This is my first video. I’m building cash to hit the ground running with a Turo business in 2025! These tips were great and I’m excited to learn more before going in 💯 Thank you
You are very correct; I had my vehicle on Turo for a year and I financed my car that same year. made 6000 in one year and ended up having a failed engine that was going to cost me around 6-7k to fix... for sure worked for free but going to keep pushing because this business is the way to go!
All depends on where you live, In NYC your car will get totaled before even having to worry about negative equity etc. If you're doing turo in areas that aren't accident prone than owning those cars cash is the best option for sure, the main source of profit in NYC rentals is making money off the rental wrecks. So it's different state to state.
Thanks for making this video. If you buy with cash your profits are higher but it’s not “pure profit”. You still have to deal with depreciation on a non financed vehicle it just lowers your overhead (increases profit) when you don’t have a loan on it. The biggest determining factor is location/market and what types of vehicles are in demand in your market. Things can change also so I think it’s good that you’re only keeping them for a short time. Keep in mind though you may be taking a loss on the sale as there will be depreciation. I don’t see how Turo is a full time gig for anyone other than Turo.
@@Kingathlete Dont do that its very dumb, unless you actually wanna keep the car for yourself. If you wanna have a profitable business you should be leveraging credit so you have a low monthly payment and make the most profit possible
At some point do we just start the LLC process to avoid Turos fees and go solo I’m mixed between buying a fleet to put on turo under an LLC or just starting off without turo
I’m about to buy a 2021 Camry cash for about $15k for my first rental. Good car for Turo? I was considering a Corolla too but which do you think is more profitable? Both great daily drivers that’s are reliable and hold good value so I’d love some input on why you think one of those is better or worse. Thanks!
Hey bro, im just starting my turo journey I currently have a Chevy Cruze on the platform and I need advice on getting another car. I currently own the Chevy and I want to own the next car too.
@@Alexprofits wow that's amazing. Just one last question: I've never used Turo and I was wondering how do the customers pick up the cars? Is it up to the customer to pick it up or are you supposed to bring it to they?
I go over this in the video bro. They just come to wherever you are (house, condo, apt, parking lot etc), get the key out of a lockbox on the window, and they are on their way
your video answered my questions I think. Navy is moving me and I would like to keep my 2019 Ford Raptor with 64k miles. Turo it out for the time I'm gone.. etc.. However since its financed at 5.69%, and the depreciation is pretty fast with these trucks... I'm towards "Not a good Turo vehicle, especially since it would be my first." I don't have a business set up. my insurance would need to be switched to Commercial I'm assuming, and my extended Maintenance warranty likely wont cover the maintenance if its connected to commercial driving. Turo may have worked for the peak season here in Florida. But I'm also entering the slower season which could be good for longevity of the rental. Lots of variables and you covered most of them in the amount of time it took me to write this! Thanks!
that's a very good strategy if you have the means to do so and probably financing only 1 or 2 cars, things start getting harder when financing more than 2, 3 cars to keep making that extra monthly contribution unless you do Turo only as a side hustle or just to cover your personal monthly car payment of course and you have another main source of income
I have a question- wife works for Tesla. I can purchase any Tesla and get free self driving and 0% interest rate. We came into a windfall of money and looking to make separate income. I work for a company that has alot of visitors from corporate every week. Thinking if I can buy a Tesla and rent it to corporate VPs when they’re in town. Any advice would be greatly appreciated!
Insightful video. I’m having trouble calculating more than a $200-300 profit a month after you factor in insurance, parking and vehicle cost. Am I missing something?
@@Alexprofits follow up question, will I be able to continue to list that vehicle in the upcoming year and so on..given that part of the requirement is that a vehicle cannot be more than 12 years old?
