Why Renting Out Your Car with Turo Can Be The Perfect Cash Cow

turo car rental

Are you one of the 4 in 10 Americans that have a side hustle? Do you wish that you were one of these lucky people with extra cash coming in every month?

Maybe you’ve browsed the lists of side hustle opportunities but haven’t found anything that fits what you are looking for.

Many side hustles require you to do something; this requires time and skill from you. Instead, how about Turo car rental, a side hustle that will make you money without you having to work hard for it.

All you need is a car and a willingness to let others drive it. Intrigued? Keep reading to learn how you can start making money every month with Turo.

What Is Turo Car Rental?

Think of Turo as the AirBnB of the rental car world. The peer to peer renting platform allows owners of underutilized cars to enjoy profits from the vehicles they already own.

The company offers rentals in over 3,500 cities with airport pickups at over 300 different airports. There are over 800 different makes and models available to choose from.

Plus there is a $2 million insurance policy for users.

You Need a Quality Listing

Before you can start making money, you need to make a compelling listing for your car. You’ll want to have high-quality pictures, all relevant details, and an availability calendar.

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Pictures

When you take your photographs, pretend like you are trying to sell the vehicle. Take well lit and in focus pictures of both the inside and outside of the car.

If you are not skilled with a camera, Turo can help you out! They offer free professional photography of your car to help your listing stand out.

Listing Rate

Your listing will need to include your desired listing rate. If you don’t want to manage this, you can choose “automatic pricing”, this allows Turo to adjust your price based on demand.

Car Details

You will also want to include all the details about your car. Start with basic points like how many people it can seat and miles per gallon.

Also include additional features like GPS, leather seats, automatic transmission, Apple CarPlay, or driver assist.

Profile Stand Outs

Decide what type of extras you want to offer. This could include things like post-trip cleaning, prepaid refuel, stroller, or a child safety seat.

Securing Your Rentals

Once you start receiving bookings for your car, you will need to arrange to have the car dropped off and picked up from the agreed upon location.

You can automate the process by having a code secured magnetic hide a key box for the vehicle’s keys. Then you can drop the car off your convenience and let the renter know the code when they arrive at the car.

Turo has plans to unveil its Turo Go solution at the end of this year. Its design is to make this whole process even easier by allowing renters to access their rented car by unlocking and locking it via the app.

Build Your Reputation

Having a car to rent out isn’t enough, you need to build your reputation, so others are more likely to choose your car over another.

There are a few ways you can do this. Provide extra little unexpected perks to your renters.

You could find out how many will be in the party and leave a bottle of water for each person. Or a simple thank you note is a nice unexpected personal touch.

If you know your renters are from out of town, you can offer some personal advice or suggestions to help make their trip more enjoyable.

Most importantly, don’t be afraid to ask for a review. Sometimes this is the simplest way to motivate people.

Build Your Fleet

Once you have your process down and you know what works for you, you can start building your fleet. If you own more than one car, you can have them all listed.

Make sure that you have one available for personal use when you need it.

You can also begin to buy vehicles that are purely meant for listing. Think of this as an investment and buy vehicles that have the most potential to make you a profit.

How Much Can You Make?

If we have made you curious about how much you could make, Turo has a nifty calculator that lets you estimate your car’s earning potential.

If you live near the airport, you have the potential to make more profit. Many people who use Turo are visiting a city either for business or vacation. You can capitalize on this flow of people to build your rental volume.

Another potential for increased income is if you live in a vacation hotspot. Many people travel to Florida for vacation. If you live in a city like Orlando you can leverage your rentals with families looking to visit the city.

What About Insurance?

Car owners learned the hard way that their personal car insurance may not cover them when working through other peers to peer apps like Uber and Lyft. So what about Turo?

Turo offers a couple of different insurance coverage options. You will have protection against physical damage for up to the cash value of your car.

This includes collision and most comprehensive claims. It also covers theft.

When it comes to liability, the company provides a $1 million liability policy.

Start Renting Your Car with Turo

Turo car rental is an excellent solution for those car owners who don’t use their vehicle very often. Owning a car is expensive, and if you aren’t using it, then that is money going down the drain.

With minimal time commitment on your part, you can start subsidizing the cost of your vehicle by renting it out. Manage your rentals and time wisely and you can make some serious profit from the venture.

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