Have you heard about Airbnb? If so, imagine the platform of Airbnb, but not with homes- with cars. Yes, that is exactly what Turo is. It is the platform through which you can share your car with people on a regular (daily, weekly or monthly) basis, either short-term or long-term and make a good amount of extra cash. Yes, it is as simple as listing your car and earning money through it. Are you worried about the time and effort all this might take to start with? Do not worry. This can take as little as 15 minutes to list your car on the Turo platform, and in no time, you can start earning up to 90% of the price of the journey your car makes. Let's take a look how to make money with Turo easily!
Why Should You Use Turo?
Now, you might wonder why should you share your car and make money using Turo? Well, this comes with its perks. We have listed a few down for you.
1. When you are listing your car and earning some cash through Turo, you can easily use the funds earned to pay for the expenses your car incurs regularly. If you want to talk numbers, on average, a host in the platform of Turo, makes about $500 per month. Also, according to statistics, most of the hosts can make enough money to pay off the expenses of the car itself.
2. You do not have to worry about car payments? Even then, this listing can be pretty useful. How? Well, it is extra earning and there is no harm in making some extra money right? You can save up the money for your retirement, pay off a debt with it or just use it for other useful expenses.
3. It is a source of passive income.
4. Car is an asset and if left unused or idle for too long, you are losing out. Why so? Well, you must be aware that cars depreciate.
Ok, but why Turo specifically?
Well, Turo has over 350,000 cars listed on the platform and it offers an excellent selection of vehicles to the customers, easily and at the lower process. The trips are also secured through their Trust and Safety protections. This means guests, as well as hosts, will have to go through screening before going into business. There is a $1 million Liability Coverage available as well, through Liberty Mutual.
As mentioned earlier, it is as simple as listing and sharing your car in exchange for around $500 a month in Turo. However, you might be wondering, how exactly does it work and how exactly do the funds reach you. We have got you covered. Starting from how to sign up, how to deal with damages to how much you can make, we will guide you through it all.
How to Start Making Money on Turo?
Like many other platforms, Turo is also pretty simple to start using. You will only have to create an account and list your car. If you are the one listing the car, you are referred to as a Host. The people who request the listed cars to be used are referred to as Guests.
We have jotted down the steps this will entail.
Step 1- You can ‘Create a Listing on Turo’ by simply writing a description of your car and putting up some photos of it. This does not cost any money. Yes, listings are free. You should make sure that you are using great quality photos of the cars to attract more guests.
Step 2- If someone is interested to book the car you have listed, you will get a notification. Them, you can respond to the request directly and let them know whether the car is available or allowed to be booked by them in their preferred duration.
Step 3- If you have answered in the affirmative (said yes!) to the booking request, you can meet the guest. You have to check the license of the guest(s) who will be using your vehicle, do a walk-through, note the fuel and mileage of your car, and eventually hand over your car keys to them.
Step 4- As soon as the trip is completed, you can meet your guest again. You will have to do control or check the car. All good? Then, they can pay you and you have successfully gotten your first earning through Turo.
Is it hard to follow? No, right?
How Do You Get Paid?
As mentioned above, you get paid after the trip when the guest brings back the car to you. But how does that work exactly? Well, it all happens electronically through the platform of Turo.
Within half an hour of the end of the trip and receipt of your car, Turo will send you a direct deposit or a PayPal transfer of the agreed amount. When you have agreed for trips that last longer than a week, Turo will send you the payment in partial amounts, every week.
Did your customer use too much fuel or you need to be reimbursed for some cleaning expenses? Then, you can use the online Reimbursement Tool on the platform of Turo. You will get back the total cost in full. The website of Turo is pretty simple to use. You can list your vehicle, as well as receive the payment for the car, pretty conveniently.
How Much Can You Earn Through Turo?
Before you go into business, you can use the Earnings Calculator tool of the platform, called the Carculator, to get an idea of how much your specific car can bring to your pockets in Turo.
All you have to do is enter some of the details about the Car. These include- the model of the vehicle, the make or construction of the car, the year it is from, and your location. This will show you the daily price through Turo, alongside an estimated vehicle value for your car.
When you are listing your car on the platform, you may choose to make use of the dynamic pricing structure of Turo. What exactly does it mean? Well, in this option, you allow Turo to set the price based on the value that your car has, the season, location, etc.
On the other hand, you have the freedom to set your daily price for your vehicle. This can include charges per kilometer or distance traveled, delivery costs, etc.
You can expect to earn between 65 and 85 percent of the total cost of the trip. The exact amount will depend on the car protection package you opt for. Are you interested in making 90% of the price of the journey? In that case, you have to offer one of many (more than 50) ‘Extras’.
As mentioned earlier, you will incur no cost for listing your vehicle. There is also no monthly charge on the platform.
What If the Car is Damaged During Use by the Guest?
Cars are expensive possessions and you are right to be worried about them getting damaged when an unknown person is driving your treasured possession. However, Turo comes with health coverage and insurance options.
Turo makes all the effort to keep your car safe and protected. There is a pre-screening that takes place for every host and guest before the booking can occur.
Furthermore, there is coverage of up to $1 million in liability insurance. Your car can be protected from both thefts as well as physical damage. There is also roadside assistance and customer support available at all times, throughout the trip, if you are based in the U.S. or Canada.
How Do You Meet the Guest?
After the screening procedure and booking confirmation, you have to hand over the keys to the guest. This can be done in 3 different ways.
Firstly, you can bring your car to the customers in the custom locations all around the town. You can also choose to drop it at the door of their residence or hotel.
Secondly, you can ask the clients to pick up the car from your location or a location that is convenient for both of you.
If you are based in San Diego, Los Angeles, or San Francisco, there is a third option available for you- the installation TuroGo application. This is an app that allows the community of the Turo platform to locate and instantly unlock the vehicles through it.
If you have read through our guide well, you must have realized how simple and convenient it is to make money via easy listing and sharing of your vehicle through Turo. You can start to optimize the availability of your cars through many strategies as well once you have gained some confidence.
These can include allowing people to book on short notice or during holidays and weekends. You can also take a look at what the best cars are to rent on the platform and invest accordingly. All in all, for the right kind of people, it is quite easy to make some extra cash on Turo!
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