As a culture, we are becoming more productive with our time, and less wasteful of our money.
For example, hundreds of thousands of folks across make money off of Airbnb. If you have a spare room -- why not make a couple extra bucks by making it available for people to use? Why watch TV (and spend money on cable), when you could be making money on Fiverr or TaskRabbit?
We’re partnering with Turo to show you a way to make the most of your time and idle assets to earn more money. Turo is a marketplace where you can share your car and make an average of $500 per month, or in the case of a graduate student named Kayla, who we spoke with for this piece, easily make between $600 and $900 per month.
What Is Turo?
In short, Turo is a marketplace that allows you to list your car for others to borrow when you aren't using it - think of it as Airbnb for cars.
Why do we need car rental services like Enterprise or Avis, when there are plenty of cars in our driveways that folks could be using instead?
If you own a car, you can list your car on the Turo marketplace and earn money by sharing it with others when you’re not using it. This is a great side hustle and completely changes the economics of owning a car!
Some of the best “side hustlers” I know even have eliminated their car payments completely by sharing them on Turo.
You might be asking… why would a person borrow someone else’s car? What’s in it for them? The short answer is it’s cheaper, faster and oftentimes simply a better experience (we all have car rental horror stories).
Another reason someone might favor Turo over a traditional car rental company is because on Turo you have the ability to book higher-end sports cars - like Teslas or BMWs upwards of 25% less than at car rental companies. These can be a fun bonus to a vacation or a way to test drive a dream car!Check out our full Turo Review here and learn more about how it works. Or jump right into it and see the platform here - Turo >>
How A Grad Student Makes Passive Income On Turo
To learn more about the income potential for listing your car on Turo, The College Investor team came across a 24-year old grad student in Arizona named Kayla. We got her on the phone and peppered her with questions. We learned that through Turo, Kayla has made a remarkable $9,500 over the last 22 months just by lending her car to others!
Today, while earning her Masters, she averages between $600 and $900 per month, simply by sharing her car. She now owns two cars, one which is completely paid off and simply a money-making asset she lists on Turo.
So, how does she do it?
Her main focus on earning is offering custom delivery and sharing her car with travelers. She sets her own rates, and charges anywhere from $24-$32 a day.
One thing that scares most people is what happens if someone gets into a fender bender while on a trip with your car. Turo has you covered. All Guests are screened and each trip is protected by $1 million in liability insurance -- through an insurance partnership with Liberty Mutual -- plus physical damages and car owners are protected up to the actual cash value of the car.
She does not need to advertise or do anything, Turo does all that. All she does is list her car for the dates it’s available and travelers book it.
In her case, she would list her car on Turo on days when she didn’t have much going on besides school and studying (which were walkable). Students are the ideal Turo hosts because of their flexible schedules.
Kalya says this about Turo: “It seemed scary at first, but Turo makes sure that their Hosts are safe on the platform. Plus, I had the opportunity to make enough money to pay off my car loan and start paying off my student debt while in school.”
Side Hustle Success
She recounts one of her best success stories: “I once shared my car with a foreign exchange student for an entire summer. He was in town for an internship, and sharing my car was cheaper than any other option. He took great care of my car, and I made a lot of money!”
When she had a car loan for her first car, she would make the payment and then make a second extra payment if she made more money than expected. Most months, Turo was making her enough money she could make second and third additional payments! That’s how she paid off her car so fast.Check out Turo here and get started >>
Turo is an awesome platform that enables you to unlock serious revenue earning potential from your car.
Think about this: the average car in the US sits idle 93% of the time, depreciating in driveways and garages across the US.
Perhaps you commute to the office during the week on public transit. Maybe it’s the weekend. Maybe you’re going on a trip. Maybe you have a third car you’re not using (I’m looking at my neighbor when I write this).Turo can be a great way to earn money from your car. Check it out here >>
Robert Farrington is America’s Millennial Money Expert® and America’s Student Loan Debt Expert™, and the founder of The College Investor, a personal finance site dedicated to helping millennials escape student loan debt to start investing and building wealth for the future. You can learn more about him here and here.
He regularly writes about investing, student loan debt, and general personal finance topics geared towards anyone wanting to earn more, get out of debt, and start building wealth for the future.
He has been quoted in major publications including the New York Times, Washington Post, Fox, ABC, NBC, and more. He is also a regular contributor to Forbes.