but i mean - maybe there's opportunity for growth..? if it were yours, would you keep it listed? if you like keeping track of numbers (the ups, and the downs...) as closely as i do, consider downloading rocket money :) easily view and cancel all your subscriptions, stay on top of spending, put savings on autopilot and more: rocketmoney.sjv.io/goherping
Keep it listed, but increase the price. You could definitely make a small profit off of it with a small increase in price. Breaking even at the start is good because it increases your reputation by getting more reviews but after that there's no use in keeping the price that low
Your revenue per mile figure is quite frankly… bad. $.25 per mile driven is WAY too low. You really need to increase it at least 50% to have this make any financial sense (and even then it’s on the low side). With that amount of millage you’re soon going to require new tires which will absolutely destroy any profits for basically the entire year. You are paying yourself nothing and the car is a depreciating asset. Also, you made no mention of the costs of charging at home when it wasn’t returned full (or had to be driven back) or registration. Did you factor those costs into your calculations?
Brother, increase your rates 25%, and make it a minimum 2 day rental. That way your work per rental is lower (value your time), and you won't get people joyriding your car to shaboink as much.
I met someone when I was renting off turo who did this as their full time job. His house had a double parking lot for the extra cars and he had tons of cameras all over the place because it was pick up and drop off only . His car set up was like 10-15 cars and trucks . Alot of older but well kept hybrid's and a few Toyota yaris and some trucks. Most of the cars had between 170k -230k on them. Seemed like he was making a lot cuz he cars were always getting booked prices were from $36 -$42 I'm in Rhode Island. Hope this helps brother
34 a day is EXTREMELY cheap especially for a Tesla, I live in a tourist city on the coast so maybe that's why rental cars are pretty expensive but the only cars I've been able to rent for $34 are older basic cars, Tesla's and SUVs go for $50+ a day lol especially with the Tesla premium, cleaning supplies included and all that, you could definitely charge more
i realized i didn't specify the actual list price, $34 is what i get after 25% is taken out for commercial turo insurance plus turo fees. so the customer sees the price as $50-55/day, and then there's some 5-10% discounts depending on booking details. so $34 is what i get in the end
Hate to say it but this is probably going to end up like your roommate fiasco. It all sounds good in theory but reality is that the odds of success are not stacked in your favor.
there are two things you didn't account for one is that if somebody crashes your car than you lose weeks of revenue and that if you rent it for a few years its basically battery lottery if your battery lasts less than 300k miles, witch is likely, you have to pay 13k to replace the battery.
@@GoHerping you should look on return on investment if you put 1000$ on the line than 200$ a month its worth the risk but if you put 20k on the line and renting a car is risking it than its not worth the risk of anything going wrong and any unexpected problem will turn it to a loss
A friend owned a car rental business and they'd have optional insurance. It was a scam really because the company already had all cars insured. When someone crashed a car and did not pay the additional for insurance it would be a big pay day. One customer crashed a Porche which ended up costing 50k all covered by insurance and the customer also had to pay 50k leading to a 50k profit although the car was out for a few weeks it was worth it.
@@DanKxxxIf they collected a settlement from the insurance company and got the same payment from the customer, that's fraud. It just doesn't work work like that.
I have a bookkeeper who handles multiple Turo hosts. They aren't cheap but a business expense and worth it. Better advice than just RUclips commenters.
@@cantgetright742 this not working for Turo. Since you do not charge the car all the time, you cannot use the standard mileage deduction. He could go only through depreciation schedule
@cantgetright742 read irs guidelines or ask cpa. If you are renting to someone and this person is pay themself for gas or charging, then you can not use standard deduction. You can use it only when you pay for all expenses. Lets say if you will pay for charging/gas and give to renter some kind of card to pay for it, only then you can use standard mileage deductions
@ Standard mileage rate not allowed. You can’t use the standard mileage rate if you: Use five or more cars at the same time (such as in fleet operations); Claimed a depreciation deduction for the car using any method other than straight line for the car’s estimated useful life; Used the Modified Accelerated Cost Recovery System (MACRS) (as discussed later under Depreciation Deduction); Claimed a section 179 deduction (discussed later) on the car; Claimed the special depreciation allowance on the car; or Claimed actual car expenses after 1997 for a car you leased. Note. You can elect to use the standard mileage rate if you used a car for hire (such as a taxi) unless the standard mileage rate is otherwise not allowed, as discussed above. There you go. Publication 463
Came across this randomly and thought I recognized you and I looked through your Chanel and found out your the animal guy I used to watch back in the day and now your doing car content no way congrats man!
I think it's really cool how you consider so many variables and live life more through meaning and purpose (even when considering material stuff/finances). Love hearing about your adventures!
I'm glad you're keeping it listed. I'm very interested in seeing how it goes and I also think that as you gain good reputation on that platform you are more likely to get more renters and will be able to gradually set the price a bit higher.
