Starting a Rental Car Business in 2024
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One iron law of the universe states; the people looking for the cheapest deal around are always the biggest complainers
kevinbarry
I used to be a landlord but renting cars to people would be a next level nightmare.
Fedgery
Just wanted to let you know, your advice, collectively across all your videos, has actually taken my game to the next level, appreciate what you do Lucky
ijefzvh
Wow Lucky, this is a fantastic breakdown of the rental car business in 2024! It's super helpful to hear both the pros and cons, especially the hidden ones like crazy insurance costs and lawsuit risks.
I had no idea the Turo market was so saturated now. Sounds like the race to the bottom is real. Maybe focusing on the private rental license is the smarter long-term play?
Would love to hear more about your experience with commercial rentals - especially the part about booming delivery services. Thinking about this as an option. Thanks again for such a valuable video!
AutoAuctionUSA
I like the idea of driving a 1990 Crown Vic. Those used to be the taxis in Chicago.
Chicago_Cabbie
If big corporate rental places like Hertz keep going bankrupt that tells you a lot about the rental car business.
BimmerBros
I think in order for Toro to work your car has to be paid off and then you can collect it as side income. Extra income is cool then because I had a paid off car that I put on the platform and I was cool with getting $30 a day. $40 a day because the car paid for itself pay for its own maintenance which was very little so it just depends on the situation but the car needs to be paid off in full. That's the first step
kaylove
I’m in MO and Yes the State does offer a Rental/Lease License. It is Required NO. The license from the State Means when a motor vehicle is titled via a rental vehicle license the Business charges the customer sales tax each time it is rented. If a business pays sales tax when the motor vehicle is title a rental car license is NOT Required
QualityAutoDave
If I were to open a Turo I would rent space from a car repair place and try to staff the desk m-f 9-5. They would get a cut of course.
oleradiodudea.m.
Sold my cars in Miami after 6 cars totaled in 1 month!!! Insane!!! People are wild these days!!! Cant rent nothing!!! Always damages claims out of pocket repairs closed insurances lost investments!!! Lost tens of thousands 😢 no more rentals!! We need high class people! For low life animals nothing!!!
ShortFunnyTales
Thanks for all the great content. I'm subscribed.
I'm on the west side of Florida. What is your opinion on getting an LLC for Turo. I have 2 vehicles on the platform and plan on getting another 3.
Any advise would be greatly appreciated.
edroman
I have 34 cars on Turo and they do an excellent job. I have repeat business from long time customers that makes up 40% of my business and half of my customers Rent for 1 week or longer with 6 renting by the month and 3 that have had the vehicles over a year.
I will gladly pay Turo 10% to handle everything including customers that damage vehicles or when they get stolen etc. Insurance would be a lot more if I did it myself.
Sounds like you weren't very lucky with Turo and blame the platform.
dominicgerodano
Since its inception in 2013 as RelayRides, Turo has indeed engaged in a race to the bottom. The concept revolves around not investing in expensive cars for rental purposes and avoiding excessive fees to Turo.
Similarly, in Uber, maximizing profits in the business involves driving the most economical car for the highest fuel efficiency, aiding in profit generation and expense write-offs.
After spending 11 hours on Turo, I'm willing to invest more if the car prices align with my budget. Thanks to Andy's advice, I've been negotiating with dealers since 2022 without rushing to buy unless the price meets my requirements.
cutdcrap
Good Informative video. Thank you. God bless you.✌👍❤
thisandthatfloridausa
Did this as well… until 2 cars were totaled and the 3rd got wrapped up in a criminal operation of robberies and has the VIN tagged by multiple police departments… so can’t drive that car at all. Yeah I’m good now. Made money, but the stress and ridiculous drivers turned this upside down for smaller operations.
CarQuicks
🎉🎉🎉 Hey 👋🏼 Lucky
I’m so glad that I have already done my over 36 years in business for myself.
These days it just seems impossible to start any business during these ugly times. But then again The Economic Ninja keeps saying that during the colapse of our economy it is a great time to start a business. I’ve been brainstorming this for quite a while now.
I wish you the best in business and always keep true to yourself and your business. Blessings from, California, Carlos ❤️🙏😊
SirCarlosMusicBMI
You're close on the insurance in my experience. Just to be able to do Uber/grub hub meant commercial coverage. Cost went from $2200 a year to $6000 a year. They didn't care if owned or financed. But the loan company cares and says that if they find you're doing anything commercial, they'll repo the car. You only find this out if you ask them or when your car disappears.
jackpalczynski
Thanks Lucky. I am researching the possibility of renting cars outright. Rental car Insurance companies seem to be a challenge so far. I am interested in long term rentals or leases by the month.
Eva-zywl
I’ve never gave in these ridiculous low prices that my competitors offer and I still manage to do well in Turo with my now fleet of 3 cars this a business not a charity … I just work the algorithm of Turo and has not let me down since day 1, thanks for the straight up info ! IF YOU PAID OVER STICKER OR over 95 %LOAN TO VALUE YOURE ALREADY BEHIND
marccddiaz
I own six running vehicles, and have thought about ways to make money on them. But, I don't think too many people want to drive my 1990 Crown Victoria, and I don't think I'd like the idea of someone wrecking it, either. Guess my fleet will just keep costing me money....
