Did you know that you can share your car with travelers on a daily, weekly, or even on a long-term basis and make extra money? I’m talking about listing your car and making money on Turo, which is like Airbnb for cars.
It takes as little as 10 minutes to list your car, and you can earn up to 90% of the trip price.
Sharing your car and making money on Turo has many benefits, such as:
- You can use the money to pay for your car expenses. With the average Turo Host earning $500 each month, most people generate enough money to completely offset their car payments.
- If you don’t have a car payment, the extra money you make with Turo can be used for retirement savings, paying off debt, and more.
- You can make extra money passively. This is a no brainer!
- The average car sits idle in driveways 95% of the time. If your car goes unused a lot, then this can be a way to offset a depreciating asset.
But, what is Turo exactly?
“Turo’s mission is to put the world’s 1.5 billion cars to better use. We’re doing this by completely changing the economics of car ownership, empowering car owners to share their idle vehicles while they are not using them. All trips are covered by our Trust and Safety protections, including pre-screened Guests and Hosts and $1 million in liability coverage from Liberty Mutual. Travelers choose Turo over companies like Enterprise because of our lower prices (25% less typically,) unbeatable selection of vehicles, and greater convenience.”
Over 350,000 cars have been listed on Turo since it started.
To quickly summarize, you can start making money on Turo by listing and sharing your car. Think of it like the Airbnb for cars!
If making an extra $500 a month by simply listing and sharing your car on Turo sounds interesting to you, then you probably have some questions about how it works. That’s what I’m going to cover in today’s post – answers to the most common questions about making money on Turo.
You’ll learn what determines how much you make, how you get paid, what about damage, how to sign up, and much more!
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Here’s what you need to know about sharing your car and making money on Turo.
How much can you make on Turo?
Turo has an earnings calculator, called the Carculator, to help users see how much they can earn with their car on the platform. You simply enter:
- The year of your car
- The make
- The model
- Your location
For example, I tested out the Carculator with a 2015 Jeep Wrangler.
The daily price through Turo is $90, with an average of 8.9 days booked per month, for an earning of $601 per month.
When you list your car on Turo, you can choose to use their dynamic pricing, which is when Turo sets the price based on the value of the vehicle, time of year, location, and so on.
Or, you can set your own custom daily price. This includes delivery fees, distance charges, etc.
You are paid 65% to 85% of the trip price. What you earn depends on the car protection package that you choose. You can earn 90% of the trip price if you are willing to offer one of over 50 “Extras.” Or, “If you have commercial rental insurance to cover you, your car, and your customers and would like to waive vehicle protection provided via Turo.”
One thing I like about using Turo to make money is that there aren’t any monthly listing fees. This means there is no charge when you list your car.
How do you get paid on Turo?
Thirty minutes after the trip ends and you receive your car back, you’ll receive either a direct deposit or a PayPal payment from Turo. For trips that are more than a week long, Turo will pay you in partial weekly payments.
If you need to be reimbursed from the customer for something such as refueling, cleaning, etc. then you can use Turo’s online Reimbursement tool. You are reimbursed 100% of those costs.
Turo’s website is easy to use, which makes listing your car and getting paid super easy.
What kind of cars can you drive on Turo?
If you’re interested in how to make money using Turo, you are probably wondering about what kinds of cars you can list. I skimmed through Turo and found all sorts of cars – from sedans to classic cars, to exotics, vans, and more. One of the best parts of Turo and why it’s a great way to make extra money is that Turo is on average 25% more affordable than the traditional rental car company.
With over 850 makes and models on the marketplace, Turo accepts gas, diesel, hybrid, or electric cars ranging from a sleek Tesla to a rugged Rav4. This gives people so many more options than they’re used to, and that’s one of the major appeals on the consumer side.
Turo, however, does not accept motorcycles or RVs.
What happens if my car is damaged when someone drives my car?
If you want to learn how to make money on Turo, this is a very important question!
Since it is a car, you may be worried about it being damaged and how Turo handles coverage and insurance.
Turo ensures that you are safe and protected. Every Guest is screened on the platform before booking a vehicle. Furthermore, you are covered up to $1 million in liability insurance and your car is also protected against physical damage and theft. Lastly, there is 24/7 roadside assistance and customer support with every trip in the U.S and Canada.
How do I get started on Turo?
Making money on Turo starts with creating an account and listing your car. For people listing cars, you are called a Host. The people requesting cars are called Guests.
Here’s how it works:
- Create a listing on Turo by describing your vehicle and adding pictures of it. Creating your listing is free (remember there aren’t any listing fees). Make sure you take high-quality photos of your vehicle.
- When someone is interested in booking your vehicle, you will receive a notification. You’ll simply respond to this and let them know if they are allowed to book your car.
- If you say yes to the trip request, then you’ll meet your guest. You’ll check their license, do a walk around, note your fuel and mileage, then hand them the car keys.
- Once the trip is over, you will meet your guest, check out your car, and get paid!
Yes, that’s it! It’s really that simple.
Where do you meet your guest?
You have three options for handing the keys over to your car:
- You can deliver the car to custom locations around town, such as dropping it off with them at their hotel.
- Or, you can have the customer pick up the car at a convenient location for you.
If you are located in San Diego, San Francisco, or Los Angeles you have the option to install TuroGo, a program that lets Turo community members locate and instantly unlock cars right from the Turo app.
What other helpful Turo tips are there?
After reading the above, you may be interested in sharing your car and making money on Turo. If so, I read through many of their helpful articles and the below stand out to me the most.
- 7 tips for hosting your first trip
- Six tips to boost your Turo earnings
- Checking in a guest at trip start
Are you interested in listing your car on Turo? Why or why not?
The post The Airbnb For Cars: Your Guide To Making Money On Turo appeared first on Making Sense Of Cents.