That's been the issue here in Miami as well. Plus Hertz and them are catching up and offering special incentives to make their products more competitive.
💯 and hosts are committing insurance fraud and turo is backing the host regardless or proof. I’m in LA county and I rented a Tesla. The host said there was mechanical damage and it had to be towed which wasn’t true. Then he submitted an estimate saying there was body damage and part of the aluminum body had to be replaced. His picture proof is him holding a measuring tape on the door. You can’t even see a scratch or any damage. I messaged the host and he said it was nothing and he took care of it himself. I sent the conversation plus the pics I took when I returned. Turo still charged me even with all the evidence showing the claim is false.
the "Race to the Bottom" happens on EVERY.SINGLE. platform where they bring users and service providers together in a "broker" type transaction. Uber, Lyft, Doordash, Instacart, and now Turo.
Business 101 people enter The market pushing profits below zero the inefficient companies go out of business the efficient ones stay in business profits rise to 5%
I've been doing Turo for 4 1/2 years in the San Diego market catering mainly to tourists with SUV's and convertibles. I've paid cash for all my cars and now have 11 - VW's, BMW's and Mercedes. I get older ones typically with 100K miles that have taken the depreciation dump and do all the basic maintenance myself. I agree with your segment completely regarding the race to the bottom on pricing. I was doing great until the beginning of the 4th quarter of last year when I noticed a drop in demand for my cars. This has continued because while my cars are all in pristine shape, they average 10 years old and now I'm considering selling off most of my fleet as it's just not worth it. EG Last July with less cars I peaked at $9200, last month by contrast I only did $6500 with more cars. Turo now has more newer cars at very good prices because as you said people just want to make the payments.
Started renting out 2 paid off Camrys in Austin. Was going well, lots of bookings. Decided to stop and exit turo to focus on other things. Renting out cars takes up a lot of mental real estate.
Im relatively new to the game (11 months in located in ohio) so far honestly my strategy works and I’m not even by the airport yet. I have a formula for the type of car I list. You said if Turo says your car is $30/day then that’s what you get. That is NOT true. I set my price. Im never the cheapest for the most expensive. my economy car is 2013 and it rents for $45/day. My other cars are in the 20-30k range I’m getting 56-85/day depending on day. Cars are utilized 75-85% every month. The people losing are people who expect to make a profit of 1k per car per month, but Im happy about these videos keeps people off the platform lol
As someone who got trapped in the rental/hire car business back in the late 1980's early 1990's. All what Lucky says here is spot on. Deprecation will kill you. Then there's mileage - a brand new S Class W140 put up 400,000 miles in 3 years being used a a Chauffeur Limousine service - car was scrap after the 3 years with lease payments till owed on it.
Having worked as a used car salesman and buyer, we see a lot of cars with extreme high mileage coming through that are only 3 to 5 years old. This is always an indication that the car was used for 'gig work' (Turo, rideshare, deliveries) thus the value of the car plummets to near scrap levels quickly. The saturation of 'gig work' has led to a lot of people dumping their cars even if they are still paying the bank note. They are upside down on the car, owning more than the car is worth, leaving them in a bad position.
@ProfeAdventures Yeah 400,000 miles at over $3 a mile nobodys feeling sorry. They enjoy the income, dont save anything, then it all hits like a ton of bricks!
@@TheOtomoWise reflection, when you day a high mileage car, how many miles are you referring?. At your expert point of view in what point of mileage/years ratio a car is considered scrap?
I rented my Tesla model S 3 times on Turo. 2 of them damaged it and Turow’s insurance isn’t for you. Never again. Also tried Uber. That’s for people that are really bad at math.
@@gilleschirignan1279 as a host if less then 20’pics are taken on rental and retrieval of said rental for cleaning then you’ve done yourself an injustice. Why was your claim denied ?? They gave you a reason.
@@gilleschirignan1279I feel like all these platforms are can be good if you have a strategy. For example, you mentioned Uber is for people bad at math. I don’t disagree, but let’s you you’re a real estate agent doing it part time. Now that could be very worth it as you’ll have 10-20mins to meet and build rapport with new people. If you ended every ride with handing out a business card you’re essentially getting paid to advertise.
in Canada a while ago there was a car rental company mainly based out of the west coast called Rent-a-Wreck, all of their cars were older vehicles, generally 10 years or older, and you could get the odd classic car if you wanted too, but their newest cars were like 5 or 6 years old. Was interesting when my dad and I rented a 1993 Ford Taurus from them, this was in 2006, and we were told once any of their vehicles hit 200,000kms (120,000 miles) they'd sell them off and replace them, with another vehicle. I will say their fleets of cars were all very well maintained, no rust, or hooptie vibes, and we didn't have any issues with that rental car at all, felt like driving a grandma's car.
I was just telling my wife about this like a week ago when we were complaining about the price of rentals in calgary. I would happily rent a 2010 caravan if it was cheap
Im in Raleigh, NC and ive got 4 Honda minivans and all month of July I only had about 5 days not being rented for each car. Prices are around $75-$90 a day and each of the vans I paid about $12k to $15k. They are all super reliable and easy to work on when things need to be fixed! I hate driving them but they sure do make some money!
@@deepsix1827 Sick. So I'm making about $340 a day... The math is just not mathing to equal pennies. I put about 2 hours of work into it a week. That's pretty good returns for one of my many investments. Oh and I have almost 0 expenses because I paid cash for all my vehicles.
Very busy in Atlanta Metro area…economy cars but I hate this stupid race to the bottom. The money was pretty good pre-pandemic but now it crashed. In addition to renting new cars for $30-40 they are also giving unlimited miles. I’m trying to setup correctly for private rental
They could try posting the ACTUAL rental rate. BMW in LA, 1-5 years old. Posted at $55 a day. But upon checking out it was nearly $125 a day after Turo fees. lol. Scam. Bait and switch. Call it what you will it's deceptive and people hate it.
I worked for them, turo fees are the most abussive shit i've ever seen, there are trips for the worth of 600 dollars were the host just earn like 200. Idk why SOOOO many ppl still goes with turo.
The biggest issue is having a car with a loan attached because now you NEED the rentals to pay the note. The best way is to have a car WITHOUT a loan on it then the host doesn’t feel the pinch as much and there’s more profit available.
