Trade in or keep and post on Turo

[ronniebell]

In about 3 weeks I'll be picking up our new 2021 Telluride S trim in Kansas City. Sight unseen they are offering me $14,000 trade-in for my 2019 Honda Insight EX. Based on my research, that's pretty close to spot on. However, I'm wondering if it would be best to keep the Insight since it gets 55 mpg around town and costs very little to maintain. In addition, I could post it on Turo and rent it out a few days per week. In my metropolitan area or about 320,000 people (Spokane, WA) there are only 6 vehicles listed on Turo ranging from $85/day to $270/day. I know Turo gets a cut, but supposed I can made $65/day 3 days per week. That's about $800/mo. If this is sustainable, it might be a good idea, but I know there would still be insurance and maintenance costs. If any of you have experiences renting on Turo, please chip in.

 

[TellTastic]

In about 3 weeks I'll be picking up our new 2021 Telluride S trim in Kansas City. Sight unseen they are offering me $14,000 trade-in for my 2019 Honda Insight EX. Based on my research, that's pretty close to spot on. However, I'm wondering if it would be best to keep the Insight since it gets 55 mpg around town and costs very little to maintain. In addition, I could post it on Turo and rent it out a few days per week. In my metropolitan area or about 320,000 people (Spokane, WA) there are only 6 vehicles listed on Turo ranging from $85/day to $270/day. I know Turo gets a cut, but supposed I can made $65/day 3 days per week. That's about $800/mo. If this is sustainable, it might be a good idea, but I know there would still be insurance and maintenance costs. If any of you have experiences renting on Turo, please chip in.

I know absolutely nothing about this business model so I can’t tell you if the financial income is sustainable or not.

every person’s situation is different. for me, I would have absolutely no need for an extra vehicle.

but, i’ll tell you that the used car market is hot right now and vehicles could catch a little bit more than KBB value.

if you’re considering holding onto your reliable, low maintenance cost, gas efficient vehicle it may be worth it, whether or not you can rent it out.

you could alway choose to sell it later to a car buying service.

The biggest cost to you if you kept it would be insurance as well as the upfront $14,000 deficit that you would have to come up with upon pick up of your S.

if you would have to increase your loan amount, also look at the same interest over that 14,000 increased principle