A couple of years ago, I heard about the car-sharing rental company Turo and thought it was an interesting idea. I was in the market for a sports car and thought that I could rent it out on Turo to help reduce the monthly expenses of owning a nice car. Originally, I wanted to get a Porsche and set a budget of $80K (which is a lot for any car). My brother goes crazy when someone starts talking about cars, so when I ran the idea past him, he was like, “Get the new Corvette.” I knew what Corvettes looked like, but I didn’t know that Chevy was going to completely change the look of these cars. I also didn’t know that the starting price on them was just under $60K.
Once I saw the unveiling of the 8th generation Corvette, I was like, “I have to have that car!” So long story short, I put in an order. It was September 2019, and I ended up having to wait until May 2021 to pick it up. Production delays from the pandemic, a strike at the assembly plant, and the high demand led to the almost two-year wait. After picking up the car in May, it’s also been rented on Turo. So far, Turo has been a great experience, and here are five things that I learned after renting the car on the platform for just about two months.
#1 Why Doesn’t Everyone Do This? 🤔
After roughly two months of having my car on Turo, I’m hooked. It’s so fun to let others experience the incredible Corvette and make money while doing it. It’s also super easy to get started. You can literally have the car in your driveway on the platform in one day. Watch a couple of YouTube videos and just start. Go through the setup process, and learn by doing. You’ll get to learn something new, meet great people, and build wealth along the way!
#2 Great Customer Service & Caring For Guests 🤝
Turo is 100% a customer service business. Real people are looking to rent your vehicle because they want an experience or have a need to use your vehicle for commuting. To become a successful host on the platform, I’d recommend having great relationships with your guests. Providing great customer service only takes effort, and your guest will reward you by spreading the word to friends and family about how great your vehicle and services are. Being nice will help you build a reputable business that you’re proud of!
#3 Turo’s Insurance Plans & Claims Process 📖
Turo has five different insurance options and every host needs to pick one. They have numbered plans (60/70/75/80/85) that inversely correspond to how much protection and rental income you keep. On the 60 plan, you receive the most protection, however, you only receive 60% of the gross rental income. As you move through the plans, protection and cash change a lot. Be sure to read up on Turo’s most recent plans.
#4 Treat It As A Business & Financials 📊
When renting vehicles on Turo, chances are you’re probably renting the car that you also drive around for personal use. It’s important to keep business mileage records and annotate any maintenance or repair items for when tax time comes around. At the end of the year, you’re going to have to file your taxes, and include your Turo income on your tax return. Treating Turo like a business and keeping accurate records is essential to finding success on the platform.
I’d recommend doing a quick financial analysis before putting any vehicle on the Turo platform. Be sure to research the specific year, make, and model of vehicle and the city you’re hosting in to ensure you meet your financial goals. Millennial Investments 💰 has a spreadsheet that walks you through this process quickly and easily. You can find the spreadsheet here!
#5 Watch Out For Vehicle Recalls 🔧
About three weeks into having the Corvette on Turo, I noticed my listing was deactivated. I had no idea why until I looked further into the issue. As it turned out, the Corvette had an open safety recall and Turo automatically made the vehicle unavailable to book. I had to hurry up and get the car to the closest dealership so they could fix the recall. After a couple of days, the dealership updated the database for my VIN, and Turo cleared the car for continued use. If you don’t keep an eye on your listing, you may not even realize that nobody can see or book it!
Final Thoughts 💭
I think the first two months were a success. I learned a lot about the Turo platform, shared a beautiful car with many people, and made money in the process. I recommend anyone who wants to make extra income to give Turo a shot. You can rent all types of cars on the platform, from Nissan Versas (my other car, lol) to Lamborghinis. Do some research and get your car that is sitting in the driveway out on the road making money!
Thanks for Reading! 🙏
This article was written by Garrett Ramela, one of the founding members of Millennial Investments 💰. His 2021 Chevy C8 Corvette is still available to rent on Turo in the Washington, DC Area. Check out the Turo listing if you happen to find yourself visiting DC and want the incredible experience of a mid-engine sports car!
Also, be sure to subscribe to Millennial Investments 💰 to learn more wealth-building tips and tricks! Happy reading, and thanks for supporting our work! 😇🙏