So I wouldn’t say it’s dead. Real life example. Bought a Jeep patriot 2017 for 15 k Vehicle has made 6 k roughly in 6 months, so avg is $800-1,600 per month 67 k miles currently Not bad long term if numbers remain the same Car payment is $200 per month Denver, CO I mean RUclips a better investment though 😂
@@DontDrinkTheFlavorAid - not sure who you rented from, but nothing that knit picky has happened to me, or any person(s) I know. The only bad experience I ever heard about was on Tim Dillon's podcast on his stay in Palm Spring.. Lol
I put a decent car up to rent out for 250/day in 2018. It was worth 30-35k. I rented it out a few times and made a few thousand. Someone listed the exact same car for 110/day. Race to bottom has been going on for a while, its just Turo's fees are much higher and the ability to profit with little risk is gone, at least in major cities. Don't rent out a 600-700Hp car for 2-300 bucks!
I was curious about Turo but find that prices for a 1 day rental are actually the same price or more expensive than Enterprise Local. I don't have enough info on Insurance, Legal Issues etc with Turo to fully trust them and their Hosts, so my business has to go to Enterprise because I know they are a National Brand and have dotted all the i's and crossed all the t's when it comes to State and Federal Laws and Insurance requirements and they are an actual Car Rental Company. As an added bonus I am a Platinum Member of the Enterprise Rewards Program because I rent a lot of cars, so I get a free day every few months. I wonder how many other potential Turo customers feel that way?
They did. They filed and are in the process of restructuring the business. They just recently cut a 1.2b debt settlement with their creditors. I heard it on Bloomberg radio. Not to mention they have a plethora of pending court cases in several states where they broke laws. But yes, they declared bankruptcy
Am I just naive or wouldn’t letting your vehicle get repoed wreck your credit? I know there’s a lot of not so bright people out there but I feel like in your videos you’ve made it seem like a very common thing but yet people are still able to go out and finance another car no problem?
Usually they go finance another car first then have their old care repossessed. Then they figure they have a couple years to get their credit back up. It’s not smart but people have been doing it a lot.
There are a lot of tricks you can employ to leverage your credit. Also, after Covid CC companies have become very flexible and understanding, and have plans and services in place to help you with your credit. So ppl are exploiting that.
@@silasferreira9647 there’s a bit more to that equation… the car may have only needed a light vacuuming.. keep in mind the renter is responsible for bringing the car back clean and with a full tank of that’s what you gave them and if not you document that with the end trip pictures and are given 100-250 depending upon the end condition it’s returned. If the wheels aren’t turning then as a host you aren’t making money so a fast turn around is essential.
@@XX-166I've never rented a Turo that required me to clean the car before return. Refuel yes, but clean? Never. I've seen some host warn that if the car is returned too dirty, an additional cleaning fee will be charged. But that's it.
@@LynxStarAuto you can pay as an option to not return the car with the same level of fuel also but if you’re given a clean vehicle both inside and out and you return it dirty both ways and the guest asks… turo can charge you a clean up fee after the host takes the end of the rental pictures depending upon its condition.
It honestly depends on where you go and how saturated the market is. There are awesome deals in Vegas because the market is saturated. I would definitely not count them out when traveling but you're right, Turo is not always the cheapest option.
@@jc5688I’m thinking I saw on the news that they flagged people who weren’t late. Probably people who were late too but the bad part is people who weren’t late
I live in northern Virginia area and rental companies beat out Turo prices every time. I do have status with most of them but I can rent teslas for $40-$50 per day and luxury SUV’s for $60 or less with unlimited miles. My credit card provides rental insurance but it excludes turo or similar platforms so that’s a no for me.
Turo is okay, however I like it for fun/unique cars. Rented a 911 in LA last month for like 250/day. I couldn’t have gotten anything near as fun for that price from a traditional rental company.
The buggiest issue in the rental car business is cash flow. If you want scale using flooring plans (which is about the only way to get funds for rental cars) you’re paying 12% and 18/24 month terms. You are losing money every month! Even with a traditional financing, insurance, washes, labor etc you are on a knifes edge with cash flow. Now throw in an accident or customer rips out your gps and takes the car. Your down for a few weeks and now you’re negative cash for for 2 monthe
100% turo is dying. I booked a polestar 6 months ago I think it came out $170 after all the fees.. now the price to rent for a day is over $300! No thanks.
I just went to Mexico and rented a small Chevy Beat with standard trans, 14in wheels, check engine light and missing airbag. It made it all around the Yucatan and back to Cancun with pretty good mileage and saved a lot of money. If you rent from Hertz or other name brands at the airport it will cost you a lot of $$$$. Me and my friend split the rental cost to save money.
RUclipsr Aubrey Janik is one of the few Turo renters that has done Turo correctly. She buys cheap cars and pays cash. She has Turo down to a science. Unless people have done what Aubrey has done with Turo, you are right, odds are they will fail and leave Turo. Consider making a video with Aubrey about Turo. Would be interesting to see you and her talk about Turo. You hate Turo whereas she loves it.
That's the only way it makes sense. Financing a vehicle for rental use is too risky, unless you are getting fleet pricing, is not sustainable. I'm a mechanic for a living, but I flip cars regularly. I would routinely recondition a vehicle, and host it on Turo while I had it listed for sale. Did it for a couple of years, and can't complain. It was almost like double dipping. The car generates revenue while it waits to sell. However I did have two negative experiences that drew me away from the platform.
Ask yourself this question... can you outperform McDonalds?, can you make a hamburger and get to undercut McDonalds right in his own game?. Somehow, you will agree that you can’t. Right? Then, how it is possible that a newbie paying out his car loan can undercut your Turo business in a sustainable way?. The thing is, this so called “race to the bottom” thing is not entirely true. You must outperform any newbie trying to pay or finance their loan. How?, well, stop fully financing your ‘fleet’ to begin with. You must buy your cars in cash. Businesses are not supposed to start with a 100% financed fleet. Interest rates will eat your fleet alive at today’s rate. Also, businesses are supposed to buy stuff in bulk or perform tasks at nearly free efficiency. Your car washes should be less expensive if not free, your deliveries (if any) should be free, your advance notice setting should be minimal, ideally your cars must be nearly fully depreciated to begin with or your vehicles must be hard to depreciate (Think about Jeeps for example), if despite this analysis you think a “competitor” is killing the market because they are putting their Lamborghinis at $10/day then you haven’t done your math, and somehow you think their business is viable. They will be out of business pretty fast.