Your voice earned my subscription now it’s the clear and interesting content keeping me here. I think it’s hard to determine the full risk of this adventure after a month. I say keep it up the content is gold. 👍👍
I love how honest you are with sales. I am only 20, but my plan is once I graduate and have something stable, I will buy 2 used Teslas. one for personal and one for Turo I currently drive a 2024 Model Y, and I am in love. I've always been a fan of Tesla, so to get to drive one is honestly awesome, and I would love to share that experience with someone else while also hopefully making a profit. Now in terms of your question, free Tesla? YES! That's the point: you have people pay off your car while you do your own thing, and after a year or two, your loan is almost paid off, and you just have a free car you barely worked for. Teslas are quite reliable, and if you have full insurance coverage, you wouldn't have to worry about big damages caused by renters; the only fear would 100% be the battery, but I've seen really old Model S' that can still hold over 100-200 miles on a charge. So at the end of the day, you have something that other people paid for, and you could either sell it or keep it working to make you a profit!
I love Turo because I can rent cars I normally cant through rental companies. However im on the road so much when I rent one, an EV would just be in convenient for me, especially since my friends dont have chargers at their house.
This is one of your three cars on top of insurances and mortgage. Brother how do u keep all this under control? Should do another of your vids where you show your debt and expenses vs income like you did before.
I personally wouldn't keep doing it with my car, but I like the videos, it gives you a functional spare Tesla and it provides you with enrichment. Keep doing it until it's not fun anymore.
… thanks for doing this video. I have the same car as you, 2018 LR, 2018, 21,000 miles; I don’t drive that much. Been thinking to do the same, but I thought there’d be more money in it!😢 thanks for your video and your great folky explanation!
def more updates to come. while i really do think the money can be worth it longterm, it would be really hard for me to list a personal car like that - especially with such crazy low mileage
What’s the process for invoicing customers for things outside of the normal Turo expenses? For the wheel damage you dealt directly with the customer but does Turo offer any protections in the event a customer screws you over (taking parts, damaging the vehicle)?
most of the invoices are done directly through turo (charging, tolls, late fees, etc) and anything else will require opening a claim if your guest doesn't comply. but i believe every claim is gonna require you to pay your deductible - mine is $250
I think with any business, it takes time and hardships to make a profit. In the beginning, it's just about learning, getting experience, and getting reviews. As long as you're not always just in the negative and you're making even, I'd say just continue longer and see how it is. But obviously, with cars and strangers driving it, it's a huge risk for them or someone else to total it. So you just have to take it on with the risks in mind.
You will probably make more money by us watching this video than with Turo, but then again, you might break even. You are adventurous so go with your gut feelings. Great video.
That was a plot twist, I was totally thinking you had learned renting out your Tesla was a huge mistake and not worth it, then you say it's fun and you're going to keep renting it out. You mentioned your voice, I actually like the sound of your voice, and since you have so many subscribers, others must find you very appealing too. Good luck with the continued renting of your Tesla. btw, have you factored in tire wear and replacements into your calculations?
See if you can raise your price $5-15 per day and do longer term rentals. When it's a one day rental, sometimes it attracts the wrong crowd and cleaning has to be done more frequently. Similar to airbnbs, hosts like to do 3 day minimum rentals to disincentivize people who party for a day and then trashing their place. Your target demographic should be families and people on vacation. Longer renters won't trash your car so easily since they need to be in it for a few more days. Good luck in your journey!
never heard of it but just looked it up, there's 4 cars available in Raleigh, each one has 1 or 2 trips lol. Turo doesn't allow me to list my car on multiple platforms, but if i ever delist, i could maybe try some of the newer/smaller sites
What I've found when it comes to companies using their employees cars or in this case private citizens cars is that it usually tends to not be a good deal for the private citizens. I mean think about it, if it made more sense for them to use their own cars economically wouldn't they? Plus, people are far more likely to be careful with a car owned by a corporation than they are going to be with a privately owned one because they are far more likely to be able to get away with damaging your car. A company would not only make you pay for all damages done to their car but also charge you a premium above the actual cost of repairs, they would almost never make excuses for the customer. Note: Also, when companies repair any damages done to their property they will almost always pay below the retail cost to repair including having on staff mechanics to do the work basically at cost in order to squeeze out more profit. Whereas you're receiving money for damages done to the vehicle and not repairing it and then counting the money paid for the damages as profit. That really doesn't work from a business perspective, what are you going to do the next time someone damages your car and you don't just happen to have the extra parts to fix it just lying around?
Sound like the car was rented for about 2 weeks of the 30 days. I think the goal would be to have it out for 30 of the 30 days and t hen you'd be making some money. and question is did you specifically buy this car just to rent it out? If so then yes included monthly car payment but if not I wouldn't include car payment in the expenses because regardless of renting it out or not that payment needs to get paid. Hope this helps and hope it gets even better for you in the near future
yeah, almost nobody ever points it out like you have - but my "real" spreadsheets include what i make from videos covering the side hustles too. i've been going back and forth on whether i also start to include that extra layer of money in videos or not. my main hesitation is just that it removes the realism of whether the average viewer, since a lot of people watch to see if they should also try it out themselves. at the very least, i could do a separate vid covering exactly this!
