Closing my Turo Business - 17 Months $30k recap

[@andrewsnyder9262]

It’s horrible. I have 14 cars and the people are ruthless now a days. Even with nicer cars, you can’t get much more than the basic used and abused eco cars. You have a barrel of bottom feeder consumers with this platform and you can’t reason with anyone. Super high risk and super high cost. It’s been a good run for the last 3 years but it’s time to find an off ramp.

[@lwalton333]

Exactly fam very risky business to be in

[@stephenkmerritt5922]

What type of vehicles do you have? What market are you in?

[@andrewsnyder9262]

@@stephenkmerritt5922 mostly Toyotas and fords. Some Nissans and a Honda. Budget cars. Houston market.

[@stephenkmerritt5922]

Do you have any 7 passenger vehicles? Mini-vans? I'm in Denver and that's my specialty that seems to work well.

[@andrewsnyder9262]

@@stephenkmerritt5922 yes I have 2 7 passenger vehicles. They don’t do much better than my corollas.

[@Shouldigetit2]

I am so glad you brought up the point about In-N-Out. I have so many friends who are looking to start a “side hustle” so they start drop shipping or looking to buy a car to do Turo and they end up losing money and time, so I always tell them if they actually want to make money on the side they should just do something like be a shopper for Instacart or do Uber/Doordash or even as simple as get a part time job elsewhere!

[@dice268926]

They're purposely destroying the 'creator/ entrepreneur economy' FORCE us back to work, until Ai/robots replace us. We should know the laws and fight back

[@DBST1EVER]

Good insight, I appreciate it. Good luck moving forward

[@Powaup]

Thank you!

[@AlbeeVisuals]

You had a good run. Thanks for sharing your analysis

[@Powaup]

Was fun! Especially that first summer

[@innovationpropertyatlanta]

Great points!! At least you tried it out. Best luck to your next endeavors!

[@Powaup]

Thank you!

[@Powaup]

Is Turo worth it in 2024? All depends, how much spare time you have, how much you paid for your car and also how much you like dealing with people

[@lwalton333]

lol and don’t forget doing lots of work for free , yeah guys it’s bad

[@louisg8389]

Great video thanks for sharing your insights!!

[@Powaup]

Glad it was helpful!

[@CS_1989]

There is a reason y rental cars/taxi companies had Fleet vehicles aka the same cars by manuf, make, model. It was cost effective for bidness, insurance & mechanics who worked on the same cars know the issues & can get parts wholesale. Uber & Turo ppl think it’s EZ $$ until u add the hidden cost.

[@lwalton333]

lol exactly man a lot of hidden cost nobody tells you unless you buy there “course “ which turns into another hidden cost . And let’s not talk about the hidden time wasted 🤦🏾‍♂️

[@aim-for-greatn3z947]

What people forget is turo ISN'T a car rental business. Its just like real estate, it's all about location! Location! Location! Personally i started in new jersey and the partner i had at the time we grew a fleet to 117 cars. After him fucking up the business AND NYC opened up we separated and i moved the business to NYC. Personally i love cars and business since i have a day job and multiple side hustles i love staying active. However im glad this business IS DIFFICULT to do! Since im in the NYC market, im having success BECAUSE im doing something other hosts ARE NOT DOING. Unfortunately like this video states January and February typically sucks! 😢 December wasnt the best because i had to shit down the fleet since my lease are up, now for 2024 im starting with 8 new cars and currently have another 8 running. Once i accelerate the payments for these cars THATS when money will come in. Like everything else it takes time and sacrifice because youll be working all weekend. And since im a frugal person, like gaming i dont need to have fun so i dont mind to be working literally 100% of my time. If I'm having "fun" that means im spending money on women and i hate to spend money on anything besides food really 🤭

[@normanran3589]

can you tell , what you are doing that other hosts ARE NOT DOING?

[@aim-for-greatn3z947]

@normanran3589 🤫🤫🤫 don't worry about it. You asking for secret sauce 🤣

[@GenieWizardry]

@@aim-for-greatn3z947 how are you doing now? Do you still have 117 cars or more/less?

[@aim-for-greatn3z947]

@GenieWizardry a lot has happened. Im still doing the bussiness but im 100% better moved from N.J to NYC. Partner was stealing so I took the remaining investors and cars and separa

[@GenieWizardry]

@@aim-for-greatn3z947 about how many cars do you have & do you still recommend even a new owner now?

[@lexstacks6944]

I would never put a Porsche or any European car on turo. Maintenance, repairs, and upkeep are just to much on those cars..

[@LookAtLilDude]

So it was just a user error

[@Powaup]

There was a time when it was good, and the average was actually really nice and caring. Repairs werent too bad considering I had Warranty too

[@taywest7287]

Also you pay a relative or close friend to clean them charge a high price on the gas fill up that way it stay filled. They don’t wanna pay a high price for not filling up. Charge high on the cleaning fee that way they clean the car before bringing back. Saves you a lot of time and money. Free Game

[@wesleygaitan]

If you had bought economic cars and owned more than 1 you be making good money

[@Powaup]

Possibly yes!

[@alicefuller3071]

Informative video. Thanks for sharing your experience. May I share a video production tip with you. That Yeti microphone. You're not using it correctly. Is it even plug-in or are making it appear so. The Yeti is meant to be used close to the source of sound. You're a good foot away. AND it's meant to be spoken into based on the mic settings. You don't point it at you and speak into it. You speak into a side or sides of it. Lastly, your shot is too wide. Camera isn't at eye level. You shouldn't have to look up at it but right into it. This vid was done nearly a year ago. Maybe on another channel you've grown as a video/content producer. Much success in whatever your next endeavor was.

