Closing my Turo Business - 17 Months $30k recap
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- Опубликовано: 25 авг 2024
- Time to spill the beans on my wild 17-month ride as a Turo entrepreneur. Grab a snack and join me as I spill all the tea on the highs, lows, and downright hilarious moments of running my Turo gig. Spoiler alert: I'm selling my Porsche Macan, and there's a story behind it! 🚗💨
From epic road trips to unexpected speed bumps, I'm sharing the good, the bad, and the ugly. So buckle up for the inside scoop on the sharing economy and the rollercoaster of emotions that come with being your own boss.
Whether you're a fellow Turo hustler or just here for the ride, this video's packed with relatable moments, lessons learned, and a dash of nostalgia for my four-wheeled companions. Let's chat about life, business, and why sometimes you gotta trade in the fast lane for a new adventure. 🌟🛣️
Recorded on iPhone 15 Pro Max
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IG: @Powaup
Twitter: @VitaminClyde
It’s horrible. I have 14 cars and the people are ruthless now a days. Even with nicer cars, you can’t get much more than the basic used and abused eco cars. You have a barrel of bottom feeder consumers with this platform and you can’t reason with anyone. Super high risk and super high cost. It’s been a good run for the last 3 years but it’s time to find an off ramp.
Exactly fam very risky business to be in
What type of vehicles do you have? What market are you in?
@@stephenkmerritt5922 mostly Toyotas and fords. Some Nissans and a Honda. Budget cars. Houston market.
Do you have any 7 passenger vehicles? Mini-vans? I'm in Denver and that's my specialty that seems to work well.
@@stephenkmerritt5922 yes I have 2 7 passenger vehicles. They don’t do much better than my corollas.
I am so glad you brought up the point about In-N-Out. I have so many friends who are looking to start a “side hustle” so they start drop shipping or looking to buy a car to do Turo and they end up losing money and time, so I always tell them if they actually want to make money on the side they should just do something like be a shopper for Instacart or do Uber/Doordash or even as simple as get a part time job elsewhere!
They're purposely destroying the 'creator/ entrepreneur economy'
FORCE us back to work, until Ai/robots replace us.
We should know the laws and fight back
Great points!! At least you tried it out. Best luck to your next endeavors!
Thank you!
Good insight, I appreciate it. Good luck moving forward
Thank you!
You had a good run. Thanks for sharing your analysis
Was fun! Especially that first summer
There is a reason y rental cars/taxi companies had Fleet vehicles aka the same cars by manuf, make, model. It was cost effective for bidness, insurance & mechanics who worked on the same cars know the issues & can get parts wholesale. Uber & Turo ppl think it’s EZ $$ until u add the hidden cost.
lol exactly man a lot of hidden cost nobody tells you unless you buy there “course “ which turns into another hidden cost . And let’s not talk about the hidden time wasted 🤦🏾♂️
Is Turo worth it in 2024? All depends, how much spare time you have, how much you paid for your car and also how much you like dealing with people
lol and don’t forget doing lots of work for free , yeah guys it’s bad
What people forget is turo ISN'T a car rental business.
Its just like real estate, it's all about location! Location! Location!
Personally i started in new jersey and the partner i had at the time we grew a fleet to 117 cars. After him fucking up the business AND NYC opened up we separated and i moved the business to NYC.
Personally i love cars and business since i have a day job and multiple side hustles i love staying active. However im glad this business IS DIFFICULT to do!
Since im in the NYC market, im having success BECAUSE im doing something other hosts ARE NOT DOING. Unfortunately like this video states January and February typically sucks! 😢
December wasnt the best because i had to shit down the fleet since my lease are up, now for 2024 im starting with 8 new cars and currently have another 8 running.
Once i accelerate the payments for these cars THATS when money will come in.
Like everything else it takes time and sacrifice because youll be working all weekend.
And since im a frugal person, like gaming i dont need to have fun so i dont mind to be working literally 100% of my time.
If I'm having "fun" that means im spending money on women and i hate to spend money on anything besides food really 🤭
can you tell , what you are doing that other hosts ARE NOT DOING?
@normanran3589 🤫🤫🤫 don't worry about it. You asking for secret sauce 🤣
Great video thanks for sharing your insights!!
Glad it was helpful!
First mistake is not buying an under valued car that can pay itself off in a year or less
That's cool but then you still have the problem of having to do deliveries
@@PowaupI love em, that’s why I live 3 mins from the airport. I prefer airport renters, treat em well and put low miles. Locals will destroy cars more often than not
@@Powaupyou don't do deliveries either. And use remote key exchange.
If you had bought economic cars and owned more than 1 you be making good money
Possibly yes!
So glad I’m done on turo, make 200k and it was a nightmare
Thanks for keeping it real, turo and car rental business is terrible business
I can only imagine how many hosts cut corners to try and make it or commit some sort of fraud
@@Powaup lmao exactly, nowadays you gotta have a good 3-4 advantages or secrets going on to make this a profitable business but probably 2-3 years ago all you had to do is put your car on the platform and you were good but that is not the case anymore. 🤦🏾♂️
I hear such horror stories about low quality renters on Turo, I would never let anybody rent my MKIV Supra because they would wrap it around a pole or steal it, People put in such hard work making a business and get screwed over it makes me mad at the trash people out there.
I do Turo, and yes, the car value goes down while renting it. My conclusion is: if you rent your car to cover some maintenance costs and save on depreciation, it is good, however, to make a profit, not really an option, or if you have many cars and with a little bit from every car, maybe..
I would never put a Porsche or any European car on turo. Maintenance, repairs, and upkeep are just to much on those cars..
So it was just a user error
Love your candidness, always keeping it 100! Love you brother
Yee! 🙌
What are you going to do next? New subscriber here to follow your journey
I would never do Turo. I would rather work at McDonald’s than do Turo
Damn man I heard so many mistakes when you went over your venture with Turo.
Like what?
@@Powaup financing a vehicle for Turo: you are paying full coverage insurance and you are paying interest on a heavily depreciating asset. Not to mention dealers are making a profit on your purchase. Buying cash and strictly private party or auctions is the only way to do it. Also selling the car to a dealer is crazy they are offering almost nothing compared to private party. Also picking a prime location to rent out from is a key factor, also pricing your delivery fee at the max $120 is the best way to not take a hit delivery to airports or guest location. I mention on my delivery fee that I hand over the keys directly there are no hidden parking garage fee or the need to take a shuttle to find a car in a random lot. Also taking vacations while you have all these vehicles financed you are just burning money. When you work for yourself any days off is loss on income you can't give yourself PTO. Also a base Macan and a Turbo Macan will make roughly the same amount of income. People want to drive the badge not too concerned about trim levels.
@@MadrigalMotorshm.
Where are you located?
San Francisco Bay Area
What insurance did you use for your cars and how much ?
I had Metromile, they stopped supporting Turo though
What market were you in?
San Francisco Bay Area
Try Vegas, a much better market for transitory renters.
What a mess