I mean, as long as you break even, I would continue to do it, see what happens when you get more reviews. If not anything else, rental "adventures" seem to do quite good for you on RUclips, so at least you get great content out of it. But for additional revenue, I would definitely look into converting your huge house into a duplex and rent it out long term or maybe even AirBNB it short term... Depends if you are near tourist-y area or not...
Turo doesn’t let you charge people if they smoke in your car? Also who do you insure your cars through bc I pay $150 a month for one car and my driving record is impeccable.
only if there's evidence of smoking. ash, paraphernalia, etc - otherwise it's "he said she said". my insurance was more expensive with just 1 car, but became cheaper once i started adding on more cars and then bundled with home and personal property insurance
I won't tell you how to run your Turo business if you don't tell me how to run my RUclips channel. 😉 I'm not sure where you are, but I'd pay double to rent your Tesla. Or you can rent my Cybertruck. 👍 If you're keeping all of your business expenses straight, you're probably good. Consider meeting EVERY guest in person, despite you know who not wanting you to.
Ignoring upfront costs (lightning cable, etc), and ignoring the one-time $600 damage claim, you're at +$3/month. So essentially breaking even. However, the first question you have to ask yourself is: would I have bought this Tesla even if I weren't going to rent it out? If the answer is yes, then you can't consider your $443/month car payment as a business expense, so your "profit" is more like $446/month and you are essentially getting a free Tesla. Sweet! But now you have to ask yourself: What else would I have done with those 16 hours per month that I spent spent renting out my car? And would I be willing to bear the full cost of my car payment ($443/month) to get those hours back? So your options are: I like my Tesla but I want more money for my time -> Raise your rental price I like my Tesla but I want my free time back and I don't need extra income -> Stop renting, keep the Tesla I want my time back and I don't care about having a Tesla -> Stop renting, sell the Tesla and get a cheaper car I like my Tesla and I'm happy breaking even -> No change (I would be surprised if you pick this one)
Theoretically, how many of those credits can you get in a year? Can you continually buy, turo out, and sell teslas throughout the year? And get $4k for each one?
i'm not actually sure - i just know that you can't buy the car with the intention to sell it. which seems like a weird thing to prove or disprove in the case you're audited. but understanding the tax code is def above my pay grade lol
truueeeee. i bought the car to rent out to my roommates, and then turo was the backup plan, which i ended up having to utilize. so i personally wouldn't have a use for the car if not to rent. though i guess i could technically just sell it and cash in on the tax credit lol
Honestly like doordash, Uber, ect those companies have you priced in to lose, digitally…. I did Lyft and after gas, expenses, and most of all wear and tear, you’re giving people free rides mostly. Very very difficult to beat the digital p/mps at their own game…. -Like a Casino.
i dont think the first or maybe even second month should count if you ran cheap rates for building reviews, i feel you should bump the price if your going to provide a clean quility rental with paid features, a full charge etc.
I currently rent a Tesla from a guy out of apex nc for uber and DoorDash you would’ve made more money renting to a rideshare driver lol. This was a great informative video since we are in the same area and I thought about doing this also in the future
nicee. yeah that was essentially the original reason i got the car - rent as an amazon flex vehicle to my roommates. turo always seemed interesting so im glad i finally get to try it, but i'd be up for letting someone use it for uber/etc as well. how did u find the guy you're renting from?
@ I found him off Facebook honestly. I been doing uber for years so I talked him into a flat weekly rate where he put me on his insurance and I just Venmo him every week. He wrote out a contract stating I can’t drive out of state unless I have a uber ride taking me out of state and a few other requirements but I been renting from him for an about a year now and it been great for me.
@@GoHerping Right!! Lol at least if they get caught up doing anything "not legal" it doesn't fall back on you plus you'll probably get another payday for it if damage is done to your ride during anything going down 😂 ...that's crazy though baby making, getting lit, and possibly being the plug in your Tesla ahhhhh turo lol 😆
@@isthatatesla I know I see things like that allll the time I'm from Arizona the border is practically like 2 hours or less from my house lol there always seizing cars then auction off the ones they keep or "donate" them to the TPD or Border Patrol, sheriff ect lol 😆 ...not to mention I come across the random straggler carrying "onions" or "potatoes" on there back in those Onion and potatoe mesh bags I'm pretty sure it's nothing illegal not at all I'm 100%sure there just crossing there grandmother over some vegetables that's all lol 😅😆
@@GoHerping correct but for off-rentals, and the coverage you mention that was bundled, can I ask what company? I am rather in a similar situation as you are in haha
Just keep it you have a series about it. Make money from views, it’s not your daily, only car. And you’ll pretty much be able to pay your loan, charging, and insurance. Those will be covered but yeah the cons are beat up extremely high mileage car. So I mean you have a lot of benefits with it. But if it was your only car then no
Charge closer to $50 a day and don't do free delivery. Don't be overly friendly about things, if they didn't charge or caused damage you gotta charge them. This is for profit, so make as much as you can.
