Anyone rent out cars on Turo?

[Kolyan2k]

I've seen alot of people lately that jumped into car rental businesses. Just curious if anyone rents out on Turo and if their income calculator on the website is accurate?

[F30lolz]

Originally Posted by Kolyan2k

I've seen alot of people lately that jumped into car rental businesses. Just curious if anyone rents out on Turo and if their income calculator on the website is accurate?

If you have a 2nd/3rd car you don’t necessarily care about, go for it. Just expect it to be thrashed, abused and God forbid if there is damage, a hassle to get it repaired. A f32 435i owner near me had his destroyed (repairable) but the renter got out of Dodge and Turo gave a hard time with the repairs.

[Kolyan2k]

Originally Posted by F30lolz

If you have a 2nd/3rd car you don’t necessarily care about, go for it. Just expect it to be thrashed, abused and God forbid if there is damage, a hassle to get it repaired. A f32 435i owner near me had his destroyed (repairable) but the renter got out of Dodge and Turo gave a hard time with the repairs.

Then I am curious how the hell do people rent out luxury expensive cars? I've seen people renting out Porsches, Lambos, etc. Some have small fleet of 5-10 of those and supposedly making a fortune

[Turkish Pickle]

I don't rent it out but I use it a lot - it's easier to deal with than the traditional rental companies when I'm away on a trip.

But as a user I can tell you one thing - the cars will be beaten on. And I mean BEATEN on. Did you know the B48 in the Z4 has bov noise and that the back end slides out on cold tires? Good tires too, it was pilot sport somethings. Take your girlfriend to Mulholland drive on a friday night after getting some boba, and find a $2 vacuum station at 3am to try to remove some milk off the carpets. So long as it doesn't stink until Monday!

tldr: these cars will be beat on. especially with how much the used market is inflated, might be a tough ROI. but, given how many people are trying to travel (including myself), it could work out.

[osteome]

That is a hard pass for me....

https://f80.bimmerpost.com/forums/sh....php?t=1549822

[Kolyan2k]

Originally Posted by osteome

That is a hard pass for me....

https://f80.bimmerpost.com/forums/sh....php?t=1549822

Thanks for that link

Turo was in news few years ago. Neighbors in some big city were complaining that some college kids was renting out 10 cars and somehow parking them on a busy street, leaving all other tenants without parking.

Last week was watching one of my YouTube subscriptions, there was a guy who took out a loan for a fleet of 500 cars and opened a rental company.

[JP10]

https://www.m3post.com/forums/showthread.php?t=1821018

[Kolyan2k]

Originally Posted by JP10

https://www.m3post.com/forums/showthread.php?t=1821018

Huge depreciation on new cars is what I don't understand. Take that guy for example, a new M4 will probably depreciate $20-30k first year or two and that's if you are able to sell it quick. Then 30% of your income goes to Turo, then your personal insurance say $1500 per year, then you have loan with interest rate, then there is 6.25% sales tax on vehicles plus registration and title fees, etc (6.25 in MA). I assume you also get some income IRS forms from Turo as well....

Looks like $2000-2500 (after Turos charges) is what some make but when you deduct all those expenses, you make basically nothing

[Alfisti]

That's my feeling too, I CANNOT get the numbers to work at all. Would have to buy well used to make it work but then maintenance i will get you too.

Sorry, not here.

Hello All!

[Kolyan2k]

Originally Posted by Alfisti

That's my feeling too, I CANNOT get the numbers to work at all. Would have to buy well used to make it work but then maintenance i will get you too.

Used Lexus perhaps. LC500 or RX350

[XMetal]

This guy have a few videos on his failed Turo business attempt

[Alfisti]

OMG the non stop stop/start is INFURIATING.

FUCKING STOP.

[Alfisti]

After nearly catching epilepsy watching that video he has touched on something I often thought would be the case.

Depreciation is your biggest cost, so Porsche's have gotta start to come into the equation given the reliability, resale and the high daily fees.

[wdb]

Originally Posted by Alfisti

Depreciation is your biggest cost, so Porsche's have gotta start to come into the equation given the reliability, resale and the high daily fees.

Great observation! Let us know how your business does.

[Alfisti]

Yeah nah, no way.

Going rate here for a weekend in a 911 in about $1300 for a stripper 997. Fuckers still selling for $50K with 125,000km on them.

[Joekerr]

Originally Posted by Alfisti

Yeah nah, no way.

Going rate here for a weekend in a 911 in about $1300 for a stripper 997. Fuckers still selling for $50K with 125,000km on them.

Geez, you'll make that back in a year then, and turn around and sell it for $43K with 165,000 kms on it. Am I right or amirite?

[Alfisti]

Scarily you are not THAT far off.

[Finn Germai-Yaz]

Turo is a failed attempt at trying to mimic Airbnb and Uber.

Originally Posted by Kolyan2k

Huge depreciation on new cars is what I don't understand. Take that guy for example, a new M4 will probably depreciate $20-30k first year or two and that's if you are able to sell it quick. Then 30% of your income goes to Turo, then your personal insurance say $1500 per year, then you have loan with interest rate, then there is 6.25% sales tax on vehicles plus registration and title fees, etc (6.25 in MA). I assume you also get some income IRS forms from Turo as well....

Looks like $2000-2500 (after Turos charges) is what some make but when you deduct all those expenses, you make basically nothing

Yeah, that's what I'd think as well. The only real way to make money is if you find a "high end" car that's been wrecked (salvage title), fix it up (good enough) for cheap, then charge slightly less than your competition in order to actually make a worthwhile profit.

I will say that I've used Turo once (just last weekend) and it was super smooth from start to finish; especially as it relates to airport pickup/drop-off. Inventory is obviously location dependent, but when looking for something "cool" to cruise back and forth to the beach with in South Florida, the options are pretty much endless. The SUV we picked up was ~5 years old w/ ~40K miles and was in near perfect condition. The guy also had a Camaro 'vert and a couple other cars in his fleet so it's obviously worth his while. In the end this option was much more entertaining than whatever entry level price equivalent Hertz, Sixt, etc. would have offered and I saved ~20% in comparison to that cost as well. That, plus the aggravation of avoiding the rental counter made it more than worth it.

Again, as a user of the platform there are some plusses and minuses, but dependent on the available inventory, etc. it could certainly work out in your favor.

I will say that locally it appears that every Tesla owner in the mid-Atlantic area has their car for rent lol not sure what's driven that theme (electric car much more likely to be a second vehicle..??) but thought that was interesting.

[Kolyan2k]

That's one of the guys on YT. Says rents out on Turo as well. Came to USA only in 2017 and started business shortly after. Few days ago said he lost 3 cars, Lambo was totaled in photoshot, Audi A7 was flooded by Turo renter, and something else. Also brand new corvette was totaled the first week he rented it out on Turo. But he seems to be doing pretty good.....

https://www.miamirhinocars.com/