Beautiful stuff! Love the transparency and the good with the bad, pros and cons. Hard to find a better source of balanced advice when it comes to the Turo rental world. Hat tip to you for chugging along and adding other hustles to your stable of businesses! Keep it up and love the positivity despite all the setbacks. 👏👏👏
Great video and the transparency is awesome! Big Thumbs Up! 👍 I'm wondering how the hell did you find a shop big enough for 14-17 cars for $1350?! How did you go about searching for the shop? Facebook marketplace or a real estate rental app? Also I'm assuming you're doing the financing with a small business checking account. Did you have to establish a decent bank roll to qualify for that amount of car financing? Was your small business "credit score" a factor in getting that many cars financed? Any reply or feedback Thanks In Advance!
Great transparency! As an agent for State Farm we don’t cover accidents if you’re renting vehicles out as a business so how would losses on your vehicles be covered? If you didn’t know this it might be something you’d like to investigate!
Thank you! What do you mean? If I'm driving my vehicle and something happens I'm covered since I have insurance with Statefarm, but if a customer is renting my vehicle and something happens I file a claim and do everything through Turo!
Is it insured under your personal or business? Most insurance under personal will only insurance up to a certain amount of cars before they start to question if it's part of a fleet of rentals. @@TonyLuxuryCars
Usually insurance companies will let you go for commercial insurance ( more risk , more revenue),while private personal car , not more than 4 for most families @@TonyLuxuryCars
One thing not factored in beyond your net profit is the EQUITY that you're accumulating in all your vehicles as you're paying them off and as that happens you're net profit increases. Eventually you'll own all cars in your fleet with NO monthly payments and your annual profit will be nearly double what it is now.
Looking at how much the payments are I’m guessing he has 6 year term on those cars, by the time he pays it off some of these cars are gonna need quite a bit in repairs also the value is down and not as desirable.
@@gimneare you dumb or stupid. By the time he pays them off he would have done so using turo money. Even if he sells the vehicle half price it’s all profit. Best case scenario is if it gets totalled cuz insurance will pay you more then if you tried selling private.
Few questions Tony: 1. Whats your time investment this? or in otherwords how much time per year or day or month are you spending on this? 2. Ik you said you would make another video for your maintenance expenses, do you keep proper accounting for that? after you subtract that out of your net profit, what would you say that yearly number is? thank you
@@TonyLuxuryCars u buy a car for say 20k. When u sell it or when insurance buys it after total loss. The value of the car has gone down. That’s deprecation. U need to calculate that unrealized cost in each month. Just take current model u own. Then look at 3 year older with more miles then devide by 36 months. That’s your monthly deprecation. Otherwise it will bite u in the butt when end of life of your ride.
The loss are accidents based, which is covered by insurance, How about naturally aged / termination? As any private car from brand new to retire, 12 years later, No much value left on old cars , that's called depreciation, ( except insurance coverage involved) Another depreciation is: when brand new purchased car rolls out of dealer yard, the value drops $3 grand right away, if you sell it , then it is used car , car loan will be calculated as used car , not new car which interest rate is lower ...... I had Honda Odyssey, it parked at my drive way, 2 years, lost $20 grand , @@TonyLuxuryCars
I get the being your own boss thing. But, you could, make the same or more money at a regular job that also has a pension and or 401k. Seems $ is not a reason to get into Turo it’s more the flexibility of being your own boss I think.
@sigmams8895Idk, I got my CDL and haul fuel, 38 a hour 4 day work weeks and I make 100k a year but aside from that, yup, your getting school degree for 60k and up
But at that job your pay is eventually capped, there is very little room for growth. With a business like this he could have a 200 car fleet 20 years from now. Also you can’t sell a job to someone, but you can sell a business. Your looking at this completely wrong my friend.
Beautiful stuff! Love the transparency and the good with the bad, pros and cons. Hard to find a better source of balanced advice when it comes to the Turo rental world. Hat tip to you for chugging along and adding other hustles to your stable of businesses! Keep it up and love the positivity despite all the setbacks. 👏👏👏
Thank you so much!
Great infom thx for being transparent. You're obviusly doing some stuff right.
Thank you!
🎉🎉🎉🎉 Love the transparency!!
Thanks bro!
Another great video! Thank you so much for your transparency.
No problem anytime!
Great Video, Tony! Are you able to make a video of what you might actually pocket after taxes and all the depreciation on your cars ?
Thank you and yes!
And the cost of repairs and parts for 2023
139k after fixed expenses but now if you could show profit after repairs
Thank you Tony for sharing this information!
No problem anytime!
Great video and the transparency is awesome! Big Thumbs Up! 👍
I'm wondering how the hell did you find a shop big enough for 14-17 cars for $1350?!
How did you go about searching for the shop?
Facebook marketplace or a real estate rental app?
Also I'm assuming you're doing the financing with a small business checking account.
Did you have to establish a decent bank roll to qualify for that amount of car financing?
Was your small business "credit score" a factor in getting that many cars financed?
Any reply or feedback Thanks In Advance!
It would be nice to know how much you spent on maintenance in 2023.
Great vid Tony
Thank you!
Great transparency! As an agent for State Farm we don’t cover accidents if you’re renting vehicles out as a business so how would losses on your vehicles be covered? If you didn’t know this it might be something you’d like to investigate!
