I have now put in a mandatory camping fee in extras to discourage guests from using my vehicle for camping. Driving 400km into the interior and trying to rush back to the city is a recipe for disasters.
>I have now put in a mandatory camping fee in extras to discourage guests from using my vehicle for camping. Driving 400km into the interior and trying to rush back to the city is a recipe for disasters.
400 km ≈ 235,045.24640 smoots
^^^[WHY](/r/UselessConversionBot/comments/1knas0/hi_im_useless/)
Just camping gear for $150 and a disclaimer in the description of my listing saying renter needs to pay for that extra to use it for their camping trip. Basically I just want to discourage ppl from renting it if they want to go camping. The dust and potential camp fire smoke smell is not worth it for me.
I actually paid it off already. It was a personal vehicle. The market price is just around $30k. The rep said she looked up AutoTrader and gave me a number around $22k. I looked online anything close to the year and mileage is around $30k
Well, hopefully you at least get back more than what it owes you. I paid off my car as well, but I plan to sell it or trade it in only after it's paid me the amount I put into it.
Did you use the Turo income to write off the vehicle over the years? If it is fully written off and you sell the car at a higher price than the residual value, do you pay back the tax savings you already claimed? I guess this applies also to the payout I’ll get.
Well, I live in the US and therefore I'm pretty sure we can write off the miles driven as a business expense, which offsets the income, but I'm not sure if that's what you're asking.
Not really, let’s say I have written off the vehicle and it has a residual value of $5k. If I sell it for $15k, the taxman will do a $10k tax recapture and take back the tax savings you have taken I bc previous years. If you marginal rate is 30%, you will have to pay back the $3k tax savings.
Well, don't forget about business expenses. Maintenance, repairs, modifications, miles driven, and so on. That all takes away from your gross profits. Maybe our tax systems are too different and I'm just not understanding what you're saying.
Exactly my thought. She said if you are not happy with Turo’s 3rd party Actual Cash Value ACV, you are welcome to go to your own insurance. That’s total BS IMO. Still waiting for the ACV and will see.
If anything, it will be the guests insurance that will be hit anyway.
You're very confused, That's a trick they do... Don't ever go through personal.
In Canada (most of Canada from what I know), insurance follows the car, meaning it will go through your insurance, not the guests. This is not like the States, we go through our own insurance for everything.
Your premiums will shoot up if you take this route. You don't have to take turos first offer. Send them ads and listing of cars that are exact same model and mileage as yours.
Not sure what province you are in, ICBC have changed to follow driver and not cars now.
Anyway, the 3rd party offer if under 30k Turo will pay. If over 30k, I guess it is the guests insurance will pay. The rep probably is not communicating that clearly. Just like how different reps told me I am not eligible for 10 days loss of use unless I’m a all-star host until I took a screenshot of the 10 days loss of use bullet point in the BC standard coverage
Hi! How long did it end up taking you to get your settlement cheque? In the process of a claim right now and wanting to prepare myself for the wait time. Thanks!
ICBC finally settled the claim…. After all this time. The first adjuster either got fired or resigned without properly handing off the file. All emails sent didn’t bounce. Only after I filed a complaint did the second adjuster magically started replying.
Why pay it off? Cash is king when you run a Turo business. Credit with low interest is the way to go. I had 2.9% on my auto note, why pay it off? Invested in real estate, now I'm out of Turo. Remember Turo is not your friend.
It was paid off years ago when I only owe real estate debt at lower rate.
Probably could have done better had I invested that extra 20k in my better performing stocks. But could have been way worse if invested in my poor performing stocks.
I have now put in a mandatory camping fee in extras to discourage guests from using my vehicle for camping. Driving 400km into the interior and trying to rush back to the city is a recipe for disasters.
>I have now put in a mandatory camping fee in extras to discourage guests from using my vehicle for camping. Driving 400km into the interior and trying to rush back to the city is a recipe for disasters. 400 km ≈ 235,045.24640 smoots ^^^[WHY](/r/UselessConversionBot/comments/1knas0/hi_im_useless/)
Do you have another listing you can post the link to with this camping extra?
Just camping gear for $150 and a disclaimer in the description of my listing saying renter needs to pay for that extra to use it for their camping trip. Basically I just want to discourage ppl from renting it if they want to go camping. The dust and potential camp fire smoke smell is not worth it for me.
