Making money with Turo is possible
In the spirit of being transparent and for others to learn I’m an open book. This blog post highlights my financials for January 2020.
Please note that these numbers represent actual cash-in and cash-out. Major expenses like ‘depreciation’ and ‘time’ are not factored in. I discuss reducing the cost of car ownership here.
Turo Earnings for January 2020
- 2 cars listed
- 7 trips total (5 – Ford Mustang, 2 – BMW X5)
- 1768 total guest miles utilized
- 3000 total guest miles allowed
- 59% mileage utilization (miles utilized/allowed)
- 1 Claim (read more on that here)
After a slow (dead) December activity picked up in January. I adjusted my pricing lower, specifically for my Mustang. I guess the convertible isn’t attractive in the winter, even though winter in San Francisco is 60 degrees and sunny.
I had my first experience with a claim. A guest scratched the rear-quarter panel and bumper on the BMX X5. We originally worked direclty to figure it out. After two body shop estimates the guest requested to deal with Turo to work it out. More on that soon (Part 1 is here).
I also changed my Mustang trip duration to ‘any duration‘ (from two day minimum). A few reservations followed. The catalyst for this was mainly to get the car off the street. Moving the car around for street cleaning isn’t fun. I’m balancing out short, low revenue generating trips and not dealing with parking tickets, etc.
Everything else was business as usual. February is looking like a decent month. I noticed that guests booking for Tahoe trips with my X5 don’t usually book in advance. Maybe it’s a wait and see with the snow and road conditions.
Top line revenue including claims reimbursements came in at $1,964. After cash expenses my net earnings totaled $1,700 even.
Earnings were $604 not including the claim reimbursement.
January was an OK month. I could have had more reservations. My original pricing was probably too high for my Mustang. It’s more competitive now and I’m seeing an uptick in reservations. I’ll gradully increase the pricing as the months get warmer (and it’s convertible weather).
If I can help you get started or if you have questions please don’t hestiate to get in touch.