Rental Car Business DEAD in 2024
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- čas přidán 7. 07. 2024
- Rental Car Business DEAD in 2024
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They would have to pay me to rent an EV. I'm usually in a strange city for business or fun. Last thing I want to worry about is charging an EV.
I love to listen to Lucky's videos to see what the scum balls of the auto world are up to now!
Agreed! 💯
The list of things they do is long lol
Great insights, Lucky. I attempted Turo once as a renter and ended up with a corporate rental. I'm glad I did. No real standards with Turo.
Very valuable information. The decision to pause your classes is a demonstration of your morality and class (no pun intended). Well done.
I own a Automotive Customization Shop and I buy and sale cars as well. 2023 was my worst year for car sale for a small time guy like myself in MS. I decided to put one of my company’s Vehicles on Turo in June of 2023 to see how it works and if it’s worth it. It makes double the car note and does well because it’s an SUV that averages $70/day. 6 months on the platform so far and it working well but I think that’s because it’s a very small market here and is not many vehicles in my area especially SUVs.
Same in my area and I think Turo would do well here in a small GA town. Not many Lyft drivers either. Lyft drivers could make a ton here lol.
Followed your Chanel after 9mins love your authenticity . It’s not that many like you on here anymore
saw some people renting cars for 40-45$ a day and that’s not even including their cut I was like hard pass not worth it
Wow my first look into the biz that was a lot of great info just flying out thank you very good
I am a turo host in Phoenix with about 25 cars mixed up of economy and some newer with about 2 sports cars. Everything in this video is 100% accurate. I would not start any car rental business right now unless you want to go broke or work for minimum wage rates with a bunch of back end risk and daily problem solving.
I thank you for your comment. I live in the Scottsdale area and was seriously considering getting into Turo this year. Might wait it out for a few months and wait for car values to come down even more and see what Turo decides to do too once cars start leaving the app.
Do you think you’ll have to scale back or just sitting tight until things blow over or seem steady? Also, what were you hurting the most by, depreciation or demand?
@@kevinherndon4509 I would wait it out and see what happens 👍 It’s possible things could turn around if saturation becomes less of an issue here. I’m not anticipating that happening for at least a year.
I’m likely going to scale back on start working on other things that produce money with a lot less risk and hopefully something where my phone doesn’t go off as often on the weekends 🤣
Same! I have 30 cars and now im at 2017 day rates yet all my fixed cost are 10x. Im selling my fleet for tax season while theres still buyers
Thanks for sharing 👍
I think the problem is in Turo's fee. For example, take a car. Kia Forte for weekends in Scottsdale will cost 80$ + Ture fee 45$ 😮 + 10$ tax. More than HALF of the car cost is a f*king fee. They are too greedy. The dame as Uber. From Phoenix Airport to Gilbert 70$. I asked the driver, and he would get 15$ 😮 From Gilbert to Airport 35$.
Like many other businesses, it worked short term and now it works like it's meant to be, for people who want to share their own cars and offset some costs, not for "entrepreneurs" who can buy 30 cars using dad's money :)
This
Great video Lucky thank you so much and keep up the good work
New viewer from 🇨🇦 . Been binge watching your videos like my fav TV show. You make some valid points that are clearly founded in logic and knowledge of the industry - compared to some of the other YTers who just walk through car lots pointing at sticker prices and ramble on about pure speculation.
Thank you Lucky keep us updated
I rented a c63s coupe off Turo and the rear tires had wires showing, I didn’t notice til the next day.
I appreciate you expertise and honesty in this area. Ive been trying to find a good way to make money on the side. It seems most ideas are not my thing yet.
Thank you for all your informative videos. You watch out for the little guys💪🏿
thank you for taking the time to watch and comment
The little guys? He just spent a whole video telling you how individual little guy hosts should be pushed out of the market so large firms can rent you cars for more money.
That inset pic of that all nighter "broad" caused me to spray my drink all over my coffee table, so good!
There are very few people on CZcams who tell you exactly how it is. Lucky is one of them.