Hey alex, love the content, on a long drive listening to all your videos, in a turo rental haha. I use turo a lot as a renter and the business model always intrigues me. I've watched a bunch of your videos already video that I'll get to, but what about storage if you plan to scale to 3, 5, 10 cars? I live in a residential area and not sure it would be cool to have 10 cars parked on the street. What is the percentage of time that most cars are rented out, so they're not sitting unrented in front of my neighbor's house? Thanks for all your help and videos they're really informative.
Use your own space until you physically can’t any longer. Cars won’t be parked there all at the same time anyway - maybe a few overlapping being there at the same time but not for more than 24 hours. For example: if you have 6 cars and 4 spaces you’ll never really run into an issue if you’re doing your job the proper way. Hope this helps!
I have a car just sitting that I bought a few years ago but it’s salvage title. Was hoping to test the waters since it sits most of the week. Was looking on Turo and Salvage/rebuilt title cars are not accepted. Any tips on my next move to get started in Turo? Would it be to buy a a clean title car in cash?
Hey thanks for the question. Yes - it has to be clean title to list on turo. I’d suggest selling the salvage title car and using that money to by a cheap clean title car with under 130k miles to start
Hey man i need a extra income and highly likely to start this within a couple days but my finances are limited due to children expenses, on your mentorship do you provide details on EIN, LLC, & Funding to finance a vehicle?
Good vid!!! and btw if all those cars around me which in a mile only got like 10-50 (mostly 20-something) trips.... is it still possible to rent out my car?!
I've been watching your videos, and interested but the couple of times i've checked Turo in my area, there is 1-2 cars available. Doesn't look like many are doing it in my area. City population of 78k and when you google rental cars in my area, Turo is buying the top sponsored listing over Enterprise. Is there a way to research my market demand ahead of time?
That cheap cash car doesn’t work everywhere, for example, in big city like ATL people rather rent mid luxury to sport cars for example Kia k5 GT lines.
I believe you are giving false expectations. I know there are very few small towns with no turo host, where perhaps a car worht 10k can make you $1000, but that’s not true for every market. Take Miami for example, 50k 2024 Odyseey, Sienna or Sedona, goes for $55-$75 a day. You know how much competition is there? 200+ cars available almosts every day there. They had to lower prices to be able to rent. Again, this is misleading information to any average person who wants to start in Turo.
Absolutely agree, am currently an all star host on turo with over 25 vehicles in Hawaii, competition is crazy to the point where wranglers are going $40-$60 per day for a $55k+ car. I am already pulling out of the game and have already sold 7 vehicles within this past half a year alone. The game is gone, it is way too saturated. Time to put my money elsewhere.
in my opinion it is not the best car choice, don't know in NY but I have heard many Turo hosts who own Slingshots in different markets and say they don't perform well,
Im not really seeing as much potential for negative equity as you are pointing out here. Cars lose about 20% of their value in the first year on average if you buy new. Yes this may be higher for a highly utilized Turo car (say, 30%), but this can be minimized by financing cars just 1 or 2 years old however, as well as buying cars that depreciate more slowly, such as Toyotas. Say you finance a 2023 Corolla for $22,000 and aim to sell it after a year. I'd say it is realistic that you could sell the car for at least $17000 (probably more) after that year. If your total expenses on the car are roughly $500 per month (could be less with a lower interest rate) and it brings in say 1400 a month, then you are cash flowing $10,800 a year. After that year you would have that loan down to about $18,000. If you sell it for $17,000 you have only taken a $1,000 loss from negative equity, leaving close to $10,000 in profit that year from the somewhat expensive, newer financed vehicle.
