Just like any business or investment, there are risks. Turo or AirBnB is just one potential business model. Some people have success with it, some people do not. But just think of the potential. You can make money from something that is normally a liability. Suddenly it can bring in income. You must take everything into consideration. Maintenance of the vehicle, damage, theft, etc. But that’s no different than renting out your house for example. Things can happen. I just like the idea that this gives people the opportunity who don’t have much money to either bring in income or potentially reduce their car payments. Something to think about.
Cars sit idle 90% of the time. During that time, you can rent out your vehicle to bring in an income.
Reduce expenses by offsetting the costs.
This can be for your primary car because you can block off times which are convenient to you.
You can do this with your secondary car as well.
You can purchase a car specifically as an investment to rent out on Turo and have a 100% ROI in a short period of time compared to traditional investments.
Ask a family member/friend for their car and split the proceeds
Cars can be insured through Turo or use your own insurance. This covers damage, theft, etc.