Starting a Rental Car Business in 2024 

One iron law of the universe states; the people looking for the cheapest deal around are always the biggest complainers

People suck no thanks.

Insurance is a scam and always has been. Other than taxes its the second biggest scam in the world. Pay all this money for something that if you try to use it they wont let you.

I think in order for Toro to work your car has to be paid off and then you can collect it as side income. Extra income is cool then because I had a paid off car that I put on the platform and I was cool with getting $30 a day. $40 a day because the car paid for itself pay for its own maintenance which was very little so it just depends on the situation but the car needs to be paid off in full. That's the first step

I used to be a landlord but renting cars to people would be a next level nightmare.

Sort of bad advice for getting started. Not everyone has a second car to get started and renting out your only car isn’t a good idea at all.

Nothing but negativity and discouraging 😂😂😂😂

I have 34 cars on Turo and they do an excellent job. I have repeat business from long time customers that makes up 40% of my business and half of my customers Rent for 1 week or longer with 6 renting by the month and 3 that have had the vehicles over a year. I will gladly pay Turo 10% to handle everything including customers that damage vehicles or when they get stolen etc. Insurance would be a lot more if I did it myself. Sounds like you weren't very lucky with Turo and blame the platform.

If big corporate rental places like Hertz keep going bankrupt that tells you a lot about the rental car business.

Am i the only one who thinks his content has become very repetitive?

4 years later & you still talking about the pandemic & bashing TURO? Get a grip dude & find a new angle.

Sold my cars in Miami after 6 cars totaled in 1 month!!! Insane!!! People are wild these days!!! Cant rent nothing!!! Always damages claims out of pocket repairs closed insurances lost investments!!! Lost tens of thousands 😢 no more rentals!! We need high class people! For low life animals nothing!!!

You're close on the insurance in my experience. Just to be able to do Uber/grub hub meant commercial coverage. Cost went from $2200 a year to $6000 a year. They didn't care if owned or financed. But the loan company cares and says that if they find you're doing anything commercial, they'll repo the car. You only find this out if you ask them or when your car disappears.

I like the idea of driving a 1990 Crown Vic. Those used to be the taxis in Chicago.

Just wanted to let you know, your advice, collectively across all your videos, has actually taken my game to the next level, appreciate what you do Lucky

Did this as well… until 2 cars were totaled and the 3rd got wrapped up in a criminal operation of robberies and has the VIN tagged by multiple police departments… so can’t drive that car at all. Yeah I’m good now. Made money, but the stress and ridiculous drivers turned this upside down for smaller operations.

I own six running vehicles, and have thought about ways to make money on them. But, I don't think too many people want to drive my 1990 Crown Victoria, and I don't think I'd like the idea of someone wrecking it, either. Guess my fleet will just keep costing me money....

Those rental car gurus are real quiet right now …

whats the point of insurance , if when. u do a claim they drop you!?? So ur paying monthly thousands for nothing??

Ah the good ol government. Make everything so difficult that theres no point on starting. Insurance is a scam. Its a monthly subscription to drive your own vehicle. Registration, annual subscription. Tax, a 2nd annual subscription. Gas taxes, a weekly subscription.

Well if was going to start a rental car business I am certainly not going to now 😂

I would have no problem opening a rental car business in the 80s, 90s and maybe 2000s. After that peoples' driving skills got worse and worse as they rely more and more on these aids like Blind Spot Monitoring. Like are you driving a Kenworth 18 speed hauling a 53' trailer? What do you need BSM for on a 15 foot long car? You just turn your head, there's no blind spot. These people nowadays can't drive a car to save their lives. Rental car business nowadays has to be full of so many losses. People are complete and total idiots. You see them, they be stopping on a yield and yielding on a stop. They eat red lights like it's just a suggestion. You got too many broads in a hurry to pickup their pumpkin spiced latte in the Nissan Altima wit the fuzzy steering wheel cover while putting on makeup.

Free money from the TAXPAYERS not the government! 😂

Hey, So I don't understand, if I get Private Renter Insurance to cover me, and I make a Claim it will skyrocket or I'll be dropped. Then why not do Turo whereas I don't worry about the Insurance. (I'm thinking of starting and doing research 1st). Thanks

I made too much to get the lovely "stimulus" for the first 2 rounds. Got Round 3 on something of a technicality (legally - had income but it wasn't taxable). I put it in the market. Took a few years but now my accounts are fat and happy. Don't understand the people that uuuuhhhhh..... hissed it away, but with a fat P.

Can I my personal car to make business create a LLC Thanks for your information

The biggest issue with EV rentals is how they are rented. Hertz has done a terrible job in my opinion. Recommend: Rent EV's with a full charge. This would allow most renters to drive without needing to recharge. 2. Review the EV with the consumer, making sure they understand it's functions on a base level including charging options if needed. Currently, consumers are being told where to find the car, no different than when renting a gas powered vehicle. You can't assume people know how to operate and charge a vehicle they have never driven before.

