Future dates: Workshop February 12th 2020. Register here
The basics of personal finance and books that guide you about your money all agree on one thing. Cars are liabilities.
It doesn’t stop many of us to purchase, lease or rent them when we feel it is adequate. They make our life easier and more convenient – the basis of humanity as our nature is lazy.
When Relay Rides – now Turo – came to market in 2010 – they wanted to redefine what it meant to have a car. Their goal was to put the millions of ‘part time cars’ into work. Ever since – it helped thousands of people – hosts – to pay off their loans, make some side money and for some – turn it into rental companies.
As Turo came around in Canada back in 2016, they caught my attention. The idea of making money out of an asset that I already own without putting in so much time was interesting. That is the reason the idea of Uber didn’t work for me – there is a finite amount of time in a day. While with Turo – there is an infinite amount of guests who can rent cars at any single moment.
When I started – I had an additional lease from Volkswagen, a beautifully specced Jetta TDI. There was a scandal and all cars were recalled to be fixed or returned. Here, Fares from Volkswagen Popular helped me cut a great deal on 2 replacement vehicles for almost the same price as my current lease. The catch was that I had to make the purchase in May and the Jetta would only be eligible to be returned in October.
This is where Turo came into play. I decided to rent it out to complete strangers, something I was completely uneasy with. The demand surprised me – I got my first booking within 30 minutes of listing the car. The pleasant surprise was that 2 day rental fee would cover 20% of my monthly cost. Well, within the week I had all my 3 Volkswagen rented out. I got all my family vehicles on as well – turning into a fleet of 5 cars. It turned out to be great – all my leases were paid for and I was able to bring in an additional semi-passive income.
The beauty of the process is the same as AirBNB – you can bring in extra income with no additional investments. The lowest risk startup.
Today – November 12th 2019 – there’s a Turo 101 workshop. The following ones will be announced ahead of time!
New workshop December 12 2019. Registrations here.
Signup link here. You must create a profile and have a photo of your car before attending.
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