Rent out your car on Turo, an Airbnb-type app
INDIANAPOLIS (WISH) – House rentals may get the headlines, but you also rent your car to a stranger through an app.
Like Airbnb for your car, Turo has been around for nearly a decade, including in Indianapolis. Turo advertises its business as a way to turn your car from a major cost to a cash engine. Founded in 2010, the San Fransisco-based company is in cities around the world.
Officials from Turo say they are focused on the traveler, giving them alternatives to traditional rental car companies. On average you will pay about $30- $35 less per day than a traditional car rental services.
Hosts, or people who own the cars, can earn $450-$500 a month. For host Shelby Koonce, he has three cars in his family, one he got specifically for driving for Uber and Lyft. He says that $400 goes a long way towards his car payments.
“Some users really hit it out of the park, especially in bigger markets like Phoenix and L.A.,” said Koonce. “Indy is definitely a smaller market, we don’t make enough to cover our car payments by any means but for having a third vehicle that would be sitting in the garage or the driveway, it’s easy money.”
Steve Webb, communications director for Turo says you can adjust your lifestyle with the app.
“Now we have people who are able to offset the costs of owning a car and in some cases buy a car that they wouldn’t be able to afford,” said Webb. “Maybe you were in a Prius category and you wanted a Tesla X. Well, you rent it out a few times a month and you’re getting a free Tesla X.”
Shelby says he’s had more success when his price is about $55 a day to rent. With that, renters get about 200 miles to use a day.
A big question has been about insurance and Shelby says insurance Turo offers is more comprehensive than any traditional car rental company. He says although airport travelers are good customers many of his rentals comes from people needing a car for a day while theirs is in the shop.
For more on Turo, click here.