be rented? Thanks in advance.
Paul r
support.turo.com/hc/en-us/articles/115011215648-Ineligible-vehicle-titles-
I think those who rent the cars should take care of the cars because they get cheaper rent and renter should appreciate it. Otherwise go rent to big cats companies and waste tons of money
I was actually thinking about purchasing a new car and then using turo to pay it off but I did the math and after watching this video it’s confirms that it would be a very stupid idea. It’s pretty much impossible and in the long run you would end up losing money and if you actually end up fully paying off the car, the car would most likely be a sh*t box by then
Ty Bushur yeah that’s my point. I saw a bunch of videos of people buying new cars to host on Turo and it just doesn’t make sense to do so
Depreciation, taxes, gap-insurance, hassle. Hmm. Not a way to finance a brand-brand new dream car.
So what if u got GAP insurance on a financed car ,,,,,Does that help .....?
GAP Insurance doesn't cover 'commercial' use, however, I have seen few people have success using it, but I've also seen people get denied. Very gray area.
If you need GAP insurance, you over-paid for the car. You should be able to pay your car off faster than it's depreciation.
hello, excellent video! does your cars usually rent everyday on turo? for an average car, can you at least make $600 per month profit?
Turo is only good for the person renting the car, not the host. I know at least 20 people personally in the Miami and Orlando area that were all breaking even or losing money after depreciation. One guy i know got into serious trouble because he was over mileage on a lease car he had on turo and owed the dealer $7000 when he returned the car. Another buddy of mine tried to be slick and rolled back the mileage before returning the car, he's so dumb he had went to the dealer 6 months prior for warranty work and the dealer recorded the miles, he tried to lease return the car back with 12000 miles less than it had 6 months before (lol) the dealer would not take the car back and forced him to buy the car out, they wouldn't even allow him to finance it either, they went to court for it and everything. This turo shit ain't worth it. When i first got my 2019 S class i put it on Turo on the weekends (and i did make enough money to own the car basically for free) but after only a few months the interior of my car was getting beat to shit and started looking rough, the mileage was also piling up so i got out immediately.
All the people you know must have done something wrong because after depreciation, maintenance(plus nest egg for tires, repairs etc), car payment, and insurance I still NET 500-600. Then again my area is one of the most populated in the country. Numbers are everything, from the car you buy, (most in demand car by color, make, model, reliability). What your area typically demands (my area demands SUVs and regular cars). Where you put your car (next to densely populated areas with nearby tourist sites / attractions.
Some areas this isn't all possible. Best areas to live: San Fran, LA, San Diego, Miami / Orlando, Las Vegas, New york area (jersey city, weehawken, guttenburg, basically hudson county), Chicago, Huston, pretty much all major metropolitan areas are by far the best money makers. Can't forget where Turo was born: Boston. If you're anywhere other than those places it might not be worth the hassle / responsibility. This guy said none of the above and I pretty much summed it up in 2 paragraphs.
@@Andrew-sx2st which cars would you recommend? I am also from an area like yours, NYC, long island. I am looking into bottomed out 3 series BMWs, because I know how to fix german cars, beamers and porsche. I am lookin at 3 series and 5 series 2006ish with 100k miles.
@@edlikestoboogie Turo does not operate in the New York state. IMO BMWs are horrible (depreciation wise, and they are unreliable). Even if you can fix it yourself, that would mean you taking the car off the platform and losing money. Here is the turo policy from the website about what cars you can own: In the US, vehicles must:
Be registered in any state except New York
Be no more than 12 years old (see below for exceptions for “specialty” vehicles)
Meet our insurance requirements
Have a fair market value of up to $150,000*
Have fewer than 130,000 miles**
Have a clean (e.g. not a “branded” or “salvage”) title***
Have never been declared a total loss
Meet Turo safety and maintenance requirements
Abide by Turo’s Exclusivity policy
“Specialty” or “classic” cars must:
Be model year 1990 or older (special considerations for 1991-2006)
Have a fair market value of up to $85,000
Be in excellent mechanical and physical condition. They must have all seat belts in safe, working condition
Also people rack on miles quick.. You would probably stack 30k a year in miles depending how often the car goes out of course.
The vehicles that rent out the most in our area are SUVs and compact cars (camrys, and Honda CRVs for example)
Idk but about having to deal with a 15K+ car , monthly note of $250-$300 if you have good credit and full cover insurance $90-$130 per month makes you price your car on a certain daily rate just to be able to clear your monthly car expense per month. Then you're up there in high price competing with bunch of other folks renting out their fully owned cars similar to yours so then you're stuck trying to fish a renter. You are then forced to get more competitive barely making enough and attract cheap renters whom specially don't take care of your cars interior or exterior and stress out because you're carrying a huge note on it hoping to get paid.
WELP. I'f a remember correctly a car has to be no older than 10 years and under 130K. I got a 2012 Mazda 6 with about 100K miles for about $3,500 so no NOTE and only liability Ins which was pefect for Turo. I get to have it fairly priced so I can attract long term renters which could be 3-5 people per month instead of 10+ short term 2-3 days taking more of my time to answer text messages, meet/drop off/prepare car/clean/deal with problems etc... . Even if there's a problem either with no returning it clean, less than full tank, smoking ashes, paint scratch. Then I hit them with the fees and claims over my $3,500 car.
