Should I Buy a Car to Rent Out on Turo?
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- čas přidán 20. 07. 2024
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The fact that there are people running profitable Turo businesses should tell you something. Turning liability into assets! No business is without risks.
I rent out my car on Turo. It covers my payments plus more so far. (Payments$420) Most people treat the car fine. I just hope that continues. Turo does take about 30% which sucks. Overall it’s a risk but worth it so far
@@resumefreak What car is it?
I agree 💯 every business or investment is risky but it's worth it
Yes, of cos there are succesful Turo businesses. But how many of them are run by college kids still in school with unpaid student loan?
@@der0ng still possible. maybe not able to scale as big or quickly but still possible
Starting a turo business would’ve made him enough money to payoff his college loans...especially if he had a good car fleet! They provide insurance for every little accident💯
its treating me well right now
he says pay yourself, but do it in the slowest most inefficient way possible? I don’t get it, starting my Turo business asap.
@@upperech3lon yessssirrrr
Turo is cash flowing pretty well right now...
Good car fleet . Needs a good commercial insurance. If I are thinking that turo insurance will cover any future damage. Good luck!!
Starting an entrepreneurial endeavor is much more important than a college education. Most millionaires are business owners. That's the highest correlation. Not a college degree.
He's currently In dept though for the college degree so he has to get it now, he can't back out. Therefore not a good idea to go into more dept for something that's pretty risky. Idk though just my thoughts
Well said !
@@georgyrogers3281 You’re mispelling the word “debt.”
AGREED!!!!!!
Agreed. All of my friends that dropped out of college while I stayed to get a dual Masters, all make more money than me!!! However, NOT for long!!! 🙌🏽🙏🏽
This show is definitely not for entrepreneurs.
I definitely agree with you!!!
Yup
It’s mostly about broke people that are in debt. And I hate that they’re giving such determined advice for something they don’t even know about. They don’t even know what Touro is there already poo-pooing it. These guys are basically just playing characters of them selves at this point
I think they make a good point. If someone’s already established, then yeah cut a check and start a Turo grind. For a college kid with little to no money though, it’s maybe not a good idea.
@@giovanniperez2819 agreed..he's better off getting a part time at mickey deez..
This show is dream killer for entrepreneurs.! Remember Dave is old so his advice
I know
Don’t listen to these guys, they have no idea how much money you can make in Turo
Yes! Great mentality to have
As old as his advise
Facts
They say the fattest way to kill a dream is to tell someone about your dream!
Good quote
I wish I knew this 14 years ago. wasted 14 years of my life cus of this.
I'm learning this. These dudes don't even know what Turo is, what it can do, and the income potential.
Turo has its own insurance lol.
Don’t give advice unless you know the subject
Imagine calling the show in the 90s....
“Hey Dave, my neighbor Jeff wants me to partner with him on his business. It’s starting to get some traction!”
Dave: “No. Lol.”
“Okay, well, I know you didn’t ask but the business sells books online out of this dude’s garage.”
Dave: “Let me tell you about air in your tires”
***20 years later***
“Wow, I really wish I had invested in that darn Amazon company. I’m so glad I didn’t take any risks though. 🙃 Who needs 50 billion dollars anyways.” *Sigh
Yeah that’s exactly the same as buying a used car to make $33 a day on turo
@@classicvlogs7910 the right cars that are priced right rent for 22+ days a month.
Yeah, that one guy selling books online, as opposed to those other 50,000 people selling books online that went nowhere
Dave is not for investors.
Dave is for yourself.
So, if you're a investor Dave is not for you.
True. Dave is a great help to get your head above water. Look elsewhere if you want to be an Olympic swimmer.
@@msenecal perfect analogy. Most people do not even know how to swim.
It's fascinating knowing what Toro has done for a lot of people, but then listening to them talk about it, watching their body language, watching the guy on the left try to agree with everything that they Ramsey saying, just so they can get through this segment.
If you are an entrepreneur, you have to take chances. As long as you're doing your due diligence research wise, you should be okay but these guys aren't here to answer that specific question.
It's pretty sad. Pay all this money for an education and not try to find a side hustle to make money. You got to shoot your shot or you will never know!
Worst experience ever. Their so called customer service if you rent your cars is non existent. I have 2 cars rented now and I may have to report them stolen and they don't care. Run!
They just have a script they follow for every advice. Have any debt? Do not pursue anything except clearing that debt. It's rediculous.
Dave's advice is only good for debt reduction, NOT business or real estate.
Yup.... he's extreme but i like this advice..i take the good and filter out the bad. He def helped me create my healthy mindset when it comes to money but you can borrow a bit when it comes to business. You have to be logical
Well that’s because he did entrepreneurship and knew many others who did and says for the majority of people who get excited it’s almost always a bad idea.
