For some people, owning a vehicle is a necessity. For others, especially those who live in a big city with limited parking and expensive insurance rates, a vehicle can be more of a headache than anything. But that doesn’t mean the carless don’t daydream about the convenience having a car would provide. Enter Turo.
The peer-to-peer car sharing service allows car owners to “rent out” their cars when they aren’t using them therefore making back some of the money they’re spending on owning a vehicle. This might appeal to car owners who have the option to use public transportation for their day to day commute but still want to be able to drive when they’re going out of town or need to do a big grocery store run.
A study by Angus Reid Global earlier this year found that on average, Canadian car owners are behind the wheel for just 380 hours per year. For the remaining 8,380 hours, cars are sitting idle. For the average car owner that amounts to just over 7 hours behind the wheel a week and 63% of car owners don’t even drive their car every day. Considering the cost of buying and maintaining a vehicle and the fact that it starts depreciating in value pretty much immediately, it hardly seems worth owning a car at all. But Turo wants to make car ownership more realistic.
As far as side hustles go, renting out your car is both profitable and low maintenance. Car owners are also covered by a $2 million liability insurance policy so there’s no need to worry about insurance fees going up like they do if you were to use your car for food delivery or ride sharing services.
For anyone looking to rent a car, there are a few benefits of going with Turo over traditional car rental companies. For one, you’ll actually get to choose the exact car you want instead of just opting for a “four door Sedan” and hoping for the best. The website allows you to browse by categories which in addition to your typical car, truck, minivan options includes convertibles, classic, exotic and luxury vehicles.
When you search the platform for a car, you’ll have the option to filter your vehicle search for features such as electric or hybrid cars, dog-friendly travels, or one that includes a baby seat. You can also read reviews on the hosts (car owners) and the cars themselves to make sure you know exactly what you’re booking. Just like the appeal of using Airbnb instead of staying in a hotel is that you’re getting a more authentic experience, the cars available on Turo seem more personal as if you’re borrowing a car from a friend.
The average host on Turo earns over $600 CAD sharing their car only a few days per month. For luxury car owners especially, having the option to rent out their cars is a way to justify owning their dream car even when it’s not the most practical option. Teslas are among the most popular cars on Turo and there is also a high percentage of electric cars available. It might even be a way for some people to test the electric car thing before taking the plunge and getting one for themselves.
Currently, Turo is available in Canada, US, UK and Germany, in more than 5,000 cities. In Canada, it is available in Alberta, Ontario, Quebec and just launched this summer in Nova Scotia. With over 10 millions members globally and 700,000 in Canada, Turo is well on its way to becoming a household name for car sharing just like Airbnb has become synonymous with accommodation rental.
