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posted on January 29th, 2020

Hashim K. wanted a new car, but not the monthly costs. Undeterred, he searched online for ways to make money off a vehicle and stumbled upon Turo. After reading reviews and verifying Turo’s insurance would cover him, he was convinced. 

Thanks to some market research, he settled on a Lexus IS 350, which attracted interest from the moment it was listed. The positive reviews rolled in, and so did the bookings. By month four, he was doing better than covering his expenses. He was making a profit.

Managing a Turo business and a full-time job

Before jumping into hosting, Hashim created a game plan to manage his time. As an automotive engineer, managing a side hustle in addition to a traditional nine-to-five job would be difficult, so he settled on the following strategies to make it work.

  • Using public transit when his car was booked. “I live in downtown Toronto, and I work in Markham. When I got my second car, I would just basically take whichever one was not booked and if they were both booked, I would take transit.”
  • Leaving his keys with his building’s concierge. “That was one reason why I chose to do the whole Turo thing. It’s even more passive.”
  • Streamlining his processes and preparing responses to frequently asked questions. “My instructions became a lot better. At first, I had to work out a lot of kinks. Especially if it was a remote pick-up.”

 

Crunching the numbers to add a Corvette to the collection

After the success of his Lexus on Turo, Hashim thought about upgrading to a nicer vehicle but wanted to be sure it was a smart financial move. He used the Turo Carculator to gauge how much various vehicles pull in on the marketplace and created a spreadsheet to crunch the numbers.

“I made a spreadsheet, and I tried to make it as accurate as I could. What are all my expenses gonna be? How many bookings am I gonna get? How much is each one worth? The seasonality? I took all that into account. Based on those numbers I decided, ‘Okay, you know what? Should I get a Corvette? I think it’ll work out pretty well.’”

He purchased the Corvette in late winter and by summer his bookings took off. They did so well he was able to raise his prices and implement a two-day booking minimum. Eager to make the most of the Corvette year-round, he slapped on some winter tires which resulted in steady bookings even during the slower winter season. 

Not that a slow day is all bad news. Those are the days he’s got his dream car to himself — with all his expenses covered. 

“It’s really cool to have a Corvette. No one my age has a Corvette, and it’s basically for free.”

Want to start covering the cost of car ownership and maybe more? 

Start your Turo journey today