Crazy Money – Turo Car Rental

It’s Crazy Money Day! 

Turo is a car rental company whose inventory belongs to personal car owners. It’s like an Airbnb for cars. Typically hosts earn $10,000 per vehicle annually after paying a commission for insurance that’s arranged through the company. Most car owners registered with the company offer a vehicle or two, but more and more people are adding extra cars for available rentals. A young couple out of Denver recently added a Corvette to their 5 Jeep rentals. They use Turo to diversify their investment portfolio. A business student in Canada rents out multiple cars. He found that providing excellent customer service draws repeat customers. CNN reported that Ryan Costello in Hawaii started by renting out his Chevy pickup. He left his job to go full-time in the car rental business and rents out 10 Jeep Wranglers and Gladiators. In a bad month, he earns $800 per car, but in a good month he makes $2000 per car! Costello is booked for the next 4 months. It keeps him busy cleaning, maintaining, and delivering cars. He says it’s cheaper than buying and renting out a home. Plus, the returns are much better.

Turo offers models you’d never find at mainstream car rental agencies. Now, the company is not perfect. I’ve read some pros and cons. It grew rapidly and had some issues to address, but the model is unique and some people have benefitted greatly. If interested, do your homework and remember Proverbs 14:23: “All hard work brings a profit, but mere talk leads only to poverty.”

And if you’re struggling with credit card debt, I recommend Christian Credit Counselors. They’ll create a debt management plan that works for you. For more information call the Crown Helpline: 800-722-1976 or visit online at crown.org/ccc.