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Described as Airbnb for cars, Turo offers you an excellent opportunity to make extra cash on the side, if you have a vehicle lying idle somewhere. You can rent out a car you are not using and make hundreds of dollars in a month without having to work extra. Here is our review of the service to help you determine if it is indeed worth checking out.
What is Turo?
Previously known as RelayRides, Turo is a car-sharing service. It is regarded as the biggest peer-to-peer car rental marketplace in the United States.
The platform helps intending renters get their preferred vehicles and at the right time, while also assisting car owners to put their idle car to profitable use. It offers an insurance policy to cover cars and provides round-the-clock roadside assistance to users.
Founded in 2009 in the U.S., Turo has now expanded to Canada, Germany, and the United Kingdom. The service is available in more than 3,500 cities.
How does Turo work?
As a car owner or “Host,” you will need first to list your car if you are interested in renting it out for cash. Listing is free. You have to describe your vehicle correctly and upload quality, presentable images of the car. Turo determines a rental price based on a variety of factors, including the current market value of your vehicle and location.
“Guests” or renters only need to specify their requirements, and Turo will show your car in the results if it meets them. You will be sent a notification whenever anyone requests to use your vehicle. You are free to accept or reject such requests. If you accept, the renter will come to pick up the car or you take it to them at an agreed place.
What are the requirements to work for Turo?
You are allowed to only list vehicle that seats no more than eight people at a time. âSpecialty,â âclassic,â cargo vans and light trucks are accepted in some regions.
You are also required to ensure your vehicle meets all necessary legal requirements for your area. Turo requires that you ensure your car continues to meet its standards.
If you are in the U.S., among other requirements, your vehicle must:
- Be registered in any state apart from New York
- Have a fair market value of up to $150,000
- Meet Turoâs insurance requirements
- Have less than 130,000 miles
How do you earn money on Turo?
Trips start at as low as $16, according to the service. But some vehicle models cost more than $350 to rent per day. Yet, these prices are lower than what renters would have to pay when using traditional rental companies.
Car owners mostly get between 65 percent and 85 percent of the price of a trip. How much you get from trip price depends on the protection package you select. If you decide to provide your insurance, you get to receive 90 percent of the price of a trip.
How much money can you make on Turo?
As a car owner, you can make between $30 and $350, or higher, per day when you rent out your car on Turo. The particular amount, of course, depends on the type of car.
Estimates have it that an average owner earns between $500 and $700, or higher, a month renting out their vehicle on this platform.
Pros of working for Turo
- Free to register and list your car
- Earn without having to do extra work
- Insurance coverage for your vehicle
- Possibility of earning a bonus when signing up
Cons of working for Turo
- May not be a reliable source of income due to unpredictability of renter requests
- Insurance may not cover all possible risks
How do I sign up to work for Turo?
You can sign up for this service using your email address or Facebook account. The process involves verification of your phone number and supply of your vehicle information. It takes only minutes to sign up.
Overall, Turo may be worth considering if the idea of earning passive income by renting out your car sounds interesting. You are more likely to find it worthwhile if you have more than a vehicle. No payment is required to list your vehicle on the platform; you only pay a part of what you earn in commissions and fees. There is insurance to put your mind at rest as well.
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