Thank you! What do you mean? If I'm driving my vehicle and something happens I'm covered since I have insurance with Statefarm, but if a customer is renting my vehicle and something happens I file a claim and do everything through Turo!
@@TonyLuxuryCars ahh okay so there is insurance when they’re rented out via turo. Great job!
@crisruiz9628 Yes that's correct!
Same as Uber, Lyft, which is event based apps making it possible
@@crisruiz9628
Interesting how Statefarm lets you insure a 17 car fleet without asking questions.
Why is that interesting?
Is it insured under your personal or business? Most insurance under personal will only insurance up to a certain amount of cars before they start to question if it's part of a fleet of rentals.
@@TonyLuxuryCars
I work at an agency and we have someone with 27 private passenger vehicles not a single question lol
Usually insurance companies will let you go for commercial insurance ( more risk , more revenue),while private personal car , not more than 4 for most families
@@TonyLuxuryCars
I appreciate your transparency in this video. Keep up the hustle. How much do you spend on maintenance?
Thank you! I appreciate it! It really just depends, I'll make a video about maintenance soon!
One thing not factored in beyond your net profit is the EQUITY that you're accumulating in all your vehicles as you're paying them off and as that happens you're net profit increases. Eventually you'll own all cars in your fleet with NO monthly payments and your annual profit will be nearly double what it is now.
You understand the vehicles experience depreciation with damages and mileage right?
Looking at how much the payments are I’m guessing he has 6 year term on those cars, by the time he pays it off some of these cars are gonna need quite a bit in repairs also the value is down and not as desirable.
@@MadrigalMotorsonly if you sell them
Yes you are exactly right!
@@gimneare you dumb or stupid. By the time he pays them off he would have done so using turo money. Even if he sells the vehicle half price it’s all profit. Best case scenario is if it gets totalled cuz insurance will pay you more then if you tried selling private.
The IRS is over here rubbing their hands waiting for Tony to finish turning that 1090 so they can verify everything on this video.
He did not include maintenance and misc expenses. There are some deductions available along with the depreciation of the vehicles.
Few questions Tony:
1. Whats your time investment this? or in otherwords how much time per year or day or month are you spending on this?
2. Ik you said you would make another video for your maintenance expenses, do you keep proper accounting for that? after you subtract that out of your net profit, what would you say that yearly number is?
thank you
Probably around $80 all said and done.
Does this include vehicle depreciation?
No it does not!
How do you store that amount of car so cheap? Thanks for your time and your video!
I got lucky and found my storage unit for that cheap, and no problem!
I went through all your earnings videos, for the life of me, I can’t find where you share the expense spreadsheet
What do you mean? It's this video and also the one for 2022!
I asked if you could share your excel spreadsheet with us. The one you use to track everything, not the turo app.
Depreciation. Didn’t see this hidden cost that can WRECK your biz. It’s a cost you have to budget for monthly.
How? What do you mean?
@@TonyLuxuryCars u buy a car for say 20k. When u sell it or when insurance buys it after total loss. The value of the car has gone down. That’s deprecation. U need to calculate that unrealized cost in each month. Just take current model u own. Then look at 3 year older with more miles then devide by 36 months. That’s your monthly deprecation. Otherwise it will bite u in the butt when end of life of your ride.
@johnjohns9561 yeah I get what you saying but I have experienced 3 total loss now and every one I broke even or made money!
The loss are accidents based, which is covered by insurance,
How about naturally aged / termination? As any private car from brand new to retire, 12 years later, No much value left on old cars , that's called depreciation, ( except insurance coverage involved)
Another depreciation is: when brand new purchased car rolls out of dealer yard, the value drops $3 grand right away, if you sell it , then it is used car , car loan will be calculated as used car , not new car which interest rate is lower ......
I had Honda Odyssey, it parked at my drive way, 2 years, lost $20 grand ,
@@TonyLuxuryCars
Tony do you need to get a commercial insurance or turo insurance to register your car the DMV
No you don't!
What kind of insurance you have? Personal or commercial? The number seems very low.
I have personal insurance!
Shouldn't car payment also be considered parietal profit ? You didn't own the property and now you are buying it.
True you are right!
how many cars did you start off with, and how did you purchase them
I started off with only 1 vehicle!
@@TonyLuxuryCars what kind of car and how good did it do
How long did it take for you to get where you are not with Turo?
What do you mean?
🎉Tony is THE MOST TRANSPARENT honest dude doing Turo at a high level.🎉 congratulations 🍾 bro.
Thank you so much!
Doesn’t include taxes
Yes that's correct!
You can deduct almost everything
State Farm covers ride share?
Yes they do!
so that scatpack was free?
No I wouldn't say free!
How much for your course brother
It's only $100!
Where you from?
Louisville, KY!
I get the being your own boss thing. But, you could, make the same or more money at a regular job that also has a pension and or 401k. Seems $ is not a reason to get into Turo it’s more the flexibility of being your own boss I think.
Owning your time is invaluable!
@sigmams8895Idk, I got my CDL and haul fuel, 38 a hour 4 day work weeks and I make 100k a year but aside from that, yup, your getting school degree for 60k and up
But at that job your pay is eventually capped, there is very little room for growth. With a business like this he could have a 200 car fleet 20 years from now. Also you can’t sell a job to someone, but you can sell a business. Your looking at this completely wrong my friend.
First!
Thanks!
Can I contact you for some advice. I would like some advices on how to start.
Yes you can!