Author Topic: Turo - Is renting your car worth it?  (Read 309 times)

teltic

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Turo - Is renting your car worth it?
« on: July 02, 2018, 11:59:43 PM »
Hello all! :)

I've just started renting out my car on Turo...  Was curious if anyone else has done this, and whether you think it is worth it.

2013 Hyundai Elantra
Bluebook value: $7200ish
Miles: 90k


First Rental: 6/29 - 7/2
Turo Revenue: $72 net of fees
Miles = 335
Cost of depreciation & maintenance (according to MMM) = 7.1 cents (.6 cents for tires, .5 cents for oil, 1 cent for misc expenses, 5 cents for depreciation) * 335 = $23.79
https://www.mrmoneymustache.com/2011/10/06/the-true-cost-of-commuting/

Net Profit = $48.21 for 3 days.


I have a second customer for this weekend (I'm getting the feeling most rentals will be on the weekends...).


$16.07 per day of rental doesn't seem like a lot.  Am I calculating this right?  I guess I will be able to get some tax write offs to include?  Quickly checking, looks like I can write off 53.5 cents per mile.  .535 * 335 = $179.23 to write off.. Which if I'm in the 25% tax bracket... I just saved $44.81 in taxes? 


This has been a good experiment to see if I can survive without a car.  I rode my bike 5 miles to do a meetup, rather than driving.

Does my math make sense?  Thank you in advance! :)

bakfiets

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Re: Turo - Is renting your car worth it?
« Reply #1 on: July 09, 2018, 08:18:00 PM »
I thought about doing this too.  I work at the airport and am gone for 4 days at a crack and like you I got an Elantra.  Keep us posted I'm curious to know how it works out.  Good on you for biking I know how LA can be on bike and it ain't always good.