Automotive

Any One Rent Their Cars Out On Turo?

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  • Nov 4th, 2017 7:54 am
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[OP]
Newbie
Nov 19, 2016
7 posts

Any One Rent Their Cars Out On Turo?

My goal was always to finish school, get a job, then an obtain a fun car to drive. However, my current company provides me with a company car. This means that I don't have a fun/sporty car to drive unless you think a 2014 Corolla is fun (it's actually a fantastic car). The idea of not having to worry about a car expense is wonderful, however the itch to drive something sporty remains.
My idea is to lease a fun car and rent it out on Turo for the time that I won't be using it. I'm in the very preliminary stages of this idea, but the cars I'd consider would be Golf R, S3, 235i, Cayman, something under $800 a month in payments.

The idea is that if I rent out the car for $150-$200 a day and I get at least 4 renters a month, my car payments would be taken car of. This would allow me to have the car's payments taken care of, only leaving me with insurance, parking, and gas to pay.
Problems that I entail would be:
  1. 1. Whether or not you can rent out a leased car.
  2. 2. How does Turo deal with damages and how quickly do they deal with these things.
  3. 3. Filtering out renters that would likely abuse and damage the car
  4. 4. Expendables such as tires
  5. 5. Popularity of Turo and the particular model in my area. (I've read about someone making 3x the price of a Tesla Model S in California)
If anyone has experience with this, please chime in.
38 replies
Deal Addict
Dec 27, 2007
2091 posts
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Edmonton
I have a hard time believing someone would rent one of those for 200 a day....
If you had a corvette, hellcat, tesla, viper, etc etc, you get the picture, then yes you can make money.
And the people who will rent it out will for the most part (aside from maybe using it for a wedding) will want to track it/drive it how its meant to be driven - hard!

Looking at budget - can get a challenger/bmw/audi for 200 bucks a day. Plus im sure theres discounts you can get (as always with car rental) so yea......

edit:
i just checked turo. in my area rent corvette for 150 a day...... you are going to need something magical to get 200 bucks a day
warming up the earth 1 gas fill-up at a time...
You only live once, get a v8
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Aug 14, 2007
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brokeadult wrote:
Nov 20th, 2016 5:06 pm
My goal was always to finish school, get a job, then an obtain a fun car to drive. However, my current company provides me with a company car. This means that I don't have a fun/sporty car to drive unless you think a 2014 Corolla is fun (it's actually a fantastic car). The idea of not having to worry about a car expense is wonderful, however the itch to drive something sporty remains.
My idea is to lease a fun car and rent it out on Turo for the time that I won't be using it. I'm in the very preliminary stages of this idea, but the cars I'd consider would be Golf R, S3, 235i, Cayman, something under $800 a month in payments.

The idea is that if I rent out the car for $150-$200 a day and I get at least 4 renters a month, my car payments would be taken car of. This would allow me to have the car's payments taken care of, only leaving me with insurance, parking, and gas to pay.
Problems that I entail would be:
  1. 1. Whether or not you can rent out a leased car.
  2. 2. How does Turo deal with damages and how quickly do they deal with these things.
  3. 3. Filtering out renters that would likely abuse and damage the car
  4. 4. Expendables such as tires
  5. 5. Popularity of Turo and the particular model in my area. (I've read about someone making 3x the price of a Tesla Model S in California)
If anyone has experience with this, please chime in.

2. Probably come's down to your own insurance

3. I could tell you all day I'll drive with caution but we both know it's a complete lie. My other response will be 'Good luck with that'

4. No

5. You HEARDabout it. But is there any factual information to back that claim up? I could say it IS possible, but at the end of the day not likely, AND how much mileage is on the vehicle now? That's another factor you have to look at. How was the car treated?
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May 24, 2008
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Toronto
This listing should be your yardstick:

Cayman

That looks like someone who knows what they're doing. Maybe go and rent his to see what the experience is like. You could probably even chat with him regarding your questions above.
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Sep 21, 2004
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XtremeModder wrote:
Nov 21st, 2016 12:36 pm
2. Probably come's down to your own insurance

3. I could tell you all day I'll drive with caution but we both know it's a complete lie. My other response will be 'Good luck with that'

4. No

5. You HEARDabout it. But is there any factual information to back that claim up? I could say it IS possible, but at the end of the day not likely, AND how much mileage is on the vehicle now? That's another factor you have to look at. How was the car treated?
Regarding #5, it is true. You can see a few Teslas listed and many are booked. I would rent one myself if I am going to LA for vacation. https://electrek.co/2016/11/17/tesla-tu ... ownership/

I will probably rent out my current car on Turo after I buy another car in 2 years. No point of it sitting idle.
Explore. Dream. Discover. - Mark Twain
Deal Fanatic
Aug 14, 2007
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b166er1337 wrote:
Nov 21st, 2016 12:46 pm
Regarding #5, it is true. You can see a few Teslas listed and many are booked. I would rent one myself if I am going to LA for vacation. https://electrek.co/2016/11/17/tesla-tu ... ownership/

I will probably rent out my current car on Turo after I buy another car in 2 years. No point of it sitting idle.
I feel like there would be too many risks involved with renting your car out. Knowing how insurance is in Ontario your premium would probably skyrocket to high risk levels. What if your car is involved in crime(s) and you were given fake information, or even involved in a hit and run, then you'll have to prove it was a renter and not you, etc. At the very least I could see someone stealing the tires and replacing with cheaper worn ones...

