Turo–Make Money Renting Out Your Car
Updated on: by Leisa Good
Move over Enterprise and Hertz, there is a new kid on the block!
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It’s Turo, previously RelayRides. You can now rent out your car and make money doing so! Just list your car and decide who can rent it and for how long.
What Is Turo and How Did It All Come About?
Turo is an app for both iPhones and Androids that customers and download and use to rent a car for a particular period of time. With more and more people working from home now, car owners began to realize that they could make money with a car that otherwise would be just sitting idle.
With Turo, car owners can list their car three different ways to make money:
- The car can be picked up at the person’s work or residence.
- The car can be delivered to the airport and then picked up there.
- The car can be driven to the airport and then parked in a space in hopes of finding customers in need an immediate car rental.
What Are Some of the Tools That Turo Provides to Aid Your Success in Renting Your Car?
- $1,000,000 liability policy for each rental
- snap pictures of your car and upload it with your pricing and availability
- Both drivers and car owners are pre-screened.
- online community of trusted renters and car owners.
- 24/7 roadside assistance for its owners and drivers.
- Renters are provided with a cancellation policy based on how long they were planning on booking the car.
What Things Do Car Owners Need to Do to Get Their Car Ready for Rental?
Car Owners will need to:
- Download the app or at least sign up on the web.
- Tidy up their vehicle.
- Put their RelayRides insurance card in the car’s glove box.
- Be sure the car is current on all maintenance.
- Meet with the potential renters.
- Show the potential renters around the car.
- Check the license of the potential renter.
Do You Have to Live in Specific Cities?
No, renters could be in any area. However, the higher the population or Tourist activity of your area, the higher the demand for Turo Car Renters.
What Is the Major Concern of Both the Car Owners and the Car Renters?
Obviously, safety is a major concern. Yelp had a few interesting reviews for the San Francisco area. It received a 4 out of 5 star rating for both car owners and car renters. The biggest complaint was not being able to reach customer service with a question via phone or email.
How Much Money Can You Make Renting Out Your Vehicle at RelayRides?
The amount of money that you can make with Turo depends upon the make, model, and year of your car as well as the area in which you live and the demand to rent a car like yours. Also, how often is your car available for renting? For a quick idea, Turo has an easy way to give you an idea of how much money you can make renting your car out through them when you’re not using it, with an online calculator-like system.
Turo pays their renters using Direct Deposit within days. You keep 75% of the total trip cost.
How Can Interested Individuals Sign Up?
Go to their website and chose the For Car Owners section of their site. Read all information and then create an account.
The company has been around for six years under the name RelayRides. While it isn’t necessarily old, it still has a lot of growing and establishing to do. The system Turo uses seems to be working. If you are interested, it could be a legitimate way to make some money renting your car out, while having more protection and reach than you would trying to do so on your own.
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January 28, 2016 at 6:33 pm
I’ve seen this on a news report…the people had some really nice cars, like BMW’s and Lexus’. While the concept sounds good, I would still be squeamish to rent out my car, especially a luxury one like a BMW. 🙂
Thanks for this great review. I’m passing this along to share this idea with others. Have a great one.
January 28, 2016 at 7:29 pm
@Corina – Thank you as well for passing the article along. Personally, I think I too would be a little hesitant to rent out a really nice one. However, I guess to each his/her own which is why this can work for the right person.
I will say this whole concept of renting in out your car and transporting riders (Lyft, Sidecar, Uber) makes you wonder what new challenges auto insurance companies may looking at.