I am a Power Host on Turo and I can say 1 thing, Turo is made for clients who wants to go from A to B, so get cars that are only for A to B, reliable and only cash, if you dont have the money then forget it.
Lucky, I just had my best month since I've been on Turo. It's been 2 years since I started and I gradually grew my fleet to 11 cars. Yes I'm a pandemic host, overpaid for used Tesla's, Range Rover, Wrangler. Yes, I noticed the market became slightly saturated for Tesla's but mid class SUVs balanced out my fleet. As an entrepreneur you gotta figure it out. I'm in the. NYC Newark Airport area and in my area they don't really push the cheapest cars. I've actually noticed a bunch of my cars come up as top search results. I recently bought a brand new 2023 Model 3 and it's still makes 70-100 a day at 75% utilization. Turo definitely isn't dead. SiXT and traditional rental car companies have lines out the door to pickup cars. Who wants to deal with that? The rental car industry is booming broo. You know people are broke and they can't afford payments, insurance and maintenance because who cares about keeping good credit these days🤷. Turo is only growing in the north east. Yeah, im a one man band. But you gotta do what you gotta do
I very think Turo is very niche market, because across the board where I live its cheaper to use the regular rental people. When you don't have money you waiting the lines for an affordable rental car, and get the insurance. I do care about my credit, it's extremely important.
Hey angelo. My sister used to administer head 😮 to a “turo trapper” who frequented Newark airport. The cars you mention are familiar to the stories she told me after administrating brain. Ru from NB by any chance?
Turo's fees are too much. Daily rental: $70 -- after all fees and such Daily rental: $135.76 Yeah, that's not worth it. I love turo, and have used it multiple times in the past, but I don't rent normal junk.. only stuff like teslas and such..because you're not finding that at enterprise. Not really planning on using it anymore unless I find a 'deal' though.
I stopped renting my car out in Turo bc I was tired of being insulted. When I am a host (helping you run a rental car business) then I have to talk to random customer service reps and say my personal info out loud every ducking time, I feel insulted. I am your business partner, I should not be pressing 1 for English, waiting on hold, or being treated like a stranger. In addition to that, they don’t look out for hosts. No partnerships to make gps, car wash, oil changes less expensive. And they got greedy with the money. They take their cut from both the host and the guest. They have to be spending irresponsibly bc how are you not raking in cash if you’re taking over 50 percent of the total customer spending, while doing none of the actual work and not even investing in the actual asset.
Same with uber its people accepting and taking $2 and $3 rides which brought down earnings for everyone, these companies prey on the most desperate and in bad situation people to stay afloat
Your personal insurance should NEVER be used for claims that occur while the vehicle is being rented on the turo platform. That’s what the turo insurance is for. Your personal insurance could or probably would drop you if they know you’re renting your car or cars out commercially. All claims are handled by TURO not your personal insurance.. they should never know you’re using your car as a side hustle.
@@sfrealestatedealmaker6001 Carfax won’t show you’ve bought a personal vehicle and then used it for turo.. doesn’t work like that unless you’re dumb enough to tell your DMV you’re doing it.
@@arnie2103 a host is stupid if they attempt to claim damages that occurred during a Turo rental. Not only are they gonna deny the claim you’re gonna get dropped immediately.
so does air bnb. fees fees fees fees. why do I have to clean the vehicle/house before returning? and even paying cleaning fees...also too much rules...cant do this cant do that.
as someone in a new emerging turo market (melbourne australia) this is super interesting to hear. Here there is only one big fleet of cars. and hes getting plenty of business. obviously the demand isnt as big here because not enough people know about the platform. But in my opinion the cycle is just starting here. And im happy to be in it at the very beggining
I can't believe that Turo ever even became a thing- I drive 20+ year-old vehicles, and I wouldn't want anyone else driving them, much less complete strangers!
@@aim-for-greatn3z947 Surprised? Nah, I've been in the automotive fields most of my adult life, so pretty much anything auto-related, especially unique and different things pique my curiosity- and even more so, the economic aspects of trying to mingle these dysfunctional Silly-Cone Valley tech business models with traditional solid technology and business models. Turo was an interesting concept when it centered around pairing users with uncommon and or unique vehicles- but obviously, few owners of high-value and unique vehicles are willing to rent them out. As just a mundane rental service, the economics can't work. Rideshare will go the same way- in order for the wages rto be high enough to make it worthwhile, the price of the service will be too high (It's going that way now)- and ":self-driving" cars won't help, as they would be too expensive to purchase and maintain, thus still requiring high user fees. These things work at first, until reality sets in amongst enough people....then, poof! tl;dr; [Ralph Kramden voice]: I've got a BIIIIGGGG MMOOOUUUTTTHHH!!!! :D
It is a fascinating dynamic that the better-financed, more professional operation faces it's stiffest competition from the local schlub with one personal beater that's fully paid off with no cost basis, no depreciation worries and who essentially doesn't need the business. And that is likely the future of this cross between Enterprise and Uber Eats. It is just like the Grapes of Wrath, only for cars!
Market factors of supply, demand, competition, etc is something that applies to any industry unfortunately not many people care or know about these things. Fools rush in and ruin everything.
Well... 😂 Thank god i dont jave this problem 🤭 Im originally from n.j and it was perfect when NYC was closed! Always making 100% on my vehicles. After nyc opened turo completely died in n.j and it became a race to the bottom! Especially when it comes to price. For example youll find a brand new MDX 2022 for $60 a day!! Luckly since i have business experience and my network is vast i had the opportunity to move my operation to NYC. And since im literally doing a rental car business in in one of the MOST expensive city in the world im having success! Especially because im set up and providing service MOST CANT! Since parking is literally IMPOSSIBLE in nyc my vehicles are constantly gone every weeked. As i write this message i have 8 cars about to add another 10 and im currently only have 1 car that doest have a reservation for this weekend. And 99% of my fleet is high end🤭
Been doing turo for 2 years never have i bought a brand new car for this platform. It just doesn’t make sense 🥴 ppl are putting model 3 and E350 X5 at 60-80$ a while im over here making profits with my 5 2012-2015 honda accord and camry
Phoenix market has tanked. Everyone’s renting economy cars for $20 a day and brand new cars for $40 a day. Utilization is cut in half. The market had shifted…
Bought 2 23 Teslas Model 3s at a steal for 25k each. Was super busy during oct. than absolutely nothing. IM selling both cars. Will still make a profit as both were purchased at Auction for 25k clean titles with less that 20thousand miles.
