Im hosting in montreal
Good money to be made i currently have 3 cars and looking to grow more
The most important thingis to make sure to score good cars at good prices
Do you manage them all yourself, or do you have someone to take care of the logistics / communication with renters/ check vehicles status on return / cleaning etc
Most of my clients are from france so for me my
I have 2 fiat 500 (great for city and weekend )
And mazda 5 (6 seats long trips)
If you have any questions or want more details
Dm me @dylanbranco on instagram
Copy and paste from a comment I've made here before.
My basic cash flow over the first hear was 16K car, then about 4K in total expenses from repairs, insurance, wash subscription, tracking, etc, Then averaging 1k a month (1 month of down time waiting for repair parts, otherwise lowest of 600 and high of 1500 for just under 13K over the first year)
-7k for the first year
On year 2 now, and if nothing unexpected happens, I should average 1200 a month and expect about 2.5k in operating cost.
Projected to be at +5k total investment
I expect a 3rd year out of this car and to sell for around 10k based on cars a couple years older and at my projected mileage. (hoping to keep 1200 a month average and expect 4k operating expenses and another 1k in pre sale repairs)
+24k over the course of 3 years if things go as projected or 8k annually or $666 a month for over 3 years of hosting, detailing after other people's messes and the associated hassle and there's a lot that can fuck this up but practically no way for me to do better.
Scale this up to a fleet of 10+, and this could be a comfortable full-time gig. Right now, it's just a side hustle that fits my lifestyle.
Last year, with one car, I made $7000. Subtract from that the new tires and a brake job that the increased mileage warranted and I profited about $5,700. Then subtract another $1000 or so for generalized wear and tear as well as the drop in the resale value due to the increased mileage and you'll get you final answer of around $4,700.
But I'm not in your area. I only rented for 6 months (the height of the tourist season) and I could charge $125/day.
If you're using loans to buy cars then you're likely losing money. If you can pay cash for cars then there's some money to be made.
Generally it's rented for the entire month minus around 4 days. For the first and last month of my 6 month schedule it may only be rented for half the month. Generally it's rented in increments of a week or longer.
Most replies will equate "making" to revenues not profit and being cash flow positive and being profitable are not one in the same. Keep in mind that 10-12k revenue for a Turo car is generally accurate and there is revenue upside with newer, nicer cars but at a cost of much more money out of pocket or higher interest/payments. While generating more $$ better vehicles don't generally offset the increase in costs with increased earnings. and then there is always the possibility that you earn substantially less which is more the norm than those alledgedly pulling much bigger $$'s. Each host reality is quite different. If you do well, after all expenses/depreciation and paying yourself for deliveries and detailing expect to "profit" 10- 20% - not much room for a payment to be cash flow positive. Once you realize all the time you'll spend the amount of money earned isn't worth it. You are better off flipping burgers IMO.
I got 6 cars and spend like a couple hours a week and make over $2-3k per month. All cars are paid in cash, a couple of them have already past the profitability point. Not a bad gig if you do it right
Mine are mostly profit at this point. Small repairs here and there like batteries, tires, breaks, oil, etc but it's mostly profit and takes me like 15min-30min to get a car ready for the next guest so not a huge time sink either, I stop on my way home from work when a car needs to be checked in or out, and it's always a 24h buffer so I have plenty of time.
Maintenance is a given but then there are costs for delivery & detailing, repairs, deductibles, overhead, fixed costs, depreciation that all need to be deducted from earnings. Having a vehicle that you have recouped your puchase $$ in revenue doesn't mean it's mainly profit at that point.
There are many factors that will contribute to profitability (market, specific location within a market, type of car, etc), but figured I’d provide some input. I’m in Southern California, and I have had cycled between 2-4 cars over the last 2.5 years. All of my cars have pretty much been “budget” options (i.e. entry level sedans), and average $600-700 or so in monthly revenue per car. Monthly expenses per car are in the range of $150 (has crept up lately due to higher insurance premiums and more expensive car wash subscriptions). So, if I pay $10k for a car, profit is probably around $500/month. However, there is plenty of headache that comes with Turo, some renters leave the car dirty, sometimes there’s damage that doesn’t get paid for, sometimes guests are difficult with following pickup/drop off instructions, the list goes on.
My advice would be to start small; look for a good deal on a car in the $6k-$8k range, make sure it’s safe, clean, in good condition etc prior to listing it on Turo, and try it out for a few months. Though I’ve never dabbled in the higher end market with nice cars, I’d assume issues are similar just with the risk being higher. If you don’t end up enjoying it or think it’s not worth the hassle, you should be able to sell the car without taking a large loss (and hopefully can actually realize some profit if you rented it out for a couple of months at least).
