Here is the website: https://turo.com/

It's the car rental version of AirBnb.

People list their cars for rent. I know people who have cars just to rent them out.

I have used them before to rent a pickup truck to move equipment. Also used them when we went to Disney many years ago, rented a 3 row SUV instead of driving 2 vehicles.

Friend of mine has 7 vehicles he uses just to rent out. I asked him how he maintains them and he said they're rented out enough to the point where he pays someone to maintain them as he doesn't have the time, he has a full time job.

Rented through Turo a few times; always a good experience.

Friend bought and paid for a used Jeep Wrangler by renting it on Turo.

Also, there is an RV equivalent called Outdoorsy.

Turo provides ROI info per vehicle per location on their website. It seems like you’re looking at between $5-$10k per vehicle once you factor in costs. The ROI ok their website shows revenue minus monthly payment and doesn’t include insurance/maintenance. I’ve been thinking about buying a car just to Turo.

quote:

Originally posted by onegeek:
Rented through Turo a few times; always a good experience.

I went to Budget to rent a car and they wouldn't rent to locals with a debit card. However, they'd rent to a local with a credit card. Reason I was renting was because I couldn't carry the stuff I needed to carry in a Honda Civic and seat 2 other people. Turo accepts debit card payment. I do not have a credit card.

quote:

Originally posted by ACTEG:
Turo provides ROI info per vehicle per location on their website. It seems like you’re looking at between $5-$10k per vehicle once you factor in costs. The ROI ok their website shows revenue minus monthly payment and doesn’t include insurance/maintenance. I’ve been thinking about buying a car just to Turo.

My friend with the 7 cars, he said his Corolla was booked out 1.5 months in advance. He paid $1,500 for that car because a friend left it there. Friends wife said do something with that car, friend said he didn't want it and sold it cheap. He got it cleaned up and painted. In all, he put about $2,500 into the car and it was bringing in $800-1,100/month in for him. LOL.

I do not have a vehicle to do it but I have considered it. I would do all the maintenance myself since I'm not very trusting when it comes to car care.

quote:

Originally posted by ACTEG:
Turo provides ROI info per vehicle per location on their website. It seems like you’re looking at between $5-$10k per vehicle once you factor in costs. The ROI ok their website shows revenue minus monthly payment and doesn’t include insurance/maintenance. I’ve been thinking about buying a car just to Turo.

How recent is the ROI data?

The reason I ask is that early in COVID the car rental companies sold quite a bit of their fleet since people weren't traveling. When people resumed traveling, the automakers had the chip shortage so it meant a rental car shortage. On top of that, a regular fender bender meant extended car rental as the supply chain issues meant cars were sitting at the body shop waiting for parts.

The above made a big opportunity in the rental market and Turo stepped in. As an example, my GF bought an Audi A4 early in COVID just to rent out. During the 2 years she owned the car, she had it rented out 700+ days and often times to a extended customers with a car at a body shop (i.e. good for her as she didn't have to get a car ready for a new customer every few days). Turo started slowing down so she sold it and the used car market was nuts at the time so sold it for more than she paid for it.

In other words, that era was a gold mine for Turo and I wouldn't want to make decisions today based on that unique situation.

Who carries the insurance ? My carrier explicitly does not cover using the car for ride share (Uber/lyft) or short term lease/sublease

If my car renter is in an accident while driving my car, and really hurts something or someone, who’s on the financial hook ?

quote:

Originally posted by ElToro:
Who carries the insurance ? My carrier explicitly does not cover using the car for ride share (Uber/lyft) or short term lease/sublease

If my car renter is in an accident while driving my car, and really hurts something or someone, who’s on the financial hook ?

I'm guessing this is what could be called an emerging or developing market.
For owners, insurers, and attorneys.
Not one I'd care to be in.
I suspect Tatortodd may have hit it on the head. A unique time that may have passed.

I've never used Turo (almost did but they didn't allow dogs in their car, understandable) but a good friend of mine runs a fleet of about 7 cars and makes around $2k a week. He is very business and system oriented so he's got everything working like clockwork (cleaning, maintenance, etc.). When people rent from him they're getting a clean car that's well maintained ready for pickup when and where it was agreed upon. I can't speak for others but I imagine if they aren't as meticulous it'll show up in their reviews.

For a common alternative to a rental car, I could see trying it.

I've seen a few of the horror stories of the rentee accusing the renter of damage & lots of frustration on both sides.
One of these was on what seemed to be a hard-run-life Dodge Hellcat & the other was a more normal car that the owner accused the renter of having a pet in & scratching up the dash [IIRC the renter didn't even own a pet].

Lots of photo documentation at pickup, especially of any pre-existing damages would be my go-to operation if I were to rent one. But, I do a fairly good walkaround on even a normal rental car for this reason as well.

I got beef with Turo.

First, it's pretty cool.

Second, the reason parking is nearly impossible to find at my local airport is because the lots are full of Turo cars. Once airports figure out a way to determine which cars are Turo, the price is going to go way up. The rental car companies pay for their lots and here comes the new guys with a new idea.

I use Turo plenty. Only one bad experience with one of the more commercial type multi-vehicle owners. So I avoid renting from them. Otherwise, no problems and generally cheaper by far than a traditional rental company.

My biggest complaint is that Turo has raised its fees to the point that they’re frequently not as competitive with the rental companies anymore.

-Rob

I tried to use Turo for a Jeep. The owner's restrictions and fees made what I thought could be a nice weekend surprise for my wife into a $450 investment. I cancelled.

Turo's website asks a lot of questions, requires sharing of renter's detailed info, and seems like a high risk to me. Why would I share my DL, my SSN, my DOB, my financials, with a stranger just to rent their Jeep?

quote:

Originally posted by 220-9er:

quote:

Originally posted by ElToro:
Who carries the insurance ? My carrier explicitly does not cover using the car for ride share (Uber/lyft) or short term lease/sublease

If my car renter is in an accident while driving my car, and really hurts something or someone, who’s on the financial hook ?

I'm guessing this is what could be called an emerging or developing market.
For owners, insurers, and attorneys.
Not one I'd care to be in.
I suspect Tatortodd may have hit it on the head. A unique time that may have passed.

You can buy insurance from Turo, there are 3 options of prices and coverage. I read the fine print and it said the insurance only kicks in after any other coverage you have. I called my insurance guy at farmers and he said I would be covered since I have comprehensive coverage through him. He said the other insurance was secondary, so it would force farmers to pay it and would never be used.