3 Turo Strategies I QUIT Using
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- Опубликовано: 3 окт 2024
- In this video I go over the 3 strategies I no longer use for Turo. I hope to help the community learn from some of the mistakes I've made over the 7 years of hosting on Turo. Enjoy!
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*I am not a financial advisor. The ideas presented in this video are for entertainment purposes only. You (and only you) are responsible for the financial decisions that you make.
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‘It’s good to learn from your mistakes. It’s better to learn from other people’s mistakes’ - Warren Buffett
Thanks so much for sharing, Saimah!
You should upload a video reading the turo terms of service. I actually think it would be a hit! 😇
Just started Turo recently. I have about 15 completed rentals under my belt. After about 5 rentals I switched to contactless when possible! Such a time saver! I left my car at the airport this morning at their reservation time (10am) and 3 hours later the guest picked it up. I would have been losing my mind if I had to wait 3 hours for them.
Easier for them, easier for me :)
How do you set up contactless
?
@@ZurielXen I use a lock box and give them the code. So I park the car at the drop off location and leave so they can pick up the car when they get there instead of waiting around for them to show up. The other day these people picked up their car 3 hours late. But I didn't care because I wasn't there, they had the code and accessed the car right away and went on with their trip
@@thattannerguy856 Where can a purchase a lock box?
@@audreyturner1972 amazon?
The key to protecting your assets is buying them under market price. How can you possibly do that with a lease? Not to mention the excess mileage fees with most leases. I agree with you on the contactless approach.
The OVER-mileage has always been the problem. Leased cars usually have such low mileage limits that even if you go on a road trip, you are already OVER the limit :P Now they do offer a few tiers of annual mileage you can choose from, but even the highest mileage option is NOT enough for a TURO host... Leased car mileages are meant for personal use basically... The extra mileages are charged at a fairly high rate, after you pay that, not sure how much is left for profit... So the only way to profit out of this is by buying WAY under market value; but finding these deals would be the hard part. LOL~ Totally agree with what you said.
I wouldn’t say you’re negative. If you’re financing the vehicle (with zero down) , the money you are paying on the payment is coming from the customers. Not your pocket. So when you sell the car, you get all of THAT money, regardless of how much it is, plus the profit and cash flow monthly on anything above the payment. I would prefer the cash flow AND the lump sum as opposed to just the cash flow. Plus no limits on miles. Just my two cents
Plus, I can sell the car whenever. With the current market (and will remain the same for next 2-3 years) it’s not unheard of to keep a financed car for 6 months to 1 year and actually profit on the sale. I’ve done is already with 3 of my vehicles in the past 6 months
Great content from Saimah as always but I like to chime in regarding some key points that Saimah has left out which is very important to your bottom line. *LEASING* 2 Major factors not mentioned is when you lease a vehicle you MUST carry 100/300 liability Vs when you own you can choose the state minimum. The insurance cost when you lease is a HUGE hit on your bottom line! In some instances this will increase your 6month premium by double or sometimes more depending on how many vehicles you own and some other factors. 2. LEASING has a clause called wear and tear. It's another burden cost you don't want at the end of a lease when it's time to turn that worn out vehicle by your bad renters. Dings, dents, scratches, tires, interior wear etc etc! *UNLESS* you re lease with the same company, they usually will waive that clause. Which there's no guarantee that you will. I personally like my options better when I own the vehicle. If you make a bad deal when you purchase of course you'll be underwater *BUT* if your a good negotiator you can buy at the right price and sell when the time is right and get money back! But only if you're good! Good luck
Well I'm starting over my turo business because my partner was literally stealing and not paying investors back.
I'm running my cars until the wheels fall off!! I run this as exactly like my real estate holdings always ready for the worst so all my profits have specific roles.
All my cars are leased so I'm curious as to what I'll make happen when the lease are over and I'm WAY OVER the milage 🤭
@@aim-for-greatn3z947 Sounds like you are on the way to BK, especially if a driver of one if your cars kills someone and a jury awards the family $5M. I would get out of this high liability business immediately.
@@JamesD-HB not really..... I've already have had issues like these, someone from NYC rented a 3-series bmw and my vehicle was used to involve a shootout.
When my car returned it had HELLA BULLET holes🤣. And someone was shot and other wounded, nothing happened it took a while because of the investigation and getting the car fixed but no issues!!
Dude I have 90+ cars I have stories for days.
