Did you know you can rent out your car to travelers on a daily, weekly, or even long-term basis and make some extra cash? It’s like Airbnb but for cars, and it’s called Turo.
Listing your car on Turo takes just 10 minutes, and you can earn up to 90% of the trip price. Here are some benefits of sharing your car on Turo:
– You can use the money to cover your car expenses. On average, Turo hosts make $500 a month, which is often enough to offset car payments.
– If you don’t have car payments, the extra money can go towards retirement savings, paying off debt, and more.
– It’s a great way to earn passive income.
– Most cars sit idle 95% of the time. Renting out your car can help you make money from a depreciating asset.
So, what exactly is Turo? Turo aims to make better use of the world’s 1.5 billion cars by allowing owners to share their idle vehicles. All trips are covered by Trust and Safety protections, including pre-screened guests and hosts, and $1 million in liability coverage from Liberty Mutual. Travelers often choose Turo over traditional rental companies for its lower prices, wider selection of vehicles, and greater convenience.
Since its inception, over 350,000 cars have been listed on Turo. If you’re intrigued by the idea of earning an extra $500 a month by sharing your car, you probably have some questions about how it works. This guide will answer the most common questions about making money on Turo, including how much you can make, how you get paid, what happens if your car is damaged, and how to sign up.
### How much can you make on Turo?
Turo has an earnings calculator called the Carculator to help you estimate your potential earnings. You just need to enter:
– The year of your car
– The make
– The model
– Your location
For example, a 2015 Jeep Wrangler can earn around $601 per month with a daily price of $90 and an average of 8.9 booked days per month.
You can choose to use Turo’s dynamic pricing, which adjusts based on the vehicle’s value, time of year, and location, or set your own custom daily price, including delivery fees and distance charges. You’ll earn 65% to 85% of the trip price, depending on the car protection package you choose. You can earn up to 90% if you offer certain “Extras” or have commercial rental insurance.
One great thing about Turo is that there are no monthly listing fees, so you can list your car for free.
### How do you get paid on Turo?
You’ll receive payment via direct deposit or PayPal 30 minutes after the trip ends and you get your car back. For trips longer than a week, Turo pays in partial weekly payments. If you need to be reimbursed for expenses like refueling or cleaning, you can use Turo’s online Reimbursement tool and get 100% of those costs back.
### What kind of cars can you list on Turo?
Turo accepts a wide range of cars, from sedans to classic cars, exotics, vans, and more. With over 850 makes and models, you can list gas, diesel, hybrid, or electric cars. However, Turo does not accept motorcycles or RVs.
### What happens if my car is damaged?
Turo ensures you are protected. Every guest is screened before booking, and you’re covered with up to $1 million in liability insurance. Your car is also protected against physical damage and theft. Plus, there’s 24/7 roadside assistance and customer support for every trip in the U.S. and Canada.
### How do I get started on Turo?
To start making money on Turo, create an account and list your car. Here’s how it works:
1. Describe your vehicle and add pictures. Creating your listing is free.
2. When someone is interested in booking your car, you’ll get a notification to respond to.
3. If you approve the booking, meet your guest, check their license, do a walk-around, note fuel and mileage, and hand over the keys.
4. After the trip, meet your guest again to check your car and get paid.
### Where do you meet your guest?
You have three options for handing over the keys:
1. Deliver the car to custom locations around town, like a hotel.
2. Have the customer pick up the car at a convenient location for you.
3. If you’re in San Diego, San Francisco, or Los Angeles, you can use TuroGo, which lets guests locate and unlock cars via the Turo app.
Are you interested in listing your car on Turo? Why or why not?