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! :)