Thank you so much for this video.
thank you for the insights
You’re really good at this. New sub but I like your presentation style.
Very well informed, I like this guy
My wife and I used Costco for years for our rental cars, and usually, that's through Enterprise or Hertz. About 3 years ago, the prices went skyward!
Rent an SUV in 2024 was $2200.
It used to be around $800? if that.
I really enjoy your input and it is second to "Scotty Kilmer" and if you two ever teamed up u would blow all "treadheads" out of this world!, The both of you are "Gods" to anything dealing with fixing, buying, selling and just about anything else with cars!. Just a thought, really enjoy your work!.
Turo sounds like a ‘fire’ on wheels! I would never even start something like that with Hertz and Enterprise in the business.
Life is just getting harder and harder every day. Thank you lucky for this very informative video. Blessings,Carlos ✝️🙏❤️😊🇺🇸
Thanks for watching
Hey lucky I just got my progressive insurance renewal. It's yearly and it has doubled since last year
Progressive sucks Ballzzzzzz
@LuckyLopez777 yeah im shopping around now I've been with them for years but it's time to leave. I have 6 cars insured with no claims, no tickets.
@@everydaymechanic4657I had them for over 5 years and no accidents. Rates kept going up and when I jumped ship they had the audacity to see why I didn’t check with them first to see about cheaper rates. Why the heck should I be asking for a discount when I’ve been with them that long? What a crock!
It's progressive rates
You are the number 1 car guy keep up the videos
thanks I appreciate that!!!!!!!!
Good info! The Turo market seems very interesting. As someone who has worked for a very large brand name rental corporation, I will say the billions corporations make actually not really from renting the car, as many would assume. Yes, we made a lot from selling our protection packages, selling people up into renting better cars, and other products, but its small potatoes compared to something else. The money we made was actually mainly from selling the car. We would buy 1,000,000+ cars (literally) a year, so naturally we would get a huggggge discount, because we were buying so many. We would rent them out for a fair price to cover our expenses and then sell the cars at just below market rate. Even though we sold at market, we were making a ton because the cars were purchased for cheap even though they were brand new. It is a model people can follow on a smaller scale still if you can afford to buy some cars that are selling far below market value to do that same method. It seems that may be a better play with how Turo is changing. I am looking forward to seeing how this market changes over the next year.
UK Turo all star host here range rovers to Fiat 500s cars are out constantly from either Americans, Australians, random Chinese families and also local and nationwide wide English people coming for certain cars.
Maybe USA is super saturated but I’m finding endless bookings from people coming into England
You Are A GEM!!
Both the pessimist and optimist make very interesting points of the state of the auto sector, and where they think it's heading. I'm realizing Lucky seems to be more of a defensive position taker on most things. Which seems to have brought him success. But idk being to cautious can cause us to miss out on some great opportunities. But then again most these people watching these videos prob aren't players in the economy at all and are merely watching the content for entertainment purposes. But then again who I'm I ? lol. I come to hear both sides of the arguments. But in the end I'll make my own decision.
U r a good man, Charlie Brown. 👍👍👍
If you have a good courses you shoud put them up, regardless of whether the market is good or bad.
Making a good "before you buy" video where you briefly explain your reasoning for not starting a business at this time should be enough to prevent people from having unrealistic expectations from the courses, but their content can still be useful for people who already have started their business and then realized that they know less than they thought. Also for people who consider starting these kind of business it is very useful to know upfront what to expect so they can better estimate when is the right time to start
When would you bring back the rental car course? I started private rentals in the summer of 2022 I have a fleet of 15 vehicles still have a lot to learn
The issues you stated are similar to with uber.. there are a ton of drivers willing to drive 20 miles for $5 that the average driver cant make a decent living anymore.. ive always used it as a side hustle but i feel for the full timers and people that bought a fleet
Great info.
Thanks for watching!
Sooo what about the people that already bought Your course if you took the video's down? Your Courses are very informational, are very detailed and always a good reference to look back to.
