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How can you earn extra income from your car while travelling abroad for several weeks? That’s the question Meriem and Clément asked themselves before flying off to Europe.
Instead of leaving their well-maintained 2021 Tesla parked in the garage earning nothing, they chose to explore the sharing economy. This approach, also known as the collaborative economy, is similar to the model popularized by Airbnb in California.
While we were abroad, we saw this as a great opportunity to offset our monthly car payments instead of losing money.
The couple was immediately impressed by Turo’s user-friendly platform and convenience. Turo’s business model is shaking up the traditional car rental industry.
You set your own rental terms based on your goals. You can even limit your car’s mileage. In the event of damage, Turo takes care of everything. A major advantage for peace of mind.
The company entered the Canadian market in 2016. According to Turo, renting cars between private individuals via this platform “generally costs 30% less than traditional car rental”.
The process to list your car for others is very straightforward. Signing up is free and takes only about ten minutes. To make things easier, your rental listing will also appear on the Turo app.
The vehicle owner can determine the cost of the rental or let Turo‘s algorithm set the price according to several criteria, including the time of the year and the type of vehicle.
Turo’s system makes intelligent price recommendations to optimize your rental chances. But it’s the owner who makes the final decision on the price of their car.
When a customer makes a reservation, you need to confirm the pick-up details with them. Being abroad, the couple called on one of their family members for help.
It does require some coordination when handing over the keys, as well as during the vehicle inspection. Cleaning the car is also necessary between rentals.
I recommend having someone local to handle this aspect, especially if you’re travelling abroad for an extended period.
Turo ‘s service allows owners to obtain 75% of the rental price. Your income is sent by direct deposit within three days of the end of the car rental.
During their trip, Meriem and Clément rented out their car three times through this car sharing platform, for varying durations: three weeks, one week, and three days. In total, the couple earned around $1,300.
This sum has enabled us to pay off two months’ fixed costs on our leased car.
As with any rental service, the couple advise interested parties to read Turo‘s terms and conditions carefully, but also to check the details of their rental contract. If you are leasing your vehicle, are you allowed to rent it out? Does your car insurance cover this too?
While profitability is a given, don’t lose sight of the fact that your vehicle is not immune to material damage.
In fact, the couple experienced this first-hand, as their Tesla suffered a few scratches. Hence the importance of a meticulous inventory at the end of the rental period to detect any damage to your vehicle.
There are risks involved, but we felt reassured by the claims process since Turo handles all the procedures. The platform handled the claims process for our vehicle very well.
The verdict? The couple will not hesitate to repeat the experience via this rental site on their next trip.
In the event of a complaint, the host and customer may decide to settle the situation amicably rather than ask Turo to intervene.
One of the best credit cards in Canada for gas purchases is the SimplyCash® Preferred Card from American Express or the CIBC Dividend® Visa Infinite* Card. Each offers 4% cash back on gas. The BMO CashBack® World Elite®* Mastercard®* provides 3% cash back on gas purchases.
To save on your fuel bill, have you considered buying gift cards? If your credit card offers more points for grocery store purchases, buy gas station gift cards at the grocery store.
If you’re renting an electric car with Turo, the best credit card for electric charging stations is the CIBC Dividend® Visa Infinite* Card. It offers the highest cash back at 4%!
In 2023, Turo announced that the French car sharing company OuiCar is now operating under the Turo brand in France. This integration follows the announcement that the American platform would acquire OuiCar in May 2022.
Turo is now present in the United States, Canada, the United Kingdom, France and Australia.
Car rental prices vary according to several criteria, including the time of year and the type of vehicle.
It’s easy to find a low-cost car rental deal between private individuals. Depending on the rental site you choose, play around with availability dates, vehicle types and duration to find the best deals.
Your earnings will depend on a number of criteria, such as the condition of your vehicle, the rental period and its availability. In Canada, Turo estimates that hosts earn an average of $700 a month after placing their car on the site.
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