@@djohnson-ku4cl Simply because most people don't realize you will probably fail a few times first and it's a long term process.
@@SenorJuan2023 Of course! Dave does have well founded reasons for his perspective that was all I was intending to say. He was a real estate person. Your point is very valid! Personally, I'm entrepreneur and have done very well. I'm also a fan of Kiyosaki who emphasizes real estate, although real estate is not my thing, I like the mindset. And Mike Michaelowitz who is a fan of Dave Ramsey has some good books on entrepreneurship which are consistent with Dave's models. Mike shows you can use these models to make your business more successful and I have had great success with it and so have many followers of Mike. Anyway, you're absolutely right!
I just started TURO & made $1,800 in the first month... Paying for the loan and then some. Don't agree with this advice.
Is it a brand new car ? You think I can use an old car for this ?
How much additional mileage per year and maintenance costs on your vehicle?
@@nickimarie4733 it was a 2020 Honda Accord. You want something that people know is reliable, easy to drive, good on gas.
This show is not for entrepreneur you all have to know that. Dave preaches baby steps for household making 50k a year to "retire" rich.
Dave preaches a good J.O.B. Journey of the broke
First time I heard it as a journey, LOL!
I always thought it was.
Just. Over. Broke.
In either case, it sucks to be there!
Exactly
Dave's tire air business isn't that bad of an idea. He would've made money on "inflation"? Right? 🤣🤣🤣 lol
Funny
🤦🏾😂😂😂😂
Dave is a “Get Out Of Debt” Coach NOT A “Build Business & Get Wealthy /Rich” Coach. Let it sink in!
If you’re in debt… listen to Ramsey.
If you have a solid financial base listen to Bigger Pockets, Other Rental Businesses or Manufacturing business owners etc …
We are here for the long run not instant gratification.
Exactly
Yep!
Dave’s show applies to personal finance, not for business. If you’re going into business as an entrepreneur, this advice doesn’t count for the business or entrepreneur part of your life. I do think he’s right about personal finances though. Stay out of personal debt, but go into debt on your business ventures- you can’t do business without debt- even Ramsey has to have debt involved in business
Agree 100%
You do not HAVE TO HAVE debt for your business. My small and super profitable business doesn’t. Dave Ramsey’s huge and profitable business does everything with cash. Who told you that?
He could of rented a car/cars and went to school at the same time… nothing like gaining experience and education at the same time!! Shouldn’t take advice from ppl who haven’t done what you want to do!!
Im so glad I read these comments im looking into getting into Turo and they almost killed that dream for me
Did you end up doing it? How is it going?
Any updates?
Turo is a GREAT calculated risk.
Not true. It used to be. After their changes not any longer.
What changes?
@JamesLee
Here for when @JamesLee replies
@youngrenzel 😂😂😂
Why would you ask someone who doesn’t do Turo about Turo? Also why would he respond about a service about that he doesn’t know about?
Insanity
Wow glad I didn’t come across this page before I started my Turo business lol I wouldn’t have listened anyway😂 I have made so much money on this business model, sorry Dave but your advice is dated entrepreneurs do your own due diligence
What car do you have listed and how much do you charge daily ? I'm looking into listing mine I got an Audi A4
Are they right about the insurance going up is someone crashes your car???
Rent out your current car and just drive cheap cars or travel with trains or buses. Once that’s paid off, get a new car and do that over and over again. Pretty soon you would’ve owned a fleet of rental business of your own.
But where do you park your cars I live in New York
@@folembelieve9781 move somewhere else bud
@@RudeBoiiSnapz why
😂😂
Man this guy is literally out telling people how to get a job, go to school avoid debt and avoid fun
How did I land on this dream killing page? 😂
🤣🤣🤣
😂😂😂😂
😂😂😂
😂😂😂
Pay cash yes, but a turo car is a business. If you pay cash and it gets totaled your cash is gone. If you finance it, and it gets totaled the loan gets satisfied.
Your cash is not gone if you have good insurance.
Why would your cash be gone if it gets totaled? You and 24 other people liking your comment don't understand how it works. "Total" means the insurance company considers it a total loss not worth repair and thus pays the owner the fair value of the car. This is irrespective of whether your financed the car (owe a note) or it's paid for in full.
My car was totaled and insurance gave me money for what the going rate was for that same make,model, mileage car. People have insurance for a reason….
Gap insurance ftw
This is not true depending on what insurance you have. Lol I work on total loss claims all day. People who own vehicles do get cash back where as if you have a loan and it doesn’t get satisfied fully you still owe and your worse off unless you have GAP!
