Hi i was wondering how much i would make with 4 cars (no finance) on turo just in general profit cause most people i see on here are financing and thanks for the video.
Depends on a few factors, what type of cars and how good of shape they're in, in terms of maintenance? I'd say if they are economy cars with low miles, well maintained... You could be looking in the ballpark of $30,000 - $50,000 a year in gross profit (but before any maintenance costs like tires, oil changes and insurance). Could also be heavily dependant on where you live, if it's high tourist area, near an airport it could be more, if not, it might be less. 8 - 10 cars is where you start making the big bucks and 20 cars you could afford a couple of part time employees that could manage the business for you. But again, I would always do some more R&D before diving in. It's a competitive space and it helps to have your car on multiple platforms like Turo and GetAround to maximize profit ad rentability, which that alone could add 20-50% more bookings to your calendar which means more profit. Hope this helps!!
He make nothing, sample bought the car for 24 000 with 5000 mille a years old car ,a year later car is already 2 years old with 10000 mille your car probably worth 19000 and u only made 3000...+your time
With the third car the profit was considerably higher and the car was used and was appraised a year later for only a slight discount compared to what I bought it for. This business only has great returns at scale
Hello Sir, I’ve been thinking about putting my car on turo for a while but also wondering, what if there is a total loss or theft while the car is with the guest? Turo only covers upto the current market value which is mostly a lot less than the remaining loan amount. Is there anything you could suggest regarding this? I’m from Canada
0 Theft but some interesting stories for sure. Might do a video on one of my worst experiences. But overall I'd say 90-95% of the trips go SPLENDID. For us here in the U.S. the total loss or theft is up to $3million up to the value of the car - luckily haven't had any issues related to that to need it and I've done over 200+ trips. I definitely would read the terms with Turo in specifics to Canada but overall as long as you have enough equity in the car to equal or be above the loan, you should be good even IN WORST CASE SCENARIOS. But again, it totally depends on your situation. Feel free to reply with any questions I might be able to answer, always happy to help!
I wouldn’t consider my Prius or model 3 expensive? Plus the model Y is an SUV. We also have an amazing tourist community for the winter and all my cars are AWD - which means they get rented all year round. It’s all about the market in your particular area
@happytoberu the way you described it was like it wasn't getting rented all year long and I mean a real SUV one with more leg room in the third row not a crossover size type of vehicle and a lot of people aren't into electric have to keep that in mind too
I have a serious question. Right now I’m in the process of rebuilding my credit and when I do I’m gonna start my turo business and apply for a business loan. Is it a good idea to apply for a business loan to start my turo business and buy 5 cash cars and one luxury/car note vehicle to start with and build from there ?
Hey there! Yeah, happy to help where I can. Personally I’d do it in cash or very very very low interest loan. Also, be aware that many financial institutions won’t lend you the money for a business loan (especially for 5 card) unless you have good business credit. Not impossible just very tricky. When selecting cars be very picky and bargain hard. Also, double check the limitations on the kind of cars you can rent on Turo in terms of age and mileage (might change when you actually go to apply). I’ll be honest, my Prius was the best bang for my buck and there a ton of other cars like it. I’d also assess your area for demand of type of car and likely avoid anything off road or race car style, people DESTROY those. Hope this helps! Feel free to ask any other questions and I’m happy to help!
Brand new on the model y and the model 3. So sticker price. The Prius was lightly used with 1 owner, 16K miles on it, 28K. So all in about 140K pre tax/registration
No, what it allowed for was the flexibility to pay less per month. Most months I paid the same as I had before. There is also no fee to refi a car (at least not with the bank I used). It also lowered my interest rate.
@@baikerboy2010 It depends on how much I pay and what the savings are. The smaller loan payment each month in theory (if I wanted to apply for more loans) would allow me to do so and would allow me to leverage more debt in order to grow the business. At this point it doesn't really mean much since I'll be moving away from Turo anyway. But it certainly can save you money if rates come down and you're able to refi at a MUCH smaller rate
@@jmorris023If I remember correctly over 80 cars were pure profit besides maintenance because they were paid off. So I’d assume a good healthy chunk is net not gross
Watching this video I realized that u not making any money! That 3000 u made that's the lost on the car u paying for! The real profit is when u buy a car and u made that much amount of money what the car was cost...than u sell the car ,the price u able to sell that's the pfofit...but we can't even talk about profit,because u need to clean the car on your car...u need to deal with service/insurence/turo...I just put my car on turo since a week my car after 1 week older and 600 more miles was returned with mechanical issues, I have the 60 plan from turo,and they basically said not paying anything for my mechanical demage because it's should happen! I spent 2,175 dollár by the mechanic and I only made 175 dollár on turo...turo only pay anything if your car destroyed, but never going to pay that much amount what covers your lost.its only worth for turo! If u want money just make a same service app like turo! Even if u buy a used car what cost $6000 if anything happens everyone will say that it's your fault,becausethe car not maintain...turo take all the profit...