trueee. i do give some "passes" occasionally if the guest is really nice lol. not for damage though, just stuff like failing to charge. the list price is $50/day average - $34/day is what I get after Turo fees
"How Teslas Will Be Worth Five Times What You Paid. Here’s How Musk's Math Is Wrong" - Forbes 2023. "Sometimes you want to use it exclusively just like Airbnb - doing Airbnb with a room in your house. The value is just tremendous.” 🤣🤣
at the very least, i bet it would be utilized a bit more. but with the amount of little scratches the car gets, i worry it'd look bad within a couple months since vinyl's a lot softer. buuuuuuuut it would be a great way to just keep practicing wrapping if im always having to re-do panels lol
The $600 payout representa a deferred loss, not a profit. If you're making $34/day you're basically maxing out your net in the first month. That would be okay, if it meant you could raise your prices, but you say in other comments that you're charging market rate. You're running a charity. In a couple of years, you're going to have a $5k tesla with a dead battery.
but i mean - maybe there's opportunity for growth..? if it were yours, would you keep it listed?
if you like keeping track of numbers (the ups, and the downs...) as closely as i do, consider downloading rocket money :) easily view and cancel all your subscriptions, stay on top of spending, put savings on autopilot and more: rocketmoney.sjv.io/goherping
Watch ALL of Saimah's videos if you haven't already.
your adding cost that your already paying, your loan and your insurance. Stop renting and you still in the -600 a month.
Keep it listed, but increase the price. You could definitely make a small profit off of it with a small increase in price. Breaking even at the start is good because it increases your reputation by getting more reviews but after that there's no use in keeping the price that low
This
Your revenue per mile figure is quite frankly… bad. $.25 per mile driven is WAY too low. You really need to increase it at least 50% to have this make any financial sense (and even then it’s on the low side). With that amount of millage you’re soon going to require new tires which will absolutely destroy any profits for basically the entire year. You are paying yourself nothing and the car is a depreciating asset.
Also, you made no mention of the costs of charging at home when it wasn’t returned full (or had to be driven back) or registration. Did you factor those costs into your calculations?
Brother, increase your rates 25%, and make it a minimum 2 day rental. That way your work per rental is lower (value your time), and you won't get people joyriding your car to shaboink as much.
bro charge more
Lol
Competition is charging just as little it’s oversaturated
T-ro now makes it super complicated to do this, but I 💯percent agree.
Came here to say this
That would make sense. He never does anything that makes sense
if someone crashes and dies in the tesla you have a banger video on your hands 👍
i will likely be sued too!
@GoHerping and then you'll have more videos
😭💀
@@GoHerping Nah, they will sue Turo, they know that's where the money is. It's in that commercial insurance policy.
@@GoHerping Which is also a good video 😂🙊
Your voice is fine. You're doing well. Don't be too hard on yourself.
I love his voice it’s so soothing
yall take everything just so literally.
@@asitmcwhy are you commenting everywhere riding his dick, hop off and let us ride weirdo
Ya it will get better when his balls drop
its terrible...
I met someone when I was renting off turo who did this as their full time job. His house had a double parking lot for the extra cars and he had tons of cameras all over the place because it was pick up and drop off only . His car set up was like 10-15 cars and trucks . Alot of older but well kept hybrid's and a few Toyota yaris and some trucks. Most of the cars had between 170k -230k on them. Seemed like he was making a lot cuz he cars were always getting booked prices were from $36 -$42 I'm in Rhode Island. Hope this helps brother
that sounds super fun actually. id love to see his day in the life
34 a day is EXTREMELY cheap especially for a Tesla, I live in a tourist city on the coast so maybe that's why rental cars are pretty expensive but the only cars I've been able to rent for $34 are older basic cars, Tesla's and SUVs go for $50+ a day lol especially with the Tesla premium, cleaning supplies included and all that, you could definitely charge more
i realized i didn't specify the actual list price, $34 is what i get after 25% is taken out for commercial turo insurance plus turo fees. so the customer sees the price as $50-55/day, and then there's some 5-10% discounts depending on booking details. so $34 is what i get in the end
You need to pay attention to the multiple receipts he showed.
Hate to say it but this is probably going to end up like your roommate fiasco. It all sounds good in theory but reality is that the odds of success are not stacked in your favor.
there are two things you didn't account for one is that if somebody crashes your car than you lose weeks of revenue and that if you rent it for a few years its basically battery lottery if your battery lasts less than 300k miles, witch is likely, you have to pay 13k to replace the battery.
true, but i never really account for "ifs", since every project has so many big and little risks
@@GoHerping you should look on return on investment if you put 1000$ on the line than 200$ a month its worth the risk but if you put 20k on the line and renting a car is risking it than its not worth the risk of anything going wrong and any unexpected problem will turn it to a loss
Seen people try this and within their first week track the car back to a chop shop, ppl will rent your car out and replace new parts for old
A friend owned a car rental business and they'd have optional insurance. It was a scam really because the company already had all cars insured. When someone crashed a car and did not pay the additional for insurance it would be a big pay day. One customer crashed a Porche which ended up costing 50k all covered by insurance and the customer also had to pay 50k leading to a 50k profit although the car was out for a few weeks it was worth it.
