I tried renting out my car on Turo in 2024, here's how much money I made...
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- เผยแพร่เมื่อ 5 ก.พ. 2025
- In this video, I'll give you guys a full breakdown of how much profit I earned from my turo car rental business - renting a new car out on Turo, and all of my expenses to get started and keep going! I wanted to give you guys the real numbers, even if they don't look the best right now. I'll come back and drop an updated video later on and we can see how things are going...
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In April 2024, I bought a 2022 Toyota Corolla with 25,000 miles on it to try and rent it out on Turo and turn it into a side-hustle... here's what happened.
Cheaper cash cars are the way to go on Turo, $5000-$7000 cars that are reliable brands do best, as long as they’re within the allowed year and mileage range. The daily rental rate for those is the same as a $20k+ car, so it doesn’t make sense financing a newer car, unless it’s a sporty model that can rent out for $100/day or more. Also car wash subscriptions are a must and saves you a lot of money in the long run. As for insurance there are Turo/rental only insurance policies that you can get for the car that are very cheap, however don’t allow you to use the car for personal use, so that’s the trade off. Getting a lockbox for the car is great too so you don’t have to meet the renter each time, just drop it off and give them the code. There’s right and wrong ways to do Turo, and can be lucrative if done the right way. Hope this helps!
Pin of excellence
How does lock box work as far as where do you put it?
@@Channel--Ai Near the car outside if possible or in the glove compartment
What insurance company are you using for your Turo vehicles? Are you covered for things like car drop offs/pick ups or when you have to drive to the car wash?
@@Channel--Ai it goes on the window and clamps when you roll it up
The lighting>>
Thanks for posting, I'll say the most important (and difficult to research) is getting the right car for your market (putting on whatever car you have may not work if it's not in demand). I'll noted that TURO is typically very price sensitive, most of the time the cheaper cars will rent first, so either be ready to rent last minute for a higher price or be prepared to drop your price.
Agreed. I will say - the first few trips, I had my price low, but now I'm staying relatively consistently booked at $45/day
Waaaait the setup is FYE
🙏🏽🙏🏽
Yay!!
Super Transparent, you earned a follow.
appreciate that 🙏🏼🙏🏼
I used to work in rental car. It is the last thing I would ever get involved on a personal financial level. People are nasty. Turo has just found a way for other people to cover their capital and assume all the risk - especially with depreciation and trying to get rid of cars that have already experienced accelerated depreciation due to higher miles and the black mark that it has a history of being a rental.
Video just popped up in my feed. Pretty sure you go to Jacked Culture, i run a small Turo fleet in the area. Can give you a bunch of ways to better optimize this just lmk
Let me know bro
Any car and any year model could experience a recall, which Is a major pain in the butt!😢
My 4 month old '22 Frontier was re-called and awaiting the repair for 7 months before the dealer could service it! I finally got it relisted on the Turo platform... The Lost revenue was very painful
@@Wire-Free Yeah that was definitely a fear I had getting into this lol. Still no update on my Rav… been almost a YEAR
Thanks for sharing!
I think you’re doing good build your credit increase your credit score and build your fleet
So say you’re starting out and buying a new car. Do you need personal insurance for that car besides the turo insurance? With that, which company works if you’re just starting with one car?
Yeah; honestly, I just added it to the policy I have my personal car on.
The recall has a fix now, just got it fixed on my 2021 corolla. Just had to get my inspection, now its relisted.
@@growingportfolio-investments no way. Ight I’m calling Toyota tomorrow morning will report back
Not fixed for my rav 😭 called earlier and they said it's still in the interim. Was your recall related to the battery?
@@sanjaysuresh oh man, sorry about that. Mine was for the takata airbags. I didn’t know they had multiple recalls.
I’m still feeling a bit skeptical about getting consistent bookings. I live in Pompano Beach, FL, which is about 20 miles from Fort Lauderdale airport, and I’m wondering why anyone would come out here to rent a car when they can easily get one at the airport or nearby.
