Something we get asked very often here at the Casual Capitalist is: how does Turo work? Today, we want to break this amazing car-sharing platform down for you.
Turo is a peer-to-peer carsharing marketplace that connects private car owners and people who require vehicles all via an easy web and mobile interface.
It was founded back in 2009 as RelayRides and inspired by the other sharing economy companies such as Airbnb. It later re-branded to Turo to reflect the changing nature of its marketplace – where users can rent out or find vehicles for their trips for longer periods of time, such as three, five days or more.
So How Does Turo Work?
On the Turo website and app, users can choose from over 800 makes and models of cars to rent.
Car owners offer their cars in over 250 cities and 300 airports across the country, sometimes with delivery included.
How Does Turo Work With Renting A Car?
- Sign up to the service – You can sign up through FB, Google, or email. As you sign up your identity and eligibility to drive is verified.
- Search for the perfect car – When you enter the travel dates and location and you are presented with a wide selection of unique locally owned cars
- Book the Car – Book the car that you fancy and the owner should confirm or decline your request within eight hours. Alternatively, get instant bookings by clicking on listings that have the “Book Instantly” badge
- Pick up the Car or Have it Delivered – Meet the car owner, show your license, inspect the vehicle and drive off into the sunset for a time of your life. Many car owners offer delivery and can bring the car to you.
- Return the Car – After your trip, replace the gas used and meet the owner to give them back the car. Again, inspect the car, hand over the keys and thank them for their service.
Listing Your Car on Turo as an Owner
Renting out your car to travelers is an easy and straightforward process:
- List the Car – You can list your car with just a few clicks. Remember to include a description and a few photos of the vehicle to improve chances of it being rented. Additionally, keep the calendar up-to to date so travelers know when the car is available.
- Respond to Inquiries – Notifications are instantly sent to you when someone requests or books your car. Be sure to confirm or decline as soon as possible and contact the traveler in case you have any questions
- Deliver / Give out the Car – Communicate and organize with the traveler about pickup details. Inspect the traveler’s license, check the car for fuel and mileage and then hand them the keys.
- Earn in Your Sleep – You can kick back and earn in your sleep. Turo covers your car with $1 million in liability insurance and 24/7 roadside assistance throughout the trip. Just lie back and watch as the dollars roll in.
- Pick up your Car – Meet the traveler and receive back your car. As always, inspect it to ensure everything is as it should be. And don’t forget to rate and review the traveler in the app to keep the marketplace transparent.
How Does Turo Work for Making Money?
When you list your car on the platform, Turo dynamically sets your car’s rental price based on a variety of factors.
This includes your vehicle’s market value, time of the year (for example during the holidays demand might be high), location and other factors in order to maximize earnings for your listing. Alternatively, you can manually set the daily rental price for your car.
Let’s say the market value for your car is around $20,000 and you are willing to rent it out for 10 days a month.
According to the Turo calculator here, you could earn upwards of 4500 in a year!
Your earnings are paid via direct deposit within five days of the trip ending. You can earn anywhere from 65% – 85% of the trip price depending on the vehicle protection package you choose and 90% of the trip price if you have commercial rental insurance and waive the protection Turo provides.
How does Turo work when it comes to listing your car and how much does it cost?
Well, the best part, it’s absolutely free to list your car with Turo. You incur no monthly fees or buy-ins of any kind!
Turo verifies the identity of each traveler and runs complete background checks as an added insurance against anything happening to your car. In addition, they assist you every step of the way to ensure you are earning as much as you can with your car while still enjoying your peace of mind.
And that’s everything you need to know to get started on Turo.
How Does Turo Work: Final Thoughts
So, do you have a car that is just sitting idle in your driveway?
Do you want to create another source of income and beat living from paycheck to paycheck?
Are you a retiree who doesn’t use their car often and could do with some extra income in retirement?
Now you know how Turo works, so check out them now and see if it’s right for you.
It will only take a few minutes, and cost you nothing!