My Tesla's first 30 days on Turo: I think I'm losing money.

After one month, my Tesla Model 3 has generated me some cash - but it's not exactly cheap to own either!

----------
REVENUE 🔽
Trip 1: $127
3 days, 284 miles

Trip 2: $236 + $601 damage claim
8 days, 932 miles

Trip 3: $34
1 day, 193 miles

Trip 4: $34
1 day, 72 miles

Trip 5: $34
1 day, 195 miles

Trip 6: $114
3 days, 592 miles

Trip 7: $78
2 days, 327 miles

----------
EXPENSES 🔽
Purchase price: $22,617
($16,617 after the $4k used EV tax credit)

Purchases to prep it for Turo:
$22 dashcam drive
$28 lockbox
$15 lightning cable
$16 car wash supplies
$11 premium connectivity

Additional expenses from this month:
$443 loan payment
$100 insurance
$60 wipers
$18 car washes
$5 airport parking
$28 Uber

➤ $1,051 IN REVENUE | (5,548 miles driven)
➤ $601 DAMAGE CLAIM PAYOUT
➤ $1,236 IN EXPENSES
➤ $416 PROFIT | (9¢ per mile)
➤ Depreciation estimation... 8¢ to 10¢ per mile?
➤ "True" profit per mile... well, you can do the math. Uh oh.

0:00 What's Turo?
0:34 Upfront costs
1:07 Revenue!
6:57 Expenses!
8:33 Profit!
10:29 Depreciation...
12:10 My secret weapon
13:30 Equity..??
14:27 Will I keep it listed?

I get a commission on affiliate links above :)

[GoHerping]

but i mean - maybe there's opportunity for growth..? if it were yours, would you keep it listed?

[mfkp]

Brother, increase your rates 25%, and make it a minimum 2 day rental. That way your work per rental is lower (value your time), and you won't get people joyriding your car to shaboink as much.

[Lukksia]

if someone crashes and dies in the tesla you have a banger video on your hands 👍

[isthatatesla]

Your voice is fine. You're doing well. Don't be too hard on yourself.

[LizaGrace]

34 a day is EXTREMELY cheap especially for a Tesla, I live in a tourist city on the coast so maybe that's why rental cars are pretty expensive but the only cars I've been able to rent for $34 are older basic cars, Tesla's and SUVs go for $50+ a day lol especially with the Tesla premium, cleaning supplies included and all that, you could definitely charge more

[rhodeislandhiker]

I met someone when I was renting off turo who did this as their full time job. His house had a double parking lot for the extra cars and he had tons of cameras all over the place because it was pick up and drop off only . His car set up was like 10-15 cars and trucks . Alot of older but well kept hybrid's and a few Toyota yaris and some trucks. Most of the cars had between 170k -230k on them. Seemed like he was making a lot cuz he cars were always getting booked prices were from $36 -$42 I'm in Rhode Island. Hope this helps brother

[blank]

Honestly your voice is lovely, it’s super smooth and honestly calming to me. I can listen to you for hours.

[michaeld]

I think I'd rather buy a cheaper car than I don't care about rent that out and then earn the money to buy a tesla for personal use

[ken]

The IRS says it costs 67 cents/mile for fixed and variable costs for a car. If you don't make at least that much, you are not making any money.

[Kushgoblin]

Came across this randomly and thought I recognized you and I looked through your Chanel and found out your the animal guy I used to watch back in the day and now your doing car content no way congrats man!

[phillipsmall]

Hate to say it but this is probably going to end up like your roommate fiasco. It all sounds good in theory but reality is that the odds of success are not stacked in your favor.

[toryecohen]

there are two things you didn't account for one is that if somebody crashes your car than you lose weeks of revenue and that if you rent it for a few years its basically battery lottery if your battery lasts less than 300k miles, witch is likely, you have to pay 13k to replace the battery.

[emilijadikinaite]

I love your weird ideas and adventures, One day I'm watching you take care of chickens the next amazon, next turo

[overnight.g]

I love your raw and honest content! You're inspiring. Always stay true and humble brother!!

[cantgetright]

IRS figures 67 cents a mile. So I use that. Keep track of expenses and use whichever is more. Then you don’t have to worry about depreciation.

[inkyboi]

Yeah tbh In theory turo is cool but I wouldn't do it, people don't care for what ain't theirs :/

[Frostyfern]

This is one of your three cars on top of insurances and mortgage. Brother how do u keep all this under control?

Should do another of your vids where you show your debt and expenses vs income like you did before.

[jessicavallee]

I'm glad you're keeping it listed. I'm very interested in seeing how it goes and I also think that as you gain good reputation on that platform you are more likely to get more renters and will be able to gradually set the price a bit higher.

[kdmixbp]

See if you can raise your price $5-15 per day and do longer term rentals. When it's a one day rental, sometimes it attracts the wrong crowd and cleaning has to be done more frequently. Similar to airbnbs, hosts like to do 3 day minimum rentals to disincentivize people who party for a day and then trashing their place. Your target demographic should be families and people on vacation. Longer renters won't trash your car so easily since they need to be in it for a few more days. Good luck in your journey!

[arlow]

I think you had a good approach - my partner and took the same approach with Rover. Kept prices on the lower end to build clients & get reviews. Raised them once we were in a good spot.