Sounds like you’re just assuming and haven’t actually done it. If you think it’s the right move then see for yourself. I’m just here to share my experience as well as what I’ve seen from 300+ of my students
You’re also assuming you buy the car at the current market value (with dealer fees and financing, and sales tax, you’re always paying over the current market value when you buy from a dealer - even if it’s just slightly). Not to mention most of the payments you make on the loan in the first year will be mostly interest (roughly 40%). And assuming your depreciation assessment is accurate (which it isn’t) - You didn’t factor in the 20-40k miles you’re going to put on in a year. Like I said, if you want to finance so bad just do it! My videos are to help - at the end of the day you get to decide 😎
@@Alexprofits $22,000 is a doable out the door number for a 2023 corolla right now, all taxes and fees included, but add on another $1,500 for good measure if you want. I understand that interest is front loaded when financing. Nonetheless, if you only make the minimum payment, any auto loan with the terms listed above is going to have about $18,000 left on it after the first year. Again, tack on another $1,000 if it makes you feel better... the numbers still check out. If I assume I'm selling the car with just under 100k miles on it after this year (though it will likely be less depending on how many miles you buy it at), it should reasonably sell for $17,000 or more, as 2021 Corollas currently sell for about this much and more with this many miles. Again... shave off $1,000 if you like, the numbers still check out. I'm hearing you use your experience and success as a valid argument for why these numbers don't work. What I want to hear is where negative equity becomes dangerous by the numbers, not by your say so as someone with followers and students.
If you’d like me to break it all down for you feel free to book a 1 on 1. Be more than happy to. All I’m saying is if you believe you’re right - go test it out and let me know how it goes a year from now. Everything you’re saying is all estimated. Not accounting for anything to go wrong, or any other out of pocket costs. And you’re assuming your numbers pan out to be right. Anyone in business will tell you it never goes the way you think it will. I’m open to being proved wrong - never said it’s the only way. This video is based on my experience in the space 5+ years and over 100+ cars on my fleet. It would make me happy to see my video motivated you to go out and start a turo business. And besides, a $10k corolla is going to bring in the exact same revenue numbers on turo as a $22k corrola. That is facts you can’t argue with. And when you look at it that way, again, you’re loosing more money. Appreciate the convo
The most important thing you’re forgetting is a Corolla on turo is only bringing in $600 - $1k per month revenue. The only way you’re making more than that on turo is if you’re profiting on damages. The only way you’re making $1,500 per month with a Corolla consistently is via private rentals. And you’re not doing private rentals with one car. But please, go out and do everything you’re saying so you can come back and let me know how it goes
finance cars will bring in more money every month, dude said a cash car and finance cars generate the same amount of revenue lmao this guy is so dumb 5:41
Not True. More revenue doesn’t mean more profit. You still have a high payment + the car depreciates faster not to mention the negative equity you’ll have if you don’t pay it off in the first year. Sounds like you didn’t watch the video, or you just started this business. Most people don’t know they have a problem in this business until 1-3 years in. Finance if you want! Appreciate the comment tho
@@Alexprofits sounds like everything went over your head go and re read my comment, didn't express ANYTHING about higher expenses. A financed car will generate more revenue. Try that again kid. next time with a bottle of smart water
If your revenue with a bmw x3 is $2400 monthly and a used paid off car is 1000 then the x3 is "bringing in more money" no matter what the expenses and and imaginary depreciation costs are, I can't believe people are this dumb 🤣
I disagree with selling the car so quickly. You could end up with a car worse off. If you have a great running car that's never in the shop, why would you sell it? Even something with less miles could have not been maintained properly. Also 8 to 15K is too much, I buy cars for $4,000 to $8,000, much better roi.
@@Alexprofits yes. It has $23k left at $570/month. Im planning on purchasing another car for commutinh and debating if i should Turo this one or just sell it. Your thoughts?
This is my first video. I’m building cash to hit the ground running with a Turo business in 2025!
These tips were great and I’m excited to learn more before going in 💯 Thank you
Let’s go!!
I need this money so I’m doing turo business also
I have 50,000 saved can we talk@Alexprofits
You are very correct; I had my vehicle on Turo for a year and I financed my car that same year. made 6000 in one year and ended up having a failed engine that was going to cost me around 6-7k to fix... for sure worked for free but going to keep pushing because this business is the way to go!
Yessir! Keep grinding, keep learning from mistakes, keep growing😎
Get a service warranty and do your research on shop up charges as a mechanic I feel ima be fine lol
I have 2022 KIA k5 GT Liner 26k miles fully paid off.
