Renting out Tesla Model S paid for my TCO (free Tesla!)

[Puggle]

So I'm excited to let other Aussie owners know that our market is ripe for renting out our cars. With only 6 weeks of rental (so 6 weeks I don't have access to my car), I am covering 85% of my total cost of ownership (TCO) for the year!

This is incredible considering if I kept my old car (a 2005 Mitsubishi 380) it would be more expensive. Unlike the US with Turo etc, I've found that Aussies are a bit behind and are embracing the tech with great interest. Everyone renting has been careful and polite. Having a 75D (or any non P) may have something to do with it, but overall I find Australians are curious about the tech, and all the rev heads are still out renting Clubsports or Porshces/Lambos etc. At least for the next couple of years, I think (and hope) that the market for rentals remains this strong.

Here's some numbers for you:

TCO for 12 months for me includes a set of tyres, insurance, charging, finance payments, rego/CTP, = $16k/yr. I haven't factored in depreciation or mileage but honestly it was already depreciating sitting in my garage, and the renters are doing the same or less mileage than I was.

Currently I'm out of pocket $2,400 (or 15%) for the year, which may come in over the next few months, but that is still cheaper than my Mitsubishi which would have me out of pocket $3,000 just for insurance and rego, to say nothing of fuel or tyres.

I can't believe this is real. I'd never be able to achieve this if I had purchased my previously 'dream car':

-Randomly ran into my dream car at the local Woollies. Doesn't look so dreamy now next to the sexy lines Franz made. Clubsport looks kinda dumb actually.

Anyway, get on it people - in fact, we can all probably buy more Teslas than we realise when renters contribute to our TCO. I think I need a Model 3 =)

I'd mention the company that hooks me up with renters and takes care of the whole process but I'm not sure if that is allowed on this forum? I'm sure you can find them yourself by googling Tesla/EV Rental Australia or something similar.

Renting has changed the game for me.

 

[Grenadine]

Facinating! What is the 'same or less mileage' than I was?

I'd do it but would be afraid it ends up wrapped around a tree.

 

[Puggle]

Facinating! What is the 'same or less mileage' than I was?

I'd do it but would be afraid it ends up wrapped around a tree.

So I've done 50,000km in 2.5 yrs of ownership. But what I mean is I can track them on the app (which is so unique for rental cars) and see that they are just puttering around Melbourne, like Nunawading to the city. Sometimes they just go from say Camberwell to Port Melbourne for the day. Haven't had anyone yet take it out to Euroa SC, Yarra Valley, or Geelong or something.

I hear you about the pesky trees, but as I said people seem to be nerdy and curious, not rev head excited. Plus that's what insurance is for - I'd rather a complete write off and start again than slight damage that takes the car off the road for months.

 

[Grenadine]

Enquired. $150k insurance cap which might rule out late model X and S cars. Maybe in a year or two...

 

[Bluebay]

With only 6 weeks of rental (so 6 weeks I don't have access to my car), I am covering 85% of my total cost of ownership (TCO) for the year!

Nice - feels good to let an asset earn for you.. Your costs , can you list these? insurance cost? any other useful data for those considering...

 

[meloccom]

So I'm excited to let other Aussie owners know that our market is ripe for renting out our cars. With only 6 weeks of rental (so 6 weeks I don't have access to my car), I am covering 85% of my total cost of ownership (TCO) for the year!

This is incredible considering if I kept my old car (a 2005 Mitsubishi 380) it would be more expensive. Unlike the US with Turo etc, I've found that Aussies are a bit behind and are embracing the tech with great interest. Everyone renting has been careful and polite. Having a 75D (or any non P) may have something to do with it, but overall I find Australians are curious about the tech, and all the rev heads are still out renting Clubsports or Porshces/Lambos etc. At least for the next couple of years, I think (and hope) that the market for rentals remains this strong.

Here's some numbers for you:

TCO for 12 months for me includes a set of tyres, insurance, charging, finance payments, rego/CTP, = $16k/yr. I haven't factored in depreciation or mileage but honestly it was already depreciating sitting in my garage, and the renters are doing the same or less mileage than I was.

