Turo Car Sharing Earnings
I made $313 in profit in February from Turo car sharing.
I made a major adjustment to my accounting this month. I’m including the costs, mainly financing and insurance, for my 2016 BMW X5. I decided to include these costs even though I only rent my X5 on (most) weekends.
My rationale for not including my BMW expenses was because that car was necessary for my primary professional job.
Including the BMW gives me a better picture of my car sharing financials since I wasn’t itemizing the revenue that I earned from Turo per vehicle. Side note – I host two vehicles on the Turo car sharing platform.
February was a good month with total rental car income at $1589. Compare this to $869 last month.
I attribute the bump in revenue to competitive pricing on my Mustang. I had 9 separate trips with my Mustang. Compare this to only 4 in January.
My BMW X5 went out 3 times (weekends only). My average take was $185 per trip. This vehicle does terrific in winter for guests visiting Tahoe (AWD, spacious, etc.).
I changed the oil for both vehicles and rotated the tires on my X5. The oil changes cost me $203 (including the Turo Jiffy Lube discount). Two car wash subscriptions were also included in this line item. As noted earlier, I’m including insurance for both vehicles, and the financing note on my X5.
Pro Tip –
Turo provides discounts on maintenance and other services here.
I did get a parking ticket. I was parked on a slight hill with my tires not pointing in the correct, or safe, direction. It was my fault, not my guests. Thanks SFMTA!
Overall, not a bad month. I was busy, especially with my Mustang. And I was happy to finish positive. Please note that these financials don’t include depreciation and labor. If depreciation was included I would very likely be negative for the month.
car sharing Highlights
For the most part my guests cleaned up after themselves. I started sending a quick message about 8 hours prior to the reservation end that basically asks the guest to wash the car (free with my subscription) and clean up after themselves because there’s another guest reservation right after. It usually works out.
Here’s my pain points:
- Turo should auto calculate mileage overage and submit a reimbursement automatically
- ditto for tolls. It’s quite annoying to do this tedious ‘administrative’ work.
I’m getting better at coaching guests where to find parking with my Mustang (street parking). It’s complicated because there’s meters, parking zones, street cleaning, lack of available spots, etc. Imagine being a foreign guest and trying to navigate this…
Lastly, I’m frustrated with Turo when it comes to cleaning reimbursements. I had an episode where the guest left my Mustang dirtier than I gave it. The guest disputed my reimbursement request and Turo sided with the guest. Not cool in my opinion.
I feel like I’m constantly vacuuming the interior and wiping it down. Do other hosts do this? I’d love to hear what you guys do.