In Miami and used Turo twice for C8. The first one smelled really bad. And the second one has already scratches. Both have been taken off the app. The more money gets tight the less people would spend on Turo
Never understood Turo. I saw so many low mileage cars on there, delivered to you, at $35/day with unlimited miles. I don't see how anyone could make even the payments on their car with those prices much less turn a profit.
The business model isnt bad, theres money to be made. There are many reasons people are losing money but it boils down to people not understanding leverage, and not properly managing their cash flow. I dont think depreciation is as bad of an issue as you make it out to be, but youre spot on for everything else. Poor markets like these show who really knows what theyre doing, and who just got lucky in a hot matket.
I beg to differ with some of your information, I have a successful Turo business with average vehicles, some cash other finance. I follow other hosts online with positive and educational reenforcement with little to no overhead.
lol your mindset on insurance claims is ass backwards. I’m gonna get my moneys worth for my insurance n if they raise my rates, I’ll get even more of my moneys worth or go somewhere else. Lol I’m sure insurance companies love your mindset.
Turo is stupid.. I tried to get a car and they claimed I did not have a driver's license even though I have safe driver stamped on my license which is flawless..
Rented a Ferrari on turo for 189 a day, 2011 California that person is losing a ton of money they even had it as unlimited miles, man we used that car for the weekend for fun. Next cheapest one in Denver was $389 a day, man these people are going to lose their shirt and some awesome deals are coming.
i wouldnt want anyone driving my personal car - ever. imagine the liability i face if a renter hits someone. or the abuse my car would get from a renter who doesnt give a hoot. no way every.
Hi Lucky, I bought a car from a dealer, a new one, I signed the contract that day, they got car, key and registration under my name, a few days after they called me and said: the back don't approve my loan, and they want the car back, so, I have the contract that I was approved under 5.9% and a payment of 713$ for 72 mounts. Is legal what the dealer trying to do ? How I have to react?
After seeing numerous videos about people nickel and diming for micro scratches and other bullshit - I'd never use the platform. I've used normal rental car services for 25 years.
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Turo fees are crazy in LA and most of the time near 100% of the rental price. I found the same car cheaper at Hertz and Sixt.
That's been the issue here in Miami as well. Plus Hertz and them are catching up and offering special incentives to make their products more competitive.
Agree with the comment about LA and Miami. It is very much true
On top of that, these Turo renters are desperate to get above water, now you are seeing $200 damage claims for dirt on the floor mats lmao
💯 and hosts are committing insurance fraud and turo is backing the host regardless or proof. I’m in LA county and I rented a Tesla. The host said there was mechanical damage and it had to be towed which wasn’t true. Then he submitted an estimate saying there was body damage and part of the aluminum body had to be replaced. His picture proof is him holding a measuring tape on the door. You can’t even see a scratch or any damage. I messaged the host and he said it was nothing and he took care of it himself. I sent the conversation plus the pics I took when I returned. Turo still charged me even with all the evidence showing the claim is false.
the "Race to the Bottom" happens on EVERY.SINGLE. platform where they bring users and service providers together in a "broker" type transaction. Uber, Lyft, Doordash, Instacart, and now Turo.
This needs more likes.
I wonder if Airbnb is next 🤔
@@kelloggscuts1820 during the cheap cash, the cash flow after expenses were already less than 1% of cost. Soo... They definitely in scolding waters
Same with Amazon
I wouldn’t say Uber, that’s a stretch. Everything else, yes.
Business 101 people enter The market pushing profits below zero the inefficient companies go out of business the efficient ones stay in business profits rise to 5%
I've been doing Turo for 4 1/2 years in the San Diego market catering mainly to tourists with SUV's and convertibles. I've paid cash for all my cars and now have 11 - VW's, BMW's and Mercedes. I get older ones typically with 100K miles that have taken the depreciation dump and do all the basic maintenance myself. I agree with your segment completely regarding the race to the bottom on pricing. I was doing great until the beginning of the 4th quarter of last year when I noticed a drop in demand for my cars. This has continued because while my cars are all in pristine shape, they average 10 years old and now I'm considering selling off most of my fleet as it's just not worth it. EG Last July with less cars I peaked at $9200, last month by contrast I only did $6500 with more cars. Turo now has more newer cars at very good prices because as you said people just want to make the payments.
Started renting out 2 paid off Camrys in Austin. Was going well, lots of bookings. Decided to stop and exit turo to focus on other things. Renting out cars takes up a lot of mental real estate.
Im relatively new to the game (11 months in located in ohio) so far honestly my strategy works and I’m not even by the airport yet. I have a formula for the type of car I list.
You said if Turo says your car is $30/day then that’s what you get. That is NOT true. I set my price. Im never the cheapest for the most expensive. my economy car is 2013 and it rents for $45/day. My other cars are in the 20-30k range I’m getting 56-85/day depending on day. Cars are utilized 75-85% every month. The people losing are people who expect to make a profit of 1k per car per month, but Im happy about these videos keeps people off the platform lol
Paid off or are those cars financed?
As someone who got trapped in the rental/hire car business back in the late 1980's early 1990's. All what Lucky says here is spot on. Deprecation will kill you. Then there's mileage - a brand new S Class W140 put up 400,000 miles in 3 years being used a a Chauffeur Limousine service - car was scrap after the 3 years with lease payments till owed on it.
The 140 chassis imo the last great Mercedes S class. Definitely my favorite of them all. Especially the coupes 😍
Having worked as a used car salesman and buyer, we see a lot of cars with extreme high mileage coming through that are only 3 to 5 years old. This is always an indication that the car was used for 'gig work' (Turo, rideshare, deliveries) thus the value of the car plummets to near scrap levels quickly. The saturation of 'gig work' has led to a lot of people dumping their cars even if they are still paying the bank note. They are upside down on the car, owning more than the car is worth, leaving them in a bad position.
