Are you looking to make some extra money by renting out your car on Turo? If so, you’re in the right place. In this comprehensive guide, we’ll show you how to maximize your earnings on Turo by sharing tips and strategies for pricing your car, promoting your listing, and providing excellent customer service.
This can be an extremely profitable side hustle if you can commit your time (and vehicle) to it.
How Much Money Can You Make on Turo
Generally speaking, you can expect to make anywhere from $50 to $300 per day with Turo. Of course, the more in-demand your car is, the more money you can make. If you’re looking to maximize your earnings, you’ll want to consider renting out your car during peak times, such as holidays and special events.
How Much does the average person make on Turo?
The average vehicle on Turo’s marketplace makes $542 per month, according to the company. Some vehicles, however, and their owners, can make a lot more money than this. For instance, luxury and sports automobiles sometimes rent for more money than other car kinds, and they can bring in $1,000 or more a month.
Renters in popular regions, such big cities, can make more money than those in less sought-after areas. Additionally, owners who frequently rent out their vehicles can make more money than those who do so occasionally.
The fact that Turo offers a Power Host program that rewards top-performing hosts with lower commission rates will help you earn more money even if they charge a 35% commission on each rental.
There are many variables that affect how much money you can make on Turo, but if you have the proper vehicle and the correct approach, you can rent out your car there and make a respectable living.
What Cars Make the Most on Turo
Choosing the correct car to rent out on Turo can have a significant impact on your earnings, in addition to setting the right price and promoting your listing. When choosing which automobile to post on Turo, it’s crucial to keep in mind that some vehicles just rent for more money than others.
According to Turo data, luxury and sports cars tend to rent for the most on the platform. Cars such as:
- Tesla Model S
- Porsche 911
- Mercedes-Benz S-Class
These cars currently have consistently high earnings according to Turo
SUVs and crossover vehicles also tend to be popular among renters and can earn you a decent income on Turo. Cars such as:
- Tesla Model X
- BMW X5
- Audi Q7
These SUVs are among the highest earning SUVs on the platform.
It’s important to note that the demand for a specific car also depends on the location. In some areas, luxury cars may not be in high demand and you may earn more by renting out a more practical car like a Honda CR-V or Toyota RAV4.
It’s also worth noting that if you own a newer car, it will generally fetch higher prices and attract more renters than older models.
How much will my car make on Turo?
To get a more accurate idea of what you can expect to earn on Turo, it’s recommended to use the Turo Earnings Calculator, which takes into account your car, location, and rental history to give you estimated earnings.
Guide to Maximizing Earnings on Turo:
Setting the Right Price for Your Car
Setting the proper price for your car is one of the most crucial steps in optimizing your revenue on Turo. Setting your rent too high may make it difficult to locate tenants. You will be losing money if you set your price too low.
Start by looking up the costs of comparable vehicles in your area to determine the appropriate price for your car. To find cars that are comparable to yours in terms of make, model, and year, utilize the Turo website or Turo app. Take notice of these cars prices and use them as a guide when determining the price of your own vehicle.
You should also take into account your car’s condition and any unique amenities it could have, such as a sunroof or heated seats, in addition to these variables.
You can start setting your price once you have all of this information. If you aren’t receiving any renters, it is better to start with a somewhat higher price and slowly drop it.
Promoting Your Listing
Promoting your listing is another important element in optimizing your earnings on Turo. The more individuals who view your ad, the more likely it is that you will locate tenants.
Sharing your listing on social media is one approach to promote it. Ask your friends and family to share the link to your listing on Facebook, Twitter, and Instagram as well.
You might also try contacting nearby car rental agencies and asking if you can put your vehicle on their website. This might assist you in reaching a larger audience and locating renters looking for a rental car in your neighborhood.
Providing Excellent Customer Service
Finally, in order to increase your earnings on Turo, you must deliver first-rate client service. If tenants have a good experience with you, they are more inclined to rent from you again and to refer you to others.
Renters should receive timely responses to their messages, and you should be available to them if they have any questions. To guarantee that renters have a great experience, make sure to clean and maintain your automobile before each rental.
Make more with Turo
Overall, choosing the proper price for your car, marketing your listing, and offering top-notch customer service are necessary to increase your revenue on Turo. You can make sure that you’re getting the most out of your Turo experience by paying attention to these pointers and techniques.
Frequently Asked Questions (FAQ)
What type of car should I rent out on Turo?
Luxury and sports automobiles can make up to $1000 or more per month in rental income and typically rent for more than other car categories. On Turo, you may rent out any vehicle that is reliable and in good shape.
How often do I need to rent out my car to make good money on Turo?
You can make more money on Turo if your car is rented out more frequently. It’s crucial to remember that even if you just infrequently rent out your automobile, you can still generate a sizable revenue.
Is there a limit on how many miles renters can drive on my car?
The daily mileage cap established by Turo is 150 miles, however as the car owner, you can change it to a value that suits your needs. Renters may also be charged extra mileage at a fee decided by the owner.
What happens if a renter damages my car while it’s on Turo?
Turo provides renters with protection insurance that can pay for damages up to a predetermined limit. Turo’s Trust & Safety team will work with you to find a solution and make sure you are paid for any damages if a renter damages your vehicle.
How does Turo handle the insurance for renters?
Turo offers renters liability insurance, which covers coverage for third-party property damage and personal injury. Renters must furthermore have their own private insurance.
Can I rent out my car even if it’s financed or leased?
There is no issue on Turo’s end, but before renting out your automobile on Turo, it’s crucial to check with the financing or leasing firm as some businesses may forbid doing so.
