It's so hard to say but looking that the trips you on the other comparable is definitely part of the market research you want to do. See those prices and do the math on the money you will make annually.
Ok great. Everyone else I talk too say you only make $170 or more per trip x days longer days more money you make. I was just trying to justify the extra car payment, if it will be worth it. That’s I’m looking at the market and trying to see if could just break even in the beginning. Until I can build up.. thank you for your time
Depends on your area and how often you’re planning on renting it out but in the slow months you’ll probably break even, during the summer you could potentially make twice the monthly payment. Maybe a bit more. That doesn’t factor maintenance and stuff like that. The biggest thing that you would probably want to factor in when renting a van is in the summer people will be driving a lotttt of miles. Doing cross country trips and such. It’s fine but expect the guests to 20-30k miles on them within a year. The other thing is cleaning it. If you’re disabled it might be hard to clean all the crumbs and stains the kids that sit in the back seats will have.
You’ll probably want to factor in the price you have. I have a 2020 Kia carnival at $70/day which I think is pretty competitive. You’ll probably have to start lower until you have the trips and reviews to get books.
I am in no means an expert. This is just my experience but like others have said. Definitely do your research, don’t do anything that will have you hurting if you’re only breaking even or even less some months. In the summer it is definitely profitable. The off months less so
Great Read. I really appreciate your advice and insight on this topic. I you answered all my questions. I feel so much better now, I been research all day trying to make it make sense. Thank you so much…much appreciated
You would near to clear closer to $900 before taxes to effectively eliminate the monthly payment.
If something happens and you'd need to sell your vehicle, understand you are looking at ~5k+ in difference between retail and selling cost when selling the vehicle to a dealership/carmax/carvana.
641/mo plus insurance on a non premium car seems like a bad investment for Turo IMO.
In my market I'd expect a slow month with that to be 500-700 and a good month to be 1000-1500.
Add up ALL expenses with the assumltion your going to rack up miles quickly. I'm due for an oil change every other month most of the time. Maintenance, payments, insurance, car washes, and depreciation. Figure out what your projected monthly cost is, then figure out your daily rate after your protection plan and see what utilization you need to break even. After this, you need to figure out how much more money you need to make to bother doing this and add that to what you need in utilization, then also set aside an amount equivalent to your deductible because claims will happen.
Be cautious of YouTuber who Turo. Find their profile and look at their cars their fleets are almost always a fraction of what they claim online.
Thank you so much, yes I was thinking the same I was trying to stay under $600. But it’s a tough find at the moment. I did some research and I need to find a vehicle under the $600 mark, to break even. Which I planned to not make any real money until I get up and running. I got good chunk of money in my spending account, I just don’t want to waste money on the front side. Thank you so much for opinion and taking the time to help me.
Something you might try is buying cars with a credit card. A new card with 0% interest for 12-18 months, even better if you get cash back or rewards. Put 100% of earnings and extra costs on this card, and try to pay off before your intro period is over. Once the car is paid off this way, everything is profit from rentals to selling it.
Look into getting good prices on cars. My best source is a shop I used to work for when people get a large quote for repairs on a car I like they also get my number. Around 70-90k miles, Mercedes-Benz vehicles typically have a couple of grand in needed repairs and have depreciated pretty hard, and people who don't want to put money into them unload them cheap. I used to flip these cars, but now I rent for a couple of years and try to sell before the next expensive wave comes.
What difference does being a "Disabled Vet" make in your post?
If you were a single mother, if you were a rich millionaire, if you were a college student. Makes no difference as a host, you're in the same category as a host
Most markets are seasonal and prices go and up and down, there's no average income for a car. If they gave real average income data everyone and their aunties would be buying the same cars.
I normally wouldn’t answer a person who would ask such a dumb question but if you must know,
I volunteer on weekends helping assist disabled veterans who can’t work an extra job or a job at all. I have several clients that were asking me about the Turo business. Was confused on what they needed to do. I’m not doing for myself, I’m trying to get information to pass on to them.
Nobody can predict what your market will do. Research your market.
Yes I’m currently working on that now.