If you didn't pay off the car after putting 400k miles in it. Gotta look into your financial decisions 😊
@ProfeAdventures Yeah 400,000 miles at over $3 a mile nobodys feeling sorry. They enjoy the income, dont save anything, then it all hits like a ton of bricks!
@@TheOtomoWise reflection, when you day a high mileage car, how many miles are you referring?. At your expert point of view in what point of mileage/years ratio a car is considered scrap?
I rented my Tesla model S 3 times on Turo. 2 of them damaged it and Turow’s insurance isn’t for you. Never again. Also tried Uber. That’s for people that are really bad at math.
Did you follow all of the rules for turos insurance to kick in on the claim. ?? If you missed one that’s their out.
@@XX-166 I filed within the time frame. They didn’t cover anything. Won’t work with them again. Still have the car don’t need them and their scam.
@@gilleschirignan1279 as a host if less then 20’pics are taken on rental and retrieval of said rental for cleaning then you’ve done yourself an injustice. Why was your claim denied ?? They gave you a reason.
@@gilleschirignan1279I feel like all these platforms are can be good if you have a strategy. For example, you mentioned Uber is for people bad at math. I don’t disagree, but let’s you you’re a real estate agent doing it part time. Now that could be very worth it as you’ll have 10-20mins to meet and build rapport with new people. If you ended every ride with handing out a business card you’re essentially getting paid to advertise.
in Canada a while ago there was a car rental company mainly based out of the west coast called Rent-a-Wreck, all of their cars were older vehicles, generally 10 years or older, and you could get the odd classic car if you wanted too, but their newest cars were like 5 or 6 years old. Was interesting when my dad and I rented a 1993 Ford Taurus from them, this was in 2006, and we were told once any of their vehicles hit 200,000kms (120,000 miles) they'd sell them off and replace them, with another vehicle. I will say their fleets of cars were all very well maintained, no rust, or hooptie vibes, and we didn't have any issues with that rental car at all, felt like driving a grandma's car.
I was just telling my wife about this like a week ago when we were complaining about the price of rentals in calgary. I would happily rent a 2010 caravan if it was cheap
I feel like I've seen Rent A Wrecks in the southern states like FL. Can't pinpoint where though. It's been a while.
Im in Raleigh, NC and ive got 4 Honda minivans and all month of July I only had about 5 days not being rented for each car. Prices are around $75-$90 a day and each of the vans I paid about $12k to $15k. They are all super reliable and easy to work on when things need to be fixed! I hate driving them but they sure do make some money!
Different market demands that fit the need… that’s the point
@@deepsix1827 Sick. So I'm making about $340 a day... The math is just not mathing to equal pennies. I put about 2 hours of work into it a week. That's pretty good returns for one of my many investments. Oh and I have almost 0 expenses because I paid cash for all my vehicles.
@@deepsix1827 you buy the right cat at the right price and it makes the money for you. Nothing ventured nothing gained
@@deepsix1827 I make $3.5k a day. You are making peanuts.
@@deepsix1827labor? Lol that’s slavery bro . 750 a day can’t be Your max bro
Very busy in Atlanta Metro area…economy cars but I hate this stupid race to the bottom. The money was pretty good pre-pandemic but now it crashed. In addition to renting new cars for $30-40 they are also giving unlimited miles. I’m trying to setup correctly for private rental
They could try posting the ACTUAL rental rate. BMW in LA, 1-5 years old. Posted at $55 a day. But upon checking out it was nearly $125 a day after Turo fees. lol. Scam. Bait and switch. Call it what you will it's deceptive and people hate it.
I worked for them, turo fees are the most abussive shit i've ever seen, there are trips for the worth of 600 dollars were the host just earn like 200. Idk why SOOOO many ppl still goes with turo.
The biggest issue is having a car with a loan attached because now you NEED the rentals to pay the note. The best way is to have a car WITHOUT a loan on it then the host doesn’t feel the pinch as much and there’s more profit available.
Even than most people dont consider the ROI and how long it will take till they are "Actually" making a profit.....
@@nickcortese990 that’s all depends on the vehicle used for the job and the market it’s working in.
So I wouldn’t say it’s dead. Real life example.
Bought a Jeep patriot 2017 for 15 k
Vehicle has made 6 k roughly in 6 months, so avg is $800-1,600 per month
67 k miles currently
Not bad long term if numbers remain the same
Car payment is $200 per month
Denver, CO
I mean RUclips a better investment though 😂
Not to be a jackass lol but if you made 6k in 6 months the average is $1,000 lol….I couldn’t help my self….😅
I wanna see Turo, AirBNB, Carvana and the likes tank! Fomo-fools its time to lose!
That's super negative energy. There are honest people on all of those platforms.
@@grilledxcheeze 🤣🤣
Simmer down there Captain Cancel Culture, some people actually find value from these platforms, including myself.
@@DontDrinkTheFlavorAid - not sure who you rented from, but nothing that knit picky has happened to me, or any person(s) I know. The only bad experience I ever heard about was on Tim Dillon's podcast on his stay in Palm Spring.. Lol
I can tell your net worth is negative with that attitude. Fomo is what paves the way for new shit. Without risk comes no reward
I put a decent car up to rent out for 250/day in 2018. It was worth 30-35k. I rented it out a few times and made a few thousand. Someone listed the exact same car for 110/day. Race to bottom has been going on for a while, its just Turo's fees are much higher and the ability to profit with little risk is gone, at least in major cities. Don't rent out a 600-700Hp car for 2-300 bucks!
I was curious about Turo but find that prices for a 1 day rental are actually the same price or more expensive than Enterprise Local. I don't have enough info on Insurance, Legal Issues etc with Turo to fully trust them and their Hosts, so my business has to go to Enterprise because I know they are a National Brand and have dotted all the i's and crossed all the t's when it comes to State and Federal Laws and Insurance requirements and they are an actual Car Rental Company. As an added bonus I am a Platinum Member of the Enterprise Rewards Program because I rent a lot of cars, so I get a free day every few months. I wonder how many other potential Turo customers feel that way?
