How much MONEY I made on TURO in My 1st 4 MONTHS!!
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- เผยแพร่เมื่อ 10 พ.ค. 2023
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*How much money did I make on TURO??*
🚗💸 In this exciting video, I'll share my incredible journey of how I made over $8,000 by renting out two Honda Civics on Turo, the peer-to-peer car-sharing platform. 📈💰
🔑 Discover the step-by-step process I followed to turn my two Honda Civics into lucrative income streams. From purchasing the vehicles at the right price to optimizing their listings.
💡 Whether you're a car enthusiast, an entrepreneur, or simply looking for a side hustle, this video is packed with actionable insights to help you kickstart your journey towards financial independence.
🌟 Join me on this inspiring adventure as I showcase the incredible potential of Turo and demonstrate how you too can turn your cars into passive income generators. Don't miss out on this opportunity to learn the secrets behind my $8,000 success story!
🎬 Remember to like, comment, and subscribe to my channel for more exciting content about passive income, car rentals, and financial freedom. Share this video with friends who might be interested in unlocking the power of Turo! 🚀💪"
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📌TURO Essential Items 💫 (AKA Turo Starter Kit):
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Great video quality and content!!👏🏾👏🏾
Thank you bro 🙏🏼
Great video, great edits, and great content and actually realistic with the numbers!
Thanks! 😎…. I try to be as transparent as possible & give the REAL #’s of what I actually take home.
I’ve seen a few videos that tell you what they gross, but are not transparent about their expenses & what they Actually profit.
I like to be blunt so you can decide if its something that might work for you 👍🏼
Great video you did a great job breaking in down. I live near Reagan nation(dc) so is something I look forward to doing this year
Nice! You have a vehicle already you gonna put on the platform? Or do you plan on getting one specifically for TURO?
@@Raf.Velasco I’ll be getting a car under my llc. I intend on getting economy car under 15k to test the waters
Love the video! Great that you put $0 down. Sounds like you got a killer APR as well.
If you count depreciation and debt paydown as a wash (though in reality debt paydown should be a little higher, and depreciation helps with tax liability, so it should actually work in your favor), I'd be happy to use your numbers except that 4 months of car payments, per your comment above, is typically going to run you $3,944. That brings your profit down to $2,686. Without the profit on that damage, the profit would have been $1,027 for 2 cars for 4 months.
Not sure how much time you put into it, but let's say it's 5hrs/car/month. That's 40 hours for 2 cars for 4 months. Maybe higher depending on how much time you put into the car claim, getting quotes, getting it fixed, etc. Not counting the accident, that's $25.68/hr. Couting the accident, it's $67.15/hr.
Have you experienced any seasonality with your cars? Do they rent at higher rates or higher occupancy at certain times of year?
Very helpful, I appreciate the transparency!
Greetings from Miami !!
That’s what’s up
STACK THEM CHIPS !!
Keep on going
Thank u bro 🤙🏼
Just out here trying to stack the bag more 💰
Does gap insurance cover your vehicle is your using it for commercial purposes?
Thanks for the transperency! How many cars are you at now?
As of Mid December I will be at 3… im adding my Audi S4 (which i have paid off in full)… i have No car payment on the Audi so that’ll be pure profit 😎
Good stuff! Our cars net $400-$500/month too.
Awesome! Summer of 2023 was even better for us 😎
That's not very much. Seems like it is just not worth it.
@@mrweddingspeech151 Exactly, It just doesnt add up. The damn cost of the car is way more than that and the hassles involved and that is not even including anything else. Seems like its foolish.
for my understanding, its only 200$ per month if the accident didn't hap
It’s more like 375 plus you are getting your car paid off. The only thing is $40 insurance on a financed car, I dont know about that
Turo worst customer what they call service ever. I have 2 cars rented out and now no way to track them. This has been going on for 5 days. If I can't get it resolved by tomorrow I'll have to report them stolen and contact legal. Run!
@@amieerothrock1839hey. Just looked up this video today! And saw your comment. Were you able to recoupe your car?.
What were the details.
@@amieerothrock1839from what I’ve heard so far definitely need a gps tracker for your cars. And will you get compensated from turo if the customer doesn’t pay you?
Did you buy your under an LLC or through your own personal credit?
I bought these particular vehicles using my personal credit… but I’m running the Turo business under an LLC. Future financed vehicles might get placed under LLC tho
Like your energy bro......subscribed.