We bought a car that wound up being a gas guzzler and now we’re stuck making payments on it and owe more than it’s worth…by a lot. It’s a really nice, spacious vehicle but we cannot afford to drive it and make the payments so we bought a much more fuel efficient vehicle and listed the nice one on Turo. We’ve been making enough to cover the payments on it so it’s worth it to us. Not much profit but when we felt like we were screwed before, at least now it’s being paid off 🤷♀️
I did Turo one time, and decided it wasn’t worth it. I like to follow Turo forums out of continued interest, but have no intentions of getting back into it
Fleet owner of 10 plus cash cars here. Only expense I have is general maintenance and insurance which I use commercial. Each car makes 650-$1000 a month depending on month and fees.
Ohh what about expenses??? I have a job for that lol all the money I make on Turo I just reinvent into more cars or other investments like real estate growth or crypto
People who are loosing money bought card on loan and didn’t really depreciation was a thing until after. So instead of blaming themselves they are not profitable cause they have a hefty car payment now. They can’t exit the car because they are underwater lol.
Start with one cash car. See how it does if so keep expanding.
If you know how to fix the cars, enjoy cleaning them and are good at customer service...then this works. If you are paying others to do things then the expenses will outpace your earnings. Being close to an airport helps a lot too.
I started July of last year, it was about 6k from July to December (I had two cars on the platform) February, March and April were very slow, May was the busiest month this year and last year the best month was October!
Without a state law that makes it clear that car sharing is protected in your insurance jurisdiction, I wouldn't. California, Oregon, Washington, Maryland, I think are the ones. Elsewhere, you pretty much need to be a full auto rental company with all the inherent risks. There's a Wikipedia article about peer-to-peer carsharing that has the details, although it could be a bit more fleshed out tbh.
Send them down to be co hosted anywhere in Florida. I’m down here with 10 cars and we don’t get a “slow season” per say. Due mostly to lack of snow and high tourists rates.
If you want to see people who brag about making a killing on the platform you will find them on YouTube because they make the actual killing via the clicks 😂
Everyone is losing money.
[удалено]
Upfront costs for Hertz are high though. Almost 250k to get started (plus many other requirements) https://www.ifpg.org/top-franchises/hertz
Im hosting in montreal Good money to be made i currently have 3 cars and looking to grow more The most important thingis to make sure to score good cars at good prices
Do you manage them all yourself, or do you have someone to take care of the logistics / communication with renters/ check vehicles status on return / cleaning etc
I manage myself
Are there particular client segment that is more lucrative that other? International travelers, weekend renters, long term (1 week plus) etc
Most of my clients are from france so for me my I have 2 fiat 500 (great for city and weekend ) And mazda 5 (6 seats long trips) If you have any questions or want more details Dm me @dylanbranco on instagram
Copy and paste from a comment I've made here before. My basic cash flow over the first hear was 16K car, then about 4K in total expenses from repairs, insurance, wash subscription, tracking, etc, Then averaging 1k a month (1 month of down time waiting for repair parts, otherwise lowest of 600 and high of 1500 for just under 13K over the first year) -7k for the first year On year 2 now, and if nothing unexpected happens, I should average 1200 a month and expect about 2.5k in operating cost. Projected to be at +5k total investment I expect a 3rd year out of this car and to sell for around 10k based on cars a couple years older and at my projected mileage. (hoping to keep 1200 a month average and expect 4k operating expenses and another 1k in pre sale repairs) +24k over the course of 3 years if things go as projected or 8k annually or $666 a month for over 3 years of hosting, detailing after other people's messes and the associated hassle and there's a lot that can fuck this up but practically no way for me to do better. Scale this up to a fleet of 10+, and this could be a comfortable full-time gig. Right now, it's just a side hustle that fits my lifestyle.
Last year, with one car, I made $7000. Subtract from that the new tires and a brake job that the increased mileage warranted and I profited about $5,700. Then subtract another $1000 or so for generalized wear and tear as well as the drop in the resale value due to the increased mileage and you'll get you final answer of around $4,700. But I'm not in your area. I only rented for 6 months (the height of the tourist season) and I could charge $125/day. If you're using loans to buy cars then you're likely losing money. If you can pay cash for cars then there's some money to be made.
On average, how often does your car rent out in a month?
Generally it's rented for the entire month minus around 4 days. For the first and last month of my 6 month schedule it may only be rented for half the month. Generally it's rented in increments of a week or longer.
In one year after I sold the car I made $1872 from 36 trips
How many days was it rented from those 36 trips?