What if you buy a 5-7k car in cash that meets turo requirements, then rent it out on turo?
Do it!!!!!! Turo is hot right now, best choice I made🙂
Turo will get nuts here really quickly! come check out how its treating me.
preach
What kind of car do you have listed on turo?
@@kadeemnunes3013 I list my Tesla and I make bank
@@PowAccidents how you got your Tesla ? What website & how much you spent on it & did you buy it or fiancé it ?
People still looking for advice from Dave!? 😑🤣🤣
Caller: should i buy the car?
Dave: sell the car.
Caller: but.. i haven't even bought it yet.
Dave: sell the car!
Short sell cars!
😂
@@e_rock_3149 😂😂
Starting turo for him in college would’ve been perfect since his parents are paying half of his schooling.. yes he has student loans but this car could’ve made him and extra $5-$20k/year who knows.. depends on where he lives and yeah the car can be wrecked but cars are insured when you rent them out on the Turo platform.. missed opportunity and it seems like if he didn’t do it this business would be stuck in his mind till the day he actually goes trough with it and try’s it on his own . I really hope he didn’t take their advice
Exactly. This kid could get a real world education on how to become a millionaire.... or at least make a lot of money while being able to study.
It's more the wear and tear of the car. Conventional rentals don't last too long. He might quicken the death of the car for little profit and then need a new car again.
Guys, tell me if I have this right. So bc Dave also had an idea while he was in college that he re-thought before pulling the trigger and today believes that was a good idea, then anybody in college who has a side business idea would also be making a mistake? Without hearing the numbers? Without any consideration that borrowing money can, if done correctly, be _leverage_ to create the capital needed? They didn't even ask the kid if and what the numbers were. All Dave kept talking about is "eye on the ball". Sheesh...
Right I agree, the answer is in the numbers. So far I’m looking at Turo but the numbers don’t look good for me. Only because I can do other things that pay better. But imagine if they told Zuckerberg to focus on finishing school.
I’m hearing people say Dave is not for entrepreneurs and I disagree. In the video it is clear they are saying pay off your loans and invest in yourself first.
He’s saying don’t do it yet.
Turo would’ve helped him payoff his loan. Easily
But if he said "I'm gonna get a full time job to pay for college" would that not "take his eye off the prize" ?? Dave would have LOVED that idea, just don't start a business you have to invest in 🤦🏾♂️
Love you Dave but I just can't get with SOME of your beliefs
This show isn’t for the risk takers
When you’re looking to do anything, JUST DO IT! Stop listening to people who’s life does not mirror yours.
Dave will always say no when it’s debt. Debt creates wealth
Yessir! Put yourself in good debt not bad debt.
These guys are soooo uneducated on today's opportunities. Student debt is the worst thing to accumulate 😂
Agreed 💯
Zack, I hope you didn't listen to these guys. I'm sure they have good advice in other areas, but not this time. Zack, go for it.
These guys are like my cousins. The years I listen to them I was a nobody. Now I live in another country for 20 years far far away from them. I am much much better this way.
5:04 Look at the diecast "Dollar" car in the background. Of course her is against Turo. Turo is Dollar, Thrifty, Hertz, and enterprise's biggest competitor.
Wow
Such bad advice. The only thing they said that was right was buy cash cars. But that’s if you can. I have built a successful fleet starting with a 2016 used car on a loan. Now I take the extra money to buy cash cars.
Dave is making millions off of entrepreneurial coaching, books, and advice lol….
But his advice to entrepreneurs is not to motivating lol
if i already have a car? and just working to pay it off? would it be a good idea to rent it out.
Is not a great idea. Turo is not like Airbnb, you will have to disclose you are using your car for business and your insurance will go through the roof, not to mention repairs.
No, your personal insurance is separate. Turo has its own collision/comprehensive/fire/theft policy for your car that you pay for automatically out of your rental income. It's a very high value policy and they pay very quickly with great service. If they didn't have a good policy they'd be out of business already.
As for maintenance and repairs, yup, that comes with the territory of renting something.
@@JiisTube I’ve heard the opposite, that they deny claims for silly or frivolous reason
Also real estate appreciates while cars depreciate.
Location seems to be the biggest factor in whether this is successful as well.
I've looked at some of these and the prices are so low that its seemingly not even covering the depreciation that is likely being done to the car.
The advice is to be reasonable with portfolio management. When you have a loan of 5k and more already in the picture with school being not finished yet, you'd need Time and money to manage that other activity.
Okaaayyyyy.......What if you don't have loans?