Probably all of them :)
Lucky, you also said Carvana was going bankrupt in two weeks like 3 months ago. What’s going on man?
They did. They filed and are in the process of restructuring the business. They just recently cut a 1.2b debt settlement with their creditors. I heard it on Bloomberg radio. Not to mention they have a plethora of pending court cases in several states where they broke laws.
But yes, they declared bankruptcy
Dude 40$ for a Tesla a day is a steal!! I rmember when they used to be $120+ a day
Am I just naive or wouldn’t letting your vehicle get repoed wreck your credit? I know there’s a lot of not so bright people out there but I feel like in your videos you’ve made it seem like a very common thing but yet people are still able to go out and finance another car no problem?
Usually they go finance another car first then have their old care repossessed. Then they figure they have a couple years to get their credit back up. It’s not smart but people have been doing it a lot.
There are a lot of tricks you can employ to leverage your credit. Also, after Covid CC companies have become very flexible and understanding, and have plans and services in place to help you with your credit. So ppl are exploiting that.
If you rent out a cheap economy box with Turo in a big city, can’t go wrong.
Depends on the city .. try that in L. A. nope
Yes it can go wrong , if you rent a car for 1 or 2 days and make $60 you got paid $60 an hour to clean a car. Even worst if you rent for only 1 day.
@@silasferreira9647 there’s a bit more to that equation… the car may have only needed a light vacuuming.. keep in mind the renter is responsible for bringing the car back clean and with a full tank of that’s what you gave them and if not you document that with the end trip pictures and are given 100-250 depending upon the end condition it’s returned. If the wheels aren’t turning then as a host you aren’t making money so a fast turn around is essential.
@@XX-166I've never rented a Turo that required me to clean the car before return. Refuel yes, but clean? Never. I've seen some host warn that if the car is returned too dirty, an additional cleaning fee will be charged. But that's it.
@@LynxStarAuto you can pay as an option to not return the car with the same level of fuel also but if you’re given a clean vehicle both inside and out and you return it dirty both ways and the guest asks… turo can charge you a clean up fee after the host takes the end of the rental pictures depending upon its condition.
Never found a cheap car on Turo, for me Hertz has been more economical than Turo and getaround.
It honestly depends on where you go and how saturated the market is. There are awesome deals in Vegas because the market is saturated. I would definitely not count them out when traveling but you're right, Turo is not always the cheapest option.
They Are Great About Flagging Their Cars, For On Time Service.
@@DeeJaeAndreI'm thinking there's more to this story (ex. The renter was late by a good amount in returning the car.)
@@jc5688I’m thinking I saw on the news that they flagged people who weren’t late. Probably people who were late too but the bad part is people who weren’t late
I don’t use Turo for the cheapest car. Rental agencies have shit cars. No manuals and nothing fun.
When it comes to this kind of information I only trust Lucky, CQA, and Craig from flying wheels. But Lucky is the best👊👊
Thanks I appreciate that
I rented a nice 335i convertible in Houston, like $60 a day, I was whippin mf
Was fun
I live in northern Virginia area and rental companies beat out Turo prices every time. I do have status with most of them but I can rent teslas for $40-$50 per day and luxury SUV’s for $60 or less with unlimited miles.
My credit card provides rental insurance but it excludes turo or similar platforms so that’s a no for me.
Turo works for very few customers and owners. Turo has no skin in the game.
It all depends WHERE YOU LIVE. I’m in Colorado Springs where people travel here all year round.
Turo is okay, however I like it for fun/unique cars. Rented a 911 in LA last month for like 250/day. I couldn’t have gotten anything near as fun for that price from a traditional rental company.
Essentially turo and even air bnb leverage other people’s debt and lack of business savvy to provide a cheaper service for the end customer.
Just rented a 2020 Porsche cayenne for $45 a day lol out in Houston 😂
The buggiest issue in the rental car business is cash flow. If you want scale using flooring plans (which is about the only way to get funds for rental cars) you’re paying 12% and 18/24 month terms. You are losing money every month!
Even with a traditional financing, insurance, washes, labor etc you are on a knifes edge with cash flow. Now throw in an accident or customer rips out your gps and takes the car. Your down for a few weeks and now you’re negative cash for for 2 monthe
100% turo is dying. I booked a polestar 6 months ago I think it came out $170 after all the fees.. now the price to rent for a day is over $300! No thanks.
I just went to Mexico and rented a small Chevy Beat with standard trans, 14in wheels, check engine light and missing airbag. It made it all around the Yucatan and back to Cancun with pretty good mileage and saved a lot of money. If you rent from Hertz or other name brands at the airport it will cost you a lot of $$$$. Me and my friend split the rental cost to save money.
This is why exactly I switched to economy cars, I buy them less then 10k pay them off quick and run them for 2-5 years after paid.
RUclipsr Aubrey Janik is one of the few Turo renters that has done Turo correctly. She buys cheap cars and pays cash. She has Turo down to a science. Unless people have done what Aubrey has done with Turo, you are right, odds are they will fail and leave Turo. Consider making a video with Aubrey about Turo. Would be interesting to see you and her talk about Turo. You hate Turo whereas she loves it.
That's the only way it makes sense. Financing a vehicle for rental use is too risky, unless you are getting fleet pricing, is not sustainable.
I'm a mechanic for a living, but I flip cars regularly. I would routinely recondition a vehicle, and host it on Turo while I had it listed for sale. Did it for a couple of years, and can't complain. It was almost like double dipping. The car generates revenue while it waits to sell. However I did have two negative experiences that drew me away from the platform.
Pretty sure she had him on her channel a few years ago.
May I suggest you get a marker board. You have alot of information to offer. A board would allow people to write down or take a picture of the screen.
Ask yourself this question... can you outperform McDonalds?, can you make a hamburger and get to undercut McDonalds right in his own game?. Somehow, you will agree that you can’t. Right?
Then, how it is possible that a newbie paying out his car loan can undercut your Turo business in a sustainable way?.
The thing is, this so called “race to the bottom” thing is not entirely true. You must outperform any newbie trying to pay or finance their loan.