@@aim-for-greatn3z947 90 cars means 90x more chances you could get sued and not have enough insurance to cover a jury award.
@@JamesD-HB yeah..... dont worry, good thing is...
Its NOT a problem to concern yourself with🤭 it's my problem...
I'll say this though I RATHER have 90+ vehicle problems, than NOT have any at all!! If you're into business you'll understand why..
Remember life works this way, that's why some can and some can't, unfortunately not all of us can win.
I just wanted to share my observation, you are very well spoken and knowledgeable. Amazing channel and journey
Thank you so much for the kind words it’s really appreciated ☺️
The leasing part is key for a certain way of doing business
I'd be lost without these videos! What are some good ideas for drop off/pick up location's? Especially with no contact exchanges
Great tips. I moved to contactless only about six months ago and it has been a game changer. People love the convenience and it reduces pressure when flights are late or the weather goes crazy. I do want to look into the leasing bc I have more demand than vehicles and it's so hard to keep financing these things. Thanks!!
Thank you.
How do you handle going over miles on a lease? Thank you for the great content!
did you ever get the answer to this ?
You pay for the miles you went over at the end of your lease, but on Turo you can charge ppl for going over their allotted miles to offset this. So if you do a 2 year lease for 18,000 miles that’s about 25 miles a day.
Great speaker, Great brain , flawless beauty
Info for these whos asking "how about mile overage for the leased vehicle?"
Most lease contract requires you to pay $0.23~0.25 per mile you went over. But if you lease the right vehicle, you can easily make $0.79~$1.14 per mile ( my 2021 examples ).
get a lease with 3 year 36k miles and return them with 70k miles and pay the overage fee and it will be still worth it.
Also you don't have to worry about diminished value you get hit by after an accident if you have financed or cash car.
OR if your vehicle worth more than what you owe before your lease term ends, you might as well just sell it and take that positive equity.
But wait don’t leasing only offer a certain amount of mileage you can drive a vehicle or else they got some penalties or fees?
BMW Lease program is only in 4 markets not in my florida market.
If your leasing how do u deal with going over the miles
You pay for over mileage. Usually you can buy miles for a lower prices several months before the lease is up. Otherwise, if you wait till the end of the lease, they will charge you 25 cents per mile for higher end cars such as Audi, bmw and Mercedes.
Selling the vehicle would possibly be best because the money you would spend on maintainance will possibly negate the equity deficit you have..
Car dealers CHARGES leased vehicles miles overage, typically between 10K-12K miles/year. The avg cost per extra miles is around $.48(+ -) cents. So not sure if leasing would be the smart option for a Turo business. I would love to find out what a typical Turo vehicle is driven yearly? If the mile overage costs is less than $1K-$2K per year, then leasing could be attractive.
Volume could be a good strategy with something like the bolt EV, and maintenance costs are almost non existent. Make deals with local businesses or gas stations to use a spot for charging/delivery. Pay them for the spot and power.
I can’t list any of my cars I just keep getting a loading up wheel lol
How about the tax end of leasing multiple cars?
Can you make a video on cars that have high profit margins on turo?
Great video! Where are you based and have you thought about moving to get higher rates?
Btw your reasoning on leasing is amazing.. people don’t account depreciation
What camera do you use to take pics of your cars?? Thanks
Your experience and wisdom is very enlightening and helpful maybe you can do a video on ways to avoid scams, or getting scammed.
Very helpful as always Saimah
What if the customers drive more than the miles on the lease allow?
You tell them they have to drive backwards all those miles in order to return them.
@@Fjord_Driver 🤣🤣🤣🤣
I am a regular Turo renter who is interested in becoming a host this year. Thanks for the information. You probably shortened my path to becoming a host by a month or so and enlightened me on the rough waters to avoid when entering the market. Thanks yo!
So happy to hear! Glad that it’s helping :)
Don't without talking to an asset protection attorney!
@@JamesD-HB Wow it's like that? The more I learn about this Turo thing the more I feel like I missed the best part. Now it is becoming a target of competition and getting bogged down by events outside the control of corporate or hosts or renters... oh well!
@@Rvalivesound Ask your attorney what could happen to your home or stocks if someone dies in your car.
@@JamesD-HB TBH, knowing what we all know about what goes on out there on the roads, I always wondered/worried about this and all the rental gig things... I have a business and we use some heavy duty insurance to protect from liability for concert incidents, but we all know that when the worst happens things tend to get complicated. lol I will ask him (insurance company rep and a lawyer) to be sure before I proceed.