@@DanKxxxIf they collected a settlement from the insurance company and got the same payment from the customer, that's fraud. It just doesn't work work like that.
I love your weird ideas and adventures, One day I'm watching you take care of chickens the next amazon, next turo
thanks!
I love your raw and honest content! You're inspiring. Always stay true and humble brother!!
Yeah tbh In theory turo is cool but I wouldn't do it, people don't care for what ain't theirs :/
Don't be gentle its a rental.
I know a huz that redlined a car that had 20km driven before and loading it up with construction material.
Theres a saying that you should never buy a used car that was used for rentals
Yo what happened to the reptile videos😭
I have a bookkeeper who handles multiple Turo hosts. They aren't cheap but a business expense and worth it. Better advice than just RUclips commenters.
Honestly your voice is lovely, it’s super smooth and honestly calming to me. I can listen to you for hours.
We love ur voice no diddy
thank u dionny
IRS figures 67 cents a mile. So I use that. Keep track of expenses and use whichever is more. Then you don’t have to worry about depreciation.
@@cantgetright742 this not working for Turo. Since you do not charge the car all the time, you cannot use the standard mileage deduction. He could go only through depreciation schedule
@ standard mileage 100% is usable with EVs. Doesn’t have anything to do with how much fuel you use, or power.
@cantgetright742 read irs guidelines or ask cpa. If you are renting to someone and this person is pay themself for gas or charging, then you can not use standard deduction. You can use it only when you pay for all expenses. Lets say if you will pay for charging/gas and give to renter some kind of card to pay for it, only then you can use standard mileage deductions
@ Standard mileage rate not allowed. You can’t use the standard mileage rate if you:
Use five or more cars at the same time (such as in fleet operations);
Claimed a depreciation deduction for the car using any method other than straight line for the car’s estimated useful life;
Used the Modified Accelerated Cost Recovery System (MACRS) (as discussed later under Depreciation Deduction);
Claimed a section 179 deduction (discussed later) on the car;
Claimed the special depreciation allowance on the car; or
Claimed actual car expenses after 1997 for a car you leased.
Note. You can elect to use the standard mileage rate if you used a car for hire (such as a taxi) unless the standard mileage rate is otherwise not allowed, as discussed above.
There you go. Publication 463
Came across this randomly and thought I recognized you and I looked through your Chanel and found out your the animal guy I used to watch back in the day and now your doing car content no way congrats man!
welcome back :D
I think it's really cool how you consider so many variables and live life more through meaning and purpose (even when considering material stuff/finances). Love hearing about your adventures!
I'm glad you're keeping it listed. I'm very interested in seeing how it goes and I also think that as you gain good reputation on that platform you are more likely to get more renters and will be able to gradually set the price a bit higher.
Keep going! Enjoying the content
ty!
You’re my role model - dropped out and still doing math
It will be interesting to see the same kind of video from a month where you prioritize profit over use, nice one 👍
As someone who’s considered renting on Turo your video is very helpful as a brand new driver! And you’re funny too!!
ty :D
Someone get this dude to collab with that finance show with the Hammer guy lol
Caleb Hammer is a grifter and an incel
Alex isn't in texas though but I guess I could see him road tripping to austin as a video for it haha
Your voice earned my subscription now it’s the clear and interesting content keeping me here. I think it’s hard to determine the full risk of this adventure after a month.
I say keep it up the content is gold. 👍👍
thanks!
I love how honest you are with sales.
I am only 20, but my plan is once I graduate and have something stable, I will buy 2 used Teslas. one for personal and one for Turo
I currently drive a 2024 Model Y, and I am in love. I've always been a fan of Tesla, so to get to drive one is honestly awesome, and I would love to share that experience with someone else while also hopefully making a profit.
Now in terms of your question, free Tesla? YES! That's the point: you have people pay off your car while you do your own thing, and after a year or two, your loan is almost paid off, and you just have a free car you barely worked for.
Teslas are quite reliable, and if you have full insurance coverage, you wouldn't have to worry about big damages caused by renters; the only fear would 100% be the battery, but I've seen really old Model S' that can still hold over 100-200 miles on a charge. So at the end of the day, you have something that other people paid for, and you could either sell it or keep it working to make you a profit!
I love Turo because I can rent cars I normally cant through rental companies. However im on the road so much when I rent one, an EV would just be in convenient for me, especially since my friends dont have chargers at their house.
This is one of your three cars on top of insurances and mortgage. Brother how do u keep all this under control?
Should do another of your vids where you show your debt and expenses vs income like you did before.
... It was our first time with you too Alex, renting on turo ;)
I personally wouldn't keep doing it with my car, but I like the videos, it gives you a functional spare Tesla and it provides you with enrichment.
