Rent Other Peoples Cars with Turo
I recently purchased a 2016 Corvette, a very nice, pretty expensive car. To help go towards the monthly payments, I listed the Corvette for rent on Turo, a site where other people can rent your car with insurance. Turo is sort of like a AirBNB for cars.
The Corvette’s monthly payment is about $900/mo. $800 is the car payment and $100 is the insurance. This is the result of a ~$37,600 loan, 48 months @ 1.49% interest. That low interest rate is the only reason I even considered buying a car so expensive. I even traded in my barely running, always needing work 2005 BMW X5 4.8L on the Corvette, the trade in value + tax benefits was worth more than what I paid for the BMW.
I have the Corvette listed on Turo for $200/day, of which I get to keep $150/day after their insurance, fees, and taxes are taken out. So if I rent my car 6 days a month, the whole payment is covered. I’ve rented it 2 days so far in the first month owning it, to an older man from the county South of mine so he could play a prank on his wife.
So far, I like the Turo service. I work from home, which makes it easy for me to rent my car, and I don’t need a car most of the time. I get groceries once a week, and that’s really as much as I NEED my car for. I’ll continue to have the Corvette listed on Turo and see if I can minimize my payment as much as possible while still having a nice car.