All depends on where you live, In NYC your car will get totaled before even having to worry about negative equity etc. If you're doing turo in areas that aren't accident prone than owning those cars cash is the best option for sure, the main source of profit in NYC rentals is making money off the rental wrecks. So it's different state to state.
This is one of the few that actually realistic thank you for the information
Glad you enjoyed 🤝
Thanks for making this video. If you buy with cash your profits are higher but it’s not “pure profit”. You still have to deal with depreciation on a non financed vehicle it just lowers your overhead (increases profit) when you don’t have a loan on it. The biggest determining factor is location/market and what types of vehicles are in demand in your market. Things can change also so I think it’s good that you’re only keeping them for a short time. Keep in mind though you may be taking a loss on the sale as there will be depreciation. I don’t see how Turo is a full time gig for anyone other than Turo.
Appreciate your insights!!
Thank you for this content!
Buy with cash, sell before car depreciates and starts breaking down, got it.
Yup
Why buy with cash ??
@@Kingathlete Dont do that its very dumb, unless you actually wanna keep the car for yourself. If you wanna have a profitable business you should be leveraging credit so you have a low monthly payment and make the most profit possible
@@jayy7712yeah okay. Then you have a slow month with no rentals and can't make the car payment. Car gets repossessed now you're screwed lol.
This was super helpful, Thanks!
Glad you enjoyed!!
Exactly. This is really good video!
Let’s go! Glad you enjoy 😎 thanks for the support
Cargo vans? For people who need to move stuff. Good idea?
Yeah i mean if it's priced competitively to a similar vehicle from uhaul then I can see it being rented out all the time to move
I was just gonna pay for cash car since 12 years is a long time and 130k is pretty good criteria
Right
Thanks Alex. I will take this in consideration next time.
I’ve Hundai Electra2025 . Bought for my personal use. It’s financed but not using anymore. So is it better to resale it or use in Turo.
At some point do we just start the LLC process to avoid Turos fees and go solo I’m mixed between buying a fleet to put on turo under an LLC or just starting off without turo
Watch my most recent video - I go over this in detail
Thank you this gave me some clarity i guess im headed to the auto auction first
😎😎
I’m about to buy a 2021 Camry cash for about $15k for my first rental. Good car for Turo? I was considering a Corolla too but which do you think is more profitable? Both great daily drivers that’s are reliable and hold good value so I’d love some input on why you think one of those is better or worse. Thanks!
Definitely! They both will get the same / similar daily rate so go with whatever one you can get the better deal on
Hi. Any NYC specifics? I have one garaged spot in my apartment building. Wd like to start asap. Also, how does the insurance piece work please? Thx!
Hey bro, im just starting my turo journey I currently have a Chevy Cruze on the platform and I need advice on getting another car. I currently own the Chevy and I want to own the next car too.
Shoot me a dm on IG! Same name
I have a 2018 Lincoln Navigator that I own, does Turo pay more for SUV's and does it sound like a good idea to start.
yes I think so, SUVs are one of the best vehicle choices for Turo they are always on demand
I think this is also area dependent. If your town isn’t within 30-45min of a big city or a major airport you will struggle to get the car rented
Not exactly true, smaller markets get a higher daily rate and less competition on turo and serve the locals
What return can you realistically expect per car?
If it’s cash owned and a $5k - $10k car, $600 - $1,000 in profit every month
@@Alexprofits wow that's amazing. Just one last question:
I've never used Turo and I was wondering how do the customers pick up the cars? Is it up to the customer to pick it up or are you supposed to bring it to they?
I go over this in the video bro. They just come to wherever you are (house, condo, apt, parking lot etc), get the key out of a lockbox on the window, and they are on their way
In the Los Angeles area. Wanted to ask for my first 6k cash car. Nissan Versa, Kia Forte, or Hyundai Sonata?
