If you’re like most people who consider using Turo, you want offset the costs of owning your car and make some extra money each month. You may have even done some research and found that people are making hundreds or even thousands of dollars per month by renting out their cars on Turo. But is it really worth it?
In general, renting out your car on Turo can definitely be worth it. On average, Turo hosts make $10,516 in annual income by renting out their cars. If you’re paying $400 per month in car expenses, you can easily make a profit by renting out your car for just a few days each month.
I’ve personally used Turo and was making around $800 to $1,000 each month when I started using it in 2018. It turned out to be a great way to make some extra money and didn’t require much additional effort.
In this article, we’ll go over some of the benefits of renting out your car on Turo, as well as other key points to keep in mind before you get started.
What is Turo?
Turo is a website and app that allows you to rent out your car to other people who need one.
It’s pretty simple to use. You list your car on the website or app, and people can search for it and rent it out. You set the price per day, and Turo takes a commission. Then, you hand over the keys to the renter and they’re on their way.
You can choose to rent out your car for as little or as long as you want. So, if you only want to rent it out for a day or two, you can do that. Or, if you want to rent it out for a month at a time, you can do that too.
The great thing about Turo is that it’s available in most major cities in North America, so you should be able to find people who need to rent a car in your area.
Do Turo owners make money?
Yes, Turo owners do make money. In fact, the average Turo owner makes nearly $1,000 per month, which is a great extra income to make from a car you already own.
This is typically enough to pay for your car payment, insurance, and other car-related expenses each month while also making a profit.
Of course, how much you make will depend on a number of factors, including the type of car you have, the price you charge, and how often you rent it out.
Still, if you’re looking to make some extra money each month, renting out your car on Turo is a great way to do it.
Turo has a handy tool for calculating how much you could make each month by renting out your car. All you need to do is enter your car’s make and model, what city you’re in, and how often you plan on renting it out. I’ve found this tool to be quite accurate in estimating earnings and can be a great place to start in determining if renting out your car on Turo is worth it for you.
How to start renting your car on Turo?
If you’re interested in renting out your car on Turo, there are a few things you need to do first.
- First, you need to create a profile on the Turo website or app.
- Then, you’ll need to add some photos and information about your car.
- Once your car is listed, you’ll need to set a price per day and choose when you want to make it available for rental.
- And finally, you’ll need to hand over the keys to the renter when they come to pick up your car.
It’s really that simple. To make it easier, you can also make handing renters the keys automated with a keyless entry feature or lockbox. I used a lockbox when I was renting out my car on Turo and it made the experience seamless and almost entirely passive.
Lastly, although renting out your car to a stranger can be scary at first, one thing to keep in mind is that Turo offers protection plans that cover you in case of damages. They provide $750,000 in liability insurance from Travelers which is great for extra peace of mind on top of your regular car insurance.
What Are The Pros And Cons Of Turo?
Like anything, there are pros and cons to using Turo. Since renting out your car will be an investment of your time and money, it’s important to weigh all of the factors before making a decision. Whether renting out your car on Turo is worth it or not will be different for everyone.
Here are some of the pros and cons of using Turo to rent out your car:
- You can make a great extra income each month
- Turo is available in most major cities
- You can choose how often you want to rent your car out
- Turo offers protection plans in case of damages
- You can make Turo somewhat passive with keyless entry or a lockbox
- They have an intuitive app and website experience
- You can estimate how much money you can make with their easy to use calculator tool
- You need to hand over your keys to a stranger
- Your car will experience more wear and tear
- You will have to spend time communicating with guests and arranging pickups
- You will have to regularly spend on time proper car maintenance and cleaning
Everyone’s experience with Turo may vary and it’s important to weigh all of the pros and cons before making a decision. Whether Turo is right for you will depend on many factors, such as the type of car you have, the area you live in, your car expenses, and the time you’re willing to commit.
But if you’re looking for a great way to make some extra money, renting out your car on Turo is definitely worth considering. I was able to make a great extra income each month while also having peace of mind knowing that my car was covered by Turo in the event that something happened.