Love your channel
Turo is dead in San Antonio Texas! No rentals since new years!
What types of cars are in your fleet.?
I agree 99%, but trust me, rental business is = paid off cars. There’s no maybe. If you don’t get money to buy in full, don’t start a rental company, that’s it!
Waiting for your next vid! 👍
Yeah I like renting through commercial companies I just like the piece of mind and convenience
Me too
Exactly!
He’s not lying I was at $60 a day 2 years ago now I’m at $34
In a crazy turn of events fueled by greed, speculation, and the idea of a turo as a get rich quick scheme, the real winner in all this is for once….the customer! Renting cars for dirt cheap!
Buy the cars cash, be a mechanic, and make crazy money.
Exactly
I work for a car rental company in LA, this business is a headache.
Unless you’re in Vegas Los Angeles or Miami no point in starting a rental business especially with exotic cars
I’m on the blue ridge parkway in NC, I beg to differ… zero competition and the best stretch of road on the east coast
@@user-wl8gu1rt8v with exotics
Cars?
I never thought that business model (Turo) was going to work. I said the same of Air BnB too, which it's taking a lot longer for that to fail, and it ultimately will. Why? Do you really think that you're going to outsmart industries that have been around for over 100 years? Probably not.
too many middle men taking their cuts
Yeah just like Airbnb...which is working just fine 🤣
Turbo can rent to people that normal car rental companies won't rent to
AirBnB is offering a full residence, something a hotel can't do. Turo and Hertz just rent cars. Can't be compared.
Ppl are still making a KILLING on Airbnb in many markets
As a host myself I actually agree with lucky, Turo is getting saturated and I believe they’re weeping out the bad host. I have over 20 cars & 5 car on the Turo app and I can assure you, my private rentals are bringing in way more than the app. It’s a really tough business and only the strongest will survive. With the right team & system you’ll be alright through these times. At the end of the day people will always need a car to get around just like people need a roof over their heads. As long your providing a good service, you’ll be alright ✅
This is interesting. My area has zero Turos around. Never had them and when people come visit, they are looking for Turos but have to travel an hour away to pick up/drop off one. I think it would do well in our area. Quite a lot of people hate paying deposits to Enterprise.
Sounds interesting which area do you live in ?
@@user-ru9gj7lz7r a small town outside of Savannah GA
I don't care about what happens to Turo. The part that annoys me is when I see the local shady auto dealers renting on there.
For real? But how can they do that on dealer tags?
I was doing Turo for two years on the side. Was great until end of 2023 (had to reduce my rental price and I had less rentals overall). Just sold my fleet to invest in cars to sell instead. Selling is so much more profitable. Great video 😊👍
Like flipping cars?
@@Laxxvi I was a car dealer before and while doing Turo, more work but more income so definitely like that better
Man I got 3 financed cars on Turo and idk how to get rid of them smh
Interested in the auto repair business courses. Looking forward to those videos.
coming soon
Turo was great until it blew up. Now you take a huge risk both as an owner as a renter all for no real income for the owner and no real savings for the renter.
Love,love,love lucky.
Thanks 🙏
Turo has gotten so bad! I rented an Audi RS5 through them and got a flat I didn't get roadside assistance until the following day and they charged me a full tank of gas and an inconvenience fee when I missed the refill by 1/8 of a tank upon return.
$$$$
Don't be clueless. ALWAYS, ALWAYS have a PREMIUM AAA Assistance membership. ALWAYS put a little OVER the required amount of gas AND scan the receipt and give the original to the Turo owner upon return
@@davejohnson5029 I've had the best insurance, and sure the gas was on me but I had photos on how I got it and how much I returned it with and yet they charged me for a full tank and inconvenience fee. I had to return the car within hours of having it due to the negligence of the host. The car was ridden with warning lights for brakes, oil service, and all the tire warnings. The host had the audacity to charge me the full extent of the rental even when I requested to shorten my rental timeline, the host just let the request expire and charged me the full length. I fought with Turo and got some money back but Turo has some terrible hosts sometimes.
