TURO
Turo is a peer-to-peer renting platform much like Airbnb but for cars. You can rent it out for days, weeks, or even months. Transform your car into an income-generating asset. A low-end sedan can range between $19-$50 per day while luxury cars can range between $60-$200+ per day. Some people made a whole business out of it, earning a few thousand dollars per month by renting out a fleet of cars. As a car owner, one obvious concern is damage and insurance. Turo has a number of insurance plans you can choose according to coverage. They have premium, standard and basic insurance where Turo gets 35%, 25%, and 15% (respectively) of your earnings as commission. You can also decline any insurance plan if you already have your own and Turo gets only a 10% fee to use their platform. Start by signing up with Turo and confirm your email address. List your car by providing information such as an address, the model, year, transmission, odometer, and an estimated market value of the car. Upload a profile photo, then key in your mobile phone number. Turo will send you a verification code to your mobile number for confirmation. After that, you are all set to accept or deny renters.
Availability
All Countries
Mode of Payment
PayPal (OUS) Bank Deposit (US)
PRO Tips
- Pricing – Do your research and see if there are similar models of cars posted in your city then compare the price. Check if it is actually getting rented out at that price.
- Pictures – A good high quality, a professional-looking picture is the one that will catch people’s attention. A good background such as a scenic mountain view will definitely catch more attention than a picture of your garage. Mind the lightings or use special filters to make the picture look more awesome. See the example below. The image was taken from the Turo website.
- Special purpose cars command higher prices. An off-road pick-up truck, for example, can be very useful for someone planning an outdoor activity.
- You want to make sure that the renters will take good care of your car. Read reviews from previous owners who rented out their car to the renter before accepting.
- All rental transactions are human transactions. Be polite, professional, and always be on time when dealing with others.