Thank you for great information. Will you mind share the welcome message and the thank you meaasage
Being that the dealers are on the west coast and I’m on the east I wonder if I could lease from them and just drive here?
Good tips, thanks! Met up with my 1st renter a couple days ago, she said this was the 1st time a host has met her in person, lol. I recently bought my car after the lease ended because the dealership predicted it would be worth less money than it actually is currently worth. So I had equity in the car & was about 16k UNDER my allotted lease mileage at the end of my lease. Purchased an extended warranty too! Hoping it does well on the platform. It's a 2019 Nissan Altima in the metro Detroit, MI area 🤞🏾
You think this year is better to lease than finance? That's my current dilemma 😫
@@kinggeorge305 There are a lot of variables to consider w/ both options. But if I was trying to decide between the two right now, I'd finance if using the car on Turo. If the car doesn't do well, you can sell it without taking a big loss or possibly no loss at all. If you lease & the car doesn't do well on the platform, you're stuck paying for it til the lease ends.
great help, looking into becoming a Host Thank you Saimah love your videos
Try shift! They offered much more than vroom for my bmw
You shouldn’t have negative equity if you are buying good resale cars as well as trading them out more frequently
How are you going to lease if you have the car titled to an LLC
I disagree with you! When u Lease, u must keep ur car for 3 years but when u finance you can actually buy the car for 1-2 years or however long u want and can sell the vehicle whenever u want
Interesting. But what happens if you finance and like all cars it depreciates? Now you have to sell the vehicle, but it’s not going to be worth as much as it was when you purchased it, and financing adds interest. Meaning (hypothetically) a $60k car could be $67k with interest and now you are selling it after it’s depreciated for a few years.
You can buy your lease whenever. You don’t have to keep it. It’s residual plus unpaid payments.
Renting out your lease is most likely a breach of the sales contract
What about going over the miles?
Once the loan is paid off by the renters why wouldn't you just sell the financed car? That way you won't have any negative equity but pure profit.
Great idea! 💡💯😎
I agree that leases will help keep a newer fleet and I like the tax benefits , but leases limit how many miles you can have for term of that lease . Typically now more than 12,000 a year . Which means you can only rent your car for 1,000 miles per month , otherwise you’ll be charged for going past mileage . And once you sign a lease you can’t sell that car until the lease is over. When you finance you can sell the car whenever you want . And if you can finance why not go for the longest term , you’ll have the lowest cost of ownership in the long run . Plus when you do sell the car you financed that’ll appear as another paid off car on your credit putting you in the position to get at least 50% more than your previous loan for the next car. The way I see it leases would limit my margins on these platforms and force me to keep cars . How are you able to supply the demand if the miles are limited ?
Very good info. Thank you.
With regards to leasing, it can get tricky depending on the time of year and the vehicles that are available and that make sense to lease out.
1) A host can't just lease any vehicle, right? The market kind of dictates what vehicles are worth your time to invest in. So, if you search those vehicles and they're aren't any attractive deals for them, we'll there goes that. Also, if you're just starting out, you're going to need to hit up so many dealerships at one time as to get the vehicles in the first place. Dealerships won't lease if they see so many leases on your credit report, and those leases do show up on your credit report.
2) There may be a clear exit strategy, however Dealerships expect that when you return that lease, it's near the same condition it was in when you purchased the lease. They will try to nickel and dime you for every little thing. 👀
3) Depending on an individuals credit, payments on leases can vary. Again, the time of year, usually around Labor day, nice deals on leases are coming out, and perhaps memorial day, but there aren't to many good offers on leases throughout the year, even for someone who has excellent credit.
There needs to be more discussion on leasing. Many lease deals cost the same or more than financing if you’re going to select a high mileage program these days.
@@drewh8264 I just heard an advertisement in my area for $250/month lease for a 2022 Jeep Compass. Now, that's a great deal if someone qualifies for it. Also, they won't allow a the lease vehicle to be rented out on Turo, if the purchaser informs them. So, the only way to make it happen is not to inform them, but if they find out, that breaks the lease contract. Also, the vehicle needs to be brought back in excellent condition, and the miles cannot exceed 10k. 😒
@@rome8087 Not telling your lease Co about Turo is a mistake, especially when an injury attorney sues you because your car killed someone.
I was wondering the same thing, don't you get killed on mileage?
