Results 1 to 8 of 8
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06-25-2021, 03:31 PM #1
- Join Date
- Aug 2016
- Posts
- 486
Anyone used Turo? It's like AirBnB, but for cars.
People can now crowd-share their cars and put them up for rent. Turo is a peer-to-peer car sharing company. The company allows private car owners to rent out their vehicles via an online and mobile interface in over 56 countries.
Yesterday I downloaded the app, registered, chose a car, and within 2 hours I was meeting the owner with the vehicle at a location I choose for pickup. It was seamless and fast! And for the type of car I rented for a few days, I think the price was a bargain! I am blown away how awesome this service is.. Now I need to run the numbers so I can see if it is worth me trying to acquire some cars myself to put on the service. This may be a great business opportunity... IDK.
Would love to hear any personal horror stories or fairytales regarding the service that you may have had.
Has anyone here used the service to rent a car or better yet rent out their own car?
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06-25-2021, 03:47 PM #2
- Join Date
- Aug 2016
- Posts
- 486
As I am digging in and doing an evaluation on if this is good business to get into. I will post my various findings in this thread.
1st article I am going to digest is..
Top-earning cars on Turo : Tapping into the Turo Carculator to rank the vehicles with the best return on investment
https://turo.com/us/en/top-earning-cars
But while digesting the above link, keep in mind the source and motive of the info.. What I linked to above is from Turo itself... So I will also need to find tons more info from sources that are not as biased.
I am going to spend some time in the Reddit Turo group as well https://www.reddit.com/r/turo/..
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06-25-2021, 03:53 PM #3
- Join Date
- Jul 2014
- Posts
- 92
A friend of mine rented out high end cars (Lamborghini, Mercedes GT, etc) using it. The bad: they took 30% off the top. The Good: cars were always rented. To me (and ultimately to him) the profit after work and expenses didn't make it a worthwhile use of time and investment, but "worthwhile" is subjective and it was technically profitable.
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06-25-2021, 04:04 PM #4
- Join Date
- Aug 2016
- Posts
- 486
That right there!!! So many variables one must consider.... What market was your friend in? A hot spot like Miami, LA, or New York?
Perhaps just like in Real Estate.. It may be imperative that the deal occurs on the initial purchase, not the sale... So the key may be to find undervalued assets (cars) that you can restore value to, so that once you accounting for the fees on the back end, you still are making good profit. And at the same time the asset is still yours to then sale at a later date if you chose to...
But 1 tricky thing you have to consider is that cars typically lose value, so if you don't sale off the asset at the right time, you miss out on the maximum profit potential. Damn it, it kinda sounds like my crypto investments right about now. lol... So to do this at max potential it would seems as if I would have to be constantly cycling through cars... Buying them, renting them out, then selling them, over and over again..Last edited by Winning; 06-25-2021 at 04:22 PM.
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06-26-2021, 11:29 AM #5
- Join Date
- Nov 2013
- Posts
- 600
I have a friend who had a fleet on Turo (3+ cars) and while there were good months, the bad to him were not sustainable and extremely frustrating. Renters totaling one vehicle or involved in crime with another vehicle were some examples he gave me. This was in Miami market. I would take his experience as an exception to the rule but those are legit risks you "could" face.
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06-28-2021, 03:18 PM #6
- Join Date
- Jul 2014
- Posts
- 92
He was in the LA market. Because he had high end cars it was a lot of young guys looking to show off on instagram while vacationing, rap video shoots, etc... the cars were always rented but with garage, detailing, etc, there were a lot of moving parts. He also started marketing himself off touro for a higher margin, but then when the Korean mob ended up stealing his Lambo it was completely his problem (the cops eventually recovered, but it was a stressful couple of weeks).
My analysis - if you have a lot of time on your hands, would appreciate a little extra hobby income, and would enjoy using the cars when they're not being rented, this might be a good opportunity. If you're looking to make serious money or already have a busy schedule, this is not the way.
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06-29-2021, 07:44 AM #7
- Join Date
- Jul 2013
- Posts
- 352
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06-30-2021, 11:40 AM #8
- Join Date
- Jun 2015
- Location
- Gainesville, FL
- Posts
- 201
I use it all the time, pretty much any time I travel. It's great!
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