![]() ![]() Always doublecheck with the dealership when it comes to oil changes though. ![]() I use Meineke for routine maintenance and Discount Tire to mount and balance tires. You don’t have to know how to do the maintenance yourself but by sourcing the parts on your own you will save significant amounts of money when it comes time to take your car to the shop. Now that I have a significant fleet I have found a need to find ways to save money when it comes to maintenance. That $21,428 spread can potentially cover more than seven totaled vehicles! Maintaining your Turo and GetAround fleetsīefore I expanded my fleet I had never had to do any sort of maintenance on my vehicles and simply took them to the dealership whenever the maintenance light came on. If you do the math yourself you can see how much a simple change in insurance packages can drastically increase the profitability of your Turo fleet. A side note: in the past year I’ve had over 1,000 trips and the most substantial damage incident was around $1200. If you think your clientele cannot afford $500-$1000 settlement then you should stick with the 70% plan. Choosing the 85% option is effectively assuming some of the risks Turo takes. If you’re a host that mainly rents out cheaper vehicles this may not be a good option for you. If your guest believes that you are working in their best interest to resolve a claim you will have better luck coming out ahead as Turo would only payout 20% of the damage up to $3000 while collecting the FULL AMOUNT for your guest. It’s your job as a host to make sure they understand that you are on their team. The $3,000 deductible seems scary but bear in mind that guests will be responsible for the damage no matter what! If you communicate with your guests clearly you will be surprised how often they will pay out of pocket or file a claim with their own insurer. This makes the 85% basic coverage a more reasonable choice for hosts. I did a year-end analysis for my fleet in 2018 and I would have come out ahead over $10,000 accounting for all damage claims. Since the vast majority of hosts prefer the $0 deductible plan, this can make a significant impact on your bottom line. If you haven’t heard the bad news yet, Turo has recently announced that it will be lowering the standard protection plan to a 70%/30% split. I offer these checks along with a valuation estimate at a rate of $5/car. This will prevent you from purchasing a vehicle that is not eligible (branded titles, rolled back odometer, etc). When buying a car from Craigslist be sure to check the VIN for the carfax and AutoCheck reports. Also, don’t forget to doublecheck your tax rate to make sure that part of the payout is correct as well. You want to make sure you’re compensated fairly by the insurance company. Make sure you print out a Monroney label (the sticker that is on the windows at new car dealers) if your vehicle has many options. Note: DMA is notorious for lowballing on replacement value. ![]() Getting a good deal when you buy a car is very important because you will spend less time upside down on your loan and won’t have a gap should your car get totaled. It’s a little pricey but allows hosts that would otherwise be unable to expand have an opportunity to do so. Turo has also partnered with Stratim (part of AFC) to offer auction access as well as a line of credit for top hosts to expand their fleet. If you’re in California or Las Vegas, I offer this service so feel free to shoot me an email. I understand that the vast majority of new hosts will not be able to get a license however I highly recommend searching for a local dealer or service that will buy a car at auction for you for a nominal fee. I buy all of my cars at various dealer auctions like Adesa and Manheim. Do not fall for the invoice close if your salesperson comes back from the office with an esoteric structure sheet. There will still be money before the dealership reaches the bottom line. If you don’t know how to buy a car, be sure to check out my previous article as I go over the basics on how to make sure you’re not the sucker every salesperson salivates over.Ī few misconceptions that I want to address are: invoice price is NOT the bottom line pricing for dealerships. Given the importance of this task, this means you need to use all of your car buying knowledge and resources to make sure you get a good deal at the dealership. What a lot of people don’t understand is that you will make a significant chunk of the vehicles lifetime earnings at acquisition. If you’re not familiar with the car industry, buying a car can be one of the most daunting tasks a prospective host faces. Given that, I want to share a few of the tips and tricks I’ve learned on my car sharing journey on how I have been able to reduce costs and earn more money sharing my cars. Since my last post, I have expanded my fleet from 6 cars to 21 cars. ![]()
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