CASH VS FINANCED CARS FOR YOUR TURO CAR RENTAL BUSINESS!
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- Опубликовано: 29 июл 2022
- Is it better to pay cash or get financing on your Turo vehicles?
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I am not a CPA, attorney, lender, or financial advisor. The content in these videos should not be construed as tax, legal or financial advice.etc, and may be outdated or inaccurate; it is your responsibility to verify all information yourself. This is a RUclips video for entertainment purposes ONLY.
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Hey, Turo Tactics - our maintenance costs are not $4,000 - $6,000 per month, our OVERALL costs are $4,000-$6,000 per month - our costs include things like Maintenance, repairs, garage expenses, tools, insurance, phones, internet...but I suppose it makes sense that your costs would be so low given that you're doing oil changes once every 20,000 miles, 1/4 of how often we do them for our fleet.
Ok I see
You know when you buy a car from private seller you can get a better deal than financing from a dealership. If you make $12k a year from a vehicle that you bought on cash. You can flip that car after a year and get whatever you paid for or slightly less for that vehicle. Let's say you finance a vehicle and turo is slow, you will still have to pay the installments.
Leverage. Smart Debt. Speculation. These are the skill-sets to become an expert in before investing in a rental business
Great advice, thank you and god bless 🙏
Super helpful. Thanks!!
All maintenance and insurance is a tax right off, always keep receipts
How many cars do you have and at what price point.
It seems to me that paying cash for cheaper cars is best because actually by paying cash it’s true you are down the dollar amount for the purchase, but your fixed expenses are lower since no monthly payments thus giving you HIGHER cash flow.
A lot of Matainence things are covered by warranty on newer cars.
Can you use a personal finance car?
20k between oil changes is a big mistake........oil changes are cheap engines are not! Scotty Kilmer voice. You should not go that long between all changes you said that you were a mechanic ,and you should know this...... Those vehicles are gonna start blowing back and burning 🛢...... The most I do between all changes maybe 6 to 8k miles and that's still pushing it!!!!! We don't have any oil leaks, no engines are burning oil nothing!!!!!!
Keep in mind the older the oldest it starts to break down and become more like water instead of being Lubricant.
Even with full synthetic I know the oil changes are more expensive, But I still wouldn't go that long between all changes.
I'm just thinking about what you said you changed the oil at 20000 miles and the oil is dirty. You're building up gunk inside the engine. If you put an engineer next to a mechanic I guarantee you they'll say 2 different things. The smartest thing to do is to listen to the mechanic. My main mechanic laughs when he hears stuff about 15 and 20000 miles between oil changes and then the end just start burning oil and they don't know why. Lol good luck!
How to project monthly income in a city?
Dave! Is required bu Turo to be a certified mechanic to do oil and filters changes or can I do it by my own as a car enthusiastic?
You don’t have to be certified to do your own oil changes. If your car is unlisted for a maintenance issue then an ASE certified or certified mechanic must complete the repair.
Turo Tactics, great information. My question how do you successfully rent your car with the true insurance? However, when it’s not being rented drive it as a personal car when most personal insurance if they know that you’re on the car sharing platform will cancel you immediately. What regular insurance do you recommend I might call. If you spoke on this send me the link. Future host
I think you will need both personal and Turo insurance
You never plan on keeping the vehicle, so wit a 20k oil change by the time the damage is done it'll be back on market. Let's say you're doin 7 vehicles oil and filters every 3-4 months that 250-350 he's saving between 1k-$1400 a year. I bet the Silverado doesn't receive this treatment but i respect it. Thanks for the info 👍🏾.
O wow!! 20,000 k in between and Walmart!
Talk about skimping.
This why I don’t go to those no name dealerships on the side of the road.
They cut to many corners to save money
This sounds like dealership advice to change transmission fluid every 200 k miles 😂👍🏽
I've heard 10k oil change. Not 20k
You hurted my feelings when you said Hyundai’s 🤣
Just curious about my situation.
Payment 370/m (with full warranty)
Insurance 100/m
Car wash 40/m
Daily rate 60/ day
Do I have a good set up? If it flops I’m cool with keeping the car.
The only car I got approved on hydai :( 2021
I don't know what's your business experience is but this is not how business works.
From a month to month basis anything you net over your overhead including car payments is your immediate profit.
What's churro has for free $750,000 in insurance coverage.
Now 100,000 mi on a car is relative because if it's highway miles that's only about 60,000 miles. A car that's well maintained oil change regularly is a 300,000 me car
5 vehicles $1000 a month $5000
payment on each: $250=$1250
$3750
-$1000 insurance
$2750
$1250 maintenance
$1500
$1500 profit a month
25 cars would bring you $7500 monthly profit if they’re all financed
A lot of maintenance is covered by warranty on newer cars. So basic maintenance on 5 cars shouldn’t be 1,250.00 monthly, I would say 700 average because they won’t all need work at the same time
So NO HYUNDAI’s. Got it! 😂
Did you really quit!?
No
@@TuroTactics what if your payments/expenses are the following:
1. Car note - $411
2. Auto insurance - $605 (6 month policy paid in full)
3. Car washes (hand washed monthly) - $150
4. Daily rate - $50
Can you make a profit?