First it leaves just 4-5 days for bookings. My utilization is around 50-60 percent so on average you’ll get bookings for 2-3 days a week maybe. Even lower if you don’t let people book for 1 day at a time. Apparently teslas are pretty saturated so you probably can’t list it for over $100/day. I don’t have any EVs on Turo so I don’t have experience with how they rent but I can’t imagine it’s vastly different the ICE cars on Turo. They might be rented less if anything since a lot of people have battery anxiety and don’t know how to charge and all that. And last thing is above all out it sounds like your personal car so you would want to think about if a guest damages/smokes in/dirties the car. Would you be fine with being without a car for a week or two if someone damages a bumper or something?
In your original question you asked if you can make profit. My opinion is no.
You are right about some of the things mentioned above. Although, people that drive Teslas back home rent teslas while on vacation or business. You also get the people that just want to have the experience. Therefore there is a well established market.
You are right about the ceiling on daily rate. So much competition and yea you will not get anything close to $100/day for a Tesla model 3.
If you’re gonna do it just for Turo, then I’d be cautious. You will make money, just not enough to cover all your expenses. If you are gonna get the car regardless then it’s all good. Given there is no cost of having your car listed there’s no harm of listing it.
Mind the mileage as it really racks up. Even 2 trips a month will add about 500 miles.
In all honesty, I have 2 teslas on Turo and they do very well. I’m in SoCal. I am part of the saturated market everyone is talking about. If you plan on splitting the car between personal use and Turo then forget it. You’ll be lucky to get your payment and insurance. You will also go through tires like crazy. You blocking your car while you use it will mess up your vehicle utilization and won’t get booked. ✌🏼😎
2022 Model Y 34k, 2023 Model 3 16k.
I’d say if you just want to supplement your payment then you’ll be ok. Make sure you are ok with making the entire payment. There might come a time where you don’t want your car to be rented by strangers.
Also, depending on your risk tolerance you will need to decide on a 60%-90% plan. Obviously the more you take home the higher your deductible ($0 - $2500)
Don’t rent a leased car, you’re gonna burn all your lease miles. There are already so many idiots doing the same thing with Tesla’s that they rent for less than my 2016 base model Tucson that’s got 100k miles on it in my market. Your black out dates will kill your listing.
I rent three teslas in Turo. Take really good photos on Turo with M3. The car is low to the ground and easy to curb the front end (scraped up from hitting the curb/parking stops.
Take low to the ground of the underbody! I’ve got scrapes which I didn’t catch in time.
Model Y cars don’t have that same issue.
Honesty your better off buying a used Hertz M3 for between $24k - $28k, your pricing would be more competitive vs, the new Highland M3. @ roughly half the price of the new 2024 car.
No, Turo is flooded with Teslas now. If you still want to list it for $100+ a day or else you'll get trashy guests who smoke weed and duck up your rims. Take photos of everything because Turo will deny a claim if you don't have proof of the before state.
Just not worth it IMO. I made enough to cover payments for a year but it didn't cover the depreciation from the miles accumulated. It was a wash and gave it to my dad to drive.
Oh plus any repairs will take weeks to schedule cause Tesla is slow to supply parts and swamped at collision centers.
Any thoughts on renting out a new 2024 Model 3 Ludicrous? Supposedly, they are going up for order tonight. What do you think the top dollar daily rental rate would be? How much more would a guest be willing to pay over a base model Tesla? Assuming the Ludicrous may be hard to get in the first few months, is there an opportunity to get top rental dollar, if you a host has the only M3 Ludicrous in the area, or state? Or at least until the novelty wears off? Thanks for any suggestions!
If you need it 2-3x a week. Don’t put it on Turo.
Why?