I have a cyber truck which is financed so way outside of your business model. Is the truck a good fit for Turo?
Short term could make some money for sure but long term doesn’t make sense
your video answered my questions I think. Navy is moving me and I would like to keep my 2019 Ford Raptor with 64k miles. Turo it out for the time I'm gone.. etc.. However since its financed at 5.69%, and the depreciation is pretty fast with these trucks... I'm towards "Not a good Turo vehicle, especially since it would be my first." I don't have a business set up. my insurance would need to be switched to Commercial I'm assuming, and my extended Maintenance warranty likely wont cover the maintenance if its connected to commercial driving. Turo may have worked for the peak season here in Florida. But I'm also entering the slower season which could be good for longevity of the rental.
Lots of variables and you covered most of them in the amount of time it took me to write this! Thanks!
Let’s go! Glad the video helped
Thanks!
What if you finance a car that you put a nice chunk of a down payment? I feel like the no money down play doesn’t work for Turo.
You’re right - if you’re putting a big chunk down - it could make sense. Just depends on the vehicle for sure
yep I think the same way
What if you finance and pay more than the monthly payment? Example monthly payment is $400 and pay $800
that's a very good strategy if you have the means to do so and probably financing only 1 or 2 cars, things start getting harder when financing more than 2, 3 cars to keep making that extra monthly contribution unless you do Turo only as a side hustle or just to cover your personal monthly car payment of course and you have another main source of income
I have a question- wife works for Tesla. I can purchase any Tesla and get free self driving and 0% interest rate.
We came into a windfall of money and looking to make separate income.
I work for a company that has alot of visitors from corporate every week. Thinking if I can buy a Tesla and rent it to corporate VPs when they’re in town.
Any advice would be greatly appreciated!
Let’s chat! bookturoprofits@gmail.com
2016 Mitsubishi Outlander 7 seater. Would this be a good car for turo
Yessir!
Do you have to personally deliver the cars? Or do you keep them somewhere and the renters come to the car?
Pickup and drop off from my location
Does this apply to Leased vehicles too? At the end of the lease there will surely be extra milage, but will there be depreciation?
You’d just have to make sure you won’t go over the mileage on a lease. It gets spendy if you do
Insightful video. I’m having trouble calculating more than a $200-300 profit a month after you factor in insurance, parking and vehicle cost. Am I missing something?
Great video
Hi Alex, thank you for this video! Is Nissan kicks a good car for Turo business?
Yes! Is it financed or cash owned? That’s really the kicker
Good video. I own finance cars but looking to add 2 cash cars soon.
Columbus Ohio area
Glad you enjoyed it! Thanks for the support - hope you keep killing it👍🏼
Is there a way to research the market to see how saturated it is? Maybe just going on Turo as if I was going to rent? Virginia Beach area
No market in the US is saturated with the right car. Any cheap car worth $5k - $20k is the perfect fit for turo
@@Alexprofits thank you!
do you use any apps to gather Turo Data of what's best for the market in x area?
I am a mechanic at a Mercedes and I was just wondering are Mercedesgood cars for rental
Yup
yes definitely
2012 Ford Fusion Hybrid with 27k on the clock
Yup! List it
@@Alexprofits follow up question, will I be able to continue to list that vehicle in the upcoming year and so on..given that part of the requirement is that a vehicle cannot be more than 12 years old?
What if you lease a vehicle??
i was thinking of buying either a 2019 porsche cayman gt4 or 718 boxter convertible for 40k to rent on turo, im 18 n i make 4k a month?
I just ran across your video I am interested. I have a 2014 SUV just sitting. Do you think this is a good fit for Turo?
For sure
Hey alex, love the content, on a long drive listening to all your videos, in a turo rental haha. I use turo a lot as a renter and the business model always intrigues me. I've watched a bunch of your videos already video that I'll get to, but what about storage if you plan to scale to 3, 5, 10 cars? I live in a residential area and not sure it would be cool to have 10 cars parked on the street. What is the percentage of time that most cars are rented out, so they're not sitting unrented in front of my neighbor's house? Thanks for all your help and videos they're really informative.
