Mike K's all Things Turo Thread

[Chet Donnelly]

Not 110% sure, but believe you can deduct your depreciation and interest on the ones you own. Assuming you have your interest baked into your payments number, but if you add your depreciation cost it should lower your profit...helping your tax liability. Improving overall cash flow.

 

[sickmint79]

there's entirely no idea for you to know what cars are typically renting out for price/utilization wise other than your own data, right? aside just trying to massively scrape around the website for prices/availability?

 

[EmersonHart13]

So if I'm understanding it correctly. It costed you $846 out of pocket for the year for the Q5 and Model S plus fuel when you drove it. If so doesnt sound like a bad deal at all.

There were many headaches along the way.

I was out there hanging with Mike and watching him deal with a Turo renter who popped in a last minute rental seemed frustrating....

 

[Shawn1112]

There were many headaches along the way.

I was out there hanging with Mike and watching him deal with a Turo renter who popped in a last minute rental seemed frustrating....

Oh I know, I read the whole thread before I used Turo over the summer.
Besides the headaches which your going to have in any business. It doesnt sound like that bad of a side gig.

 

[Chet Donnelly]

Not to mention the cars are no where near the condition of what someone that actually cared about cars would keep them in, dings, scratches, little nicks and scratches on the interior, etc. (Not that I have proof this happens, but I can only assume with high volume renting)

I'd rather just pay ~$500 a month to have my car, when I want it, cared for the way I want it cared for. Especially for relatively easily affordable cars like a Q5 or a Ghibli. Would be one thing if you were near breaking even on a Lambo and you were able to use it for yourself sometimes.

 

[Mike K]

I will say that for the most part the cars don't get beat up any more than normal. The Tesla has a couple of small nicks but nothing that wouldn't have happened if I drove it. The Maserati has no more door dings/ damage than when I bought it. People take care of that one.

 

[sickmint79]

do you keep track/can you easily download all your own history?

do you frequently update your own availability/prices to try and achieve 100% utilization?

 

[Bub]

Bump this up, I'm going to Colorado at the end of the month I'm thinking of getting a turo. Any tips or things I should know before renting one???