Teslas are more than just cars. They’re fully electric, loaded with tech, and full of features that make the term “driving” seem inadequate. This might explain their cult following, which includes serious, longtime auto fanatics, EV-lovers, and Tesla purists — all of whom bring a level of enthusiasm that no other electric vehicles even begin to approach.
Because of the investment required to take these darlings home, Teslas might not come to mind as popular cars to rent out and share with other people. And yet, Turo has a substantial network of owners renting out their Teslas all over the US, Canada, and the UK. So we caught up with some Tesla owners in our community to find out what inspires them to rent their Teslas on Turo and why they love them so much.
The Tesla that pays for itself
When it comes to renting Teslas on Turo, for most owners, it just makes financial sense. Some of them wouldn’t be able to afford their Tesla if they didn’t rent it out. Plus the steady buzz around these cars creates a solid stream of interested renters. In a recent Turo study of the rental incomes from different makes and models, a 2016 Tesla Model S rented out 6.9 days per month earned the average Turo host $1,021, with the monthly finance amount for the same model averaging about $1,020 — meaning many Tesla owners using Turo are enjoying their Teslas for free.*
OWN A FREE TESLA MODEL S BY RENTING IT OUT ONE WEEK PER MONTH
“I really, really wanted a Tesla, but I really, really couldn’t afford it,” Model S owner Joe E. recalled. “But then I thought I could use Turo to offset the cost of ownership,” and so he took the plunge and bought the Tesla.
According to Brent G., “My car payment is $1,200 per month and renting out my Tesla nets me around $1,150 per month. So it’s like driving it for $50 per month – the lowest cost of any car I have ever owned. For that, I get to drive it about 40% of the time.”
As Ryan C. adds, “The Tesla has no real maintenance and an infinite mile warranty on the powertrain for eight years.” Ryan reports that in what felt like a joke, he called up his bank to see if they would approve a $70,000 loan to buy a Tesla to rent on Turo. He was certainly concerned about taking on the debt, but, he says, “I started renting it out and, lo and behold, I roughly have a free Tesla that I get to drive about a week or so a month.”
Sharing the love
And then there’s the awesome factor. “Why not rent it? I’m all about sharing the best car ever made,” Steve S. exalts. Nobody wants to keep the thrill of a Tesla to themselves.
Tin V., who rents his Tesla “to share the most amazing driving experience with the world,” has even rented his car to Turo members with terminal illnesses, who wanted to the chance to drive a Tesla in their lifetimes.
Leon F. is grateful that Turo gives him the opportunity “to meet new people to talk about Tesla with, and pay for my car at the same time.” He adds that, “the community has taken care of my car as well as or better than I would myself.”
The lesson may be that the complete experience of owning a Tesla hasn’t been fully achieved until the joy of driving one has been shared with as many people as possible. That’s a sentiment well-suited for Turo. So if you’re ready to submit to the contagious Tesla tickle, take your pick, and list your car to transform it into an earning engine.
* Monthly finance amount based on latest base Tesla Model S 60; MSRP $67,200, 72 month term, 4.74% APR, 5% down payment