Keep doing it until it's not fun anymore.
ty! the last bit is def my mantra lol. FUNMAXXING
… thanks for doing this video. I have the same car as you, 2018 LR, 2018, 21,000 miles; I don’t drive that much. Been thinking to do the same, but I thought there’d be more money in it!😢 thanks for your video and your great folky explanation!
def more updates to come. while i really do think the money can be worth it longterm, it would be really hard for me to list a personal car like that - especially with such crazy low mileage
What’s the process for invoicing customers for things outside of the normal Turo expenses?
For the wheel damage you dealt directly with the customer but does Turo offer any protections in the event a customer screws you over (taking parts, damaging the vehicle)?
most of the invoices are done directly through turo (charging, tolls, late fees, etc) and anything else will require opening a claim if your guest doesn't comply. but i believe every claim is gonna require you to pay your deductible - mine is $250
@ thanks man!
bring back the monthly budget videos! 😁
please
hmmmm. they were pretty fun, if i find the time, maybe i'll do a year in review on spending for 2024? glad u like em too
I keep coming back to this video !
Let’s go around the pommel horse, is one of the best sayings of 2024.
I think with any business, it takes time and hardships to make a profit. In the beginning, it's just about learning, getting experience, and getting reviews. As long as you're not always just in the negative and you're making even, I'd say just continue longer and see how it is. But obviously, with cars and strangers driving it, it's a huge risk for them or someone else to total it. So you just have to take it on with the risks in mind.
You will probably make more money by us watching this video than with Turo, but then again, you might break even. You are adventurous so go with your gut feelings. Great video.
thanks!
Also definitely increase minimum rental days to 2-3 and charge 15-23% more
Wrap the car to make it stand out and increase the price. Even if it gets damaged it will be worth it.
That was a plot twist, I was totally thinking you had learned renting out your Tesla was a huge mistake and not worth it, then you say it's fun and you're going to keep renting it out. You mentioned your voice, I actually like the sound of your voice, and since you have so many subscribers, others must find you very appealing too. Good luck with the continued renting of your Tesla. btw, have you factored in tire wear and replacements into your calculations?
See if you can raise your price $5-15 per day and do longer term rentals. When it's a one day rental, sometimes it attracts the wrong crowd and cleaning has to be done more frequently. Similar to airbnbs, hosts like to do 3 day minimum rentals to disincentivize people who party for a day and then trashing their place. Your target demographic should be families and people on vacation. Longer renters won't trash your car so easily since they need to be in it for a few more days. Good luck in your journey!
i think you need to up your rates, contact the other tesla members to up there rates to stay competitive and profitable too like some sort of union.
There probably aren’t any in your location but have you considered Getaround?
never heard of it but just looked it up, there's 4 cars available in Raleigh, each one has 1 or 2 trips lol. Turo doesn't allow me to list my car on multiple platforms, but if i ever delist, i could maybe try some of the newer/smaller sites
What I've found when it comes to companies using their employees cars or in this case private citizens cars is that it usually tends to not be a good deal for the private citizens. I mean think about it, if it made more sense for them to use their own cars economically wouldn't they? Plus, people are far more likely to be careful with a car owned by a corporation than they are going to be with a privately owned one because they are far more likely to be able to get away with damaging your car. A company would not only make you pay for all damages done to their car but also charge you a premium above the actual cost of repairs, they would almost never make excuses for the customer.
Note: Also, when companies repair any damages done to their property they will almost always pay below the retail cost to repair including having on staff mechanics to do the work basically at cost in order to squeeze out more profit. Whereas you're receiving money for damages done to the vehicle and not repairing it and then counting the money paid for the damages as profit. That really doesn't work from a business perspective, what are you going to do the next time someone damages your car and you don't just happen to have the extra parts to fix it just lying around?
That's ok, it's like gambling, it's not about win or lose, it's about the adrenaline rush(participant), and in your case problem solving!
I'd raise that price a little bit... Lowballing is great for customers, but it won't cover long term damages to your Tesla.
Did you get lasik or do you wear contacts these days?
i just don't like wearing glasses and can't really see anytime they're off :D lol
Sound like the car was rented for about 2 weeks of the 30 days. I think the goal would be to have it out for 30 of the 30 days and t hen you'd be making some money. and question is did you specifically buy this car just to rent it out? If so then yes included monthly car payment but if not I wouldn't include car payment in the expenses because regardless of renting it out or not that payment needs to get paid. Hope this helps and hope it gets even better for you in the near future
Idk what your ad revenue is for these Turo videos but could you technically add that to your revenue? 🤔
yeah, almost nobody ever points it out like you have - but my "real" spreadsheets include what i make from videos covering the side hustles too. i've been going back and forth on whether i also start to include that extra layer of money in videos or not. my main hesitation is just that it removes the realism of whether the average viewer, since a lot of people watch to see if they should also try it out themselves. at the very least, i could do a separate vid covering exactly this!
