If you are looking for a money making machine, it might just be right in your driveway. Your unused car could turn into passive income, thanks to Turo.
Basically, the rental car industry’s Airbnb, the Turo app connects customers who need a rental vehicle with hosts who have a spare car to rent.
Leasing your car on Turo, while potentially lucrative, is not the right decision for all car owners. It’s worth taking into account factors like your car’s eligibility and how much Turo is making out of your profits. Here’s what you need to know:
|How much do you earn with Turo?||Turo says owners who list their cars can earn an average of $ 706 in monthly income.|
|How long does it take to get started on Turo?||It’s easy to set up and list your vehicle, and you can list your car in 10 minutes. Depending on where you live, it is possible to book many clients quickly.|
|How much does Turo take from my fees?||While Turo takes 15-40% of the cost of the rental, this reduction covers insuring your vehicle and advertising on the site, which gets you customers.|
|Is my car eligible for Turo?||To lease your car, your vehicle’s model year must be within the past 12 years. In addition, the car should have less than 130,000 miles. Your car cannot have a salvage or brand name title, and the value of the vehicle cannot exceed $ 150,000. You can hire leased or financed cars as long as it does not violate the terms of your agreement. Motorcycles, vans, vans, and vehicles intended primarily for off-road use are not eligible for the Turo app.|
If you’re intrigued at this point, you might still be wondering if you can make money on Turo – or, rather, if you can earn enough to make it worth it. After all, not all secondary pushes are profitable.
Fortunately, there is a Turo Car Calculator to help you estimate your potential earnings. Simply enter the year, make, model and location of your car to determine its approximate value as a rental vehicle.
Keep in mind that this tool does not spit out exact numbers. Your actual earnings would depend on factors such as:
- How many days per month you make your car available
- What daily rate you set
- Which Turo insurance option you select (more details below)
- Whether you charge guests for extras like mileage or offer discounts for extended rentals
To register with Turo and start renting your car, you can register with your email or Apple, Facebook or Google account. Once you have an account, click on “List your car” at the top right.
The site will ask you to enter information about your car, including your license plate number, photos of your vehicle, make and model, and whether or not your car has an automatic transmission.
While Turo can recommend a rate, you can also manually enter your own charges. Turo charges by the day, with discounts for weekly and monthly rentals. Renters must pay the full day rate; there is no time option.
Turo will ask you at choose an insurance plan; the company offers five options. Depending on the option you choose, you can keep between 60% and 85% of the rental fee.
You also decide how the car arrives at the rental company. You can charge a delivery fee if you want to meet the customer at the airport or other agreed location. Or, you can park the car in a parking lot so that customers can collect it themselves. This information is included in your ad so customers know what to expect from the start.
You can charge a delivery fee that covers both pickup and return, so be sure to choose a rate that meets your needs.
You can also set limits on how much mileage customers can put on your car. For example, you can set your daily driving limit to 50 miles. If the renter exceeds this amount, they are required to pay an additional mile charge and you receive 100% of that additional payment.
Finally you choose the availability of your car. You can choose to rent your car only on certain days of the week or to set it as unavailable for certain dates in the future.
When listing your car on Turo, try to think of it from a renter’s perspective. In addition to including photos of your vehicle, include details such as measurements of trunk space for luggage, whether or not your car has a bike rack or can carry a kayak, and whether anyone one has already smoked in the vehicle.
Include other cool accessories to have in the description, like satellite radio or built-in GPS. These features can increase your chances of finding a customer.
Take a look at what other people are charging in your area for a similar vehicle. For example, if you own a midsize sedan and others charge $ 50 per day, you can set your price at $ 40 and get more customers.
And when it comes to customers, great photos are a must. Ads with professional photos generate more traffic than other ads. That’s why Turo offers to connect you with paid professional photography sessions for owners.
You will meet the photographer nearby and he will take pictures from different angles to showcase your car and make it look like it’s ready for a showroom. You can use these photos in your ad to get more traffic and get more customers.
Turo also recommends promoting your car on social media and Craigslist so that travelers looking for a deal can find it. And the more available your car, the more money you can earn.
Turo offers comprehensive customer service to owners and travelers. When a customer accepts a rental vehicle, they are asked to take photos of the car to show its condition, and you can do the same during delivery and pickup. These photos are a guarantee in the event of a dispute over the condition of the car.
Customers are supposed to treat cars like theirs, but if they return your car and it’s damaged or dirty, Turo will step in to help you fix the problem.
You can contact Turo and send them photos of your car’s condition. They will work directly with you to find a solution. If your car needs professional cleaning or repair, send the receipt to Turo and they’ll reimburse you. Passengers at fault who leave a dirty car, drain the battery, or otherwise damage a vehicle are responsible for costs and repairs.
And if a customer swore they could drive your car with a manual transmission, but turned out they had no idea, Turo will hold them accountable to fix your car or replace the transmission.
Turo was founded in 2009 in San Francisco. The company decided to change the way people rent cars. Rather than shopping with big rental companies, with high fees and robotic customer service, customers can rent to real people. They can obtain quality vehicles at a lower cost and benefit from personalized service.
Turo boasts that customers pay less than if they rented through an agency, and the majority of that money can come back to you.
Turo serves customers of all types. Whether you have a van to rent to people on moving day or a sports car for someone who takes clients, you can make money by renting out your little-used vehicle.
If this Turo review has inspired you to consider side gigs, consider these resources:
André Pentis contributed to this report.
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