[Editor’s Note: It’s that time of year again—when you can get one of the best real estate courses money can buy with Passive Real Estate Academy. And if you sign up in the next two days (April 9-10), you can get $200 off! Thanks to Passive Income, MD, you’ll go from zero or little knowledge about passive real estate to confidently investing in new deals in just four weeks. If your goal this year is to create additional streams of income, sign up for PREA today and get started on a new journey.]
By Dr. James M. Dahle, WCI Founder
It was only a matter of time. First, there was ride-sharing: Uber and Lyft. Then, there was house-sharing: Vrbo and Airbnb. There was even storage sharing: Neighbor, Stow It, and the like. Well, now there is Turo. Maybe you don’t want to play taxi cab driver, hotelier, or storage facility mogul. How would you like your own rental car company? With Turo, now you can have one.
How Does Turo Work?
For somebody looking to rent a car, it’s almost exactly the same as Airbnb, except for with a vehicle. You get on the website, pick a destination, pick a car, and the car owner delivers it to you at the airport ready to go when you arrive. Just like a rental car, you can use your own insurance or buy theirs and drop it off back at the airport when you’re done. For the renter, you get to skip the rental counter line and perhaps enjoy better service and a more unique car. In fact, you get to choose the exact car you will rent rather than a random “economy” or “full-size” vehicle. You can cancel for free up to 24 hours before, and it only costs you $50 if you cancel at any time. For the car lender, you get a side gig, second job, or cash-flowing investment, depending on how you want to look at it.
Tips for Doing Well as a Turo Car Renter
There are a few things to remember if you decide to use Turo as a renter.
#1 The Cars Aren’t New
When you rent a car with Hertz or National, the car is likely less than three years old with less than 20,000 miles on it. For all practical purposes, it’s brand new. Yes, any car can break at any time, but the likelihood of a mechanical issue unrelated to a road hazard is incredibly small. With Turo, that’s not the case. …….