Appreciate your openness and honesty. I’m a host here in Miami. Jan was definitely a slow month. Feb I’ve had my 2023 Kia Sportage rented almost all month (except for 4 days). My 2019 Wrangler has been very slow on bookings just 3 in the past 2 months. There’s so many other hosts listing their cars for dirt cheap that I can’t really compete (Teslas are $50 a day / C8 corvettes $140). I rather remove the vehicle off the platform at this point.
Rob, I was trying to see what price point you're trying to rent your vehicles out for. But I can't find a 2023 sportage or 2019 wrangler for any future dates by anybody named Rob anywhere near Miami.. and the 2023 sportages I can find the owner doesn't have a wrangler, and vice versa. So.. Sorry that you feel turo is a get rich quick thing.. it's not and should not be- ESPECIALLY if you just have normal everyday boring vehicles.
Also it could be because your NOT doing something differently or DON'T offer something other host can/can't do. I'm a host myself in NYC started in New Jersey and moved. Because I separated myself from other host I receive booking for all my cars. Not going to spill the secret sauce but definitely look and think outside the box.
Starting to look at doing a few cars here in the north ATL suburbs. When cars don’t rent and you don’t bring in enough to cover in guessing that’s all business loss write off on taxes? Wondering if the best strategy for most is to buy cars that are 280-320/mo and hope they’ll rent or start with a couple of nicer ones that may be more sought after even though payments may be high. Expensive ones are tough because I see cars that payments have to be $800/mo renting for $80/day and it’s hard to know how many days you might get it rented.
Hey man I just found you and watched my first video thank you for the concert thank you for explaining the Turo 😮 You got a new subscriber and I got you a notification bell
One thing that people don't understand is that Turo REALLY ISN'T a car rental business. Turo is ACTUALLY a location business!!! If you don't live in a propiate location you won't truly have a consistent profitable business. I'm a power host, and I've been in turo for 5+ years. I started in new jerseys and grew with a previous partner over 100+ cars. Fast forward until he messed everything up and we separated then Turo opened up in NYC. Now that nyc opened my business dropped over 80%!!!! Since I'm overall in business with a day job still due to my network I moved my business RIGHT AWAY to NYC. and since January all my vehicle don't stop moving. On top of this I operate a high end car fleet. So far I have 13 vehicles total but only have 8 full time active and I'm receiving 5-6 booking per vehicles. If you don't understand business and you don't live or have access to a prime location you'll eventually fail as a turo host.
Prices are too high for anything fun.. and fun is the only reason I rent from turo (except one time I rented something that wasn't 'just for fun' because my car was being detailed at a place 70 miles from my home and I had no other way to get home and didn't want to sit there all day).
At least you are paying off your cars mostly and then when they are paid off you will be making more profits then if you don't want to rent them, you can seller finance them and make money.
This is a terrible business model, high risk. Especially if you're buying with nothing down, higher interest rates. If you're forced to sell because you're not profiting and what you owe on the car vs what you could actually sell for, you could easily be under. There's way more profitable business models with less risk
Appreciate your openness and honesty. I’m a host here in Miami. Jan was definitely a slow month. Feb I’ve had my 2023 Kia Sportage rented almost all month (except for 4 days). My 2019 Wrangler has been very slow on bookings just 3 in the past 2 months. There’s so many other hosts listing their cars for dirt cheap that I can’t really compete (Teslas are $50 a day / C8 corvettes $140). I rather remove the vehicle off the platform at this point.
It's getting too saturated with hosts 20+ cars thinking they're Hertz or something
Rob, I was trying to see what price point you're trying to rent your vehicles out for. But I can't find a 2023 sportage or 2019 wrangler for any future dates by anybody named Rob anywhere near Miami.. and the 2023 sportages I can find the owner doesn't have a wrangler, and vice versa. So..
Sorry that you feel turo is a get rich quick thing.. it's not and should not be- ESPECIALLY if you just have normal everyday boring vehicles.
Also it could be because your NOT doing something differently or DON'T offer something other host can/can't do.
I'm a host myself in NYC started in New Jersey and moved.
Because I separated myself from other host I receive booking for all my cars.
Not going to spill the secret sauce but definitely look and think outside the box.
Starting to pick back up here in Atlanta. I have close to 10 cars in my fleet. Waiting to see if it worth adding more.
Starting to look at doing a few cars here in the north ATL suburbs. When cars don’t rent and you don’t bring in enough to cover in guessing that’s all business loss write off on taxes? Wondering if the best strategy for most is to buy cars that are 280-320/mo and hope they’ll rent or start with a couple of nicer ones that may be more sought after even though payments may be high. Expensive ones are tough because I see cars that payments have to be $800/mo renting for $80/day and it’s hard to know how many days you might get it rented.
Hey man I just found you and watched my first video thank you for the concert thank you for explaining the Turo 😮 You got a new subscriber and I got you a notification bell
One thing that people don't understand is that Turo REALLY ISN'T a car rental business.
Turo is ACTUALLY a location business!!!
If you don't live in a propiate location you won't truly have a consistent profitable business.
I'm a power host, and I've been in turo for 5+ years. I started in new jerseys and grew with a previous partner over 100+ cars.
Fast forward until he messed everything up and we separated then Turo opened up in NYC.
Now that nyc opened my business dropped over 80%!!!!
Since I'm overall in business with a day job still due to my network I moved my business RIGHT AWAY to NYC.
and since January all my vehicle don't stop moving.
On top of this I operate a high end car fleet.
So far I have 13 vehicles total but only have 8 full time active and I'm receiving 5-6 booking per vehicles.
If you don't understand business and you don't live or have access to a prime location you'll eventually fail as a turo host.
Prices are too high for anything fun.. and fun is the only reason I rent from turo (except one time I rented something that wasn't 'just for fun' because my car was being detailed at a place 70 miles from my home and I had no other way to get home and didn't want to sit there all day).
At least you are paying off your cars mostly and then when they are paid off you will be making more profits then if you don't want to rent them,
you can seller finance them and make money.
I have a 2019 Kia Optima with about 100k should I take the step and rent it out ?
Of course. Try it out.
Update on your fleet?
so no profit at all in Jan.? sounds like working for free
This is a terrible business model, high risk. Especially if you're buying with nothing down, higher interest rates. If you're forced to sell because you're not profiting and what you owe on the car vs what you could actually sell for, you could easily be under. There's way more profitable business models with less risk
care to share some??