I seen a ton of reviews on Turo claiming it’s a great way to make passive income from a car that may be sitting idle in your driveway.
But what’s the truth?
Is it really as easy and passive as they claim?
Let’s find out…
What they never tell before you join!
Quicker Car rental than big name companies?
Put pictures, description and availability.
Interested renters can put in a request and you will get to review it.
Must take pictures inside and out of your car’s current condition to check for damages after it’s returned.
**If You are Emotionally attached to your car, renting it out to random strangers may be a painful experience for you.
Just like Uber, Turo takes a 25% share of your fee and you get to keep 75% minus your expenses.
Turo provides insurance protection at an extra fee (for damages and theft ETC).
Renters can leave a review of up to five stars.
It’s important to try and get as many 5 star reviews as possible to get an allstar badge added to your profile that will attract more customers as well as priority support with Turo.
*Cars must pass a safety inspection at a cost of the rental affiliate.
**Must have winter tires during winter months and tires less than 6 years old.
Pros:
1- Ability to make money from a car that may be sitting for most of the time.
2- Leverage the umbrella of a big corporation (protection plans etc).
3- An extra income coming into your household.
Cons:
1- Not Passive
2- Responsible for maintenance
3- Responsible for drop off and pick up.
4- Repsonsible for cleaning.
5- Some renters are late which can extend wait times.
6- Cars can be left in very dirty conditions.
7- Renters usually pound your car.
8- Renters can leave your car damaged and not want to take responsibility even if you you have pictures proving it was damaged before you rented it.
9- Small scratches and dents are not covered with Turo protection plans.
10- If your rental car has damaged that can be covered with Turo, you have to take it to a Turo approved shop which can extend repair times. One lady said she had to wait over a month for her car to get fixed.
Real Case Study for one lady in US For A 1 Year Period:
A young lady thought Turo was a great idea for extra income.
She made around $7,000 in total earnings.
But it costed her $4400 in expenses (car payments, insurance, maintenance, tires, cleaning ETC).
She made $2600 in profit.
But her car has 21000 extra on it and is a little more beat up than before.
In the end she made approximately $216.67 per month income for all of her head aches (drop off / pick up, maintenance, repairs, extra cleaning ETC).
Conclusion:
It appears that the big rental company corporations are giving the consumers better deals on brand new cars.
The only perk that I see from a consumer standpoint by choosing to rent a car on Turo is the ability to get older specialty cars that you can not find through the big corporations and the ability to get a rental outside of office hours.
I personally wouldn’t list my car on Turo for extra money.
Sure some folks may have a good experience and make some profit.
But in the long run, I feel that it’s not worth all the hassle just to make a little extra money per month (for the average person).
At the end of the day, do your own research to better determine if Turo is a good fit for you.
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-Rory Singh
EX Canadian Truck Driver
I used to work up to 80 hours per week, away from my home and got fed up with that lifestyle. I came online, plugged into a system, followed the steps in training and started creating a part time income. Eventually I got really consistent and replaced my income entirely online and only have to work a couple hours per day.
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