How?, well, stop fully financing your ‘fleet’ to begin with. You must buy your cars in cash. Businesses are not supposed to start with a 100% financed fleet. Interest rates will eat your fleet alive at today’s rate.
Also, businesses are supposed to buy stuff in bulk or perform tasks at nearly free efficiency. Your car washes should be less expensive if not free, your deliveries (if any) should be free, your advance notice setting should be minimal, ideally your cars must be nearly fully depreciated to begin with or your vehicles must be hard to depreciate (Think about Jeeps for example), if despite this analysis you think a “competitor” is killing the market because they are putting their Lamborghinis at $10/day then you haven’t done your math, and somehow you think their business is viable. They will be out of business pretty fast.
Cybertruck for rent on turo coming soon
I am a Power Host on Turo and I can say 1 thing, Turo is made for clients who wants to go from A to B, so get cars that are only for A to B, reliable and only cash, if you dont have the money then forget it.
Lucky, I just had my best month since I've been on Turo. It's been 2 years since I started and I gradually grew my fleet to 11 cars. Yes I'm a pandemic host, overpaid for used Tesla's, Range Rover, Wrangler. Yes, I noticed the market became slightly saturated for Tesla's but mid class SUVs balanced out my fleet. As an entrepreneur you gotta figure it out. I'm in the. NYC Newark Airport area and in my area they don't really push the cheapest cars. I've actually noticed a bunch of my cars come up as top search results. I recently bought a brand new 2023 Model 3 and it's still makes 70-100 a day at 75% utilization. Turo definitely isn't dead. SiXT and traditional rental car companies have lines out the door to pickup cars. Who wants to deal with that? The rental car industry is booming broo. You know people are broke and they can't afford payments, insurance and maintenance because who cares about keeping good credit these days🤷. Turo is only growing in the north east. Yeah, im a one man band. But you gotta do what you gotta do
Thank you for your feedback, it was super helpful.
I very think Turo is very niche market, because across the board where I live its cheaper to use the regular rental people. When you don't have money you waiting the lines for an affordable rental car, and get the insurance.
I do care about my credit, it's extremely important.
Hey angelo. My sister used to administer head 😮 to a “turo trapper” who frequented Newark airport. The cars you mention are familiar to the stories she told me after administrating brain. Ru from NB by any chance?
@@alexpascal5403😂😂😂😂
😅😅
Tesla slowly dying also
Turo's fees are too much. Daily rental: $70 -- after all fees and such Daily rental: $135.76 Yeah, that's not worth it.
I love turo, and have used it multiple times in the past, but I don't rent normal junk.. only stuff like teslas and such..because you're not finding that at enterprise. Not really planning on using it anymore unless I find a 'deal' though.
Hertz now had teslas
@sfrealestatedealmaker6001 yeah, I've tried to rent one. It was guaranteed. 😂 Ended up driving Altima 😅
I stopped renting my car out in Turo bc I was tired of being insulted. When I am a host (helping you run a rental car business) then I have to talk to random customer service reps and say my personal info out loud every ducking time, I feel insulted. I am your business partner, I should not be pressing 1 for English, waiting on hold, or being treated like a stranger. In addition to that, they don’t look out for hosts. No partnerships to make gps, car wash, oil changes less expensive. And they got greedy with the money. They take their cut from both the host and the guest. They have to be spending irresponsibly bc how are you not raking in cash if you’re taking over 50 percent of the total customer spending, while doing none of the actual work and not even investing in the actual asset.
Buckets for 800 - 1200 a month umm….
Turo fees are killing business. And many many hosts are upside down on loans
I hate the stupid young drivers fee and I have no issues with driving. I need to wait a year to get that stupid charge off any turo bookings...
2012 Altima 1 Camry 2 2010 Nissan altimas
Same with uber its people accepting and taking $2 and $3 rides which brought down earnings for everyone, these companies prey on the most desperate and in bad situation people to stay afloat
Lol you only make money on turo if your car is old and cheap.
Great video as always Lucky, waiting on that Smart car project!
Lucky, you’re killing me man. Your camera is crooked 🖼️
Your personal insurance should NEVER be used for claims that occur while the vehicle is being rented on the turo platform. That’s what the turo insurance is for. Your personal insurance could or probably would drop you if they know you’re renting your car or cars out commercially. All claims are handled by TURO not your personal insurance.. they should never know you’re using your car as a side hustle.
Until they pull a Carfax and find out you’re doing what you shouldn’t 😂
@@sfrealestatedealmaker6001 Carfax won’t show you’ve bought a personal vehicle and then used it for turo.. doesn’t work like that unless you’re dumb enough to tell your DMV you’re doing it.
@@sfrealestatedealmaker6001carfax reports service and accident history. It doesn't report rental history or similar 🤨 think you misunderstood carfax.
I used to work for a big insuror and that's a fact.
@@arnie2103 a host is stupid if they attempt to claim damages that occurred during a Turo rental. Not only are they gonna deny the claim you’re gonna get dropped immediately.
Excellent video, I was wondering on the topic of how to wholesale in Nevada? I would like to sell at auctions.
so does air bnb. fees fees fees fees. why do I have to clean the vehicle/house before returning? and even paying cleaning fees...also too much rules...cant do this cant do that.
as someone in a new emerging turo market (melbourne australia) this is super interesting to hear. Here there is only one big fleet of cars. and hes getting plenty of business. obviously the demand isnt as big here because not enough people know about the platform. But in my opinion the cycle is just starting here. And im happy to be in it at the very beggining
Must be nice to be lucky
I can't believe that Turo ever even became a thing- I drive 20+ year-old vehicles, and I wouldn't want anyone else driving them, much less complete strangers!
😂 it's simply not your business lol I'm surprised you're even watching this video.
@@aim-for-greatn3z947 Surprised? Nah, I've been in the automotive fields most of my adult life, so pretty much anything auto-related, especially unique and different things pique my curiosity- and even more so, the economic aspects of trying to mingle these dysfunctional Silly-Cone Valley tech business models with traditional solid technology and business models. Turo was an interesting concept when it centered around pairing users with uncommon and or unique vehicles- but obviously, few owners of high-value and unique vehicles are willing to rent them out. As just a mundane rental service, the economics can't work. Rideshare will go the same way- in order for the wages rto be high enough to make it worthwhile, the price of the service will be too high (It's going that way now)- and ":self-driving" cars won't help, as they would be too expensive to purchase and maintain, thus still requiring high user fees. These things work at first, until reality sets in amongst enough people....then, poof!
tl;dr; [Ralph Kramden voice]: I've got a BIIIIGGGG MMOOOUUUTTTHHH!!!! :D
Hey Lucky what's with the SimpliSafe ad that ran mid sentence?