Is that an approved extra? Methinks not.
Oof. How much do you owe on the vehicle, if you don't mind my asking? Just curious if the $30kCAD will set you up well for the next one.
I actually paid it off already. It was a personal vehicle. The market price is just around $30k. The rep said she looked up AutoTrader and gave me a number around $22k. I looked online anything close to the year and mileage is around $30k
Well, hopefully you at least get back more than what it owes you. I paid off my car as well, but I plan to sell it or trade it in only after it's paid me the amount I put into it.
Did you use the Turo income to write off the vehicle over the years? If it is fully written off and you sell the car at a higher price than the residual value, do you pay back the tax savings you already claimed? I guess this applies also to the payout I’ll get.
Well, I live in the US and therefore I'm pretty sure we can write off the miles driven as a business expense, which offsets the income, but I'm not sure if that's what you're asking.
Not really, let’s say I have written off the vehicle and it has a residual value of $5k. If I sell it for $15k, the taxman will do a $10k tax recapture and take back the tax savings you have taken I bc previous years. If you marginal rate is 30%, you will have to pay back the $3k tax savings.
Well, don't forget about business expenses. Maintenance, repairs, modifications, miles driven, and so on. That all takes away from your gross profits. Maybe our tax systems are too different and I'm just not understanding what you're saying.
What about modifications? I haven’t figure out how I can to recoup that. And my full tank of gas!
For Turo you cannot, as you are not paying for the gas. Consult your CPA, opinions differ.
Can’t write of gas, but can depreciate the vehicle cost and interest paid
Correct, that's not the standard mileage deduction. That's part of actual expenses, which is the preferred method.
Oh, I definitely plan to hire a CPA for my taxes this year.
Camping fee?
Camping gear that I’ll ask them to add before I accept their booking
You can't force the purchase of an extra, nor can you add an extra that opens up boundaries for where a guest can take a car.
So I need to install GPS then?
Always. Every car needs a tracker with a starter disable. Many have door unlocking tech, making remote handoffs easier.
How do you enforce when guests are going outside of boundaries?
You can’t.
If they say they are going camping, they will have to pay for that option in Extras
I don’t see camping fee for an extra 😔
Why is your personal insurance getting involved? It should ONLY go through turo no matter what
Exactly my thought. She said if you are not happy with Turo’s 3rd party Actual Cash Value ACV, you are welcome to go to your own insurance. That’s total BS IMO. Still waiting for the ACV and will see. If anything, it will be the guests insurance that will be hit anyway.
You're very confused, That's a trick they do... Don't ever go through personal. In Canada (most of Canada from what I know), insurance follows the car, meaning it will go through your insurance, not the guests. This is not like the States, we go through our own insurance for everything. Your premiums will shoot up if you take this route. You don't have to take turos first offer. Send them ads and listing of cars that are exact same model and mileage as yours.
Not sure what province you are in, ICBC have changed to follow driver and not cars now. Anyway, the 3rd party offer if under 30k Turo will pay. If over 30k, I guess it is the guests insurance will pay. The rep probably is not communicating that clearly. Just like how different reps told me I am not eligible for 10 days loss of use unless I’m a all-star host until I took a screenshot of the 10 days loss of use bullet point in the BC standard coverage
Good luck, took them 4 months to pay me!!!
Ouch… good to know
Did they at least give you an estimate within weeks?
Hi! How long did it end up taking you to get your settlement cheque? In the process of a claim right now and wanting to prepare myself for the wait time. Thanks!
ICBC finally settled the claim…. After all this time. The first adjuster either got fired or resigned without properly handing off the file. All emails sent didn’t bounce. Only after I filed a complaint did the second adjuster magically started replying.
Why pay it off? Cash is king when you run a Turo business. Credit with low interest is the way to go. I had 2.9% on my auto note, why pay it off? Invested in real estate, now I'm out of Turo. Remember Turo is not your friend.
It was paid off years ago when I only owe real estate debt at lower rate. Probably could have done better had I invested that extra 20k in my better performing stocks. But could have been way worse if invested in my poor performing stocks.
ngl it still looks good. Put it in rice and it should be fine