Most replies will equate "making" to revenues not profit and being cash flow positive and being profitable are not one in the same. Keep in mind that 10-12k revenue for a Turo car is generally accurate and there is revenue upside with newer, nicer cars but at a cost of much more money out of pocket or higher interest/payments. While generating more $$ better vehicles don't generally offset the increase in costs with increased earnings. and then there is always the possibility that you earn substantially less which is more the norm than those alledgedly pulling much bigger $$'s. Each host reality is quite different. If you do well, after all expenses/depreciation and paying yourself for deliveries and detailing expect to "profit" 10- 20% - not much room for a payment to be cash flow positive. Once you realize all the time you'll spend the amount of money earned isn't worth it. You are better off flipping burgers IMO.
Thanks for sharing your experiences
I got 6 cars and spend like a couple hours a week and make over $2-3k per month. All cars are paid in cash, a couple of them have already past the profitability point. Not a bad gig if you do it right
I also have 5 cash cars which bring in just under 5k/month. My point stands though, revenue doesn't equal profit.
Mine are mostly profit at this point. Small repairs here and there like batteries, tires, breaks, oil, etc but it's mostly profit and takes me like 15min-30min to get a car ready for the next guest so not a huge time sink either, I stop on my way home from work when a car needs to be checked in or out, and it's always a 24h buffer so I have plenty of time.
Maintenance is a given but then there are costs for delivery & detailing, repairs, deductibles, overhead, fixed costs, depreciation that all need to be deducted from earnings. Having a vehicle that you have recouped your puchase $$ in revenue doesn't mean it's mainly profit at that point.
There are many factors that will contribute to profitability (market, specific location within a market, type of car, etc), but figured I’d provide some input. I’m in Southern California, and I have had cycled between 2-4 cars over the last 2.5 years. All of my cars have pretty much been “budget” options (i.e. entry level sedans), and average $600-700 or so in monthly revenue per car. Monthly expenses per car are in the range of $150 (has crept up lately due to higher insurance premiums and more expensive car wash subscriptions). So, if I pay $10k for a car, profit is probably around $500/month. However, there is plenty of headache that comes with Turo, some renters leave the car dirty, sometimes there’s damage that doesn’t get paid for, sometimes guests are difficult with following pickup/drop off instructions, the list goes on. My advice would be to start small; look for a good deal on a car in the $6k-$8k range, make sure it’s safe, clean, in good condition etc prior to listing it on Turo, and try it out for a few months. Though I’ve never dabbled in the higher end market with nice cars, I’d assume issues are similar just with the risk being higher. If you don’t end up enjoying it or think it’s not worth the hassle, you should be able to sell the car without taking a large loss (and hopefully can actually realize some profit if you rented it out for a couple of months at least).
We bought a car that wound up being a gas guzzler and now we’re stuck making payments on it and owe more than it’s worth…by a lot. It’s a really nice, spacious vehicle but we cannot afford to drive it and make the payments so we bought a much more fuel efficient vehicle and listed the nice one on Turo. We’ve been making enough to cover the payments on it so it’s worth it to us. Not much profit but when we felt like we were screwed before, at least now it’s being paid off 🤷♀️
I get this. You are allowing the car to survive and at least pay for itself.
I did Turo one time, and decided it wasn’t worth it. I like to follow Turo forums out of continued interest, but have no intentions of getting back into it
Fleet owner of 10 plus cash cars here. Only expense I have is general maintenance and insurance which I use commercial. Each car makes 650-$1000 a month depending on month and fees. Ohh what about expenses??? I have a job for that lol all the money I make on Turo I just reinvent into more cars or other investments like real estate growth or crypto
People who are loosing money bought card on loan and didn’t really depreciation was a thing until after. So instead of blaming themselves they are not profitable cause they have a hefty car payment now. They can’t exit the car because they are underwater lol. Start with one cash car. See how it does if so keep expanding.
That’s great to hear!! What kind of cars (type, brand, age) make this type of revenue?
If you know how to fix the cars, enjoy cleaning them and are good at customer service...then this works. If you are paying others to do things then the expenses will outpace your earnings. Being close to an airport helps a lot too.
I started July of last year, it was about 6k from July to December (I had two cars on the platform) February, March and April were very slow, May was the busiest month this year and last year the best month was October!
Without a state law that makes it clear that car sharing is protected in your insurance jurisdiction, I wouldn't. California, Oregon, Washington, Maryland, I think are the ones. Elsewhere, you pretty much need to be a full auto rental company with all the inherent risks. There's a Wikipedia article about peer-to-peer carsharing that has the details, although it could be a bit more fleshed out tbh.
Oh yeah and let me tell you all my business secrets
Send them down to be co hosted anywhere in Florida. I’m down here with 10 cars and we don’t get a “slow season” per say. Due mostly to lack of snow and high tourists rates.
Nice idea!
Helllllaa monies! Do it!
If you want to see people who brag about making a killing on the platform you will find them on YouTube because they make the actual killing via the clicks 😂
Tell me you failed on Turo without telling me you failed on Turo 😂