Turo is one of the best platforms you can use whether you're a driver or a host. It allows people to explore new cities on their own time, without the hassle of ordering rides or using public transport. If you're considering listing your car on Turo, you may wonder if it's worth it and the pros and cons.
Listing a car on Turo is worth it due to the company's stability and how easily it accepts cars. Hosts make a profit and can approve guests and set the rates. Although Turo is a passive income, reviews affect income, and hosts need to maintain the car while trusting strangers with it.
Listing your car on Turo has both advantages and disadvantages, and it's up to you to decide whether the pros outweigh the cons. Let's walk you through it to help you with your decision!
Listing Your Car On Turo
Turo is regarded as a much better alternative to traditional car rental companies, and their easy-to-use app connects people who need a car to owners willing to rent their cars out to them.
Listing your car on Turo means you will become a host, and it gives you access to some serious perks! A car requires some personal investment, and listing it on Turo lets the car pay for itself in the long term.
If you have thought about sharing your car on Turo but are unsure if it's the right move for you, we have you covered. Considering both the pros and cons, you will be one more step closer to making a well-informed and smart decision based on your needs.
The Pros Of Listing Your Car On Turo
Becoming a Turo host has some serious pros, and the possibilities are almost endless. Let's discuss the pros of the perfective of listing your car on Turo:
Turo Has Continued To Grow As A Company
Turo works by taking a percentage from both the customer and the host, and they benefitted from the uptick in car rental prices.
Turo had more than tripled since the start of 2020, reaching roughly $330 during the first nine months of 2021! This means Turo is a steady source of income for listers.
Turo Approves Most Vehicles For Rent
Turo has fairly lenient vehicle standards. As long as the car you want to list is in good condition and has relatively low mileage, you don't have to be concerned about it being too much of a hassle.
Listing your vehicle on Turo is a speedy sign-up process, so you won't have to worry about too much paperwork.
Turo Allows You To Keep Up To 90% Of Your Gross Bookings
Turo has a 90 Plan which lets the lister keep 90% of their host take. This is a healthy margin by any stretch.
You may have to accept a higher insurance deductible, but if your first priority is cash flow, this is most likely a bet you'd be willing to make. Turo has a high-profit potential for listers, one of the main advantages.
You Get To Approve Who Rents Your Car
Choosing who and who does not rent your car is one of the most significant advantages of listing your car on Turo.
If you have any second thoughts about a driver, you can simply decline them to make use of your vehicle.
The Income Is Primarily Passive, With Some Work Required
Although Turo is mostly a passive investment, some hands-on work will be required.
It is your responsibility as the lister to communicate with potential renters, ensure your vehicle remains accurate and clean, and take care of some other responsibilities.
However, listing your car on Turo is not nearly as labor-intensive as other side jobs, such as delivering food or being an Uber driver.
You Get To Choose Rental Price And Rental Time
As the lister of your vehicle, you can set the rental price as low or as high as you prefer, according to your discretion. It is also up to you to decide how long a renter can rent your vehicle.
Turo Is Available In Many Cities
Turo is available in several major North American cities. This is not something less-visible car rental companies and drivers can say.
Additionally, this means good news if you are located in a city known for attracting tourists and visitors, as you will be almost guaranteed to get renters.
The Cons Of Listing Your Car On Turo
When you decide to rent an asset of your own, you need to be concerned about the risks. Although a Turo protection plan and personal car insurance will help to decrease the risks, there are still some factors you need to consider before listing your car on Turo:
Customer Reviews Will Affect Your Income
Similar to Airbnb, the Turo marketplace is exceptionally competitive. If a host has quality photos with in-depth descriptions and positive customer reviews, that host will likely get more guests than those with low-effort listings.
Adding extra features to your vehicle is another easy way to entice and boost your number of guests, which means you will earn more daily.
Timeliness of replies and response to potential renters and questions is also crucial. It could lead to users having a more satisfying renting experience, increasing your chances of getting a positive review.
Although Turo is primarily seen as a passive source of income, you still need to manage your listing as a host to excel.
The Interior Wear And Tear Of Your Listing Is Not Covered
Many hosts decide to host several vehicles on Turo and treat it as a business, where the risk for interior damage and costs lessens. However, if you're listing your primary vehicle on Turo, you must accept the inevitable scratch or ding that comes with regular renting and use.
You Will Have To Trust Your Vehicle With Strangers
You will not know where the renters park your car and what they do inside it while it's out for use.
This could become stressful if you have doubts about the person renting your car; for some, the stress factor becomes too much.
You Need To Check Your Car Before Each Trip
Before each trip, you are responsible for disinfecting and cleaning every inch of your car to ensure it stays in good enough shape for the renter. This could be a hassle if the previous renter mistreated the car or made a mess that is difficult to clean.
You also need to refuel the car, which could become time-consuming if you have many renters.
You Have To Protect Yourself First At All Times
Fortunately, Turo will mostly protect you as the host against major and minor accidents. However, you must be present as a host and always take updated photos of your vehicle before and after a guest has returned your car.
Additionally, you only have 24 hours to report any damage, major or minor, so it's crucial to factor this time into your booking schedule to ensure you have enough time to do a complete vehicle inspection.
We think all the pros outweigh the cons when listing your car on Turo. However, you need to have realistic expectations, carefully screen your renters before handing over your keys, and read through Turo's policies before doing anything you may or may not regret later.