Key Takeaways
- Hosts typically earn $500-$1,000/month. Earnings depend on vehicle type, rental frequency, and location.
- Turo deducts 15%-40% per booking, influenced by car type and rental duration, affecting overall profit.
- uccess involves strategies like listing in-demand vehicles and maintaining consistent bookings. This can make renting on Turo profitable.
- High-demand cars like luxury vehicles, SUVs, convertibles, and economic models (e.g., Fiat 500) tend to earn more.
How Much Can You Make on Turo in 2023?
The average Turo host can typically make an extra $500 to $1,000 per month. This number is influenced by various factors, including the type of vehicle you list, the frequency of its rental, and the geographical location.
It’s important to note that Turo takes a cut of each booking, ranging from 15% to 40%, which varies based on the car type and rental duration. This number can significantly eat into a host’s profit.
With the right strategies to increase bookings and maintain a consistent income, such as listing popular and utilitarian vehicles, renting your car out on this platform can be worth it – and even profitable.
The platform is particularly suitable for those seeking additional income, especially if they have a car that is not used regularly.
My Thoughts on Making Money on Turo
I’m a huge fan of using peer-to-peer carsharing platforms like Turo. I have never personally rented out my car on the platform, but I have plenty of friends that do.
When asked how much they made and whether or not it is worth it, they overwhelming said it was worth it, each of them bringing in $500-$1,000/person per month.
Related:
What Cars Make the Most Money on Turo?
The key to making the most on Turo is to buy, and rent out, the best cars on Turo.
Cars that stay in high demand tend to do the best. 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
Estimate Your Income Using the Turo Carculator
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
- Location
- 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.
Frequently Asked Questions
What are Turo Distance Limits?
Turo allows hosts to set either unlimited distance or specific mileage limits for their cars. Most vehicles require a minimum of 200 miles, but Deluxe and Super Deluxe classes can have lower limits. Over-mileage charges are calculated by Turo. Offering unlimited distance often attracts more renters.
Is Working On Turo Worth It?
Working on Turo can be worthwhile if managed strategically. Flexibility in bookings, allowing short trips, and providing various pick-up times can boost earnings. You control availability, rates, and distance limits, turning your car into a profitable asset.
However, responsibilities include maintaining insurance, covering damages beyond Turo’s plan, and keeping the car well-maintained. Both car owners and renters benefit, with owners earning passive income and renters enjoying lower rates than traditional rental agencies.
Wrapping Up
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.