Rental charges might need to be higher if you are losing money on it I think I remember you saying yours was the cheapest model 3 in your area
I’m making over $100 a month from just renting out a parking space. No extra maintenance required
nice, i actually looked into those but as a turo host, so I could rent spots for cars if i ever need a new location or wanna expand
just subscribed, keep going!!
ty!
bruh im lookin at you and im like, dope i get to watch another me in a tesla letting me know whats up w turo and then your names Alex, im fuckin dead
“I hate when cars don’t get driven. When they just rot in a driveway” says the single guy who owns 3 cars
Lel
ROI seems rather low tbh, I would keep another couple months to see if it gets better. If it continues the same way, I'd get rid of it.
I mean, as long as you break even, I would continue to do it, see what happens when you get more reviews. If not anything else, rental "adventures" seem to do quite good for you on RUclips, so at least you get great content out of it. But for additional revenue, I would definitely look into converting your huge house into a duplex and rent it out long term or maybe even AirBNB it short term... Depends if you are near tourist-y area or not...
He is near a city that has a large tech industry. He could make some money just renting to people on work trips to Raleigh.
Wouldn't you consider profits made from ad revenue and sponsors on videos regarding the turo car to also count as profit towards this car?
Turo doesn’t let you charge people if they smoke in your car? Also who do you insure your cars through bc I pay $150 a month for one car and my driving record is impeccable.
only if there's evidence of smoking. ash, paraphernalia, etc - otherwise it's "he said she said". my insurance was more expensive with just 1 car, but became cheaper once i started adding on more cars and then bundled with home and personal property insurance
I won't tell you how to run your Turo business if you don't tell me how to run my RUclips channel. 😉 I'm not sure where you are, but I'd pay double to rent your Tesla. Or you can rent my Cybertruck. 👍 If you're keeping all of your business expenses straight, you're probably good. Consider meeting EVERY guest in person, despite you know who not wanting you to.
Just fyi the govt rates vehicle depreciation at 60-75 cents a mile
Ignoring upfront costs (lightning cable, etc), and ignoring the one-time $600 damage claim, you're at +$3/month. So essentially breaking even.
However, the first question you have to ask yourself is: would I have bought this Tesla even if I weren't going to rent it out? If the answer is yes, then you can't consider your $443/month car payment as a business expense, so your "profit" is more like $446/month and you are essentially getting a free Tesla. Sweet!
But now you have to ask yourself: What else would I have done with those 16 hours per month that I spent spent renting out my car? And would I be willing to bear the full cost of my car payment ($443/month) to get those hours back?
So your options are:
I like my Tesla but I want more money for my time -> Raise your rental price
I like my Tesla but I want my free time back and I don't need extra income -> Stop renting, keep the Tesla
I want my time back and I don't care about having a Tesla -> Stop renting, sell the Tesla and get a cheaper car
I like my Tesla and I'm happy breaking even -> No change (I would be surprised if you pick this one)
Theoretically, how many of those credits can you get in a year? Can you continually buy, turo out, and sell teslas throughout the year? And get $4k for each one?
i'm not actually sure - i just know that you can't buy the car with the intention to sell it. which seems like a weird thing to prove or disprove in the case you're audited. but understanding the tax code is def above my pay grade lol
you need to factor in your interest rate for that care also since most of first two years of payments goes mostly to interest
You don't get $4000 off your taxes. You get $4000 off your taxable income. Which is more like $400 in the end.
it's a tax credit, not deduction - it's whatever you owe, minus 4k. i took a similar one in 2019 and got $7500 off the tax bill
@GoHerping that's exactly what i just said...
@@aaacomp1 you are wrong and didn't say that. Troll somewhere else
@@misterchris8916 lol, read what i wrote, dumbass
im confused lol. i said you get 4k off. you said you don't get 4k off - those seem like opposite things. hmmm
the tax credit isn't dependent on you renting out the vehicle - it doesn't justify all the work you've done for the month.
truueeeee. i bought the car to rent out to my roommates, and then turo was the backup plan, which i ended up having to utilize. so i personally wouldn't have a use for the car if not to rent. though i guess i could technically just sell it and cash in on the tax credit lol
Honestly like doordash, Uber, ect those companies have you priced in to lose, digitally…. I did Lyft and after gas, expenses, and most of all wear and tear, you’re giving people free rides mostly. Very very difficult to beat the digital p/mps at their own game…. -Like a Casino.
i dont think the first or maybe even second month should count if you ran cheap rates for building reviews, i feel you should bump the price if your going to provide a clean quility rental with paid features, a full charge etc.
92$ for the start
443 $ Credit
100 $ insurance
60 $ windshield wipers
18 $ carwash
5 $ parking
28 $ Uber
746$ where is the rest of that expenses?
I can’t believe I got tricked into watching financial advice
Do u not get the 150 dollar cleaning fee or sum outrageous like that bro
I say keep doing it. It's paying for itself
It only paid for itself because someone curbed it lol
It was a $200 loss before the claim
I currently rent a Tesla from a guy out of apex nc for uber and DoorDash you would’ve made more money renting to a rideshare driver lol. This was a great informative video since we are in the same area and I thought about doing this also in the future
nicee. yeah that was essentially the original reason i got the car - rent as an amazon flex vehicle to my roommates. turo always seemed interesting so im glad i finally get to try it, but i'd be up for letting someone use it for uber/etc as well. how did u find the guy you're renting from?