Currently I'm out of pocket $2,400 (or 15%) for the year, which may come in over the next few months, but that is still cheaper than my Mitsubishi which would have me out of pocket $3,000 just for insurance and rego, to say nothing of fuel or tyres.

I can't believe this is real. I'd never be able to achieve this if I had purchased my previously 'dream car':
View attachment 473927
-Randomly ran into my dream car at the local Woollies. Doesn't look so dreamy now next to the sexy lines Franz made. Clubsport looks kinda dumb actually.

Anyway, get on it people - in fact, we can all probably buy more Teslas than we realise when renters contribute to our TCO. I think I need a Model 3 =)

I'd mention the company that hooks me up with renters and takes care of the whole process but I'm not sure if that is allowed on this forum? I'm sure you can find them yourself by googling Tesla/EV Rental Australia or something similar.

Renting has changed the game for me.

This is an incredible coincidence, given that I have spent most of my morning discussing the posts by the founder of an electric vehicle rental company and had to remove a number of his posts touting for business.
I would appreciate if all posters did not discuss this or any other similar company for the time being please whilst I investigate further.

 

[paulp]

Better option is to develop a very good commercial building or some other premium type of development or investment. The income from that will cover your tesla running costs plus leave you more spare cash than you’ll ever need. Then your tesla can be in your garage when you want it. Cant say I’d be lining up to drive a fossil car because I’ve loaned someone my tesla.

 

[meowsers]

This is an incredible coincidence, given that I have spent most of my morning discussing the posts by the founder of an electric vehicle rental company and had to remove a number of his posts touting for business.
I would appreciate if all posters did not discuss this or any other similar company for the time being please whilst I investigate further.

Why on earth wouldn’t we be able to discuss something. I think once again you are taking your moderation duties a bit too seriously. Good lord man, chill out.

 

[PJF000]

Why on earth wouldn’t we be able to discuss something. I think once again you are taking your moderation duties a bit too seriously. Good lord man, chill out.

Unfortunately, whilst this is one of the better forums for all things Tesla, it is also a commercial enterprise where the owners have their own ideas about the limits of what you can say. If it could perceivably affect their commercial interests, then you are usually moderated out.

 

[meowsers]

Unfortunately, whilst this is one of the better forums for all things Tesla, it is also a commercial enterprise where the owners have their own ideas about the limits of what you can say. If it could perceivably affect their commercial interests, then you are usually moderated out.

That’s why I use adblockers with this forum particularly. The last “vendor” they let in was pretty much spamming every thread here. Don’t need that + annoying banner ads.

 

[Puggle]

This is an incredible coincidence, given that I have spent most of my morning discussing the posts by the founder of an electric vehicle rental company and had to remove a number of his posts touting for business.
I would appreciate if all posters did not discuss this or any other similar company for the time being please whilst I investigate further.

Hey Meloccom I can assure you I am a real person! And with no links to whatever companies you are having trouble with. I don't get paid or pressured by the company that helps me rent out my 75D to advertise here, and think about it - that makes no sense. It is to my detriment if I encourage other Tesla owners to rent out their cars because that drives the supply up and competes with my car.

Why would I want that?

If anything, I would advertise to potential renters (TMC members are not those!) on some holiday/traveller forum or something.

Anyway, last week I scored a great booking that took me up to 85% of TCO, thus my post - to encourage fellow owners on the true viability of these vehicles (for now at least). Trying to help the community man. Maybe check out my post history - though infrequent, I've always been trying to help since 2017.

Feel free to PM me if you actually want me to stop discussing this, because I am about to answer Bluebay who asked me about my costs.

 

[Puggle]

Better option is to develop a very good commercial building or some other premium type of development or investment. The income from that will cover your tesla running costs plus leave you more spare cash than you’ll ever need. Then your tesla can be in your garage when you want it. Cant say I’d be lining up to drive a fossil car because I’ve loaned someone my tesla.

