If you’re looking for a way to make some extra money, Turo might be the perfect solution for you.
Turo is a platform that allows people to make money by listing their cars for rent.
It can turn into a solid way to earn extra cash and is especially helpful if you have a vehicle that you rarely use.
This article will discuss how Turo works, how much money you can expect to make, and the types of cars that tend to do the best on Turo.
Table Of Contents
How Much Can You Make on Turo?
The amount you earn will depend on the car you list, how often it’s rented, and where you live.
However, most hosts make an extra $500 to $1000 per month.
Is Turo a Good Way To Make Money?
Yes, Turo works well when your goal is to make additional income.
For example, consider putting it on the Turo platform if you have a car that you don’t use often.
Is Renting on Turo Profitable?
Yes, renting on Turo can be profitable.
The key is using strategies that help you get more bookings and earn consistent income.
There are many, but a big one is to acquire one of the best cars on Turo, and optimize for popularity and utility.
What Percentage Does Turo Take?
Turo takes a percentage of each booking to cover their costs.
The percentage varies depending on the type of car you list and how long it’s rented.
However, you can expect to see Turo deduct 15% to 40% for each trip.
Read More: A breakdown of Turo fees
How To Make More Money on Turo
You can do a few things to make more money on Turo.
One is to list your car in a popular location.
Another is to have a vehicle that’s in high demand.
Finally, consider lowering your price during off-peak times.
What Cars Make the Most Money on Turo?
Cars that stay in high demand tend to do the best on Turo.
Popular rental cars include luxury vehicles, SUVs, and convertibles.
So if you have a vehicle like this, it’s likely to do well on the platform.
You can also do well with an economy vehicle priced in the $10,000 to $30,000 range.
Turo lists the Fiat 500 as one of the most profitable Turo cars on its website.
Turo also lists these vehicles as profitable.
- Chrysler Voyager
- Toyota Yaris
- Kia Rio
- Kia Forte
- Nissan Versa
- Volkswagen Jetta
These vehicles work well on Tora because they’re affordable to own and maintain.
In addition, they include lower daily rental costs for renters.
However, these options will typically get booked more frequently for longer trips.
Don’t worry if you own a more luxurious car or an SUV.
You can become a profitable Turo host with these options.
For cars more expensive than $30,000, you can expect to make money on Turo with the Jeep Wrangler Unlimited, a Cadillac CT5, an Audi S5 Cabriolet, and the Dodge Challenger.
In addition, larger SUVs like the Hyundai Palisade or Chevy Suburban perform well on Turo.
Do you own an upscale car such as a Porsche Panamera?
If so, you can charge higher rental prices and make money on Turo.
Other profitable vehicles in this category include the following.
- Lincoln Navigator L
- Porsche 718 Boxster
- Cadillac Escalade ESV
- Chevy Corvette
- Land Rover Defender
What Are Turo Car Requirements?
You need to meet a few Turo car requirements to list your vehicle on Turo.
Your car must be less than 12 years old, have fewer than 130,000 miles, and be in good condition.
You can’t use a vehicle on Turo if its history includes a total loss declaration.
Finally, your title must remain clean.
You can’t use a car with a salvage or branded title.
Your vehicle must meet Turo’s registration and minimum car insurance coverage requirements.
It’s required to keep vehicle registration, auto insurance card, and your Turo incident information card in the car.
What Is a Turo Calculator?
The Turo calculator is a tool that helps hosts price their rental.
The tool considers how much the host wants to make on each trip, how much Turo users will pay, and the platform’s fees.
How Does the Turo Calculator Work?
To use the Turo calculator, enter the make and model of your car.
Then, add the model year, and the calculator goes to work.
It will provide you with a projection of how much you can make on each trip.
The calculator also gives you a clear idea of how many days you can expect your vehicle to get booked each month.
It takes your city into account and bases the projection on how busy your city gets with Turo renters.
You’ll see how much you can expect to earn per day and month.
Turo uses a proprietary automatic pricing model to set daily prices inside the calculator.
It’s this model that produces the price projection inside the calculator.
How Turo Calculates Trip Fees
Turo bases each rental fee on the total trip price.
The Turo system calculates fees based on a percentage of the total trip cost at checkout.
Here are the factors the system uses to calculate the fees.
- Vehicle value
- Time of booking (booking a trip ahead of time will incur a lesser trip fee than last-minute decisions)
- Trip duration
Alternative Ways to Price Your Turo Rental
Turo recommends using its Automatic Pricing model when figuring out what to charge your renters.
The algorithm adjusts your price constantly based on current demand and other factors.
It also considers the following when setting the price.
- Type of vehicle
- Changes in supply and demand
- Day of the week
- Local events
- Trip history
You can opt-out of this method and set a custom rental price.
First, select “edit listing” on any car listing.
Then, inside the “pricing” section, set your custom price.
What Are Turo Distance Limits?
Turo has a set of distance limits that help to ensure that each trip is feasible for the renter and the host.
What Distance Limits Can I Set for My Car?
Turo gives you the option to provide unlimited distance to your renters.
Or, you can set up mileage limits.
Most vehicles on Turo must offer a minimum distance of 200 miles.
However, if you’re renting a Deluxe Class or Super Deluxe Class car, you can set a lower minimum distance.
Keep in mind that you’ll get more bookings when offering unlimited distance.
Most renters feel nervous that they’ll pay more when they see a minimum distance level.
How Do Distance Limits Work for Extensions?
Your guests will sometimes want to extend their trips.
As a result, they’ll receive more miles that match the distance limit in place when they initially started the trip.
How Much Can I Charge a Guest Who Goes Over the Distance?
Turo calculates this amount for you.
Submit an invoice when you notice that a guest went over their mileage limit.
Turo figures out how much to charge and then reimburses that amount to you.
Is Working On Turo Worth It?
Making money on Turo boils down to working on a strategic plan.
For example, you’ll get more bookings if you allow guests to book with you on short notice.
Added flexibility here will increase your earning potential.
Other ways to maximize earnings include the following.
- Allow short trips
- Allow for early morning and late-night pick-up times
- Let guests rent on the weekends
If you follow these tips, then working on Turo is worth it.
The Pros and Cons of Working on Turo
Let’s look at the advantages first.
When you work with Turo, you’re in charge.
You get to choose the hours you want to remain available for renters.
You can also set your rates and distance limits.
Using Turo, you can put your car to work for you when it’s otherwise sitting in your driveway.
Instead of a liability, turn it into a profit-generating asset.
On the other hand, there are a few disadvantages to consider when working with Turo.
You must have liability insurance on your vehicle.
Turo offers supplemental Turo insurance, but you’re still responsible for the damages above the amount of protection plan coverage.
You’ll also need to keep your car in good condition.
What’s in It for Car Owners and Renters?
Both car owners and renters can benefit from using Turo.
As the car owner, you can let others pay off your vehicle through a passive income model.
It’s similar to having renters pay off your rental real estate property.
For guests, they can book cars at prices that are generally lower than traditional car rental agency prices.
How much can you make on Turo?
In this Turo review, you learned that It depends on several factors.
If you’re strategic about it, you earn extra income by providing car rental services.
So list your car on Turo and start earning more money soon.