Exploring Turo

[kevm14]

Are these people's personal cars? I assume you've toyed with making a few bucks on the Elise. Naturally this could apply to my CTS-V but in the case of both of our cars, I don't know that they are robust enough to stand up to abuse. Automatic vehicles seem much more suited. Is there a thing about excessive tire wear? How is the owner protected basically? I could read but I'll just ask you instead.

[bill25]

I should look into renting out the Corolla. Even if I got 75 a week, that is potentially $3,900/year. (Obviously it will not be rented 100% of the time)

[kevm14]

I also have a sneaking suspicion that additional insurance coverage will be required as I highly doubt your regular policy would cover damaged sustained while the car was rented for profit.

[kevm14]

Some info:

Pricing
Turo will dynamically set your car’s rental price based on market value, location, time of year, and other data sets to maximize your income and boost your listing’s competitiveness. If you prefer, you can manually set your own daily price.

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Payment
Turo will pay you via direct deposit within five days. You’ll earn 65% to 85% of the trip price, depending on the vehicle protection package you choose. If you have commercial rental insurance and waive vehicle protection provided via Turo, you earn 90% of the trip price.

They thought of the insurance thing.

You’re protected with $1 million in liability insurance, and your car is covered against theft and physical damage, unless you have commercial rental insurance and choose to waive protection provided via Turo.

https://support.turo.com/hc/en-us/artic ... tion-plans

Even the basic coverage (keep 85% of rental revenue) covers replacement up to $75k but with a $3k deductible. Standard is no deductible and also gives a replacement car during repairs (I am not entirely sure why this would be necessary as you'd only be renting out an infrequently used car). The cost of that is you keep 75% of revenue. The Premium level, which is keep 65% of revenue, gives you all plus exterior wear & tear coverage plus loss of rental income.

The issue with this plan is if you are renting out a vehicle that is very sensitive to mileage-induced-depreciation, you have to factor that in when looking at profits (of course also that you don't keep all of the revenue). I could do such an exercise just for fun on the CTS-V. It may also be fun to see if it will give you market pricing to get an idea what the car is actually worth in your area.

[kevm14]

Merge thread created.

[bill25]

The issue with this plan is if you are renting out a vehicle that is very sensitive to mileage-induced-depreciation, you have to factor that in when looking at profits (of course also that you don't keep all of the revenue).

I have calculated this for the Corolla and have determined it is worth the risk.

[kevm14]

lol, true. Need to look up values and do some maths.

[kevm14]

I would probably go for the Standard insurance and keep 75% of the revenue.

[kevm14]

I found a Corolla!! I think it is in Lincoln, RI. It has been rented 14 times. And there are reviews.

https://turo.com/rentals/cars/ri/lincol ... s=b8_KHXDv

2005, $28/day. 150 miles/day, or if you do 7 days it is $24/day and up to 750 miles.

This is very interesting.

[kevm14]

I can't get it to spit out rental pricing without actually going through the process of listing the car (which I started and stopped when it wanted my license number - too far for just information gathering). I guess I am curious how much is just based on book value, because I think there is a LOT of potential variation. It may be fairly fixed for regular cars but enthusiast cars I think can vary.