Thank u brother 🤙🏼🤙🏼🙏🏼
awesome vid full of useful information! :)
😎🤙🏼
How much you think 2024 BMW i5 M sport rent a day
I would log on Turo as a guest, search your vehicle & filter in your city, make/model… that way you get an idea of what kind of price your vehicle can rent out first based on your market, cus prices will vary based on market
Turo doesn’t allow you to drive the guests in your car or accept rides from them. They will cancel your account if they find out.
How did you only do liability insurance when the cars are financed?
Not sure 🤷🏻♂️ I have an Audi S4 thats already paid off, but when it was financed I also had liability only, i have a Prius thats already paid off too & that one also had only liability when it was financed. I had them with National General (not to be confused with General Insurance), so maybe they don’t care lol 🤷🏻♂️
🙌💯💯💯
I like the info however the claim is a one off thing that won’t be reoccurring every 4 months. So you won’t be getting an extra $2159 every 4 months. If you actually subtract that from your gross your realistic Net would have been $1461 for 4 months. Dividend that by 4 months and then by 2 vehicles your profits would have been $183 dollars a month for each car realistically speaking. I’m not trying to be negative but you gotta pump those numbers up son. Those are rookie numbers in this bracket.
I’ve been doing Turo in LA for 19 months now. I can Assure you I have profited Waaay more than just $183/ month 💯
Lets say that claim never happened, Your subtracting $2159 from my gross but failed to subtract the $500 from my expenses that were used as a result of that claim.. in addition, that claim caused me to have my vehicle off the platform for 10 days which if u want to take the claim off, i would probably would have made another $350-$400 give or take. So subtract the $500 expense & add another $400 that i could’ve made in those 10days my car was out due to the incident. Thats a $900 turnover which would have resulted in $523/month net profit IF the claim would’ve never happened.
But you get into the TURO business knowing claims ARE part of the business. 19 months in & I have filed countless claims off 3 cars… its part of the game 🤷🏻♂️👍🏼
You forgot to include car depreciation in your calculations.
Car depreciation hasn’t really cost me anything as I have NOT invested a single penny out of my own pocket in this business… & I didn’t also mention how im going to be able to write off that depreciation on my taxes 👍🏼
My 2018 Jeep Wrangler ($34,000) was stolen right after the guest returned it at the airport parking lot at DEN. Turo does not want to cover my loss. TURO NEVER AGAIN!!!
Please, anyone out there who could help me
Oh damn! 😬 sorry to hear about this incident bro. Hope this situation gets resolved 😐
@@Raf.Velasco Turo just sent an email today saying that their final decision is not to cover my loss. Turo became a nightmare. I still have 4 years to pay this car. :(
@@ericcuerdeandrade8377what about your personal insurance, does it cover your stolen car ?!
@@ericcuerdeandrade8377daaamn. That is some bullshxt. Didnyou at least have theft insurance on your car from your own personal insurance? (Not turos insurance).
@@setosbagofgoodies995 my own my personal insurance was very gracious in covering though they had no obligation they said to me. Now Turo NEVER AGAIN!
What insurance do you use?
National General (Not to be confused with General Insurance)
🎉🎉🎉🎉🎉
You spend way too much on car washes. Some places offer unlimited monthly washes for $20 per month. The more you save, the more you make...
My local car wash has $20/month but its only for 1 car (not multiple cars). Even if i had that I would’ve paid the same.
$20/month per car
2 cars
4 months @ $40/month = $160 (exactly what i spent) 🤷🏻♂️
How are you able to have only liability insurance on a finance car?
Depends on your Lender… although most lenders require you to have Full Coverage on financed/Leased vehicles, Not all lenders do.
@@Raf.Velasco Thanks for the repply
Was my question too. Who is your landers?😊
@@timmusaka9577my lender was nissan i got a 19 altima with 50 bucks down and i didnt have insurance on the car for 2 years and they didnt care lmao i paid the car off in the 3rd year and they wont stop calling for me to go get another car
Seems like these numbers are just not worth the effort of starting a TURO rental business!
so if you had not gotten that claim you would have made like 1500 dollars - thats a horrible ROI
Cool..but thats not worth it for me ...glad u broke it down good.
I was as transparent as I can be.
Blessings from LA 👍🏼
It’s not for everybody but it’s for us 🙂
$40 a month for car insurance on 2 Brand new cars??
Yes… $40 each (so $80 monthly total for just liability)
What insurance did you use?