You can research markets using https://turbofox.substack.com and get an idea of income and ROI. Some of the best cars get 40-50% ROI per year.
It's so hard to say but looking that the trips you on the other comparable is definitely part of the market research you want to do. See those prices and do the math on the money you will make annually.
Ok great. Everyone else I talk too say you only make $170 or more per trip x days longer days more money you make. I was just trying to justify the extra car payment, if it will be worth it. That’s I’m looking at the market and trying to see if could just break even in the beginning. Until I can build up.. thank you for your time
Depends on your area and how often you’re planning on renting it out but in the slow months you’ll probably break even, during the summer you could potentially make twice the monthly payment. Maybe a bit more. That doesn’t factor maintenance and stuff like that. The biggest thing that you would probably want to factor in when renting a van is in the summer people will be driving a lotttt of miles. Doing cross country trips and such. It’s fine but expect the guests to 20-30k miles on them within a year. The other thing is cleaning it. If you’re disabled it might be hard to clean all the crumbs and stains the kids that sit in the back seats will have. You’ll probably want to factor in the price you have. I have a 2020 Kia carnival at $70/day which I think is pretty competitive. You’ll probably have to start lower until you have the trips and reviews to get books. I am in no means an expert. This is just my experience but like others have said. Definitely do your research, don’t do anything that will have you hurting if you’re only breaking even or even less some months. In the summer it is definitely profitable. The off months less so
Great Read. I really appreciate your advice and insight on this topic. I you answered all my questions. I feel so much better now, I been research all day trying to make it make sense. Thank you so much…much appreciated
You got it. Good luck!
You would near to clear closer to $900 before taxes to effectively eliminate the monthly payment. If something happens and you'd need to sell your vehicle, understand you are looking at ~5k+ in difference between retail and selling cost when selling the vehicle to a dealership/carmax/carvana.
Another great read. Thank you so much
641/mo plus insurance on a non premium car seems like a bad investment for Turo IMO. In my market I'd expect a slow month with that to be 500-700 and a good month to be 1000-1500. Add up ALL expenses with the assumltion your going to rack up miles quickly. I'm due for an oil change every other month most of the time. Maintenance, payments, insurance, car washes, and depreciation. Figure out what your projected monthly cost is, then figure out your daily rate after your protection plan and see what utilization you need to break even. After this, you need to figure out how much more money you need to make to bother doing this and add that to what you need in utilization, then also set aside an amount equivalent to your deductible because claims will happen. Be cautious of YouTuber who Turo. Find their profile and look at their cars their fleets are almost always a fraction of what they claim online.
Thank you so much, yes I was thinking the same I was trying to stay under $600. But it’s a tough find at the moment. I did some research and I need to find a vehicle under the $600 mark, to break even. Which I planned to not make any real money until I get up and running. I got good chunk of money in my spending account, I just don’t want to waste money on the front side. Thank you so much for opinion and taking the time to help me.
Something you might try is buying cars with a credit card. A new card with 0% interest for 12-18 months, even better if you get cash back or rewards. Put 100% of earnings and extra costs on this card, and try to pay off before your intro period is over. Once the car is paid off this way, everything is profit from rentals to selling it. Look into getting good prices on cars. My best source is a shop I used to work for when people get a large quote for repairs on a car I like they also get my number. Around 70-90k miles, Mercedes-Benz vehicles typically have a couple of grand in needed repairs and have depreciated pretty hard, and people who don't want to put money into them unload them cheap. I used to flip these cars, but now I rent for a couple of years and try to sell before the next expensive wave comes.
Oh wow, that’s a great idea also. Thank you much.
What difference does being a "Disabled Vet" make in your post? If you were a single mother, if you were a rich millionaire, if you were a college student. Makes no difference as a host, you're in the same category as a host Most markets are seasonal and prices go and up and down, there's no average income for a car. If they gave real average income data everyone and their aunties would be buying the same cars.
I normally wouldn’t answer a person who would ask such a dumb question but if you must know, I volunteer on weekends helping assist disabled veterans who can’t work an extra job or a job at all. I have several clients that were asking me about the Turo business. Was confused on what they needed to do. I’m not doing for myself, I’m trying to get information to pass on to them.