Would I make a worthwhile profit if I rent out my 2015 Convertible Corvette in Turo?

enyce2k9enyce2k9 new jerseyMember Posts: 2
edited January 2017 in General
Here's the situation, I have this car financed and although I'm on the upper class bracket I like the idea of having someone else make my payments in return for a few days worth of use.

I reside in Northern New Jersey and brands like Enterprise Exotic are not up here so I'm assuming these kinds of cars are a big attraction for established travelers that have no other venues.

So that brings me to my question, Is it a profitable idea? Would you do it? How reliable is Turo in holding their end of the contract?

Thanks in advance for your responses.

Comments

  • Mr_ShiftrightMr_Shiftright Sonoma, CaliforniaMember Posts: 64,482
    You know, on some cars I might encourage you to give this a shot, but not a Corvette. You are just inviting abuse and relying on some Internet start-up to back you up 100% is not very comforting.

  • texasestexases Member Posts: 9,800
    edited January 2017
    You are inviting a HUGE exposure to risk - what if somebody runs over a kid while driving your car. This is a BAD idea.
  • kyfdxkyfdx Moderator Posts: 201,024
    texases said:

    You are inviting a HUGE exposure to risk - what if somebody runs over a kid while driving your car. This is a BAD idea.

    https://turo.com/

    This is why he thinks the risk is mitigated.

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  • texasestexases Member Posts: 9,800
    Hmmm. I guess, but I'd want somebody other than Turo confirming I'd be covered.

    But rent out my Corvette to a stranger? No way!
  • PF_FlyerPF_Flyer Pennsylvania Furnace, PAMember Posts: 9,400
    Not certain that there's anything I could read that would make me feel safe about doing this. Putting the liability issue aside, do I really want someone else driving around my car in north NJ traffic? And going back to the liability side, what if something unexpectedly fails on the vehicle and the driver gets injured? It's still YOUR vehicle and it seems reasonable that maintaining it in safe operating order is your responsibility. The Raechel and Jacqueline Houck Safe Rental Car Act of 2015 bans rental car companies from keeping cars in operation that are subject to recall until the necessary fixes are made. I don't see how an individual owner renting out their vehicle wouldn't be responsible for the same sort of things.
  • texasestexases Member Posts: 9,800
    Here's the source of my concern. I don't know how this differs from lending the car out, but the consequences can be serious, including jail time, if the driver does something bad:
    http://thegarage.jalopnik.com/why-you-should-think-twice-before-lending-your-car-to-s-1684911505
  • kyfdxkyfdx Moderator Posts: 201,024
    No idea on liability, just pointing out that he wasn't doing it on Craigslist.

    I would guess that Turo is technically renting the car to the user, but I would still have liability concerns.

    Also, if your insurance company finds out, expect to get canceled (this applies to Uber drivers, also).

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  • Mr_ShiftrightMr_Shiftright Sonoma, CaliforniaMember Posts: 64,482
    Well what if the renter just redlines the crap out of it on downshifts (no rev limiter)?--you'd be none the wiser that someone might have shaved 10,000 miles off your engine's internals or taken a healthy MM out of your tires.
  • isellhondasisellhondas Issaquah WashingtonMember Posts: 20,350
    I have to chime in with the others! The people who rent your Corvette are more than likely going to push it to it's limits and beyond! Do you really want that?
  • enyce2k9enyce2k9 new jerseyMember Posts: 2
    Well I certainly received plenty of feedback here, Thanks all for your responses! I'd be extra skeptical to pursue this venture.
  • PF_FlyerPF_Flyer Pennsylvania Furnace, PAMember Posts: 9,400
    Interesting to see what happens in the real world. The part of the article that caught my eye was:

    The car was listed on Turo the following month and did well, because of course it did. Most people would love to drive an R8 for a weekend.

    And of those who would love to drive an R8 (or any other COOL car) for the weekend, does anyone think that the driving would be to go get groceries? :)

    I'm guessing that you don't see many "appliance" cars listed on Turo either

  • Mr_ShiftrightMr_Shiftright Sonoma, CaliforniaMember Posts: 64,482
    I see this type of insurance settlement difficulty all the time. People want back what they PAID for the car, and the insurance company wants to pay them Fair Market Value. Those are usually two very different numbers.

    Gotta read your policy folks (or the policy from Turo).
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