Long term rental arrangement - LA

[Woody17]

Hi TMC--
I'm throwing this out as a feeler, hoping for true input from members as to the feasibility of this and to see if I can garner any interest. Please keep trolling comments to yourself if you cannot offer constructive feedback.

I am the proud new owner of a blue 2016 Model S60, having taken delivery on Labor Day weekend. I have set it up on 20" metallic grey wheels from TSportline, with autopilot, air suspension, upgraded sound, pano glass roof...the works. I love it so very much; I receive compliments regularly on how beautiful the car is.

I am contemplating some big professional changes, and am looking at different options on what to do with the car. I can keep it. I don't want to turn it in, having eaten the worst part of the depreciation...but I would like to free up being locked in to the loan payment for the time being while I do some traveling and/or start a business.

Again I'm not in dire need of this; I'm not looking for a "quick deal" or something not completed vetted through insurance and the likes.

An ideal candidate would be a professional spending time in Los Angeles, interested in driving a luxury car for the time they spend in LA.

I'm thinking the price for rental would be around $3000/mo for 3 month minimum, with all the liability being transferred to the renter.

Thoughts/Interests?

 

[RubberToe]

Hi TMC--
I'm throwing this out as a feeler, hoping for true input from members as to the feasibility of this and to see if I can garner any interest. Please keep trolling comments to yourself if you cannot offer constructive feedback.

I am the proud new owner of a blue 2016 Model S60, having taken delivery on Labor Day weekend. I have set it up on 20" metallic grey wheels from TSportline, with autopilot, air suspension, upgraded sound, pano glass roof...the works. I love it so very much; I receive compliments regularly on how beautiful the car is.

I am contemplating some big professional changes, and am looking at different options on what to do with the car. I can keep it. I don't want to turn it in, having eaten the worst part of the depreciation...but I would like to free up being locked in to the loan payment for the time being while I do some traveling and/or start a business.

Again I'm not in dire need of this; I'm not looking for a "quick deal" or something not completed vetted through insurance and the likes.

An ideal candidate would be a professional spending time in Los Angeles, interested in driving a luxury car for the time they spend in LA.

I'm thinking the price for rental would be around $3000/mo for 3 month minimum, with all the liability being transferred to the renter.

Thoughts/Interests?

You might be able to get close to that by renting it out on Turo. But that would entail much more work on your end with coordinating the different deliveries and such. Anyone who has $3,000 per month to spend on a short term rental can probably be able to afford a Tesla straight up. You could run into someone who is here in SoCal on a short term assignment, with lots of disposable income. I would give Turo a shot, cause you do have the option of restricting the rental period, though in most cases it tends to focus on shorter rentals versus longer ones like you are considering. Good luck, let us know how it turns out.

RT

 

[Woody17]

Thanks RT--
I briefly looked into Turo, and I'm not sure the effort required would be worth the payoff (but, maybe).

Any other ideas for how I may be able to market this?

 

[No2DinosaurFuel]

Like others have mentioned. IF someone can pay the $3K/month, they might be able to get a lease with probably more attractive pricing, albeit much longer "rent" period 24 months vs 3 months. You are filling the niche between 2 years leases and typically less than 1 month rental on Turo. But is the price somewhere in between? I would start there for proper pricing.

 

[Mike K]

I think that's a super-tall order, especially for an S60. You're talking $9000 here for what is essentially a base model version of the car. The good news is pilot season is coming up and this is the time of year where people pay the most for temporary housing and cars. I just don't see you getting that for that car though. I think on the ever so high end you might get $2000.

Here's what I'd do if I was you. Stick it up on Turo for $100 a day with a higher minimum trip length so you're not creating a full time job for yourself running around meeting people to give them your car. Say 10 day minimum trips at $100 a day or $2000 a month. This way the car is insured in a direct way, not a roundabout way in which if the car is involved in an accident your renter will need to say they're a friend that borrowed the car from you.

This way if the car sits it sits and if it's rented it's rented at a minimal inconvenience.

 

[demundus]

3K/3mo is more reasonable and would probably cover your loan at least right?

The 3k/mo with a 3 mo minimum is priced more like the daily rental rate x30, which is priced that way for convenience kind of like a hotel might do it. It also makes up for the fact that it wont be rented the whole time every day of the month. net net you might still be looking at 1500/2000 a mo as Mike suggests above, plus legwork for weekly rentals.

Your car your money, just some outside opinion.