Use your own space until you physically can’t any longer. Cars won’t be parked there all at the same time anyway - maybe a few overlapping being there at the same time but not for more than 24 hours.
For example: if you have 6 cars and 4 spaces you’ll never really run into an issue if you’re doing your job the proper way.
Hope this helps!
What are your different exit strategies? I'm looking to put my 1st car on the platform. Didn't really think about exit strategies.
All depends on the car and your situation. Book a call via link in description and I’ll break it down 😎
Video packed with info! Thank you..I live in south Florida,what are some areas I should consider for pick ups and drop offs
Glad you enjoyed! Use your house/apt/condo whatever is easier for you. You’re going to make the same money either way so make it easy on yourself
I have a car just sitting that I bought a few years ago but it’s salvage title. Was hoping to test the waters since it sits most of the week. Was looking on Turo and Salvage/rebuilt title cars are not accepted. Any tips on my next move to get started in Turo? Would it be to buy a a clean title car in cash?
Hey thanks for the question. Yes - it has to be clean title to list on turo. I’d suggest selling the salvage title car and using that money to by a cheap clean title car with under 130k miles to start
I have a paid off 2017 Honda Accord Sport SE (4-door) with 70K miles. Is this a good starter car?
Yessir 100%
Very informative video
Thank! Glad you enjoyed it
Does it have to be removed once mileage hits 130k?
No sir, once it’s on the platform it’s grandfathered in
I’m looking to rent my sedan I still finance to pay it off, I plan on keeping zero profits.
I have 2 vw atlas 7 seater suv and 1 honda odyssey
What market?
how do you think a tesla would perform on turo?
it depends on the market you are in, but Tesla is very saturated on the US big markets
Hey man i need a extra income and highly likely to start this within a couple days but my finances are limited due to children expenses, on your mentorship do you provide details on EIN, LLC, & Funding to finance a vehicle?
Yes - dm me on IG and I’ll help
2021 Jeep Cherokee black, black leather interior. Vegas
Yessir!
Thanks Great Video
🔥🔥
Good vid!!! and btw if all those cars around me which in a mile only got like 10-50 (mostly 20-something) trips.... is it still possible to rent out my car?!
Yes 100%! Throw it on turo👍🏼
I've been watching your videos, and interested but the couple of times i've checked Turo in my area, there is 1-2 cars available. Doesn't look like many are doing it in my area. City population of 78k and when you google rental cars in my area, Turo is buying the top sponsored listing over Enterprise. Is there a way to research my market demand ahead of time?
What’s your city?
@@Alexprofits Jonesboro Arkansas
Hey love the video. Cargo vans like gmc Savana would be good ?
Yup
What about cargo vans for people who need to move stuff? Thoughts?
2017 ford focus 95000 miles purchase price of 5-6k do you think that would make a good profit in first year on the treasure coast in fl
For sure!
In theory, you HAVE to spend money to get money. No one is gifted a free vehicle or multiple vehicles free.
That cheap cash car doesn’t work everywhere, for example, in big city like ATL people rather rent mid luxury to sport cars for example Kia k5 GT lines.
Not true
I wanted to buy an i8 roadster to rent out and pay my car note . Is that a smart idea or there too much room for things to go wrong ?
Don’t do it for your first car. Maybe later on down the road when you have experience
Tesla model 3 ?
The nearest populated city is 30 miles from me. Can I make Turo work?
For sure. What city?
@@Alexprofits Atlanta, Kennesaw and Marietta
Do you offer consults?
Yes Dm me on IG 👍🏼
Helpful
Glad you enjoyed! Thank for the support
I’m assuming you live in an area with tourists? And a larger population?
I have a ford cardio van for my business but currently sits 70% of the time. Do you think this is a good fit for Turo? Yes, I’m financing it.
You should try Turo for sure.