Maybe I'm overthinking it but I don't think it would be a good idea.
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Oct 13, 2009
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loooool

Good luck with that plan
Firebolt wrote:
Feb 12th, 2016 1:09 pm
give lots of head for sick knee fadez, give lots of lap dances for ca$h wallet fades. Always pop that leg when kissing for dope honey combs, knee lots of mans in the crotch for killer whiskers, low ride like an og for them stacks. And traintracks? Only achievable by a legend in the denim game
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Little Tim wrote:
Nov 21st, 2016 12:45 pm
This listing should be your yardstick:

Cayman

That looks like someone who knows what they're doing. Maybe go and rent his to see what the experience is like. You could probably even chat with him regarding your questions above.
PLEASE READ BEFORE BOOKING:

This is not a regular Turo rental. A supplementary consent form* must be signed on-site. This car doesn't use regular fuel* ⛽️.

*The consent form acknowledges that the car is monitored through a third-party tracking system to log in real-time any signs of abuse on the car, including; racing, drifting, traction, intensive braking, irregular pedalling, and lower chassis bumps. The tracking system logs and fetches data in real-time. If 3 abuse-events are triggered a vehicle impound request would be initiated by a collection party within 1 hour of the event. The car would be collected on-site and the guest would be notified on spot to surrender keys (or secondary Key would be used to collect the car). The issue would be reported to Turo, third party's data would be supplied, resulting defects (in addition to new key fee $700 would be carried on to guest through Turo's claims department) check Turo's policy on claims. In addition a negative rating would be left on the profile.

*Only 91 Premium Octane gas must be refuelled, I will kindly request a receipt for verification.


so much for doing a track day with it.

I would be impounded in the first 5 minutes

this one however:

https://turo.com/rentals/cars/on/toront ... s=5W_UkfQW
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Sep 21, 2004
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XtremeModder wrote:
Nov 21st, 2016 12:46 pm
I feel like there would be too many risks involved with renting your car out. Knowing how insurance is in Ontario your premium would probably skyrocket to high risk levels. What if your car is involved in crime(s) and you were given fake information, or even involved in a hit and run, then you'll have to prove it was a renter and not you, etc. At the very least I could see someone stealing the tires and replacing with cheaper worn ones...

Maybe I'm overthinking it but I don't think it would be a good idea.
That's certainly a risk of the sharing economy; but most of the concerns listed above also applied to AirBnB and it hasn't stopped it from exploding all over the world.
Explore. Dream. Discover. - Mark Twain
Deal Guru
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Jun 12, 2007
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There was a previous thread about this. You have to get your auto insurance from intact. They have a special deal with turo, similar to Uber, that cover rental liabilty and damages
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Nov 15, 2004
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I knew this Uber/Airbnb sharecropping bs was going to extend to cars as a whole. Good to see I can still call em.

- People are going to have sex in your car
- People are going to abuse the hell out of your car
- Someone is going to steal your car parts and replace them with cheap crap
- People are going to run drugs in your car. Don't plan on taking it anywhere near a border anytime soon
- Your license plate is going to be flagged as associated with all kinds of shady activity by police plate scanners
- If you're like most people and don't bother to actually register for the correct insurance, your policy is going to be cancelled and you won't be covered when someone inevitably crashes it
Could HAVE, not could OF. What does 'could of' even mean?
Deal Addict
Jun 18, 2008
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Of all the millenial ideas to make a buck, this has to be the most ridiculous one, for many reasons. First it was share your couch, then your home, now your car. Pretty soon they'll be renting their wives by the day too.
Last edited by ottofly on Nov 21st, 2016 1:35 pm, edited 1 time in total.
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May 24, 2008
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Piro21 wrote:
Nov 21st, 2016 1:30 pm
I knew this Uber/Airbnb sharecropping bs was going to extend to cars as a whole. Good to see I can still call em.

- People are going to have sex in your car
- People are going to abuse the hell out of your car
- Someone is going to steal your car parts and replace them with cheap crap
- People are going to run drugs in your car. Don't plan on taking it anywhere near a border anytime soon
- Your license plate is going to be flagged as associated with all kinds of shady activity by police plate scanners
- If you're like most people and don't bother to actually register for the correct insurance, your policy is going to be cancelled and you won't be covered when someone inevitably crashes it
You don't really have much faith in this human-kind thing, do you? :D
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Little Tim wrote:
Nov 21st, 2016 1:35 pm
You don't really have much faith in this human-kind thing, do you? :D
I'm a realist. Expecting people not to act like people when renting a car is just unbelievably naive. It's like listing a home an Airbnb without realizing how many hookers will use it for their services.
Could HAVE, not could OF. What does 'could of' even mean?
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Jul 17, 2008
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Renting cars is the worst idea ever. So what are you going to do if someone crashes your car? I'm not even going to cover the whole drugs, and the rest like Piro said. You will ALWAYS lose if your car gets totaled, unless you have the new car replacement policy for 0 deductible, which I don't think you will get away with if they find out you rented your car.

Even that porche ad saying it's tracked, bla bla bla. John Smith can sign it, burn laps until supposedly they are going to track you where the car is and even if you are still around the car when that happens, what are they going to do? Nothing. They can sue you (it's a civil matter), but good luck if John Smith works a minimum wage job or hes the stay at home parent with no salary. A negative rating on Turo. Whop de doo.

And like I said, this is only covering the abuse. Piro listed the rest of the list you need to worry about.

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