If you have heard of airbnb, just think airbnb but instead of renting your home, your actually renting your car. For one day, two days, a week or even more and people will pay you money for sharing your vehicle with them.
The average car in America sits around 90% + of the time and the rest of the time it’s sitting your driveway or parking deck.
Why not put this idle time to work for you and help either pay down your car loan or if you have a paid off car use the money for retirement or other investments.
The average Turo host is getting paid $500 a month for letting others use their car when you don’t need the car.
What is Turo?
Turo is the world’s largest car sharing marketplace, giving people around the world arguably better options to skip the rental counter and go direct to car owners who are looking to lend out their ride to you.
Did you know there is around 1.5 billion cars in the world? That is a lot of resources that for the most part are just sitting around.
You may be saying to yourself, well what about the risk of someone driving my car. Well Turo has you covered with their Trust and Safety protection, which includes a $1 Million in liability coverage from Liberty Mutual and your protected by any physical damage or theft.
You will also rest assure that they also include 24/7 roadside assistance and customer support with every trip within the United States and Canada.
Over 350,000 cars have been listed on Turo since they began back in June of 2010. Your car could be next and you could be making that $500 a month like others are doing!
So we wanted to make sure you were covered on the most popular questions that people ask about Turo. Here goes…
How do I sign up?
You start out by creating an account at their site at turo.com. Here are the steps.
- Create your account at Turo. You will need to login once your account is created.
- Create a listing of the vehicle that you are listing on Turo. This is no cost to you and is free. Be sure to take high quality photos of your car and take several angles of your car. Make sure your car is clean and looking good.
- When a guest (They call them guests and your the host) is ready to book with you, you will receive a notification from the company. You would then confirm the reservation.
- Next, you would then meet up with the guest and become a car rental agent. It’s all official now. Check their license, do a walk through of your car, note your mileage and fuel levels, then let them take your ride for a spin.
- Once the trip is over, you meet back up with the guest, get your car and keys, then get paid! Pretty simple.
How much money can I make on Turo?
Turo makes this really easy to figure out because they have built a calculator on their web site that will show you what you can make for the type of car that you have and the area in which you live.
Here is an example of if you lived in Los Angeles, CA and had a 2018 Acura ILX. On average, the owner of this car in that area is booking their car 13.4 days a month and they are making $521 a month in earnings.
Go ahead and plug your location and car in and see what they can do for you. They can provide the accuracy around this data because they are actually renting these cars for 100’s of thousands of cars through out the country.
Also, don’t think that you absolutely need to have the latest and greatest car to get it rented. Here is an example in Chicago of a 2013 Chrysler town and country that is getting an average monthly rent of $449 a month for 10 days out of the month.
What happens when someone damages my car?
Good question and it was the first thing I wondered when I heard about Turo years ago.
First and foremost, Turo screens every guest that they bring on to the platform to rent a car.
They ensure you are safe and protected by covering you up to $1 million in liability coverage as well as protecting your car from physical damage and any theft that may occur while in the guest’s possession.
In addition, they also offer your guests 24/7 roadside assistance and call in customer support on every trip within the US and Canada.
How do they get my keys and car?
Although this is not available in all markets, they have a new way to hand over the keys to your car without ever needing to met up with someone. I am sure this will be available in more markets as time goes but, but for now its only available in Los Angeles, San Francisco, San Diego and London.
None the less, what it does is allow you through your phone to GPS locate your rental car and through your phone unlock the doors and drive away, without needing to interact with anyone. Seamless check-in!
Otherwise, you would have to meet up with the renter and hand over the keys to them so they can use your car.
This is a solid way to give your wheels to cash flow while you are not using it. A way that hundreds of thousands of people across the country are making some extra money.
Let us know in the comments below if you have any experiences with Turo and what you thought!