You'd be surprised honestly. I'm in a very similar situation - I live 30-40 mins away from the airport. I turned off airport pickups around the time I posted this video, and I continued to see consistent bookings for a little bit and then I had to adjust my price/settings a little more
Can you tell us how many miles you put on the car for those first 2 months? (Did you buy the toyota with higher mileage?)
I bought it pretty low miles, which is also why it cost me more. It only had about 26k miles, and from mid-may to now, it's at 36k. It's funny how that works - 1/3 of that mileage came from 2 trips lol. But, one person drove 1k more miles than they had in their trip so they did end up paying the difference on that.
There's just no profit left in Turo, unless you're buying SUPER cheap cars, for cash, and using those. And even then, Turo has basically slit the throats of the owners. I don't know how ANYONE can make money on Turo anymore.
BS, I rent my Dodge charger and that mf paying my rent😂. Put a nice car on there for the low, your gonna run it up
What camera and lens do you use?
shot this on my FX3 with the Zeiss 55mm lens (which IMO is underrated)
@@sanjaysuresh This is for the car pictures at @2:03 right? FX3 is expensive.
@@Kenndy16 Oh I thought you meant to record this video haha. I used my A7IV to take those pictures. That cameras also expensive though - I'm a fulltime videographer. You don't need any fancy camera to take high-quality pics. You can get a canon rebel for $100-$200 used and buy the 50mm lens for that for around $100 and that would take some pretty nice pictures too. Or even just portrait mode on your phone.
9% at 20 is pretty good.
Bruh depending on the amount of time on the loan , that could be 10k extra fees over 6 years. Gone to INTEREST!
What insurence did you use?
I have Geico
Was that separate than personal?
🎉🎉🎉
Never ever ever do an oil change at Walmart
Desperate times call for desperate measures 😭 Don't worry I think at this point I'm just gonna start doing them myself
@ word bro that would be better than Walmart forsure 😂😂😂
What city do you live in / near?
Sacramento
lets goooooo
Sounds like not worth it if you break down per hour and wear and tear on vehicle.
Yeah, we'll see what happens over the next few months
@@sanjaysuresh all businesses these days are tough to cash flow. The govt and big corps has sucked the profit out of every small biz. Good luck
@@sanjaysureshhi can you please give update, i am planning to post my car on turo in Scarborough
Newer cars can get recalls too. Imagine getting a loan for a $20,000 plus dollar car and having a recall. Ouch. Always pay cash or don't turo unless you want to be part of the 99% who go bankrupt or fail when they start a business.
Sooooo, all on the market charge 120 for airport... Let me damp price and charge 80... That is why they are charging 120...
The same with rates
Not sure if I'm reading this correctly, but for anyone reading this reply - I didn't mention it in the video, but the reason I was charging $85 for airport pickup was because there were actually a lot of people offering it from $0 all the way to $120; I wasn't really undercutting anyone, $85 just seemed fair based on the costs I'd planned for. At the end of the day, I underestimated the costs and time commitment.
OK so basically these cheap cars are not profitable
Cheap cars are exceptionally profitable. You just have to do it right
🧠
Lol a year and they haven't came up with a solution to the recall? Toyota....
@@RigginTheRod010 it’s crazy lol. Called like a week ago, still norhing
Spidermannnn
Spoiler alert, no one is making PROFIT on Turo
will update in a few months
Spoiler alert, yes they are, you clearly have no clue what your talking about 🤣🤣🤦♂️🤦♂️🤦♂️
@Gdafu866jds I have been a host for 4 years now, almost everyone I know is exiting the business…only people who have no idea how to track ALL expenses see it as profitable. It’s not profitable anymore. Unless you are in Vegas or Miami
Facts! Been doing Turo 3yrs now, it’s not very profitable to be honest 🤷🏾♂️
@@itsjameshustonwhat business do u recommend I want to do something to uplift my family