(Also, maybe I'm reaching but it seems a little silly to keep waiting to try to make money. "finish school first, get out of debt first, save 10k first, max your 401k first, buy a house in cash for your family first" when does it end?)
💯 no you're not reaching you're right. Get the bag first and worry about all that later
I did my hard research just recently and for most areas it is not really profitable. What is happening is that there is so much competition - the smaller fleets and owners of one or two cars are lowering their price/day just to GET BY and pay their loan and other expenses. They do not care about profit at this time. So there is a price war to the downside. This in turn is causing the larger fleets to do the same... in fact, a lot of mid-large fleet owners are SELLING their fleet to bring in income and to get out of the business!!
According to the numbers of my local area - owners of 6 - 9 vehicles are only doing about $80 per month/vehicle @ average of 4 days rented ... to $118 / month / vehicle @ average of 6 days rented on the lower end. On the higher end; $509/month per vehicle @ avg of 4 days rented ... to $763/month per vehicle @ avg of 6 days rented.
Remember, those are GROSS figures not NET - you still need to include cost of maintenance, gas, cleaning, repairs, insurance, parking, etc., which is about 67.5% of GROSS.
Now, do the math...
There are bad stories about this program with people destroying the cars, pets, smoking and drinking. People do not take care of other peoples things. It’s an expense you have to consider with having to detail the car after every use.
This kid doesn’t even realize Turo’s not even legal in NYC.
@@NevyZine you need jersey license to get jersey plates
@@Tenacitae Perhaps his parents live in New Jersey and since he's still technically a dependent to his parents he also has residency in New Jersey. When I left for college I kept my residency in my home state.
Ha 100% but for the rest of the states its Fire right now
JurrZee
😨😭😭😭😭😭 and here I am thinking of starting Turo in nyc. I really need to leave this city
Listen to these guys and stay broke...LOL
If done right it can be profitable, i know someone who makes a living doing this in the Bay Area .
same here just not in the Bay Area. He had about 100k in start up capital. He bought 10 2-3 year old toyota corollas. Now he's into luxury cars. Pretty good gig.
Seem worse than a full time job.
Very possible to have a good side gig with this
@@blackworldtraveler3711 how so
Dave is a market and business genius. I can totally see Dave saying I started selling air believe it or not.I thought it’d make me rich while other people said it was a dumb idea. And God protected me from those people and kept me going that route. Now today I own service stations and gas stations all over the country; and guess what they all have…. A machine that sells air. Until the day having air in your car tires goes out of fashion, I’ll be making money of those machines. And get this, the first machine I ever bought; still makes me money to this day. It ought selling air would make me rich and it freaking did. Why is Dave so adamant stopping people from innovating, and thinking outside the box.
Just bought a van for Turo today
Location matters A TON when it comes to rental businesses.
Dave Ramsey show us something worth taking your advice.
Honestly once he starts a fleet of cars I’d say forget college I mean their argument is finish school but yea that’s tile he’s losing
ALSO: Some horror CONS include:
1.) Guest treat your car like trash
2.) they let random ppl drive it (no insurance will cover if they are not the renter)
3.) Personal insurance will not cover if the car is damaged lost or stolen
4.) Turo will not give you a rental car during repairs unless you gave turo 40% of your profits (60% plan)
5.) You forfeit the right to sue the guest if you agree to Turo terms of service.
Think twice before using turo!!! They are a horrible platform, back to normal rental or just google a rental car place…
There would be no America without entrepreneurship!
This is why I cannot take Dave Ramseys advice seriously all the time. Dave says stay in school and invest in yourself a.k.a. Rack up serious life altering debt for the rest of your life. Do that instead of taking risks to create money. Sheesh.. Dave says don’t take risks, go into a lifetime of useless debt. When in fact, Dave didn’t get where he was with 345345 jobs and “investing in self”. He got where he is by taking risks.
We get it’s a mistake when you have college loans but what about shining light on situations where you don’t have college debt and are looking into the Turo business
No risk, no reward
In the early 90's I wanted to invest in payphones.😁 Look at how that would've worked out.
😂😂😂😂
Lmbo
they are so not knowledgeable on this topic, just stop.
This show is not for business advice.IF you want to do your business, LEASE your car so it IS cash flow you have coming in.
This was not about Turo at all. Don’t waste your time if you’re interested in researching Turo.
AON like all these other "personalities" bring nothing to the table, they just mumble Dave's teachings. Dave is trying to leave a legacy for his kids but the Ramsey show will die without Dave. Dave is the JUICE!
How are those people qualified themselves as financial advisors?
