Full time employees are making 6 figures doing this
PLUS your step-by-step to doing the same
GM. This is Work "After" Work, the email that brings you side hustles on a silver platter - the first 5 star Michelin newsletter.
Happy Hump Day! Let’s jump in:
🚙 Making money on Turo
😂 Meme of the day
Before I bring the entrée.. to the 231 new readers since last edition - welcome to the WAW fam :)
BEEP BEEP! COMIN THROUGH!
You know Turo. The car sharing platform that lets you rent anything from a Lamborghini Huracan to a Toyota Corolla.
I used it once to rent out my Tesla. I was skeptical at first. I thought my car was going to get damaged or worse, stink forever. But it was actually a great experience.
How it went down
I gave the guy my keys, showed him how to use the Tesla (he couldn’t open the door - the handles get everyone 😂), then a few days later got the car back along with $500. Easy peasy.
I'm sure this experience can vary from customer to customer but I've heard about people creating ‘Turo Fleets’ and turning this side gig into a huge six figure business. Today, I’m going to show how you can do the same. 👊
Now first things first - I only use Turo.
WHY ONLY TURO?
There are other car sharing platforms out there. You have GetAround and HyreCar.
So why just Turo?
Well for one, it's the biggest. Turo has 14 million users and the bigger the pool of people to rent to the more your car will get rented aka the more money you'll make.
And two, I trust it the most. Sharing your car with someone else is scary and the reputation and insurance policies Turo offers allowed me to sleep at night.
STEPS YOU CAN TAKE TO GET STARTED
1. Get a car
If you already own a car and don't use it much (talking to all you train commuters), instead of it sitting around, put it to work!
On average people make $500 to $1,000 a month from one car so if you're not using that bad boy, you might as well be making money off it.
If you don't have a car, that's totally fine, look for a used one. If you were thinking about a new one, I'd steer away from that (see what I did there 😉)
Buying a new car for Turo doesn't make a whole lot of sense. Tons of miles are going to be put on your car and the value you'll lose from a new car will be a lot more than a used one.
To show you what I mean, check out this depreciation chart 👀
Within the first 7 years, 70% of the car's value is gone. This makes 7 the sweet spot age you should be aiming for. Don't go too old though, Airbnb doesn't allow cars more than 12 years old or one’s with >130k miles.
I'd buy a 7 year old car, make money on it for 5 years, then sell it and repeat.
How to choose a car
It's really important to buy a car while keeping your target market in mind.
Do you live in a beach town? A top down convertible would make you a killing.
High in the mountains with lots of snow? I bet a Jeep Wrangler with 4WD would get rented every day.
Take a look at this calculator Turo provides. You can select your city and your car budget. It will rank the best cars for your area and show you how much you can make a year 👀
2. Chose your insurance plan
Just like with your own car, you'll need insurance on Turo as well. What if someone takes your Mustang for a joy ride and it gets totaled? You don't want to pay for this.
That's where Turo's insurance options come in and the nice thing is, there are 3 plans you can choose from.
You can go on one end of the spectrum, less coverage more profit, or the other, 100% coverage less profit. There's risk and reward to both but the nice thing is in any plan you choose, Turo covers $750k of third-party liability insurance.
3. List your car on Turo
Once you've chosen your car, it's time to make some money!
Before you list your car, make it nice and shiny. Just like Mr. Miyagi taught us: wax on, wax off.
Before every rental, clean your car to get good ratings. The more 5 stars you get, the more rentals, and money.
Document your car
Before and after you rent your car out, take videos and pictures of it. This will protect you from the he said she said back-and-forth game customers like to play if they damage your car.
"That was already there." Oh really? This video says otherwise.
Once you're in the game for long enough, your car will most likely collect some dents and scratches. Nobody's perfect, so protect yourself by having proof.
After this, it's pretty straightforward. As long as you have it listed at a competitive price, it will get rented.
RINSE AND REPEAT
The real money in the Turo business comes when you start to grow your fleet.
Take Meagan and Justin for example, they own a fleet of Jeeps, both work full-time and are able to pay off one Jeep a year. Pretty sweet!
If you want to hear other testimonials, you can read them here.
To give you an idea of how much you could make off each additional car, Turo’s website lays it out nicely:
For a business that's not too complicated, this is a lot of money.
In general, the more cars you can add to your fleet, the more money you'll make.
Start with one and as you learn the business, add more and more and watch your wallet grow!
MEME OF THE DAY
Taco Bell was sued today in a false advertising class action.
Imagine being the lawyer who gets to bill $1,350/hr to eat Taco Bell for the lawsuit photos.
— Chris Bakke (@ChrisJBakke)
Jul 31, 2023
That's a wrap ladies & gents!
What'd you think of today's newsletter?
DISCLAIMER: None of this is financial advice. This newsletter is strictly educational and is not investment advice or a solicitation to buy or sell any assets or to make any financial decisions. Please be careful and do your own research.