Flipping hate it when people say rental car business,

If I were to open a Turo I would rent space from a car repair place and try to staff the desk m-f 9-5. They would get a cut of course.

I’ve never gave in these ridiculous low prices that my competitors offer and I still manage to do well in Turo with my now fleet of 3 cars this a business not a charity … I just work the algorithm of Turo and has not let me down since day 1 , thanks for the straight up info ! IF YOU PAID OVER STICKER OR over 95 %LOAN TO VALUE YOURE ALREADY BEHIND

Doesn't sound like it is worth the stress.

🎉🎉🎉 Hey 👋🏼 Lucky I’m so glad that I have already done my over 36 years in business for myself. These days it just seems impossible to start any business during these ugly times. But then again The Economic Ninja keeps saying that during the colapse of our economy it is a great time to start a business. I’ve been brainstorming this for quite a while now. I wish you the best in business and always keep true to yourself and your business. Blessings from, California, Carlos ❤️🙏😊

Good info but you throw out some super high numbers on everything. I pay no where near $600 a month for my rental car commercial policy

Thanks for the video

Good Informative video. Thank you. God bless you.✌👍❤

Thanks for all the great content. I'm subscribed. I'm on the west side of Florida. What is your opinion on getting an LLC for Turo. I have 2 vehicles on the platform and plan on getting another 3. Any advise would be greatly appreciated.

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So basically don’t get in the business. Nice . The quotes are no where as expensive as this video says .

They want to charge me $25,000 Per vehicle Since 'm 18 and just starting out.... That's for the lowest insurance. I'm currently scouting prices but if I cannot find anything better I don't know what I'm gonna do. Any suggestions? I'm in Toronto Ontario

why insurance so expensive in gusts most of the time pay for insurance? looks like another monopoly from big players US not good place for small busness i made more money in my "poor country" then in US

Thanks Lucky. I am researching the possibility of renting cars outright. Rental car Insurance companies seem to be a challenge so far. I am interested in long term rentals or leases by the month.

Poor poor rich people with 10 cars on Turo. Can’t believe people with only one car would take advantage of them like this

I wouldn’t rent off turo. They be trying to scam customers saying that scratch wasn’t there or dent. Basically you make money off damages

Since its inception in 2013 as RelayRides, Turo has indeed engaged in a race to the bottom. The concept revolves around not investing in expensive cars for rental purposes and avoiding excessive fees to Turo. Similarly, in Uber, maximizing profits in the business involves driving the most economical car for the highest fuel efficiency, aiding in profit generation and expense write-offs. After spending 11 hours on Turo, I'm willing to invest more if the car prices align with my budget. Thanks to Andy's advice, I've been negotiating with dealers since 2022 without rushing to buy unless the price meets my requirements.

Just from renting cars a few times a year, I can see it'd be a pain in the tush for the average Joe. Maintenance and cleaning, insurance coverage and claims, renters who abuse the vehicle accidents and theft. Remember the old Excedrin headache number commercials? Well, this could be a another one.

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I’m in MO and Yes the State does offer a Rental/Lease License. It is Required NO. The license from the State Means when a motor vehicle is titled via a rental vehicle license the Business charges the customer sales tax each time it is rented. If a business pays sales tax when the motor vehicle is title a rental car license is NOT Required

How’s it looking on opening a rental car company in 2025.

Lol

Good time to get into cash for clunkers. I would buy a tow truck if i had a stimulus check... 😮

I’m just gonna buy one cheap cash car I can’t use my car 😢

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Hi.. my name is Harvinder singh i stay in cananda toronto, I am planing to start a CAR RENTAL business and i have zero knowledge about the business can you guide me through.

My comedian went 3x because I got 10k claim

I want to do Toro how to get my car under LLC

My Company auto insurance just went up 50%

Sort of bad advice for getting started. Not everyone has a second car to get started and renting out your only car isn’t a good idea at all.

Thinking about having a rental car business

Is no one going to talk about how you do not want to file a claim on your insurance or else they will drop you? Then what’s the point? Isn’t that the equivalent to not having insurance?

The new president Trump 2024

my big gyatt

So glad I’m done with turo. Complete waste of time and money

Sad to live in a country like this

What LICENSE !?

Too expensive

Can you list your financed car on Turo? In finance agreement it says buyer promises to not rent

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i live in orlando, and i work specifically at the airport. i’m want to get into the rental car business. i can park all the cars at the airport for free and they can even pick up and drop it off here

No. Rental car business is a death trap.

Stop it with the "Challenger" nonsense. I work at a dealership, Challenger drivers are not the problem.

4TA

Hey can i join your discord im a big fan and fellow indy

Buy insurance but can never use it. Sounds like a married guy and his wife.

Thanks Lucky!