Turo is an AirBnb for cars, you can borrow other peoples cars instead of going with an old-school rental company, the beauty of this system is that you can rent out some rather nice cars for a fairly low price (compared with going with the big boys). It also is pretty good for anyone that doesn’t need their car 100% of the time and wants to earn a side income.
Turo takes 10%-35% of the income generated depending on the amount of insurance cover you / the driver requires and basically “Turo will provide physical damage protection that provides coverage up to the actual cash value of the car”.
Mechonomist on YouTube tells the story of how he rented his 2007 Porsche Cayman out to paying users, it didn’t go as planned but overall not that bad.
Want to try Turo? Get $25 of free credit here (works in the UK as well)
The lessons he learnt:
- Always vet all customers (check reviews)
- Always check the driving licence before allowing them to drive off
- Don’t focus on the cash flow
- Only taking opportunities where the risk is manageable
- Don’t be an idiot
- Know what you’re getting into before signing up