I’ve literally outlined all of those things and taken all of that into account. Sorry to hear about your bad experience with a renter. It happens. Sounds like your car might’ve already been on the brink of having mechanical issues, which was probably worth selling and not listing on Turo. Regardless, never fun! For me, that’s why I went the EV route for the most part - no maintenance besides tires - which I factor in - and if anything happens (which it has in the past), Turo did cover it.
@@mihalykomjati there's a tesla running on the same battery with 1.2million miles. The odds of repplacing a battery before 120K miles is almost unheard of, and if it happens, it's still under warranty.
Hi i was wondering how much i would make with 4 cars (no finance) on turo just in general profit cause most people i see on here are financing and thanks for the video.
Depends on a few factors, what type of cars and how good of shape they're in, in terms of maintenance? I'd say if they are economy cars with low miles, well maintained... You could be looking in the ballpark of $30,000 - $50,000 a year in gross profit (but before any maintenance costs like tires, oil changes and insurance). Could also be heavily dependant on where you live, if it's high tourist area, near an airport it could be more, if not, it might be less. 8 - 10 cars is where you start making the big bucks and 20 cars you could afford a couple of part time employees that could manage the business for you. But again, I would always do some more R&D before diving in. It's a competitive space and it helps to have your car on multiple platforms like Turo and GetAround to maximize profit ad rentability, which that alone could add 20-50% more bookings to your calendar which means more profit. Hope this helps!!
You had to do all these upgrades and fixes to the car.
Cleaning, Tires, windshields, maintenance... you might as well open a car center.
Haha trueee 😂 Turo/ride sharing specific car center? Might do pretty well actually
But I should’ve mentioned that the model 3 and model y have nearly 0 maintenance besides the windshield, tires and cleaning.
Your problem is you’re paying too much for car payments
Putting any money down when interest rates are at 2% would’ve not been a smart decision. My money has been better used in the stock market 📈
Just found out about your channel. Quality stuff brother
Welcome aboard!! Thanks for the love and hope you enjoy ✊✊✊
Great content. Thanks for sharing it with us.
Glad you enjoyed it! Thanks for watching!! Much love ❤️
How much would your profit go up if you bought your 2 teslas you've had, at current market values of 20k for model 3 and 30k model y
Using the last 3 months of data, break even
He make nothing, sample bought the car for 24 000 with 5000 mille a years old car ,a year later car is already 2 years old with 10000 mille your car probably worth 19000 and u only made 3000...+your time
He's only profit what youtube pay him for this unreal content
With the third car the profit was considerably higher and the car was used and was appraised a year later for only a slight discount compared to what I bought it for. This business only has great returns at scale
Outstanding!
Thank you so much! Cheers!
Hello Sir, I’ve been thinking about putting my car on turo for a while but also wondering, what if there is a total loss or theft while the car is with the guest? Turo only covers upto the current market value which is mostly a lot less than the remaining loan amount. Is there anything you could suggest regarding this? I’m from Canada
0 Theft but some interesting stories for sure. Might do a video on one of my worst experiences. But overall I'd say 90-95% of the trips go SPLENDID.
For us here in the U.S. the total loss or theft is up to $3million up to the value of the car - luckily haven't had any issues related to that to need it and I've done over 200+ trips.
I definitely would read the terms with Turo in specifics to Canada but overall as long as you have enough equity in the car to equal or be above the loan, you should be good even IN WORST CASE SCENARIOS. But again, it totally depends on your situation.
Feel free to reply with any questions I might be able to answer, always happy to help!
Why go out and buy expensive cars? Most people won't rent it most of the time depending on the market needs, economy vehicles, and SUVs
I wouldn’t consider my Prius or model 3 expensive? Plus the model Y is an SUV. We also have an amazing tourist community for the winter and all my cars are AWD - which means they get rented all year round. It’s all about the market in your particular area
@happytoberu the way you described it was like it wasn't getting rented all year long and I mean a real SUV one with more leg room in the third row not a crossover size type of vehicle and a lot of people aren't into electric have to keep that in mind too
I have a serious question. Right now I’m in the process of rebuilding my credit and when I do I’m gonna start my turo business and apply for a business loan. Is it a good idea to apply for a business loan to start my turo business and buy 5 cash cars and one luxury/car note vehicle to start with and build from there ?