Could one use a car with a salvage title?
No - has to be clean title
No the title have to be clean
Cyber truck financed?
Too late - prices already dropped
Hey I live in Quebec
And I have finance Toyota Corolla 2019
Great market! Have you listed it yet?
No I am in process right now
Why the spike all in the Amazon suggestions?!?
Thanks for the information and advice
Bless
I’m about to get started
Let’s go!!
Wait, 75 photos? Why so many?
But need a car lease from dealer?
Huh?
I just bought 3 cars for it
What city?
Big island Hawaii
2015 Maserati Ghibli sQ4
2015 Buick verano 89k miles
Great car for turo
2022 Kia EV6😊
Financed?
Yeah what about when you can't list your onw car and don't have money to buy a cash car either. The only way would be a loan
Then you have to take a different approach knowing you’re starting a more risky way.
2013 Prius V
Yup 100% - great car for turo
2017 Hyuandai Sonata 99,000
2012 Audi q5 s-line 3.2L
What city?
@@Alexprofits St. Louis
@@Alexprofits just got approved to be on Turo
Let’s go! $800 - $1,500 or month range, maybe a little more because you’re in a less saturated market
@@Alexprofits what should I place the price range for per day?
Toyota sienna?
Perfect fit for turo
You briefly mentioned about structuring the business, how do we properly structure the business for Turo?
Mitsubishi mirage 2017
Yessir! Great option
Watching these comments makes me feel broke
2022 Volkswagen Atlas
Is it financed?
I believe you are giving false expectations. I know there are very few small towns with no turo host, where perhaps a car worht 10k can make you $1000, but that’s not true for every market. Take Miami for example, 50k 2024 Odyseey, Sienna or Sedona, goes for $55-$75 a day. You know how much competition is there? 200+ cars available almosts every day there.
They had to lower prices to be able to rent. Again, this is misleading information to any average person who wants to start in Turo.
Absolutely agree, am currently an all star host on turo with over 25 vehicles in Hawaii, competition is crazy to the point where wranglers are going $40-$60 per day for a $55k+ car. I am already pulling out of the game and have already sold 7 vehicles within this past half a year alone. The game is gone, it is way too saturated. Time to put my money elsewhere.
Truth. This video is very inflated for the areas I have seen. Not saying the video is wrong for that area, it’s just not all markets.
Thanks for the info! What do you think about Slingshot in Queens, New York!? 🙌🏼
in my opinion it is not the best car choice, don't know in NY but I have heard many Turo hosts who own Slingshots in different markets and say they don't perform well,
2018 Mercedes e class
Financed? Cash?
@ cash
What about leasing vehicles?
not the best idea because of the limited mileage
Im not really seeing as much potential for negative equity as you are pointing out here. Cars lose about 20% of their value in the first year on average if you buy new. Yes this may be higher for a highly utilized Turo car (say, 30%), but this can be minimized by financing cars just 1 or 2 years old however, as well as buying cars that depreciate more slowly, such as Toyotas. Say you finance a 2023 Corolla for $22,000 and aim to sell it after a year. I'd say it is realistic that you could sell the car for at least $17000 (probably more) after that year. If your total expenses on the car are roughly $500 per month (could be less with a lower interest rate) and it brings in say 1400 a month, then you are cash flowing $10,800 a year. After that year you would have that loan down to about $18,000. If you sell it for $17,000 you have only taken a $1,000 loss from negative equity, leaving close to $10,000 in profit that year from the somewhat expensive, newer financed vehicle.
