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Bridor
Member
After six months of renting on Turo (my daily rate is $120 with a 30% weekly discount), I have averaged $1150 per month in income. This makes it so that I am driving this amazing vehicle for around $50 per month. It is the cheapest car I have ever owned. I get to drive it about 40% of the month. I own a Ford Fusion Energi that I use when my Tesla is rented out. I have had nothing but amazing experiences renting the vehicle out. For me, just after I purchased the car, I had to take a $3,000 per month pay cut that necessitated this situation.
Brent
Brent
flankspeed8
Member
Just had a friend rent me an X for a day as a birthday surprise. Pretty good experience. Put on about 200 miles over the 8 hours that I had it. Was a brand new X 90D with only 1200 miles on it.
So you're setting price yourself because that's a lot lower than the rates I'm seeing for Model S's.
That's actually a heck of a deal. I rented a base C-Class for that last year, and I had to fill it up afterwards!
Bridor
Member
Yes, I set my own rates. I tried using the auto rates, but I never received any bookings. There are other Teslas out there in my area for rent that have Autopilot (mine does not) - so I decided to beat them on price... So far, it is working out great for me and people renting from me feel (rightly so) that they are getting a great value.
EfficientWatts
Member
I rented on Turo when I was in San Diego. The owner was kind and flexible in drop off and pick up of the car, and felt more at ease after I indicated to him that I was fairly familar with the car. He did go over the charging options and how to use them, pointing out destination charging and the J1172 adapter in the car. He also went over a little bit of the car ui and driver profile system that I did not know about (only had done test drives beforehand). He did offer to answer any questions I had via text or phone call, though I didn't need to.
I think the key thing is if you rent out on Turo be prepared to give a quick overview and lesson to renters. A lot of people are renting because they want to try out Teslas for various reasons, including maybe hearing that it is a "cool car", so they may not be entirely familiar with how everything works, especially charging.
I think the key thing is if you rent out on Turo be prepared to give a quick overview and lesson to renters. A lot of people are renting because they want to try out Teslas for various reasons, including maybe hearing that it is a "cool car", so they may not be entirely familiar with how everything works, especially charging.
In concept Turo is awesome, just like the airbnb's of this world. Helping you pay for owning an asset is pretty darn cool and meeting the people interested in renting Teslas is also really fun. The difference is that you are much more likely to get severe damage to your car than it is for someone to burn down your house rental. And for most people on Turo, this is "your car" and being without your car for an extended period of time is not very fun. Hopefully nobody has totally your Tesla, but your car will incur a lot of minor damage inside and out depending on how often you rent it. It doesn't even matter if the driver is the most careful in the world, things just happen.
I speak from experience, someone did total my Tesla. I have not written about my experience yet, but I will. You can check me out here in Denver Colorado: Bjorn's Tesla
I had already convinced myself (even though it is really tough) that I was okay with that, so when it happened, I wasn't devastated. If you are the type of person who does get attached to your car, this is probably not the best way to use it. If you are able to separate yourself from your car and not really worry about what happens, then Turo is great for the extra money and meeting really neat people.
I speak from experience, someone did total my Tesla. I have not written about my experience yet, but I will. You can check me out here in Denver Colorado: Bjorn's Tesla
I had already convinced myself (even though it is really tough) that I was okay with that, so when it happened, I wasn't devastated. If you are the type of person who does get attached to your car, this is probably not the best way to use it. If you are able to separate yourself from your car and not really worry about what happens, then Turo is great for the extra money and meeting really neat people.
I have a friend of a friend out here in Los Angeles that bought an M6 and put it on Turo and had such good results with renting it that he went out and bought a new Porsche 911 to do the same with. And both cars are cash flow positive. In other words: he pays nothing for them net.
I think it's a matter of changing your perspective. If you're buying a car and you never want to be without it, plan to keep it for years and can afford it then Turn is a pretty weak proposition. However, let's say you want that fun car. A Porsche Cayman for example. And you couldn't justify the purchase of that fun car for yourself but you could if you could defer the cost of ownership some or entirely. In that case, you're effectively getting free use of a car you otherwise would not own. It's a free car. It's a free fun car. It's a free fun car that puts money in your pocket every month.
I think it's a matter of changing your perspective. If you're buying a car and you never want to be without it, plan to keep it for years and can afford it then Turn is a pretty weak proposition. However, let's say you want that fun car. A Porsche Cayman for example. And you couldn't justify the purchase of that fun car for yourself but you could if you could defer the cost of ownership some or entirely. In that case, you're effectively getting free use of a car you otherwise would not own. It's a free car. It's a free fun car. It's a free fun car that puts money in your pocket every month.
I guess it comes down to whether this will be a viable thing long term once you start having maintenance costs on the cars, or possibly an accident. I hear a lot of worry about this (justifiably since these are expensive assets) but I wonder how much of it is FUD
Diavel
Member
$85 a day for 300 miles with Turo taking 25-30%? Wow that is a crazy deal but you are definitely negative with depreciation due to mileage. I had a drive unit replacement on my s @ 30k miles.
