Do you want to start using Turo to make extra revenue off your vehicle? Here are 6 things to consider before doing so.
Do you have an extra car that you’d like to rent out for some extra money every month? or maybe you’ve heard about how much your friend is making from renting their car out on Turo and this made you want to rent out your car too. Maybe you just asked yourself “should I put my car on Turo?”. Regardless of what your motivations are or situation is, here are some important thoughts to consider before using Turo.
1. Realistic goals
It’s important to know why you want to use Turo and to access if your goals are realistic. Do you want to make enough so your car pays for itself? Earn extra income? Income replacement? Depending on your goals you may need starting funds, time, and be willing to take more of a risk.
Are your current goals realistic at this time?
2. Comfortable with strangers
While the interaction time you have with drivers can be very brief, it is still important to consider you are meeting up with strangers. Most people are meeting you at your home to pick up your vehicle as it is most convenient. You may opt to bring your car to them which can also provides its own challenges.
If you are not comfortable with this, you may want to rethink using Turo to rent out your car. There are remote unlock options you can look into though Turo may require you to do extra work to use this.
Are you comfortable have a stranger meet you at your house or you drop the car off to them?
3. Time management
Since Turo drivers will normally rent your car out the night before or the day of you don’t always have time to plan your schedule out — especially in the beginning. In between drop offs, it is highly recommended you clean your car, properly inspect your car, and get great pictures to document everything.
Is your schedule flexible enough to always be available for drivers?
4. Listing greatness
What makes your car one that people will choose to rent? Is it affordable? Unique? Luxurious? Great for moving? You’ll want to check your area’s Turo results and see if your car will fit into a niche. Do you have a super car in a market flooded with low valued super cars? Is your truck perfect for moving but there is already a lot of low price trucks? A flooded market doesn’t mean you can’t wiggle your way in but you will have to put in a lot more work and time to get a higher rank. Do you have the time and energy to work your way to the top of your niche?
5. Neighbor relations
This is a problem that I’ve faced myself. While most neighbors may not pay attention if you only have one car, a higher volume of cars will be noticed by your neighbors. If your neighborhood is private or their isn’t a lot of parking available, you may want to find another pick up place for your cars.
Is your neighborhood a good one to pick up cars in?
6. Potential risks
Outside the risks of meeting with strangers, you are exposing your car to all sorts of hazards. From little dings and interior car damage to larger issues like car theft and accidents. While Turo covers a these issues, an insurance claim will effect the resale value of your car.
Is the resale value of your car something that will concern you in the future?