In the Driver's Seat: Can Turo Actually Make You Money in 2024
Turo is one of the most downloaded car rental apps in the U.S. and claims that its members can earn an average of $500 renting out their cars. We've investigated whether Turo is worth all the hype, so if you're interested in turning your car into a financial asset, read on to find out more.
Can You Really Make Money From Turo?
In short, the answer is yes you can make a good amount of money renting your car with Turo, particularly if you don’t use your car very often yourself. Turo wants to ‘let your car work for you’, helping you to earn some good passive income to help increase your monthly wages. However, there are a number of dependent factors that are important to take into account before you begin.
How Can I Make Money From Turo?
Much of Turo’s popularity is based on its ease of listing and renting out your vehicle through its user-friendly app. To get started with the app, you can follow these simple steps:
- First, you can create an account with Turo by providing your email address and adding your driver's license.
- Then you can start listing the vehicle you want to rent. You will need to provide information such as license plate, VIN, year, model, and vehicle identification number.
- You will also be asked to upload at least 10 photos showing the exterior and interior of your vehicle, along with a full description.
- Next, you can set your preferences for when your vehicle is available and your price per day.
You will be notified when a guest contacts you to book your car, and the Turo app will walk you through the process. For each trip, you will receive a deposit within 3 days and then between 60% and 90% of the revenue at the end of the trip within 72 hours.
How Much Money Can I Make From Turo?
After your customer has completed their trip, you can earn between 60% and 90% of the money paid, with the rest going to Turo for its services. The amount of money you can earn depends on several factors, including the level of protection and insurance you have agreed to with Turo and whether you have included ‘extras’, which include:
- Outdoor equipment, such as a surfboard, grill, kayak, and more.
- A one-way trip, which allows your guests to leave the vehicle at their destination.
- Rooftop luggage storage for long trips.
- Car seats for children.
- Prepaid fuel or EV charging, so your guest doesn't have to fill up at the end of the trip.
- Post-trip cleaning, so your guest doesn't have to clean the car at the end of the trip.
Adding extras like these can increase your take-home revenue to around 90% per trip. However, be sure to consider any additional costs that these extras may incur, such as professional cleaning or vehicle collection.
What Factors Influence Your Earnings on Turo?
Many different factors can affect your earnings as a Turo that you should consider before becoming a host. You can further maximize your earnings with the platform by keeping the following in mind.
| Location | Living in and renting out your car in popular tourist locations can increase the number of rentals |
| Vehicle Model and Condition | Some cars will be more popular due to their brand, but overall well-maintained and often fuel-efficient cars are the most popular Specialty cars like SUVs can also be very attractive to Turo guests |
| Price | It is important that your price is in line with the competition in the area: if your price is too high, guests will be discouraged |
| Customer Service | Providing great customer service means you get great reviews and increase your chances of attracting guests |
| Timing | You are likely to get more interest during peak tourist seasons or when local events such as sports games or concerts are taking place |
Is Turo Worth It?
Turo is a very popular platform that allows you to create an account in less than 10 minutes and start listing your vehicle for free. In that sense, it's incredibly quick and easy, assuming you provide all the necessary information and your vehicle is accepted.
Factors such as location, time of day, and the model of your vehicle will affect the amount of money you can earn, but overall, Turo provides an opportunity for you to earn some passive income from a potentially underutilized asset.
FAQ
What is Turo?
Turo is a popular car-sharing platform that allows its members to rent their cars through a mobile app. Think of it as an Airbnb for cars!
How does vehicle insurance work with Turo?
Turo offers vehicle protection for hosts with four different plan levels: the highest level of protection means you can take home 60% of a trip's earnings, while the maximum level of 90% offers less protection.
How does payment work on Turo?
Turo will ask you to enter your banking information into their app, which they will use to pay you within 3 business days of your trip. For hosts outside the U.S., Turo uses the Stripe payment service, which is where you will receive your money.
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