Sorry I meant to press like not dislike. I always love your videos. Questions on the leasing. When you get max about 12k miles per year on the lease how do you not go over the miles on the lease? On my Turo account I have about 200 miles per day. If someone rented a lease vehicle on a 5 day rental it’s 1000 miles. How is this possible for a lease?
Hi Saima, Question. How do you manage the mileage? Leases usually have a max mileage per year. If you go over it could be very pricey.
My question too
Not being rude but does she answer questions on her videos? I am very curious about this mileage but she doesn't seem to answer.
No. She just tells you to sign up (pay) for more information.
@@klibersalinas7718 thanks
She answers this question in another video I can't remember the title but she says she tells the dealership she's looking for a high mileage lease which saves her from going over.
Hi Samantha, I am a host in NJ I am doing contact less key exchange but I am Having difficulty finding lock box that can enable the transfer signal to the car when I put the lock box in the window. Do you have any recommendations?
What she didn’t tell you about leasing is the mile limit and how you’re gonna have to pay a lot at the end of the lease. Maybe she’ll make another video once this happens to her
I do have a question Ms. Saimah?
Even though there are miles built into our leases, what do we do with our vehicles that cross those miles in a year?
Thank you, love your vlog..
My hands are tired watching you hold up that coffee cup….put it down😀
The financing tip was really good! Is there a certain mileage you don’t exceed when buying used cars?
Im currently dealing with my first incident🙃 makeup stain on backseat and curb rash 🙃
Thank you for very informative video, but how do we know which company has that option like leasing to renting option?
That’s the answer I wanna know
Get your answers from an asset protection attorney because every thing you own can be taken from you.
At 35 cents a mile after you pass your mileage cap on a lease car ,I wonder how she profits?as I driver I know for a living that can cost you thousands of dollars
Incorrect because you MUST get a high mileage lease based on yearly utilization for Turo miles. For example her in SoCal 15k miles per year is average on my Turo cars so at minimum I do 15k per year mile leases.
Hi there , great content ! How do u manage the mileage on the leased vehicles as they are normally limited !
I appreciate your transparent evaluations. I have a few questions for you or your community. Paying cash for cars vs. Finance or lease? carry only liability insurance (no personal use), focus on lower end cars, suvs and hybrids under 20K. Buying highline lemon law inventory (reasonable buy back reasons). Turning cars every year? open a separate DBA bank account? Thank you
What happens when/if the leased vehicle gets totalled? Will the insurance payout be enough to cover the cost of the vehicle? Thank you!
I hope that more places start to offer the leasing option, I haven't seen any in GA... Also contactless deliveries are a game changer for your time!
I would love to do a lease is just I live in Ohio and there are absolutely no leases that would openly allow for car sharing and I know that there's a way people can still do it without being authorized to it's just the amount of mileage people put on these cars and I don't even do unlimited miles you know having your miles set at 200 a day still weren't a lot of driving depending on how long the trip is
I dont think you can turo a lease car isnt there a clause on a lease contract where a lease vehicle cant be used as a rental?
(My best advice to anyone). Purchase outright. Look for longevity of your vehicles ( Big Miles) above 300k. With smart consistent maintenance. Essentially your purchasing the drive train. So make sure it's substantial ( tried and true). There are 3 Makes that I know of. 1 is luxury and absolutely not a BMW. Also steam clear of the electric market. Vehicle batteries are failing and burning Down vehicles and several of the more known are dealing with lawsuits.
Only makes sense if your cars are rented just a few hundred miles short of the 12- 15 K limit. Yearly.
correct! which they do that's how I came to this number.
Hi love your channel! How have you handled mechanical issues. A renter just destroyed my transmission!! Does Turo cover a transmission…. I highly doubt it
Hi thanks for the compliment! You are out of luck with Turo fixing anything mechanical! Turo is my least favorite of the platforms. To be honest we are most likely going to stop Turo! The 200$ isn’t worth the risk! One bad rental and years of profit out the window ! I do 80% of my own mechanical work so that helps. We are transitioning to only renting to production companies and pro photographers because they have their own insurance! But we are in Southern California so we can do that.. Turo is a joke .. the risks are way to great..
With EVs having a better resale value, do you still recommend lease or finance for EVs?
How would a lease work when typically they only give you about 15k miles a year? My MDX is constantly booked and about 28k miles were put on it in one year alone. Leases require extra payments at the end if you go over the mileage.
