For anyone heading to Kelowna, British Columbia, Canada—you can rent this 2024 Raptor!
While most Raptor owners keep theirs for personal use, this one is available for the community, giving more people the chance to experience the thrill that Raptor owners enjoy every day.
Gale said: @Pat
Can you break this down for me like I’m a kid? You got an LLC, buy cars through it, and rent them on Turo?
An old coworker had over 15 cars on Turo, from Camrys to Teslas to Broncos. He was deep in debt though. Never said what he earned but did mention needing an $8k loan for AC repairs once.
Gale said: @Pat
Can you break this down for me like I’m a kid? You got an LLC, buy cars through it, and rent them on Turo?
Yep, that’s exactly how it works.
Can you explain the tax benefits? Seems like you’d just be writing off the car. Anything else? What if the cars don’t rent out as planned? Can you write off other expenses like time, office costs? Just curious because I’m a W2 employee and wondering if this could work as a side gig.
@Gale
In Canada, tax laws might be a bit different from the U.S., but since I buy and register the vehicle under my business, almost all related costs are deductible—gas, payments, maintenance, detailing. Even business meals and office expenses can be written off. Turo’s still new here, so the market’s less crowded than in the U.S., and earnings are higher for people like me.