Sounds like you’re just assuming and haven’t actually done it. If you think it’s the right move then see for yourself. I’m just here to share my experience as well as what I’ve seen from 300+ of my students
You’re also assuming you buy the car at the current market value (with dealer fees and financing, and sales tax, you’re always paying over the current market value when you buy from a dealer - even if it’s just slightly). Not to mention most of the payments you make on the loan in the first year will be mostly interest (roughly 40%). And assuming your depreciation assessment is accurate (which it isn’t) - You didn’t factor in the 20-40k miles you’re going to put on in a year. Like I said, if you want to finance so bad just do it! My videos are to help - at the end of the day you get to decide 😎
@@Alexprofits $22,000 is a doable out the door number for a 2023 corolla right now, all taxes and fees included, but add on another $1,500 for good measure if you want. I understand that interest is front loaded when financing. Nonetheless, if you only make the minimum payment, any auto loan with the terms listed above is going to have about $18,000 left on it after the first year. Again, tack on another $1,000 if it makes you feel better... the numbers still check out. If I assume I'm selling the car with just under 100k miles on it after this year (though it will likely be less depending on how many miles you buy it at), it should reasonably sell for $17,000 or more, as 2021 Corollas currently sell for about this much and more with this many miles. Again... shave off $1,000 if you like, the numbers still check out. I'm hearing you use your experience and success as a valid argument for why these numbers don't work. What I want to hear is where negative equity becomes dangerous by the numbers, not by your say so as someone with followers and students.
If you’d like me to break it all down for you feel free to book a 1 on 1. Be more than happy to. All I’m saying is if you believe you’re right - go test it out and let me know how it goes a year from now. Everything you’re saying is all estimated. Not accounting for anything to go wrong, or any other out of pocket costs. And you’re assuming your numbers pan out to be right. Anyone in business will tell you it never goes the way you think it will.
I’m open to being proved wrong - never said it’s the only way. This video is based on my experience in the space 5+ years and over 100+ cars on my fleet. It would make me happy to see my video motivated you to go out and start a turo business.
And besides, a $10k corolla is going to bring in the exact same revenue numbers on turo as a $22k corrola. That is facts you can’t argue with. And when you look at it that way, again, you’re loosing more money.
Appreciate the convo
The most important thing you’re forgetting is a Corolla on turo is only bringing in $600 - $1k per month revenue. The only way you’re making more than that on turo is if you’re profiting on damages. The only way you’re making $1,500 per month with a Corolla consistently is via private rentals. And you’re not doing private rentals with one car. But please, go out and do everything you’re saying so you can come back and let me know how it goes
2016 Porsche Cayenne
2013 Audi A7
Yup! Throw it on
finance cars will bring in more money every month, dude said a cash car and finance cars generate the same amount of revenue lmao this guy is so dumb 5:41
Not True. More revenue doesn’t mean more profit. You still have a high payment + the car depreciates faster not to mention the negative equity you’ll have if you don’t pay it off in the first year. Sounds like you didn’t watch the video, or you just started this business. Most people don’t know they have a problem in this business until 1-3 years in. Finance if you want! Appreciate the comment tho
@@Alexprofits sounds like everything went over your head go and re read my comment, didn't express ANYTHING about higher expenses. A financed car will generate more revenue. Try that again kid. next time with a bottle of smart water
If your revenue with a bmw x3 is $2400 monthly and a used paid off car is 1000 then the x3 is "bringing in more money" no matter what the expenses and and imaginary depreciation costs are, I can't believe people are this dumb 🤣
Sounds like you edited your comment after a dumb comment. Its okay😂😂
Yeah you’re delusional. Wait til someone sees this comment and cooks you. I’ll wait😂
Hey I have a 2017 suburban miles are at 145k. Would I really not be able to meet turo requirements?
Too many miles unfortunately. Must be 130k or less
I disagree with selling the car so quickly. You could end up with a car worse off. If you have a great running car that's never in the shop, why would you sell it? Even something with less miles could have not been maintained properly. Also 8 to 15K is too much, I buy cars for $4,000 to $8,000, much better roi.
Do your thing bro! I just share what works for me👍🏼
Salvage tittle?
Has to be clean title
2022 camry xse
Financed?
@@Alexprofits yes. It has $23k left at $570/month. Im planning on purchasing another car for commutinh and debating if i should Turo this one or just sell it. Your thoughts?