Had rental and a scuff claim and already brought me $1500 in first month
That's right. Shooter method is the way to go.
Short answer: $11,998
Great video. I grossed about 600 this month
SandStorm XII hey hit me up if u want to 3 x ur numbers
Ed Molina teach out to me
@SandStorm XII what did you NET from that $600?
I actually said that wrong sorry. 600 was what I netted. I grossed around 1100
@@SandStormXII Nice man! I was considering doing this for my truck and getting a new truck for myself. It seems so risky though, especially with a truck where they might use it to load a bunch of heavy stuff. Do you feel like the risk is pretty high with Turo? I've seen enough horror stories where it makes me nervous.
buddy's looking like a poon magnet
My experience with TURO: TURO absolutely RIPS OFF their hosts, and renters. Their "insurance" is worthless. They mark up everything, hide fees on the renter's side, and takes full advantage of their Hosts. Their take is way more than just 25% of the trips (or whatever they say they are taking based on your selection). In fact, I have had trips where I've seen the guests total and Turo takes more than double the trip fees I get. Things like underage drivers, they collect a fee for these high-risk drivers, and keep the fee without sharing any of it with Hosts who take all the risk renting to younger drivers. I have 3 cars including an economy car and 2 luxury cars that I rent on the side, not full time, and those are 3 of 5 cars I own. 5-star host with 60 trips.
Bottom line, TURO is a company that takes blatant advantage of people wanting to rent a vehicle. Most just don't realize it yet.
So if I rent and decline the insurance. Will the host accept me or cancel the ride...? Or
I would just restrict drivers 30+. you probably shouldn't be accepting young drivers anyway. they are idiots.
The rent price showing on Turo, does Turo remove their fees from that?
It's been a minute to actually see it on my own personal account, but if I remember correctly, that was the exact amount you get deposited in your account, so Turo's fees were already removed unless they have changed things since then.
So what if you had a 2018 392 charger, and 2016 stingray. How would something like that work out? Are those popular rentals?
Jon If you’re attached to your cars, don’t do it. Renters will treat them like crap.
Thanks sir, I’ll just keep my stuff to myself. From what I’m seeing every where, this is a great business for the guy that started turo
I did the math guys and guess what, TURO is good business for TURO not for yall.
I need at least 461 trip to break even , fuck that. Most cars in Turo average 50-100 trips
In addition, I have to change oil, tires, maintain the car? LMAO ok
Looks like Uber, you barely break even if you are lucky
Yk this is gonna be a good video when his name is rich
What If I leased a car. Can I put it on Turo?
I've seen a guy have 10+ leased cars for his fleet. Not sure on the current status of leased cars, but you can always check Turo's TOS.
Awesome man super helpful comment. Thanks!
. There is no way to keep the owner of the vehicle out of a court room if he lends his vehicle through this app to someone and there is a bodily injury claim or a property damage claim.
This guys repeats him self a few time in his sentence which makes this guy annoying and his so slow at talking
Good info
I was thinking about leasing my cars and renting them out on Turo.
me too but what about going over miles?
Cristina that’s always a worry of mine. I can try and negotiate with the dealerships. It also depends which cars you plan on renting out. I personally would like more exotic cars because I can charge more for those cars.
@@AlejandroAguilar-zx2tz yes I was just watching a video where the guy says you canst the amount of miles the person drives.
and yes luxury cars are preferred on this app.
Cristina yea I’ve watched a ton of videos on Turo many mixed emotions towards the platform. Supposedly they will increase the amount of money they will take. So if they take 30% you get 70%. That can affect many people who have multiple cars on the platform.
@@AlejandroAguilar-zx2tz yes, like uber increased their portions after popularity and ppl had leased vehicles putting them into binds...turo can do the same...so much think about I am feeling discouraged
WHERE did you rent out your cars?
C Alex Atlanta area
Hustle Ninjas you in Atlanta bro?
Is anybody doing this in the LA area?
david walker I’m considering but KNOW there’s gonna be so much stress from all of the accidents.
Typical Turo story, unless you have the perfect situation it's a hard way to make money, most people end up earning less than minimum wage.
Wait I thought Turo was started by an old guy?
🔥
How did you manage the taxes?
Yashwanth Gurram I didn’t, my CPA did. Lol. I just hand her all of my income and expenses every year and let her handle the rest.
What city are you in
Gotta know when to fold them
dont use turo!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
Turo is Races
True 2 Skills spell check???
Wow didnt learn anything. Just babbling
TURO IS DONE
What’s going on with it?
Please if somebody is looking at your “earnings video” they most likely know what Turo is, #justsaying
Not necessarily, I just got here from an Airbnb earnings video and I didn't know what Turo was.
Why is your sound so low.
Rich 👀 😍😅
TH
What's up with all those tattoes
They wash off when I take a shower
Depreciation, taxes, gap-insurance, hassle. Hmm. Not a way to finance a brand-brand new dream car.