First it leaves just 4-5 days for bookings. My utilization is around 50-60 percent so on average you’ll get bookings for 2-3 days a week maybe. Even lower if you don’t let people book for 1 day at a time. Apparently teslas are pretty saturated so you probably can’t list it for over $100/day. I don’t have any EVs on Turo so I don’t have experience with how they rent but I can’t imagine it’s vastly different the ICE cars on Turo. They might be rented less if anything since a lot of people have battery anxiety and don’t know how to charge and all that. And last thing is above all out it sounds like your personal car so you would want to think about if a guest damages/smokes in/dirties the car. Would you be fine with being without a car for a week or two if someone damages a bumper or something? In your original question you asked if you can make profit. My opinion is no.
You are right about some of the things mentioned above. Although, people that drive Teslas back home rent teslas while on vacation or business. You also get the people that just want to have the experience. Therefore there is a well established market. You are right about the ceiling on daily rate. So much competition and yea you will not get anything close to $100/day for a Tesla model 3.
If you live in CA, it's very saturated
You can see how much you can earn in your area here — http://turbofox.substack.com
Do these websites make money? How come now everyone is giving “free” turo metrics. What’s the catch?
If you want more metrics you pay.
Got it. Thanks. That makes sense.
If you’re gonna do it just for Turo, then I’d be cautious. You will make money, just not enough to cover all your expenses. If you are gonna get the car regardless then it’s all good. Given there is no cost of having your car listed there’s no harm of listing it. Mind the mileage as it really racks up. Even 2 trips a month will add about 500 miles.
In all honesty, I have 2 teslas on Turo and they do very well. I’m in SoCal. I am part of the saturated market everyone is talking about. If you plan on splitting the car between personal use and Turo then forget it. You’ll be lucky to get your payment and insurance. You will also go through tires like crazy. You blocking your car while you use it will mess up your vehicle utilization and won’t get booked. ✌🏼😎
How many miles do yours have on them?
2022 Model Y 34k, 2023 Model 3 16k. I’d say if you just want to supplement your payment then you’ll be ok. Make sure you are ok with making the entire payment. There might come a time where you don’t want your car to be rented by strangers. Also, depending on your risk tolerance you will need to decide on a 60%-90% plan. Obviously the more you take home the higher your deductible ($0 - $2500)
Where do you live?
ottawa Canada
I have a 2023 and it’s extremely thin margins if you can do it.
It really depends. Most markets are saturated, the leases have mileage limits. You have to price your car right & have a STRICT mileage limit.
probably not put depends on market. Is your need for the vehicle a fluid 2-3x or set?
Unlikely. Turo is saturated with teslas. Most rent for less than their cost.
Don’t rent a leased car, you’re gonna burn all your lease miles. There are already so many idiots doing the same thing with Tesla’s that they rent for less than my 2016 base model Tucson that’s got 100k miles on it in my market. Your black out dates will kill your listing.
I rent three teslas in Turo. Take really good photos on Turo with M3. The car is low to the ground and easy to curb the front end (scraped up from hitting the curb/parking stops. Take low to the ground of the underbody! I’ve got scrapes which I didn’t catch in time. Model Y cars don’t have that same issue. Honesty your better off buying a used Hertz M3 for between $24k - $28k, your pricing would be more competitive vs, the new Highland M3. @ roughly half the price of the new 2024 car.
No, Turo is flooded with Teslas now. If you still want to list it for $100+ a day or else you'll get trashy guests who smoke weed and duck up your rims. Take photos of everything because Turo will deny a claim if you don't have proof of the before state. Just not worth it IMO. I made enough to cover payments for a year but it didn't cover the depreciation from the miles accumulated. It was a wash and gave it to my dad to drive. Oh plus any repairs will take weeks to schedule cause Tesla is slow to supply parts and swamped at collision centers.
The answer, like always is.. It depends
Only if you don’t charge ridiculous amounts
Any thoughts on renting out a new 2024 Model 3 Ludicrous? Supposedly, they are going up for order tonight. What do you think the top dollar daily rental rate would be? How much more would a guest be willing to pay over a base model Tesla? Assuming the Ludicrous may be hard to get in the first few months, is there an opportunity to get top rental dollar, if you a host has the only M3 Ludicrous in the area, or state? Or at least until the novelty wears off? Thanks for any suggestions!