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Year, Make, Model, and Trim: [2017 Honda Accord LX]
MSRP: [$23,990]
Selling Price: [$21,000]
Rebates: [$500 College Grad, $500 Military]
Months: [36]
Annual Mileage: [12,000]
MF: [.00020]
Residual: [70%]
Total Due At Signing: [$1,200]
Downpayment: [$1000]
Monthly Payment (incl. tax): [$240]
Security Deposit Accepted?: [Yes up to 7 MSDs ($3,500)]
Leasehackr Score: [10]
Sorry, I’m not sure what happened here so you can delete this or whatever. I just see a lot of people listing these transfer ads, and I’m wondering if anyone ever thought of, or tried using Turo to rent the car out for the remainder of the lease instead of transferring it. Obviously there’s no guarantee, but in theory you could make enough on the monthly payments and then some if you got a few days a month worth of rental income.
Search forum as it has been discussed regarding potential liability and such.
Oh I totally get that, but it sounds like that’s a problem with transfers too in many cases. So at least this way it’s still on your inside, plus Turo’s insurance too.
Good point, just I researched it a while back and there are complaints from owners and users. Again, it is a risk and I think it invalidates your insurance if something happens. Forum discussed it at length I believe.
I swear, I’m almost crazy enough to sign and drive a Giulia Quadrifoglio or 124 Spider and roll the dice…
I put mine in Turo but I’ll only give it when I don’t need it.
I have to have a breakdown of all the numbers but 25k to 30k miles a year depreciation on the car will eat right into any profits. Plus 10 damages does the account for non usage time?
To be honest, I wouldn’t do it to make money. I’d just want to be able to cover the nut on an extra “fun” car or dream car that I otherwise wouldn’t be able to own or lease. Anything else would be gravy.
They are just paying off their cars by renting them out for a few days a month. Sure, there is depreciation and some damage, but the cars don’t need to be in service every day. In some way similar to real estate - you rent it out to cover mortgage. But unlike cars, it appreciates.