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Turo Redditor winds up personally bankrupt after decade doing Turo
| The Maine Politician?s Assaults | 07/09/26 |
| Senior Ethics Official | 07/09/26 |
| The Maine Politician?s Assaults | 07/09/26 |
Poast new message in this thread
Date: July 9th, 2026 8:23 AM Author: The Maine Politician?s Assaults Well my Turo hosting has come to a sad end. I've been a host since 2015 and really got after it right at in December 2019. Which the timing to expand and coast into Covid rentals in Florida was an amazing year for me in 2020. I tried to scale and add a few more vehicles in 2021. I did well but not quite as good as 2020 but enough to expand a couple more cars up to 6 cars and also managed a couple cars not owned by me but for other people. Hurricane Ian came to Daytona Beach in 2022 and I should have took my get out jail free card at that point, collecting $15K over what I owed on flooded vehicles. But I went all in thinking other hosts also may have been flooded and the market might not be as saturated. I lost 5 cars to Ian, still had 1, and expanded back to 4 cars. Boy was I wrong thinking it would be less saturated. 2023 proved to be my worst year with utilization and struggled to compete with anyone locally as other host had newer cars that are dirt cheap prices, and even then, factoring fees, it's become cheaper to rent from national chains again locally vs anything on Turo. 2024 came and with Daytona 500, Daytona Bike Week, and Spring Break, all amazing weeks historically, came with little to no activity on Turo. That's lead to filing bankruptcy this week.
Lessons learned- don't finance vehicles into your own name. I had a LLC and have for quite some time. All income goes in there, then expenses, then pay myself, however I should built the LLC credit and financed that way if you are going to finance. Because of the severe underwater of the vehicles this year, I have to bankrupt my personal self and not just the business because of this. The car market is crazy and probably bought the 2 cars at the absolute worst time in 2023 for what's happened to Both a new car value that severely depreciated and 2 used cars that depreciated over 50% in 1 year. I've bought and sold cars a stupid amount of times in 18 years. Sure I've been underwater a grand or two at most, to lose the massive amounts this last year is truly unheard of.
Don't ever accept an insurance payout on Venmo or PayPal unless it's sent friends and family so that it cannot be disputed as they will not back you when someone claims a chargeback. Had someone take responsibility for damage to a vehicle, pay, then claim disputed charge.
Good luck to you all still in the game!
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Date: July 9th, 2026 8:41 AM Author: Senior Ethics Official Shocked my senses and has me re-thinking my highly leveraged Turo empire. (http://www.autoadmit.com/thread.php?thread_id=5880999&forum_id=2"#49987921) |
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Date: July 9th, 2026 8:43 AM Author: The Maine Politician?s Assaults highly leveraged Turo empire tp (http://www.autoadmit.com/thread.php?thread_id=5880999&forum_id=2"#49987923) |