Don’t Waste Your Car

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Car rental is a easy business now thanks to Turo. It’s actually strange how business are making money off of helping people start their business.

If you have a car that you barely use, it’s a good idea to utilize that car to it’s fullest potential, because if you don’t, it will still deteriorate over time. Even if you don’t use it the monetary value will drop, the material quality will drop because time will just damage car parts. Holding a old car and not doing anything with it is what a hoarder does, and hoarding is a money wasting habit. Imagine purchasing real estate to store a item for free, while that item is losing value at the same time, it’s a double whammy. So if you want to rent, do it fast because if your car is too old it may not qualify.

Rules of the game

You can’t just rent out your 2002 Toyota Camry and expect a financial return, there are limitations to renting out your goods. First off your car needs to be within 12 years of the current year, and it needs to be under 130,000 miles. Turo is a company that cares about it’s image, they don’t want a old rust bucket. When they show customers rental options they want customer to see a new refreshing car that is relatively new. If Turo were to take any old dingy car, it would hurt their image.

Another criteria is that your car must be clean, inside and outside. This is required for the same reason, Turo only accept presentable cars, a dusty new car still looks bad.

Luckily you don’t need a high end car to rent. you can rent out the lowest trim possible and customers will be happy with it. Renters are known to have a low expectation, and they generally don’t pay more for a Honda accord touring model. buying the cheapest car trim is a way for you to save more money on your rental business.

Now it’s insurance, there are tiers between 60 to 85 percent. 60 being the best coverage and zero deductible, but they take 40 percent of the earnings. 85 percent has the least coverage with deductible at 1625 dollars, but you keep 85 percent of the profit. People normally opt for the 75 deal where the deductible is 250 dollars. I would recommend you look at local statistics and see car accident rates and make the judgment based on science.

How to start? Simplified!

Have a car, that is under 130k mileage and within 12 years of age

Get the app, upload car vin and any required detail, wait for approval

put dates your car is available

get a small lockbox

wait for customer to book you

once you’re booked take 75+ pictures

and your customer will come pick up the car.

when the car is returned, take it to your local car cleaners that offers a monthly cleaning service.

Repeat.

Tip

If you’re starting new and has zero reviews you should price yourself a little lower than the average to build reputation. Just a general rule of thumb.

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