A new form of car rental service called Turo exists, but how much money can you make with Turo?
If your car isn’t your daily driver, renting it out on Turo can be a terrific way to earn additional cash.
You may rent out your automobile and keep up to 90% of the asking price rather than having it lie idle in your driveway.
Everything you need to know about listing and renting out your car on Turo will be covered in today’s article.
In addition, you’ll discover how much money you can make with Turo, how to sell your car, and what extras you may include.
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What Is Turo?
Turo is a well-known peer-to-peer automobile sharing platform. It enables auto owners to earn extra money by renting out their vehicles.
Renters now have easy access to affordable automobiles of various types in various fleets.
Hosting on Turo is an excellent method to earn extra money if you have a second car that you don’t use or are traveling on a lengthy vacation.
Renting various kinds of vehicles, including Teslas, pickup trucks, sedan cars, and even luxury automobiles, is made easier by Turo.
The US, Canada, the UK, and Germany offer the service. In contrast to conventional automobile rental firms, it also enables drivers under 25 to rent vehicles.
How Does Turo Work for Car Owners?
The operational structure of Turo is distinct from that of the conventional automobile rental industry.
Turo does not own any automobiles, unlike Enterprise or Avis-Hire-A-Car, who maintain inventories of the vehicles they rent out.
All car owners renting out their automobiles on the Turo marketplace are referred to as “Hosts.”
The steps below should be followed if you want to hire out your car as a host:
- Create a free account on Turo
- List your car on Turo (listing is free, and you can get an estimated daily rental price with Turo’s Carculator). You’ll need to describe your vehicle and take high-quality photos showing its features.
- You’ll be notified when someone requests to book your vehicle.
- If you agree to the request, you meet your guest at a predetermined location, check their license, walk around, make a note of fuel and mileage, and hand off the keys.
- Meet the guest and check out your car when the trip is over.
- Then receive payment.
For foreign hosts, Turo uses PayPal, and for American hosts, it uses ACH payments.
Your first journey will be reimbursed 72 hours after it has concluded. If the journey lasts longer than a week, Turo will begin making partial payments after day seven.
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How Much Can You Actually Make on Turo?
According to Turo’s official website, the maximum monthly earnings are around $1,365.
The PorcheBoxter earns the most depending on the type of insurance you have and the car you drive.
Turo provides a “Carculator” where you can enter your car model, manufacturer, and location for an estimate to determine how much you can make.
Other examples from the same Turo research above demonstrate how various car models’ profits vary greatly.
Fiat 500 owners make an average of $474 per month as hosts.
Chevy Camaro hosts make an average of $73 per day, which translates to an average monthly income of $755.
The more days your automobile is reserved each month, the more money you can make.
What if Something Happens to My Car?
The fact that Turo offers protection options may please car owners.
Although each of these programs comes in various levels, they all offer liability protection of up to $1,000,000 each.
So you should probably be covered if something should happen to your car.
Turo costs will pay for cleaning up any minor problems, like someone leaving a mess in your car.
Based on a predetermined amount that can be found here, Turo will provide a sum to cover the cleanup.
Anything that requires steam cleaning to remove is classified as a major $150 cleanup.
Anything that can be removed with a little cleaning is not covered for smaller problems.
Is Renting My Car on Turo Worth it?
Yes, it is completely worthwhile if you can turn a profit from renting out your car and everything goes as planned.
This is a great strategy to generate passive income if you don’t use your car frequently.
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