@@Raf.Velascoword? What insurance did you use? 0_o
Need a partner for my boxing channel
You forgot to include depreciation….. buying a new car is not smart financial advice at. Unless you’re buying a car like a civic type r. You will lose thousands on depreciation the first 3 years of owning the car.
It would have been a better idea to buy your first 2 cash. They would have made the same amount as the 2 plus all profit with no depreciation.
I wanted to start a Turo business with ZERO $ out of my own pocket (which i did)… Although they do depreciate, I can write off the depreciation of my vehicles in my taxes to help offset taxable income (Big perk)
14 months into my Turo business, I have yet to put one single penny out of my own personal money to cover any car payment, insurance, or maintenance on these vehicles. The money they generate on Turo has paid for it all and also has provided me with monthly cash flow.
And even with depreciation, as I type this today, both vehicles are worth more than what I currently owe on the loans. so if I were to sell both cars today, I would actually make a few grand off of a business I started with no money out of my personal pockets.
That to me sounds like a win 🤷🏻♂️
@@Raf.Velasco exactly 💯 good shit bro
This video is so misleading. You actually made $2k profit from a repair and showing it as a regular income. You actually made $1600 profit, $800 each car, makes $200 per car per month. You spent $36k for that car, which means you have to rent out your car for 15 years to get your money back for the car. after 15 years that car will worth nothing.. So you will end up working for Turo for 15 years for nothing.. Wake up..
well the cars are paying for themself.... in 5-6 years when the cars a paid off its gonna be all profit
Yea if you going get a note make it cheap as possible 1500$ a month yikes. Am looking at no more then 300$ a month on a car that's less then 10k
did you just admit to insurance fraud lol jk
That's how insurance companies choose to do business. They don't have to pay out based in a quote. You are allowed to shop around.
Lol
3k in car payments??? for 2 honda civics?
$500 car payment per car, ($493 to be exact) on a $29K loan (each) & having financed both w/ $0 down… ZERO DOWN!…Is actually pretty good in today’s standard.
yea that sounds more like what i expected the video showed "$3000 - CAR PAYMENTS" kinda confusing @@Raf.Velasco
@@kevinsue1778real slow here, the first month he didn't make any payments. That's three months of payments at $500/each. Or $3k in the total 4 months in payments on the cars
That’s terrible roi, you spent 80k to make 1k a month 15% roi with no money deducted for depreciation… after depreciation you’ll be looking at around 10%. Might as well invest in snp 500
Who said I spent 80k?… not sure where you got that number from🤔
BUT I have spent $0.. ZERO Dollars.. out of My own pocket. I agreed to finance the vehicles at 29k each… i put ZERO money down… till this day (9 months in) I have Yet to put a single penny out of my own personal money into this business. The cars not only pay for themselves, but there has NOT been a single month where I didn’t cashflow.
If i were to sell my cars today, according to KBB & the carvana offer i got (i wamtes to see out of curiosity how much they’d give me… I would sell both cars Today for more money than I owe.. so I would make a profit if I sold them today…. Not only that, but I’m not sure if you are aware that I was able to write off the depreciation of my vehicles because they are used for business purpose Only.
So tell me again, how this was a bad investment?? 🤷🏻♂️
Ops, 60k. Yes you have it for zero down but what’s ur apr? And you’re getting away with only liability insurance what if it gets wrecked? You’d be on the hook and be in debt!
My APR is 6% (which is really low by today’s market standards)… and I don’t need anything more than liability because I’m not driving these vehicles for personal use. TURO provides full coverage insurance while the car is out with the guest… recently one of my cars got rear ended, and not only did Turo Pay for the entire damage expenses, but I kept over $2k of additional insurance claims money for myself.
If either one of my cars were to get totaled by a Guest today, my insurance payout would be higher than what I currently owe on the loans. So I would actually profit off of a total loss today.
Also, in a few months, you will have a payoff car (it pays off itself )
Exactly!… 9 months in & I have Yet to put a single penny out of My own personal money into this business. Both vehicles have been paying for themselves, I have cash flowed every single month, & even if i were to sell both cars today, i would get more than what I owe on them (i already checked out of curiosity lol)… Carvana offered me more than my balance owed. 😊
Dinner expense? Lol
Hey, you gotta have those “business meetings” thru a dinner & be able to write it off lol 😉😎🤙🏼
Yo you said you paid cash out the door how tf do you have car payments?!!🥴
Place the time stamp where i said I paid cash for the cars….. I’ll wait ⏳….. you won’t find it tho cus I Never once said I paid cash for the cars 🤷🏻♂️
so you committed fraud
In what way? 🤔