That is my concern as well
Was thinking the same thing
I think what she is getting at that we're going to pay either way, it just maybe cheaper when leasing??? 🤷🏿♀️
Well I know that Toyota charges $0.15 per mile over, so if you do the math, a typical 3 days rent for Turo with 600 miles limit, even if they use all 600 miles, you multiply that with $0.15 you get $90. So yeah I wouldn't worry about mileage. I'm sure other brand charges similar with lease vehicles.
She knows about the mileage which is why she doesn't discuss it. Don't do leases, hosts, and don't listen to her bs because leasing is not a good idea when renting it out.
Or...you could just finance your car for a shorter term to stay out of negative equity and have the option of getting out whenever you want.
I’m wondering how you lease when u are limited on miles ?
How many miles are you seeing on your leased vehicles? Do you find yourself going over the lease mileage allotment?
I’m wondering the same thing 🤔
I'm sure it's a different mileage allotment with a company that does a ride sharing program. They expect alot of miles
I’ve heard, in southern Cali, it averages 15k miles per year.
Mileage is a very expensive hit at the end of your lease. But much worse is the liability of this business. Talk to an asset protection attorney!
Did you have to start off with establishing credit through credit cards? With your first car?
Isn't renting a car you leased against the terms of agreement 🤔
I have a BMW Z4, which is underwater, and on a no-remedy recall. I'm stuck. Luckily as all my other cars are making great money, still, I'm losing $500/month. There are days that my purchasing vehicles with not so great loans looks like a bad idea. Of the three, I've been able to refinance two, and, as luck would have it. The one I couldn't refinance (too old), is the one on recall. sigh... I could eat the couple grand, but I also like the car. My daughter may get a much nicer car than I intended...
Great info, I didn't know you could rent leased cars.
I would not without the right insurance.
Hi Saimah,
I've enjoyed several of your videos & just subscribed! Thank you for including the link to BMW's new leasing program. I am definitely looking into that, but I'll be a new Turo host this year. Do you recommend starting with a luxury vehicle as my first one (I live five minutes from LAX.)?
Do you know of any other car manufacturers that are offering a similar lease structure? I did my googles but could not find much information aside from what BMW is currently offering. Advance thanks & be well.
How is the BMW doing now?
Hi, as a customer, can I use my own auto insurance policy when renting a car from Turo? Thx!
I disagree with you also because at the end of the lease any miles over 12,000 per you have to pay for those additional miles🍺
8:31 you forgot to edit this cut.
Can you show us your welcome and return letters?
Wow, the whole contactless seem like a lot of trust in strangers. And risky. Especially if you have nicer vehicles.
How do you find leases that allow car share?
Ty
Application fee is $750+ upfront, turn in $400+, money factor = 3%+.
THIS IS SO False. I pay off cars in 2 years and the equity is mine. Tell me I'm wrong?
Do you have a template you message your client you could share that welcomes your customer when they initially rent out your car and as well as when return it?
What is Turo go? Not seeing it when I look it up
You stay in Arizona?
What insurance company do you go with for registration and al that
Warning, if you start a Turo business without checking with an asset protection lawyer, everything you own can be taken by an injury attorney ambulance chaser.
Explain please
@@audreyturner1972 If a driver of your car kills someone and a jury awards $5M against you, but Turo's ins policy limit is only $1M, how will you pay the rest of the money?
Of course you would lease or own the car through an LLC not personally, right?
@@JADOMmusic Most people have cars registered personally because business ins costs much more. And if you commingle funds, that can pierce the liability protection. Please, please check with a lawyer. Be careful.
U can sell a lease car
Do you run your rental business as a C corp or an LLC?
S Corp :)
She knows about the mileage which is why she doesn't discuss it. Don't do leases, hosts, and don't listen to her bs because leasing is not a good idea when renting it out.
Any have experience renting 15 passengers van in minnesota?
😍😍😍
Lmao what, you can be upside down on a lease too!
so cute!
She doesn't answer the questions. Therefore, I give her a thumbs down.
Omgaawd
$2100 to add Turo to your BMW lease
You are beautiful
*People will be kicking themselves in few weeks if they miss the opportunity to buy and invest in Crypto as it's retracing....BE WISE*
He's Really amazing with an amazing skills he changed my 0.2btc to 3.1btc
I heard Gerald be scamming bro I wouldn't use him.
So how are you getting around the limited miles on leases