5 Things to Consider Before You Get Started with Renting Your Car on Turo
A beginners guide to creating a successful side business.
Welcome to the exciting world of Turo hosting! If you're pondering whether to list your beloved car for rent, you're in the right place. As an experienced Turo host who's managed six different cars and currently hosts three, I've learned a thing or two about turning your car from a depreciating asset into a money-making machine. Here’s what you need to consider before you start.
1. Assess Your Risk Level
Yes, every Turo trip comes with insurance, but it’s wise to plan for the unexpected. What if your car ends up in the body shop for weeks, or worse? While no one likes to think about their car meeting a sad fate, being prepared will save you many headaches. Have a contingency plan and remember, it's all part of the rental game.
2. Time & Effort Investment
Think you can just hand over the keys and sit back? Think again! Prepping your car for guests—washing, cleaning, and ensuring everything is in tip-top shape—can take anywhere from 15 to 45 minutes. Consider whether you have the time, facilities, or a handy car wash nearby to keep your car looking its best. Providing a great experience will get your better ratings and more future trips.
3. Upkeep and Maintenance
The more your car rolls, the more love it needs. A typical Turo car can rack up around 20,000 miles annually, meaning frequent maintenance checks are a must. Yes, this might impact your car’s resale value, but the earnings should cover your monthly payments, insurance, and maintenance costs, balancing out any loss and often turning a tidy profit.
4. Emotional Detachment
Prepare to see your car return with a few more wrinkles and stories than it had before. If the thought of your car getting a little roughed up makes you queasy, you might want to rethink renting it out. It’s okay to feel hesitant at first—I did too! But seeing your car as a business asset rather than a personal treasure can make all the difference.
5. Start With What You Have
My advice? Start small. Use a spare car or one you don’t need daily. This approach minimizes the risk of debt and gives you a taste of what being a Turo host entails without overwhelming commitment. It costs nothing to list your car so give it a try!
Overall: Renting your car on Turo isn’t just about earning extra cash; it’s about embracing a new way of thinking about what a car can do for you. While it might not turn you into a full-time car rental mogul, it’s a great way to cover your car expenses and maybe even fund those little extras in your life.
Happy hosting!