When this car goes out of warranty, it will bite you back if you haven't made enough $. It may pay the bills for now but those miles you provide per day depreciate the car fast.
I just completed my first rental, and besides the anxiety of someone else having my car for 12 days, it went great. I happened to have just lowered my rates and increased my weekly discount right before they rented it, so my net take came out to just under $80 a day.
I've now increased my rate a bit to cover the premium level of insurance, which is supposed to cover anything considered "wear and tear". My biggest worry is that the car will return with a noticeable door ding that wouldn't be covered by the normal insurance.
My car doesn't have AP and falls well beneath the $75k cap, so no worries about a coverage gap.
I've now increased my rate a bit to cover the premium level of insurance, which is supposed to cover anything considered "wear and tear". My biggest worry is that the car will return with a noticeable door ding that wouldn't be covered by the normal insurance.
My car doesn't have AP and falls well beneath the $75k cap, so no worries about a coverage gap.
I renter from Turo in Boston for a trip that went to Quebec City, Montreal, Toronto, Detroit and back to Boston. The P90D was almost new, only one rental before me. The experience was almost flawless, but a hiccup did happen in that there was minor wheel rash on three wheels when I rented it which was initially erroneously reported to Turo as being on my rental, and I was notified of the claim as I was actually departing on my trip. That was quickly corrected, but when I returned the car they did not pick it up from my airport hotel until the next day after which I was long gone. Then they advised me there was wheel rash caused during my rental, which had not happened. It took a little communication but eventually the claim was dropped. In addition I exceeded the mileage limit, of which I had advised the owner prior to the rental and he said "don't worry". He did not charge for the excess.
In sum my experience was awesome. The wheel rash issue really did not bother me, after all I was renting an almost new >$140,000 car. For both sides, owner and renter, careful photos and preparation are crucial so nobody gets surprises. My own experience was easier because I used my own insurance, and the owner knew I owned a P85D so I did not need any training. For anybody making long trips in a rental Tesla in NA you'll need to bring your own CHAdeMO if you think you'll need it (I did, especially in Quebec). Possibly some owners might have plugs/adapters beyond factory supplies, but do not expect it.
For owners, I really appreciate that more people are on Turo. I'll do it again because I no longer desire to drive anything that is not a Tesla.
BTW, before I bought my Tesla I rented one from Hertz SFO for a few days, which hooked me very strongly. They offered no explanations, but luckily I had studied beforehand. My own experience then convinces me that a clear written, photographic and oral description of charging options, procedures and adapters is a really necessary element for non-Tesla owner renters.
In sum my experience was awesome. The wheel rash issue really did not bother me, after all I was renting an almost new >$140,000 car. For both sides, owner and renter, careful photos and preparation are crucial so nobody gets surprises. My own experience was easier because I used my own insurance, and the owner knew I owned a P85D so I did not need any training. For anybody making long trips in a rental Tesla in NA you'll need to bring your own CHAdeMO if you think you'll need it (I did, especially in Quebec). Possibly some owners might have plugs/adapters beyond factory supplies, but do not expect it.
For owners, I really appreciate that more people are on Turo. I'll do it again because I no longer desire to drive anything that is not a Tesla.
BTW, before I bought my Tesla I rented one from Hertz SFO for a few days, which hooked me very strongly. They offered no explanations, but luckily I had studied beforehand. My own experience then convinces me that a clear written, photographic and oral description of charging options, procedures and adapters is a really necessary element for non-Tesla owner renters.
Bridor
Member
It is already out of warranty. The drive unit was replaced around 35K miles. I still have the 8 year, unlimited mile warranty - which should cover me. I am not doing this just for the money - I truly want others to be able to have the thrill of being able to drive this amazing vehicle. I know that before I owned one, the rental prices were too high, so I was never able to rent one. Tomorrow, we are picking up a brand new Model X 60D, so I will continue to rent out the Model S. I just dropped my daily rate to $96 so that more people can afford to see what this car is all about.
Brent
Diavel
Member
I asked Turo about the insurance coverage for “Upscale” cars and they replied that the Model X may not qualify.
I did list my car when I thought it would be sitting at the airport for a week but then changed plans so Turo won’t stop you from listing a car it can’t cover. Just be sure you are adequately covered.
I did list my car when I thought it would be sitting at the airport for a week but then changed plans so Turo won’t stop you from listing a car it can’t cover. Just be sure you are adequately covered.
Yes, and you can always insist that the renter provide primary cover from their own policy, which cover you can confirm. With really expensive cars that is pretty common even among many normal car rental firms.
Diavel
Member
Bridor
Member
That's correct - Turo only covers up to $75,000. But there are a lot of Model X listings on Turo, so I am surprised someone was turned down. The X I am purchasing is around $90K. So I will probably not list it at first. I have a previous customer that owns a Lamborghini, and he wants to rent it, so I may do that for him.
Brent
Brent