[@taywest7287]

When I did Turo I used lock boxes so a lot of my customers I never saw. Also I have a E scooter 75 mph so if I had a drop off I had a way back. Also I brought used cars from the auction. Chevy Cruz Sentra Elantra cars like that where I can charge $27-$35 per day and they always was rented out. Pay themselves off. Than go get a collateral loan against one and use the money to buy more auction cars. At least two. Free game. Also those auction cars you can use a part of the profit to buy newer cars and let them pay for themselves. Free Game

[@taywest7287]

And the new cars to buy are tesla Model Y model 3. They are cheap on the Used market and really low to maintain. $60-$74 dollars per day. You want consistency 20 days to 24 day rented out is a good month. Free Game buy auction cars with cash. Use the cash cars to pay for newer cars. That way you not really coming out of pocket take a nice consistent profit monthly.

[@Powaup]

Have you found that people are happy to rent an EV? Some people flat out refused due to charging. Sounds like you have a good plan though! with these high interest rates cash is king

[@GenieWizardry]

I think this is the play too! I'm gonna add Tesla accessories too mine.

[@lwalton333]

Thanks for keeping it real, turo and car rental business is terrible business

[@Powaup]

I can only imagine how many hosts cut corners to try and make it or commit some sort of fraud

[@lwalton333]

@@Powaup lmao exactly, nowadays you gotta have a good 3-4 advantages or secrets going on to make this a profitable business but probably 2-3 years ago all you had to do is put your car on the platform and you were good but that is not the case anymore. 🤦🏾‍♂️

[@Platelunchexpress]

So glad I’m done on turo, make 200k and it was a nightmare

[@Powaup]

yea, it feels really glad to be done with it. I think I might do Amazon Flex here and there for the holidays since I still have the LLC but thats about it

[@CeoECHO]

Where are you located?

[@Powaup]

San Francisco Bay Area

[@Ophidicus]

I hear such horror stories about low quality renters on Turo, I would never let anybody rent my MKIV Supra because they would wrap it around a pole or steal it, People put in such hard work making a business and get screwed over it makes me mad at the trash people out there.

[@Powaup]

I agree! I would never ever rent a MkIV Supra on Turo, hell, I would be scared to rent out a manual

[@TheJesseWang]

Love your candidness, always keeping it 100! Love you brother

[@Powaup]

Yee! 🙌

[@CeoECHO]

What insurance did you use for your cars and how much ?

[@Powaup]

I had Metromile, they stopped supporting Turo though

[@andreiu81]

I do Turo, and yes, the car value goes down while renting it. My conclusion is: if you rent your car to cover some maintenance costs and save on depreciation, it is good, however, to make a profit, not really an option, or if you have many cars and with a little bit from every car, maybe..

[@Powaup]

Agree, also, having done Turo I would not rent off of Turo lol

[@MadrigalMotors]

Damn man I heard so many mistakes when you went over your venture with Turo.

[@Powaup]

Like what?

[@MadrigalMotors]

@@Powaup financing a vehicle for Turo: you are paying full coverage insurance and you are paying interest on a heavily depreciating asset. Not to mention dealers are making a profit on your purchase. Buying cash and strictly private party or auctions is the only way to do it. Also selling the car to a dealer is crazy they are offering almost nothing compared to private party. Also picking a prime location to rent out from is a key factor, also pricing your delivery fee at the max $120 is the best way to not take a hit delivery to airports or guest location. I mention on my delivery fee that I hand over the keys directly there are no hidden parking garage fee or the need to take a shuttle to find a car in a random lot. Also taking vacations while you have all these vehicles financed you are just burning money. When you work for yourself any days off is loss on income you can't give yourself PTO. Also a base Macan and a Turbo Macan will make roughly the same amount of income. People want to drive the badge not too concerned about trim levels.

[@LookAtLilDude]

@@MadrigalMotorshm.

[@allmoneythings]

@@MadrigalMotors you my man is right on the money with this. never use your profit for days off. i would use it to start killing off the debt if you finance of any of the cars. also i would never buy any car higher than 20-25k at most since it lost all the money it needed. 10-15% depreciation every year on a car is not the same if the car is 20k instead of a 50-60k car.

[@newmillenniumproductions]

What market were you in?

[@Powaup]

San Francisco Bay Area

[@Battleborn357]

Try Vegas, a much better market for transitory renters.

[@sharhful]

What are you going to do next? New subscriber here to follow your journey

[@Powaup]

Sorry man, been MIA as I went back to school to learn to code

[@cazu2479]

I would never do Turo. I would rather work at McDonald’s than do Turo

[@Powaup]

would probably make more money

[@Hoopers.HoopTv]

😅.. geez goodluck dude

[@davidrowe4113]

Sounds like you had the wrong cars in your fleet

[@ethanvigil1499]

i agree

[@Powaup]

if i were to do it over again I'd focus more on trucks and just cars where i could sell add ons like camping out outdoor gears. Just a hunch though

[@GenieWizardry]

@@Powaup you would do trucks? hmm

[@Powaup]

@@GenieWizardry to be clear, I wouldn’t do Turo again period, but if I had to I would try pick up trucks. Low depreciation, utility vehicle and can also work for tourists

[@conservativepersonnel8458]

What a mess