Related Posts
It’s fly day!
Is pwc doing silent layoff?
Have been seeing a lot of companies in this boat...
Additional Posts in FIRE Financial Independence Retire Early
How much money do you guys give for weddings?
New to Fishbowl?
Download the Fishbowl app to
unlock all discussions on Fishbowl.
unlock all discussions on Fishbowl.
Coach
I have a good friend that started renting on Turo as a side hustle for about a year. Here are a few of his observations.
1) you will inevitably find people who don’t respect your property. If you’re renting your personal car out this could be super annoying finding it regularly trashed. The cleaning fee to cover this does not fix your frustration as an owner though.
2) If you’re renting a budget car you will mostly get local people who don’t own a car (maybe not good drivers), or people who plan to use the car for something they don’t want to use their own car for. Making money here is a volume game.
3) If you rent a luxury car out somebody is eventually going to sit on your hood for pictures. You’ll get your money back, but it’s annoying.
4) buy a few GPS trackers to put in the car. My friend had two people (separated events) take his cars with no intention of returning them. This is not technically theft though so the police are not helpful. He had to go retrieve them himself.
5) If you have an extra car you don’t need for your own personal use you can make some money, but be selective on who you rent to as much as possible and protect yourself.
Coach
I think some people on turo do really well, so please don’t let me totally discourage you here haha. I’m just saying that not every renter has a success story to share. Also, if you already have a FAANG or MBB level job this might not be worth your time and stress.