I appreciate the effort in this video, however it appears you missed a big part, which skews the numbers you have presented here. Depreciation. You didn't calculate depreciation in your financed car. Once you calculate the depreciation you are paying on that vehicle, you are probably still making a profit, however not nearly as much as you think you are. Please correct me if I'm wrong here, thanks.
Enjoyed your content Have you considered a car wash subscription and the $200 oil change in 8 months also seems high Unless you had several oil changes
So glad to hear, thanks! I did look into the car wash subscription, and even tried one for a couple of months, but it hasn't been worth it, since most don't include interior, or they close early and so maybe in the future I will look into it again. As for the oil change, yes, it was one oil change and then I think I paid for a plan that included a few additional future ones.
Two cost elements that are missing: Cost of the capital i.e interest cost ( even if you are using your money, still there's the cost of the capital and (2) Car depreciation
Yup, agree! And then even tax. I will be adding those into future videos but wanted to aleast give some gross operating profit numbers....thanks so much!
Thanks!!! I'm actually looking to buy 2 or 3 more now, and will be doing an entire series documenting each step, market/car/financing research, purchase, intake, etc. First video should be out in a few days. What about you?
@@EngineerUrLife Are you still using Lula as your insurance for those new addition of cars? I watched some videos and Lula does not seem to have very good review.
For security reasons. I may divulge it at some point if it's the main focus of the topic, but I figured in the meantime, I could keep it private. My channel's not really primarily Turo, or at least that's the plan, so I figure I'd try to keep some privacy re Turo. Anyway, I checked out your channel, very kool. Keep it up!
I actually had ABI for less than a month and then switched to Lula as soon as it became available, mostly because they were going to be integrated with CarSync and allowed you to manage right from CarSync. (CarSync is no longer connected to Turo,) but I've remained with Lula. I pay $79 per car. I'm actually finalizing an insurance video at the moment.
Yes, however, the important factor is the length of each trip, and in my case, if you look at 7:06 in the video, you can see the screenshots of my 3 longest trips, which alone totaled $7,543.89 in revenue.
Your business idea is brilliant. I live in Canada, British Columbia, Vancouver --- is it possible to establish this business in Vancouver, Canada? Please message me back. Thank you!
Your videos are very helpful!!! Just got my first car that will be just dedicated to this, will be listing soon. I do need guidance with insurance though, you don’t happen to have a video on that?
That's great! Good luck! I will be making one soon because that's a topic I really struggled with myself. However, in the meantime, here are the key points >>> Besides the Turo plan, which will only cover the car while it's rented, you need to have insurance to meet state (and possibly lender) requirements, since Turo does not do so. However, it seems most carriers currently will not insure you if you are renting out your car (carsharing,) and will drop you if they find out, or worse not cover you if you were personally be liable and need coverage, (e.g. if you crash the car while not rented.) So for now, you have a few options with some caveats > I'd check out Lula or ABI which offer insurances (I use Lula - $79/m) to cover your car while it's not rented, and to meet the State insurance requirement. However, they have requirements that you can only be using the car for business purposes, (in your case you are fine, since you said the car is only for Turo,) for example in between trips to get it serviced, cleaned maintained, etc. and they have limits between 250 and 300 miles per month. Since different locations can also offer different things, if you're not in a rush, I'd call a few of the large carriers first and ask if they cover carsharing, and make sure you emphasize carsharing (which is renting the car out,) and not ridesharing (which is driving others around like Uber,) and if they do, I'd get a quote, then decide. (E.g. I know Liberty Mutual does, but the amount was so ridiculous, that it really doesn't count. I think it was more than the car payment 🤣) Good luck, and let me know if you have any other questions!
Great thanks - I tried talking to liberty and got transferred to a comercial line.. now I have people from all over calling me to give me quotes I guess. I am in contact with Lula, since I financed this car do you know if they met the requirements so I can drop my personal insurance from the car? They claim they do, but it was odd that they want me to use my personal insurance to register the car and then call them after is listed in Turo.
I assume that's more because of the lender, since allegedly, there are lenders that have repo'd cars once they've found out that they're on Turo. I have not seen that myself, and not too sure how valid or prevalent it is, since I think there are plenty of financed cars on Turo. But, just to be safe, I would do as is being suggested.
Correct, that's operating profit, before taxes and depreciation. I will be including it in future videos and adding to the description as well, since it's definitely a very important factor to also take into account. Thanks!
I will try to make a quick video on this tomorrow, but in the meantime, to start checking it out: go to Turo.com > Inbox > Scheduled Messages > Create new template > Fill out the fields > Click Create Template to save. You can also check out this link: help.turo.com/en_us/managing-scheduled-messages-rkpqS4lEc
Hi, I will actually be posting a video on that later today, but in the meantime, it's under Inbox > Scheduled Messages, then create your desired templates. If you want detailed info and even my actual templates to copy and paste, then make sure to look for the video later. :-)
