Car Sharing: Earn Money Renting Your Car With Turo While Travelling

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.

Review of Our Experience and Turo Test

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.

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”.

How Turo Works

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.

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.

I recommend having someone local to handle this aspect, especially if you’re travelling abroad for an extended period.

Benefits of Turo and Profitability

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.

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?

Drawbacks of Car Sharing

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.

The verdict? The couple will not hesitate to repeat the experience via this rental site on their next trip.

Save Money at the Pump or Charging Station

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%!

Turo Launches in France

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.