Great content, never liked Turo!
It is a fascinating dynamic that the better-financed, more professional operation faces it's stiffest competition from the local schlub with one personal beater that's fully paid off with no cost basis, no depreciation worries and who essentially doesn't need the business. And that is likely the future of this cross between Enterprise and Uber Eats.
It is just like the Grapes of Wrath, only for cars!
Part time efforts yield part time results.
Market factors of supply, demand, competition, etc is something that applies to any industry unfortunately not many people care or know about these things. Fools rush in and ruin everything.
Just like Airbnbs (I prefer hotels) .... I stick to the car rental chains thank you.
Well... 😂
Thank god i dont jave this problem 🤭
Im originally from n.j and it was perfect when NYC was closed! Always making 100% on my vehicles.
After nyc opened turo completely died in n.j and it became a race to the bottom! Especially when it comes to price.
For example youll find a brand new MDX 2022 for $60 a day!!
Luckly since i have business experience and my network is vast i had the opportunity to move my operation to NYC.
And since im literally doing a rental car business in in one of the MOST expensive city in the world im having success!
Especially because im set up and providing service MOST CANT!
Since parking is literally IMPOSSIBLE in nyc my vehicles are constantly gone every weeked. As i write this message i have 8 cars about to add another 10 and im currently only have 1 car that doest have a reservation for this weekend.
And 99% of my fleet is high end🤭
Been doing turo for 2 years never have i bought a brand new car for this platform. It just doesn’t make sense 🥴 ppl are putting model 3 and E350 X5 at 60-80$ a while im over here making profits with my 5 2012-2015 honda accord and camry
Phoenix market has tanked. Everyone’s renting economy cars for $20 a day and brand new cars for $40 a day. Utilization is cut in half. The market had shifted…
Estas C.
They are going public soon
So I been looking to go against
Herz and enterprise
Lots of great advice here. Thanks Lucky.
Bought 2 23 Teslas Model 3s at a steal for 25k each. Was super busy during oct. than absolutely nothing. IM selling both cars. Will still make a profit as both were purchased at Auction for 25k clean titles with less that 20thousand miles.
In Miami and used Turo twice for C8. The first one smelled really bad. And the second one has already scratches. Both have been taken off the app. The more money gets tight the less people would spend on Turo
Here in Miami it's all ghetto-mobiles, or pigs with lipstick. And the fees kill any deal on the rental price.
Never seen $1500 tesla payment for model 3 and $300 insurance, that’s a bit too much exaggeration 😂😂
Never understood Turo. I saw so many low mileage cars on there, delivered to you, at $35/day with unlimited miles. I don't see how anyone could make even the payments on their car with those prices much less turn a profit.
The business model isnt bad, theres money to be made. There are many reasons people are losing money but it boils down to people not understanding leverage, and not properly managing their cash flow.
I dont think depreciation is as bad of an issue as you make it out to be, but youre spot on for everything else.
Poor markets like these show who really knows what theyre doing, and who just got lucky in a hot matket.
I beg to differ with some of your information, I have a successful Turo business with average vehicles, some cash other finance. I follow other hosts online with positive and educational reenforcement with little to no overhead.
lol your mindset on insurance claims is ass backwards. I’m gonna get my moneys worth for my insurance n if they raise my rates, I’ll get even more of my moneys worth or go somewhere else. Lol I’m sure insurance companies love your mindset.
If everyone is leaving that should unsaturate the market some no?
Turo is killing itself, Bad for eve owner renters they don’t pay you for charging when your late with sending invoice.
Turo is stupid.. I tried to get a car and they claimed I did not have a driver's license even though I have safe driver stamped on my license which is flawless..
Good. Regular car rental companies work just fine, we don't need all of the nonsense.
Rented a Ferrari on turo for 189 a day, 2011 California that person is losing a ton of money they even had it as unlimited miles, man we used that car for the weekend for fun. Next cheapest one in Denver was $389 a day, man these people are going to lose their shirt and some awesome deals are coming.
i wouldnt want anyone driving my personal car - ever. imagine the liability i face if a renter hits someone. or the abuse my car would get from a renter who doesnt give a hoot. no way every.
Turo too many payments 😂😂😂 people would rather go to car rental companies and waive insurance and uses their own.
If I want to go private, what insurance can I get for uninsured renters?? Do I have to go to an insurance broker??
Coincides with the AirBnB fall
Terrible Concept!
Hi Lucky, I bought a car from a dealer, a new one, I signed the contract that day, they got car, key and registration under my name, a few days after they called me and said: the back don't approve my loan, and they want the car back, so, I have the contract that I was approved under 5.9% and a payment of 713$ for 72 mounts. Is legal what the dealer trying to do ? How I have to react?
After seeing numerous videos about people nickel and diming for micro scratches and other bullshit - I'd never use the platform. I've used normal rental car services for 25 years.
Yeah idk how people think they can compete with rental agencies… they have too much money to offer a better experience for cheaper
So this only screws the wannabe investors who thought they’d get rich? Oh no, how sad
Turo like other apps used to be great. Now 100% fees make it not worth it at all
Only thing I hate about Turo is that they charge me the same price as the rental a day just as Turo fees.
What are other ways to make money with a wholesale license and make your used car business scalable?
I’m in Savannah and I’m 2 weeks no rentals now just stopped
Hey @LuckyLopez777
What do you think about 10 passenger transit vans on the turo platform?
In my market there are none available.
$500 a day for a pos? No thanks!
What do we think about Instant booking being the standard??
Good. There is no substitute for the legit version of the business.
Turo used to be cheap, now its way over priced
Just rented a manual Porsche Cayman S on Turo, first time using app. It was epic, will do it again for sure to experience cool cars for
Bla bla bla. You told us that in 2023 gonna be crush with used car prices. Where is crash?