Hey there! Yeah, happy to help where I can. Personally I’d do it in cash or very very very low interest loan. Also, be aware that many financial institutions won’t lend you the money for a business loan (especially for 5 card) unless you have good business credit. Not impossible just very tricky. When selecting cars be very picky and bargain hard. Also, double check the limitations on the kind of cars you can rent on Turo in terms of age and mileage (might change when you actually go to apply). I’ll be honest, my Prius was the best bang for my buck and there a ton of other cars like it. I’d also assess your area for demand of type of car and likely avoid anything off road or race car style, people DESTROY those. Hope this helps! Feel free to ask any other questions and I’m happy to help!
@@happytoberu thank you so much
How much did you buy these for ?
Brand new on the model y and the model 3. So sticker price. The Prius was lightly used with 1 owner, 16K miles on it, 28K. So all in about 140K pre tax/registration
@@happytoberusteep margins 😮
You thinking by refi you saved, but at the end your in loss. By adding 24 extra payments of 180 or whatever dollars/month. + fee for refi
No, what it allowed for was the flexibility to pay less per month. Most months I paid the same as I had before. There is also no fee to refi a car (at least not with the bank I used). It also lowered my interest rate.
@@happytoberu what about overall in total? Will you save or not with refi?
@@baikerboy2010 It depends on how much I pay and what the savings are. The smaller loan payment each month in theory (if I wanted to apply for more loans) would allow me to do so and would allow me to leverage more debt in order to grow the business. At this point it doesn't really mean much since I'll be moving away from Turo anyway. But it certainly can save you money if rates come down and you're able to refi at a MUCH smaller rate
Very Informative
Glad you think so! Much love!!
79 insurance?????
Root Insurance. Found a loophole
I was going to ask the same thing. Do you mind to share it? My insurance on Tesla Model Y is around $220.@@happytoberu
@@happytoberuroot insurance you say?
So glad I’m done, wasn’t worth it after taxes
Were you doing your own taxes? Like writing off depreciation and such?
Man you are wasting your time..
If you watch my latest videos, I talk about why I stopped doing Turo. Hope that helps
THe way to make money on Turo is to make videos about renting on Turo.
lol that’s a good one 😂 I’ve met a few hosts who have 100+ fleet and they’re making 7 figures
@@happytoberu revenue maybe, not net income.
@@jmorris023If I remember correctly over 80 cars were pure profit besides maintenance because they were paid off. So I’d assume a good healthy chunk is net not gross
@@happytoberu well sure, if someone gives you 80 cars to start up, hey no problem!
@@jmorris023no, one of the guys started with a couple cars and built it up from there. From the ground up, didn’t start with 80 😅
Watching this video I realized that u not making any money! That 3000 u made that's the lost on the car u paying for! The real profit is when u buy a car and u made that much amount of money what the car was cost...than u sell the car ,the price u able to sell that's the pfofit...but we can't even talk about profit,because u need to clean the car on your car...u need to deal with service/insurence/turo...I just put my car on turo since a week my car after 1 week older and 600 more miles was returned with mechanical issues, I have the 60 plan from turo,and they basically said not paying anything for my mechanical demage because it's should happen! I spent 2,175 dollár by the mechanic and I only made 175 dollár on turo...turo only pay anything if your car destroyed, but never going to pay that much amount what covers your lost.its only worth for turo! If u want money just make a same service app like turo! Even if u buy a used car what cost $6000 if anything happens everyone will say that it's your fault,becausethe car not maintain...turo take all the profit...
I’ve literally outlined all of those things and taken all of that into account. Sorry to hear about your bad experience with a renter. It happens. Sounds like your car might’ve already been on the brink of having mechanical issues, which was probably worth selling and not listing on Turo. Regardless, never fun! For me, that’s why I went the EV route for the most part - no maintenance besides tires - which I factor in - and if anything happens (which it has in the past), Turo did cover it.
@happytoberu yes,no maintenance but once u need to change the battery will cost the price of the car!
@happytoberu my car was purchased from Toyota, with gold certificate-low mileage, 1 owner...
@@mihalykomjati there's a tesla running on the same battery with 1.2million miles. The odds of repplacing a battery before 120K miles is almost unheard of, and if it happens, it's still under warranty.
@@mihalykomjati Sounds like they might've not done proper due diligence. Did you take it to a 3rd party mechanic before buying?