My exact question 😂
With Turo you are competing with numerous individuals out there who are renting out their cars below cost if one looks at all costs (depreciation, insurance, maintenance, etc.). As noted below, many renters do not treat cars very well at all. The large rental-car firms can amortize bad renters over a large number of rentals. You cannot. But best tip was from this Show in that the best investment you can make is in yourself with your education. That is, of course, if the education will get you into a better-paying job. Many, many firms want to hire college graduates because they are simply better rounded than non-college educated individuals on average.
Got my new apartment 🏠 after making so much deals with Megestaypaid on Te!egram thank you sir
More than anything a college degree shows employers that you have discipline, time management skills, and can set long term goals and reach them. That is one reason why people who have college degrees are typically more desirable to most employers.
@@97I30T Definitely agree!!
Financing it with student loan is the worst decision. Any other type of debt should be fine if you did the number.
They have 0$ insurance deductible you get 60% of the daily rate
70% *
I think u get 70% and if you have more trips and reviews with close to a 5 star. Then you get 85% lol which is not bad
I want to do Turo don’t know how, ig me Cjcsws
@@ledeves5160 no its 60% not 70% if you want a 0 deductible
@@SupremeChief1 you can pick your percentage I choose 60% because it offers the most protection in the event of an accident with $0 deductible
This might be the worst advice I’ve ever heard.
I think he should look at risk versus benefit. You will make money. Plenty of people finance low cost cars and pay them off
Quickly. It’s passive income.
Find out what cars are hot and get a used car and put it on turo...worst case scenario the car will pay its self off🍎🇺🇸❤🇸🇦🇮🇱🇮🇶🇮🇳
how?
@@jykirachanelle2599 How? Because you generate rental income by renting it out which should more than offset your expenses. Not to be rude, but the answer is so obvious that I assume you didn't really mean to ask "how" so what are you really asking?
I feel like Dave knows zero about Turo. Turo covers accidents and there are insurance companies that do cover peer to peer vehicles.
The abuse rental cars get and the upkeep would be a nightmare
It aboslutely is
If you never take a step in your future you will regret it. Step out on faith brother. You never know. Like Nike say “just do it”
This show is for slow and old people not for young people wanting to become wealthy
Air wouldn't make a lot of money, especially if you put it rural ares, are sole the maintain cost the Gas station like QT or Kim and Go.
This doesn't make a lot of sense to me. As long as it cashflows more than ALL the expenses, than it makes sense. The more cars the better! 😅
People make good money running a business on Turo but it’s risky to take out debt to start a business.
Tell me how I was putting air in my tire as Dave literally said about the air machine 😳😳😳
Not what Rich Dad would say.
Very good advice... much better than just beans and rice. Hahaha
This is the same guy that said a car warranty was bad. He obviously doesn’t own a Range Rover lol
I'm looking into buying a 2nd car for Turo as we speak lol
What about when the person that rent your car gets into an accident? Because that’s going to happen at some point.
HES GIVING HIM WRONG ADVICE! ***** dont listen to DAve Ramsey on this one he doesn’t know how much money you make on turo and how often!
I make over 2k on turo passively and got a free mercedes benz monthly payment. He could have his loans paid off increase his savings and have a free car by the time he graduates if he did what i did!
Explain in details please? What’s your email? so I could try and see if what you did work’s for me.
Till a customer totals a car. Then you breaking even. All it takes one.
They literally just killed this mans ambition
This is misleading content 😂
If your calling dave ramsey asking if you should start a business then no you should not lol.
I rent a car on turo and have made great money.
Bad advice. I have two cars on Turo, they pay for themselves and pay our personal car + more cash every month. Follow Rich Dad and use OPM to cash flow.
This is not how a car guy talks.
WRONG, like I knew they would be. The student is NOT buying a car for personal use, but to CASH FLOW.
Anyone who listens to dave ramsey will stay in the middle class
Ramsey's advice has cost would be entrepreneurs millions and millions of dollars...
That’s literally a great idea bro
They are offloading the overhead and more importantly the risk, onto you. These things are never straight-forward and clean for any length of time. You are combining risks of retail, insurance, auto repair, and any number of liabilites with this. STAY AWAY from this!
Again, I do love Dave Ramsey, but he said something very valuable that maybe saying opposite, HE MADE A LOT OF MISTAKES. Because how he learned from them gave him insight, to get where he is today on the value of the how everyone could make the most out what they have. BUT HE MADE A LOT OF MISTAKES, making mistakes are valuable, if you can make them, make them as fast as possible with lowest cost or risk to yourself. Doing now, get the experience, I'll be willing to change how you can do it better. I agree with the comment below, Dave Ramsey's advice mat be not the best for business owners and entrepreneurs.