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.
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.
Renting out your car to travelers is an easy and straightforward process:
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.
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!
Glenn Carter is a sharing economy expert and is sharing his passion for side income through new digital platforms with his readers.