Searching for some Turo analytics? Wondering what Turo earnings actually look like? Read on for my 2022 report.
With three years of hosting under my belt and a “fleet” of cars on the platform, I now have a much better idea of how much you can make listing your car on Turo. For a detailed breakdown of what that looks like, here is my 2022 Turo earnings report along with why this might be my last year on the app.
My 2021 Turo Earnings
Before digging into this year’s earnings report, I think it’s a good idea to look back at how last year went.
Thanks to my very first renter getting into an accident, my 2021 season didn’t kick off until April. On top of that, I blocked off the car for a 2.5-month stretch for a cross-Canada road trip. Still, I managed to rack up 12 rentals over the year and earned just over $5,000. After minimal maintenance fees, I cleared ~$4,600.
My 2022 Turo Earnings
2022 was a much different year. For one, it was not delayed by any lengthy repairs. I also didn’t block off months on end for personal trips. Lastly, I added a new Tesla Model Y and now, technically, I have a fleet. 😂
On the negative, the traditional rental car market levelled out. This meant Turo demand was lower as were my daily rates.
Still, my Turo earnings and rentals more than doubled in 2022 with ~$12,000 made over 25 trips.
August was my busiest month as I added the second Model and immediately rented it out for several weeks. June and July were quiet as I was out of town for a few weeks. I took one of the cars on a spontaneous trip in September and then went through Oregon for over a week but still saw some good activity. This is where having two cars came in handy.
Lastly, my Turo earnings between the two cars were $7,356.99 for the 2020 Model Y and $4,765.33 for the 2022 Model.
Detailed Breakdown of Each Rental
Here’s a detailed breakdown for those looking for some Turo analytics. The table below is my 25 rentals with daily rates, discounts, EV charging chargeback, delivery fees, and Turo’s cut.
Note: I excluded the $10-$20 pre-charging fee in the list as it was selected for almost all rentals.
2022 Turo Earnings Breakdown
|RENTAL LENGTH||COST/DAY||DISCOUNTS||EV CHARGING||MILEAGE FEE||DELIVERY FEE||BILLED TO RENTER||TURO FEES||TOTAL TAKEAWAY|
Daily Rates, Discounts, and Reimbursements
As you can see from the above table, my daily rate and fees shifted over the year. It peaked at $265 and dipped to $114 which is a pretty big swing.
I typically use Turo’s automatic pricing, however, after noticing a lull in bookings, I turned this off. I found a glitch with the service as the automatic price was pinning it to the top of my scale. Unfortunately, this likely lost me a couple of months’ worth of bookings. A good takeaway from this experience is to monitor the calendar along with competitors’ rates to ensure you are competitive.
Speaking of staying competitive, I have discounts applied to early bookings however I have reduced discounts for longer rentals as I prefer 3-5 day bookings. This helps keep the car relatively local and keeps mileage down.
Reimbursements largely came in the form of EV charging fees. That said, I did play with free Supercharging as I have plenty of credits from Telsa’s now-defunct referral program but have since cancelled. I used this to entice renters and not many noticed it in the ad. Those that did, in my opinion, abused it. I had one renter who said he was just going to Whistler (~240 KM round trip) but ended up travelling all over BC, Alberta, and Washington State. It was during winter so really ate up those credits.
As highlighted last year, Turo takes a big cut. That said, they have come down from 30% to 25% which is a little more palatable, especially with the service issues I have had when dealing with Turo. More on that to come.
My Turo Expenses
Since I run electric vehicles on Turo, my expenses are minimal and limited to cleaning and insurance on the second car. I will have to change tires next season on my 2020 Model Y but this past year maintenance was low.
A new factor is the monthly payments on my second car. I did not factor in these payments in the past as my first Tesla was my primary vehicle. Since I don’t need the second car I am including payments here as an expense. In 2022 I made $10,000 in payments.
The biggest cost associated with renting my car on Turo is keeping it clean. This means washing the car before and after guest use. In 2022 I spent ~$550 washing my fleet.
I intended to cut costs this year by cleaning my car at home using the Chemical Guys car wash kit however I became used to the time savings with the touchless wash.
I did clean the interior myself thoroughly with Car Guys Interior Cleaner. This just became part of my pre-trip cleaning routine along with wiping down all the plastic trim and floor mats with Mothers Back to Black Cleaner. Seats and carpet get a wipe down with Mothers Carpet and Upholstery cleaner. I also purchased some scratch-free shammy towels to wipe down the car after cleaning.
I have had to top up these cleaning products this year at a cost of ~$70.
In my location in British Columbia, ICBC, the provincial insurance provider, does not charge a premium to those renting their vehicles on Turo. Still, with adding a second vehicle, my insurance costs have now doubled. As such, I will include the cost of the second vehicle ($2,000) as an expense.
If you are considering renting your vehicle on Turo I suggest you reach out to your insurance provider to see if they require you to pay a premium for peer-to-peer services.
Charging at home is currently a flat $25/month through my Strata. I haven’t included this as an expense as it covers my personal use as well. That said, I have added a second vehicle so will include that $25/month as an expense. For 2022 this was $100.
As for guests using Tesla Superchargers during their rental period, I bill back the amount used. Since I have plenty of Supercharge credits I typically cap this at $15/charge.
I live in a townhouse complex with underground parking and only have one stall. As such, I have been renting out a second stall from a neighbour at a cost of $50/month since September. This was a total of $200 for 2022.
Drop off and Pick Up
Also highlighted last year, another fee that can add up quickly is getting to and from drop-off and pick-up locations. This service is optional and, as I pointed out in my post on lessons learned renting my car on Turo, something you need to think carefully about.
In 2022 I spent ~$275 last year on Uber rides to/from pick-up and drop-off locations. This was over 10 trips. I do charge the renter for this service to recoup cost plus time.
Speaking of time, the biggest expense of renting a car on Turo is your time. The bulk of my time is spent preparing cars for guests and doing deliveries and damages.
Another time drain is dealing with any damages that may occur. Curb rash is the biggest offender and happens quite a bit. You can deal direct with the renters on compensation if under $2,000 or go through Turo.
In 2022 I got a bit fed up chasing renters so have submitted all claims through Turo. This turned out to be even more frustrating as in some cases I had to go the extra mile to prove the damages were done by the renter, even when the renter has admitted fault. This is a big reason why next year may be my last on the platform. I will have a dedicated post on that soon.
So, How Much Can You Make on Turo?
In 2022 my total payments from Turo after fees were $12,122. Deducting my minimal expenses of $3,195 and I cleared $8,927 renting my two Tesla Model Y’s 25 times over an 8-month period.
Factor in the $10,000 I paid in car payments on the second Tesla Model Y and I am down -$1,073. Still, renting it on Turo is a way to pay it off quickly so I don’t see this as a negative.
Lastly and similar to last year, I definitely learned a few more things about hosting on Turo in 2022. For my full list of lessons learned check out the post below and stay tuned for why I will likely be leaving the app soon.
If you are thinking about placing a Model Y order, be sure to use my referral code and get 1,500 Supercharger kilometres!*
*As of Sept 2021, Tesla has put a pause on referrals 😞 I will update if/when they reinstate it.