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How a 22-year-old bought a fleet of cars from renting his Elentra on Turo

Jeff Noel

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Quite an interesting story. I believe Turo is still an undervalued service as everyone is jumping on AirBNB's bandwagon. What's your take on this ?
 

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Rawseed

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Great story!

Peer to peer car lending doesn't seem to be fastlane because of the Commandment of Control and possibly the Commandment of Entry.

But, if you have a car that's just sitting in the garage or you can commute to work inexpensively, it might not be a bad thing to experiment with.
 

drpeppehr

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I have a really good friend who comes from a very wealthy family who does this. He's 23, and his dad bought him a Maserati a little while back. He puts it on Turo and has $3k earnings, so far only one minor cosmetic damage (which gets paid for by the customer).

Like Rawseed said, I think it's a good source of income if you have any extra car that isn't doing anything.
 
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Jeff Noel

Jeff Noel

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Great story!

Peer to peer car lending doesn't seem to be fastlane because of the Commandment of Control and possibly the Commandment of Entry.

But, if you have a car that's just sitting in the garage or you can commute to work inexpensively, it might not be a bad thing to experiment with.
I think the barrier of entry is low for most people, but really successful people leverage Turo earnings by reinvesting them in Turo (by purchasing more and more cars).


The real barrier would be psychological. Most people earning an extra $1K/mo from their car will most likely spend it instead of purchasing a new $800/mo car and putting it on Turo again, to earn $2-3K revenue from Turo monthly.

Repeating the process a few times can skyrocket your total revenue, and done with the right cars, your profit could probably average 50% of revenue with brand new cars, if not more !

I see Lambos at $700/day... 5 days/mo and it's monthly fees are paid, the rest is profit. Take insurance and other costs into account, and the car requires 30% renting activity (about 10 days/mo) to be profitable all year long.


There's a guy in Montreal who has a fleet of Teslas available for rent. Car maintenance fees are really low, and he asks for people to give back the car charged at 90% or they get additionnal fees. Each Model 3 is CA$120/day. 5-7 days/mo and it's paid !
 

MJ DeMarco

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I see Lambos at $700/day... 5 days/mo and it's monthly fees are paid, the rest is profit. Take insurance and other costs into account, and the car requires 30% renting activity (about 10 days/mo) to be profitable all year long.
I don't think ANY insurance company would insure a Lambo if they knew it was being sold on Turo.

Something doesn't smell right...
 
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Jeff Noel

Jeff Noel

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