I can’t relate to what you’re saying at all. my car has been rented for literally a year straight. unwarranted pessimism.
Where is your location/market? And what kinda car? Thx
Yes it depends on a few factors
I agree
I have 1 paid off car, thinking of adding another car around 20-25k CAD and see how it goes.. Winter is dead up here in Canada, lets see how summer goes..
Clueless. We are in a depression. Watch that Aubrey babe. She buys $5K cars and makes bank.
@@davejohnson5029 I don't give a fuck what she does.. I don't want to spend my time cleaning and prepping cars that rent out for 30 bucks a day..
Enterprise i never oay more than 60$ a day for nice vehicles. Hell i got a brand new Chevy Colorado for the weekend for only 150$
The rental car business sounds like a face to the bottom on price. I feel bad for anyone on Turo.
facts!!!
They will have to get a real job.
in tucson... been on turo for 6 years.... super slow, and over saturated... we are now seeing everything you have been saying for months come to pass.
Eff TURO... People smoke your car up, ding it up, scratch it up.. They don't give a shit. It is ridiculous!
Came back to say it truly is
No, the rental car business is not dead. Avis, Hertz, Enterprise are doing really, really well. They almost have all their cars rented 100% of the time. Turo on the other hand is AirBnB on wheels so...its not really the "rental car business". More like a "can I borrow your car and pay you a little money for it" business.
Big companies are doing good. this is just for turo and small Rental car Companies
Avis, Hertz, Enterprise, etc., etc., all, like rent and housing prices, ALL overpriced!!!! i do well with Turo which is why i stopped using those rental car ripoffs!!!!
Before Covid, i used to rent a new Ford Fusion Hybrid for $45 a day!!!! Not anymore!!!!
I'm a turo host in ny buisness going great even slow season I would advise exotic cars but regular cars 3 to 4yrs old is great and you choose what cut turo takes and they earn there cut I have no problem with them getting a cut they make things easier and I've never had a problem with a claim
@@jasonscizze7385I'm in NY as well and I'm in the process of renting on turo with economy cars that I buy at a good price. This is not my main source of income so I'm hoping I can eventually grow this business as the economy gets better as well as another business.
Stay away from Turo. Gave me a ban. Guest said I had low tread on my tires. I literally had a tire shop say I had the min 4/32. They didn't care. Since I argued they unlisted all my cars and cancelled all my reservations. I had 5 cars. Not fun
We live in a day in age where you can find everything you need online for free so courses always feel scammy vs just putting the content out there and letting people support that content
Do Enterprise.
My house almost burned down Thursday early early morning. I didn't have fire insurance and I should have. Insurance maybe a scam but when stuff happens that changes your life you'll wish you had it. Thank you Lucky, out here doing the Lord's work.👊
thanks 😁👍
So true!!! Wishing you peace and blessings.
Working for someone else in an office job never sounded better!
Honestly I’m a power host of 2 years with over 20 cars don’t do it. Turo is not worth it in most markets. The margins are extremely thin and time consuming (you have to clean and maintain 7 days a weeks). It’s a race to the bottom meaning everyone keeps slashing prices to stay competitive there’s no price floor. Tesla are going for 40 dollars a day. Turo will leave you high and dry on some claims and many hosts are having to go to arbitration. Please note they charge 375 to go through the proceedings which is in their favor. Opt out of arbitration if you start the business. Please be extremely careful before you stake your life savings to do this business!!!!!
I'd say yes. On Turo, I can rent a new Porsche Taycan Cross Turismo Turbo S for about $225/day after everything.
$216000 MSRP
As I commented in one of your vids last year, ALL those app companies are a race to the bottom. Turo, Uber, Lyft, door dash, the grocery apps, etc. The market gets saturated, losses increase, and the take it out of the car owners' or drivers' pocket to over compensate. It's because none of them are profitable business models without using slave labor or asset $uckers.
Race to the bottom?!