@ I found him off Facebook honestly. I been doing uber for years so I talked him into a flat weekly rate where he put me on his insurance and I just Venmo him every week. He wrote out a contract stating I can’t drive out of state unless I have a uber ride taking me out of state and a few other requirements but I been renting from him for an about a year now and it been great for me.
13:00 same question do u sell? Maybe so, as dynamic pricing letting bad guests drive nice cars
Taxes and depreciation will occur whether you rent it or not.
Did you do market research? Teslas don't go for much unless they're the top tier line.
People are just doing drops in your Tesla lol 😂
A Power Host in Arizona has had vehicles (temporarily) seized at the southern border more than once. That would not be me.
if the guest is friendly and the car comes back clean, i won't ask questions lol
@@GoHerping Right!! Lol at least if they get caught up doing anything "not legal" it doesn't fall back on you plus you'll probably get another payday for it if damage is done to your ride during anything going down 😂 ...that's crazy though baby making, getting lit, and possibly being the plug in your Tesla ahhhhh turo lol 😆
@@isthatatesla I know I see things like that allll the time I'm from Arizona the border is practically like 2 hours or less from my house lol there always seizing cars then auction off the ones they keep or "donate" them to the TPD or Border Patrol, sheriff ect lol 😆 ...not to mention I come across the random straggler carrying "onions" or "potatoes" on there back in those Onion and potatoe mesh bags I'm pretty sure it's nothing illegal not at all I'm 100%sure there just crossing there grandmother over some vegetables that's all lol 😅😆
@@GoHerping do you honestly think it's worth it though? That's not your only vehicle right?
What insurance do you use?
turo has travellers commercial insurance included in their plans
@@GoHerping correct but for off-rentals, and the coverage you mention that was bundled, can I ask what company? I am rather in a similar situation as you are in haha
ohhh. my regular insurance is USAA
Just keep it you have a series about it. Make money from views, it’s not your daily, only car. And you’ll pretty much be able to pay your loan, charging, and insurance. Those will be covered but yeah the cons are beat up extremely high mileage car. So I mean you have a lot of benefits with it. But if it was your only car then no
Charge closer to $50 a day and don't do free delivery. Don't be overly friendly about things, if they didn't charge or caused damage you gotta charge them. This is for profit, so make as much as you can.
trueee. i do give some "passes" occasionally if the guest is really nice lol. not for damage though, just stuff like failing to charge. the list price is $50/day average - $34/day is what I get after Turo fees
I would up the price. Cheapest Tesla in my area of Michigan is $79
oh dang. yeah they start at $50/day here, which after fees is $37ish - so similar to my $34/day
In my city teslas are $80 a day... From customer side.
what city? thats pretty crazy
Jesus man 800 dollar damage is crazy
I know some young guns who've been paid out more in total damages than the vehicle is worth.
"How Teslas Will Be Worth Five Times What You Paid. Here’s How Musk's Math Is Wrong" - Forbes 2023. "Sometimes you want to use it exclusively just like Airbnb - doing Airbnb with a room in your house. The value is just tremendous.” 🤣🤣
Give it a wild wrap and you can probably charge more.
at the very least, i bet it would be utilized a bit more. but with the amount of little scratches the car gets, i worry it'd look bad within a couple months since vinyl's a lot softer. buuuuuuuut it would be a great way to just keep practicing wrapping if im always having to re-do panels lol
22k for a 2018 model 3 is a joke bro. I see a 2020 30k miles for 1650
I would give it a year or so but after that I would likely sell it if I was in your position
Well is that $4k every year you own the car and claim that credit?
You can charge $50-70 per day for this easy.
the charge is 45-60 on the customer side, 34-37 is what i get after turo fees
Ya gotta increase your prices
Why would someone do that in a car full of cameras. I'll be doing it in mine though! 😮🎉
Hey alex please upload more often, please 🙂
charge more. if they weigh over 300 pounds double that charge
It's called baby batter
Dude, you’re not charging enough lol.
Didn't you charge less so you could rack up more reviews? If so, you shouldn't be complaining about not making a profit.
Try both teslas and daily the subaru
my other one has too many miles, but even if eligable, i could never hand it over to a stranger 😭
@ that’s right thanks for the content
Did I miss something? Why are half the comments about his voice? Lmao
The $600 payout representa a deferred loss, not a profit. If you're making $34/day you're basically maxing out your net in the first month. That would be okay, if it meant you could raise your prices, but you say in other comments that you're charging market rate. You're running a charity. In a couple of years, you're going to have a $5k tesla with a dead battery.
exactly. idk why he went tens of thousands of dollars in debt for a deprciating asset (the Tesla) to rent it out and not make money
Hotboxing and Hip Hop 🤣