I Rented my Tesla Model Y on Turo | My Earnings, Income, and experience | Is it still worth it?

I've always seen the side hustle of renting out your Tesla on Turo, but wondered if it was too good to be true? For the past 2 months, I have been conducting my own research and decided to list my personal Tesla Model Y on the Turo app to see if this side hustle was worth it.
I was surprised by my findings, and I think anyone looking to get started as a Turo host should check out this video.
If you have any questions, please feel free to let me know down in the comments!
0:00 - Introduction
0:54 - My June Results
2:28 - My July Results
5:00 - My Thoughts on Renting a Tesla on Turo
#teslamodely
#sidehustle
#carerentalbusiness
#turorental
#turosidehustle
#turotesla
#turohost
#turo

[@kallenyc]

I didn't see a link on how to do the market research but will browse your channel for the vid. Thx for the info!

[@marknaiman4430]

Thank you. Useful information. Will be renting soon. Good to exchange experience in future.

[@boroqcat]

It’s all fun and profit until your car gets hit.
Food for thought to include in your calculus when putting your Tesla for rent: these cars are virtually unrepairable outside of minor fender benders.
My friend’s M3 sat at the shop for two months before the insurance company came back and just decided to total his car. The extent of the damage was repairable on any standard car, but because it’s a Tesla, there are virtually no parts available to repair.
He said the shop had Teslas piled up and the owner told him that he’s had parts on backorder for over 6 months so the time frame on getting around to his was basically TBD.
Fortunately, he bought the car used at the beginning of the pandemic at a good price, and with inflation and price hikes, ended up getting totaled out for substantially more than he paid for it. So he has a small mortgage back in his pocket each month and a $14K check for his troubles. But he’s not about to jump back on the waitlist for another 6 months to buy a replacement after what he’s been through.
So ensure a reserve for a down payment on a replacement vehicle, the increase in insurance costs, and the associated downtime are being factored into your expenses for anyone looking to get into this business.
Good luck

[@krishnamehta]

Thank you, that was some very helpful insight, as my car is currently damaged, but luckily just cosmetic and not mechanical.

[@boroqcat]

@@krishnamehta you’re blessed then, friend.
Just consider yourself sub break even until you have the down payment for another paid for via rental proceeds.

[@edventures9884]

I rented out my Volvo s60 back in 2018 for only 2 trips and they went well. I’ve been wanting to rent out a car on turo again but I only have my owns personal car. Eventually I want to keep my current car and get a Tesla model Y for personal use + turo

[@ryanfennelly4]

Thanks for the video. Did your car insurance go up after renting on Turo or after the miner fender bender?

[@krishnamehta]

Thanks for the comment. Since all the claims are dealt directly through Turo's insurance protection plan, my personal insurance did not increase.

[@Div.sharma]

Is it still good option if i buy brand new 2023 model y and puts on Turo , I live in calgary and in summers and winters we got so many tourist to visit 1 hr drive from calgary to Banff

[@isthatatesla]

Remember to watch YOUR OWN back on the platform.

[@xm3ntal620]

Does the accident get reported to car fax?

[@chableepeterson1]

Thanks I love my Tesla 3 and I rent it out on Turo ✔️

[@krishnamehta]

I hope it's going well for you, what city do you rent your Tesla Model 3 in?

[@MyLatinLife]

Genius!

[@ehyw7ue]

👍🏼

[@isthatatesla]

If hosts also thought about their risk and didn't follow the platform's ridiculous pricing suggestions, everyone would be a lot better off.

[@john-carlossanabria3449]

What about charging? Electricity costs?

[@krishnamehta]

Since Tesla Supercharging charges your Tesla account directly, I remove my payment method and insert the desired payment method of the renter. I have found this saves so much time for you and the renter, instead of trying to charge them later for all the charging trips. At the end of the trip, all you need to do is simply remove the renter's payment method, and you can e-mail them all the auto generated Tesla supercharging invoices. Hope this helps (:

[@vdautis87]

How much have you listed it for daily? Im thinking of doing the same for mine.

[@krishnamehta]

Between $165 - $175 CAD a day before the Turo fees

[@vdautis87]

@@krishnamehta the thing im afraid the most is people destroying it and or not renting out enough:/ does turo protect you in events like costumer causing damage? Is yours still being rented frequently or due to bad economy demand has been affected?

[@krishnamehta]

@@vdautis87 Firstly, I'm going to be honest, people are not going to treat your car with that much respect and I have already has to file 2 claims on the vehicle. Rest assure you are protected but the paperwork process is defiantly time-consuming. I live in Canada so during the summer the utilization rate is great, although it has definitely been taking a hit during colder months and the recession. The great summer months do help offset any potential losses you may have during low rental periods.

[@isthatatesla]

Brake pad maintenance? No need to worry there unless you've got some seriously bad guests!

[@krishnamehta]

Fingers crossed, it continues to run smoothly.

[@noellaandrews8460]

≋p≋r≋o≋m≋o≋s≋m 😑