Turo, when its IPO launches soon will be worth $1 billion to start.
UBER - $128 billion
Lyft- $5 billion
Doordash- $ 40 billion
These companies are innovative and provide services that are essential and made it very convenient in the process and they have all been in business for over 10 years!.
If you change your mindset from a consumer to a business owner or the likes, you might not be so judgemental on their business models.
@@cueburner and the app users are all making less and less money per transaction 🤣🤣🤣
''The kids catch on fire'' lol
Lol. They are NOT concerned with the customer at all. My brother rented a Turo in November and the car leaked oil (on to exhaust manifold), caught fire, and burned to a crisp, kid you not. Turo did not refund his trip and still made him pay up to $500 or whatever the insurance on it was. He is now facing a $3000 charge from the county because we were in a national park. Turo isn't covering that either. Plus, no lawyer is interested in helping him because it's hopeless. "Once you pick up the car you confirm it is in good condition and are liable for it." All state my point again... Turo does not care about their customers.
Year's 2024 is collaboration time no production only collaboration and which are produced already it's parts makings when product values then substitute parts if possible available helpful ful e electric marginal utility for 2024 to next few years due to inflation
im host on turo 5 years, top 3 in the east north coast we doing great actually but i have known a lot of host that are failing hard. few of them have 30+ cars and all sudden they were gone. im aiming 100 cars by end of 2024 currently 60 luxury cars.
What is your turo user name and what cities? I want to rent one of your rental cars.
@@alxrait’s bs
@@MM-rs6tk yeah, i knew he wouldn't respond because, as you say, he is full of bullsh!t
@@alxra The guy could barely type in proper english loll... of course it was BS ;)
Turo banned me like 4 years ago and still till today I don’t know why and can’t get my account back
I thought you were going to talk about the big guys like Avis, Budget, Hertz,National, Enterprise and Dollar.
If you started a turo business what were you thinking?
Lucky what is the best company to rent a really good sports car for your birthday?
I use to know 30+ people doing turo lol now I know none.
What about exotic car rental?
Hertz and Avis have very little inventory and customer service is worst check every review just in Vegas alone is 1 star
You need a car in Vegas???
go to fox they have lots of beat up cars available lol
what's to stop someone from just outright stealing your car once you give them the keys? serious question
GPS trackers. Pretty difficult to disable the good ones and lots of cars on Turo have multiple built in trackers. You also get drivers license before a trip so someone would be pretty stupid to steal your car when they have your information.
They want to charge me $25,000/Year 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
What about the car rental companies like Avis or hertz. Are those companies doing ok?
Hertz filed for bankruptcy in 2020. They have come back since then.
Why would anyone with short money want to start a rental car business? 🤦. The amount of headaches with that many cars is ridiculous. Insurance, registration, smog, maintenance, etc. Way too much of a headache. Easier ways to make money.
alot of more easy ways to make money
I don’t trust people with my car. Simple 😄
me too
Please discuss rent to loan.
coming soon
@@LuckyLopez777nah dont do it, thats a stupidass topic. Rent to own, motherfuckers think this rent a center for cars😂
Turo will not go after those hosts that are part-time and only renting out 1 or 2 cars. No way, what would be their reason?? They would piss-off a lot of hosts and end up in a law-suit.
Say the name. Don't let us get scammed.
Selling cars as a legitimate car dealership is very hard, and yet even that is a less liability and hassle than running a rental car business 😅
It’s the same story with Airbnb
uhm disagree. car rental sales are up by huge numbers. enterprise, hertz etc all buying up all they can. all camrys go as rentals at this point. not sure if i mentioned it but a friend took a multi state road trip. rented cars 12 times. 10 of those were camrys... and they didnt request them. thats all they have.
Dead in Vegas for sure
how long has it been slow for you?
all night bender? thats not a bender my friend.
Race to the bottom? Sounds exactly like Amazons business model.
No it’s thriving
Now Tesla announced they will sell all their Teslas that will kill the market
Budget Rentals