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September 19, 2023 at 8:00 pm #89517Ash
We have a Honda civic 2020 paid all cash. We need a bigger car for our increased family needs.
I was contemplating if we should sell our 4 years old Honda civic to buy new one or rent it on turo.
or less it and use the cash for new car to lower car loan.
Hoping to see if our civic can get us some cash flow and still we might be able to keep it in cases of emergencies.September 19, 2023 at 8:19 pm #89518Patrick
I’ve built an entire business around it.
As long as you treat it like a business and won’t take things personally when things happen to your car, I’d encourage you starting.September 19, 2023 at 8:20 pm #89519Vikram
Yes – I do it with my extra car, a 2017 Honda Civic, in the DFW area.
1) Turo allows you to set automatic pricing with a lower limit and upper limit. It then takes care of the pricing for you based on similar rentals in you area. My car rents out for $35-$40/day.
2) You get to choose your insurance option. Turo has different levels you can opt for. Full coverage means that any scratch or issue is covered but you pay 40% to Turo. I personally do the 75 coverage meaning that I pay 25% to Turo and carry a $250 deductible if I file a claim.
3) Pick-up/Drop-off Location – I set it as my house. It makes it super easy for me and renters literally pick it up from the street and drop off keys in the mailbox (I have a lockbox). I can monitor the car with my ring cameras.
4) Earnings – seen my reply belowSeptember 19, 2023 at 8:20 pm #89520Jake
I’ve rented cars from people but I’ve never rented them out. I wouldn’t do it with my DD but an extra car, why not!September 19, 2023 at 8:21 pm #89521Christina
Will this affect your own insurance if you are using your car as a business? I know you will have to purchase insurance through Turo, but you still need to keep your own insurance for your own use. I’d at least talk to your insurance company about this.September 19, 2023 at 8:21 pm #89522Kevin
I rented a car on Turo for about a year and a half. No major issues. Didn’t really make money. And it was a high end up luxury car.
The issue you’re going to run into is (1) it’s a civic (cheap car) and (2) it’s already going on 4 years old which makes it in the older side for car rentals (renters usually prefer new-2 years old).
I’d be surprised if you did much more than break even renting it. Add time and inconvenience, and I’m firmly in the no camp. Unless you decide to make a biz out of it and scale with more cares, renting 1 car that will only command economical pricing will be way too much hassle.
I’d cut the car loose. Buy something again in the future if you end up needing the car again.September 19, 2023 at 8:21 pm #89523Michelle
I’m retired and we recently bought a van for those times we have grandkids or otherwise need a larger vehicle. We bought it with the intention of letting it pay for itself by renting it on Turo.
So far it’s been rented out very consistently and we’ve had no significant issues. It’s kind of a fun little side business.
All it really takes is a little time detailing it when it returns, which I do while I listen to podcasts.September 19, 2023 at 8:22 pm #89524Jason
My opinion.. renting an ‘under utilized’ car might make sense. Keeping a car you don’t need in order to let others use it to make money is not a good idea. Sell it and move on.