What Are the Profits on a 23-Car Fleet of Turos?
TikTok user Red (
@reds.explorations
) uploaded a clip where he divulges the busiest rental months, and how he adjusts the prices of his cars accordingly to fluctuate with demand. As a result, he's been able to make numerous reservations for the cars he's listed on the platform.
He begins his video telling viewers about the bookings he's secured.
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'So today on Turo in my fleet of 23 cars we had over a dozen bookings come in. And they were just rolling in and rolling in. Good ones too. Five, six day bookings. And it's coming in for the end of August and September is typically a slow month.'
Next, he informs viewers that in order to ensure he's maximizing his fleet's rental potential, he's lowered prices.
'A couple months ago I lowered my prices for September to get that month more full with bookings. Because last year September was about 50% less income than July,' Red says. 'So I went ahead and lowered my prices to get more bookings and they've been rolling in. I would much rather have the cars booked than sitting.'
How Much Do Turo Hosts Earn?
While Red doesn't delve into how much he earned during the Month of August, another TikTok video he uploaded features some additional context on vehicle pricing. In a clip uploaded in February, he features some of the cars in his fleet that range anywhere from $40 to $66 a day.
According to the blog
Millennial Money Man
, Turo renters keep anywhere from 65 to 90 percent of the daily rental income from their vehicle. Further, the blog says that Turo reports on average, renters earn around $545 per month from their vehicles.
However, there are additional costs associated with renting these vehicles, like cleaning and maintenance.
Turo Insurance Coverage
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The costs of making sure rentals are in tip-top shape rests on the shoulders of whoever's renting them out. Which may give some prospective hosts pause, especially if they're afraid renters are going to drive them like the valets from
Ferris Bueller's Day Off
.
There's also insurance premiums to pay.
The Zebra
writes, 'Renters pay per day for coverage (starting at $10) and hosts have fees subtracted from their earnings.' In the same article, the outlet says that Turo's policies don't automatically cover renters and drivers.
This means that folks renting vehicles may need to get specialized insurance coverage.
Moreover, Turo indicates on its website that it offers five levels of coverage for renters through Travelers insurance. The plan structures present a series of different trade-offs when it comes to insurance claims. In general, the more of a profit hosts keep, the higher their deductible.
Other Factors That Impact Turo Rental Profits
Millennial Money Man
reports that the types of car one rents can impact booking frequency. The Fiat 500, Ford Fiesta, Ford Mustang, Chevrolet Camaro, Audi A3, Mercedes Benz CLA, Jeep Wrangler and Cherokee, Dodge Grand Caravan, and Nissan Quest are reportedly some of the most popularly rented vehicles on the app.
Where you're renting your vehicles can also make a huge difference on whether or not you're getting bookings as a Turo renter, too. Los Angeles, Denver, Whitefish, Honolulu, Miami, Phoenix, New York, San Francisco, and Washington DC are all strong markets,
according to Turo
.
Additionally, the website also provides a breakdown of what folks can expect to make on their investment returns in particular markets. A drop-down menu on the app's website allows prospective Turo renters to select their region, and below that, there's a list of recommended models to choose from with their associated return on investment percentages. In the New York/New Jersey/Long Island area, for instance, folks can purportedly earn an average 272.4 percent ROI on a Honda Fit. Projected earnings from the vehicle amount to around $13,199 per year according to the app's estimations.
Handy With Cars, Turn A Profit?
It is possible to maximize profits by performing basic maintenance on your vehicles and cleaning them yourself.
Folks who said
they are Turo hosts wrote on Reddi that they indeed perform a lot of vehicular maintenance.
Others argue that picking the 'right car for the right market' is paramount to making any money on Turo. Several stated that selecting vehicles that resonate in their area was the key to keeping themselves in the black.
One individual claimed that they rented out a Tesla Model 3 in Birmingham, Alabama, when there weren't many EVs available locally. They said it attracted customers curious about trying an electric vehicle, and they were able to steadily rake in $130 a day for the car.
Another user recommended going for a luxury or exotic car for higher per rental profits and less running around to satisfy requests. One person echoed the original poster's woes, stating that they gave up on trying to make money off of Turo 5 months in. They penned: 'Not worth it unless you have 10+ cars or you do it as a hobby. Mind you, I am in the busiest market (Denver) and not very saturated.'
According to their assessment, they believe that the best way to make money with Turo is to have a fleet of vehicles, akin to what Red talks about in his TikTok clips.
Motor1
has reached out to Red via TikTok comment for further information and to Turo via email. We'll be sure to update this if either responds.
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