I definitely don't have the capital to develop a commercial building! I think I've stumbled on a great way to get a free or subsidised Tesla, and it means I might actually be able to buy a 2nd or 3rd Tesla. Win.

 

[meloccom]

This is an incredible coincidence, given that I have spent most of my morning discussing the posts by the founder of an electric vehicle rental company and had to remove a number of his posts touting for business.
I would appreciate if all posters did not discuss this or any other similar company for the time being please whilst I investigate further.

I have concluded my examination and am satisfied that there is no relationship.
You have to remember that a Forum of this size and scope engages a cost to the owners.
To maintain the site as free for members they rely on Vendor support.
Why would a vendor support TMC if any other business could use it to advertise.
Moderation on TMC is done on an unpaid volutary basis and TMC is looking for additional moderators.
If you think you colud improve the level of moderation on TMC and would like to volunteer to become a moderator click on the Contact Us link at the bottom of any page on TMC.

 

[Puggle]

Nice - feels good to let an asset earn for you.. Your costs , can you list these? insurance cost? any other useful data for those considering...

Mods give the all clear so here we go. Bluebay my insurance is just under 3k. Covers private use and rentals. Other costs are in my opening post, but for me it's 16k TCO per year.

 

[Bluebay]

Mods give the all clear so here we go. Bluebay my insurance is just under 3k. Covers private use and rentals. Other costs are in my opening post, but for me it's 16k TCO per year.

Thanks for your reply! Any "guestimate" of the R.O.I % for a projected year of operation?

 

[Puggle]

Hey Bluebay, as per original post, I'll be at 85% (13,600) income vs 16k TCO for the year, but I am hoping it gets to 100%. I am projecting based on confirmed bookings over the next few months, and there is still plenty of weeks/days that my car is available for more bookings.

Still, even a 25-50% contribution to the TCO might make a Tesla very attractive compared to say any other ICE vehicle that has no rental potential.

 

[meowsers]

say any other ICE vehicle that has no rental potential.

I would be careful with this statement. I currently have a couple cars up for rent on car next door (ICE vehicles) and make quite a bit ($2k a month). Great way of lowering the impact of car ownership, or in my case profiting off of them. I would argue that ICE vehicles are easier to rent out, and turn a profit, because people are familiar with them. No input required from me because there is a tracker and a lockbox on the car. It’s not for everyone though and quite a few downsides too

When you rent out your Tesla you are condemning yourself to people who want to launch your car and drive ahem spirited shall I say.

 

[Damo11]

I would be careful with this statement. I currently have a couple cars up for rent on car next door (ICE vehicles) and make quite a bit ($2k a month). Great way of lowering the impact of car ownership, or in my case profiting off of them. I would argue that ICE vehicles are easier to rent out, and turn a profit, because people are familiar with them. No input required from me because there is a tracker and a lockbox on the car. It’s not for everyone though and quite a few downsides too

When you rent out your Tesla you are condemning yourself to people who want to launch your car and drive ahem spirited shall I say.

I agree, renting ICE has benefits in particular in terms of hauling and refuelling. It is just a different experience and some will obviously prefer a greener and tech experience. Renting my cars is certainly not for me, but good on you Puggle - what a great way to enjoy a car that may otherwise be unaffordable. Surely in time, Uber will be awash with Model 3s.

 

[Puggle]

I would be careful with this statement. I currently have a couple cars up for rent on car next door (ICE vehicles) and make quite a bit ($2k a month). Great way of lowering the impact of car ownership, or in my case profiting off of them. I would argue that ICE vehicles are easier to rent out, and turn a profit, because people are familiar with them. No input required from me because there is a tracker and a lockbox on the car. It’s not for everyone though and quite a few downsides too

When you rent out your Tesla you are condemning yourself to people who want to launch your car and drive ahem spirited shall I say.

Yeah can't launch my car though. If I had a P100D then it would attract a very different type of renter.

 

[Tension]

...Uber will be awash with Model 3s.

Not if they want to continue having Supercharger access haha