- Rented out his C8 Corvette and earned $32,000 in three years.
- High demand helped offset ownership costs and depreciation.
- Some say the stress and risk outweighs any financial gains.
In recent years, cars seem to fall distinctly into one of two categories. A few are genuine financial assets, while the vast majority are liabilities. One Corvette owner may have just blurred that line with an experience that, on the surface at least, sounds like a money-maker.
More: They Stole $2.5M In Luxury Cars And Rented Them Out On Turo
He earned approximately $32,000 over the course of three years by renting out his mid-engine sports car on Turo to others. That’s a hefty sum, but after depreciation, booking hassles, and other factors, we’re left wondering if it was worth it.
What’s the Real Payout?
According to his post on Reddit, the owner lives in Vancouver, BC, and his Corvette was the only C8 available in the area. That enabled him to charge around $300 a day. Most rentals occurred during the summer months, when demand was at its peak.
Most of those bookings were short, two- or three-day rentals for weddings or photo shoots. That kept the mileage relatively low over time. Altogether, the owner estimates the car was rented out for about 120 days over three years of his ownership. Still,It wasn’t all sunshine and rainbows, though.
One driver removed the roof and placed it on the ground, damaging the vinyl wrap in the process. Another one went 150 mph on the highway, but didn’t realize he was being tracked via GPS at the time. That renter ended up banned from Turo, says the Corvette owner. Then, on top of customers like this, the financial picture isn’t as rosy as the $32,000 in earnings might sound.
The Numbers Behind the Wheel
The owner says they bought the car for $106,000 and then they sold it for $76,000. That’s $30,000 in depreciation, so in that light, they drove the car around for three years and made roughly $2,000 before accounting for insurance, fuel and maintenance. Those extra costs almost certainly put them in the red, but the tradeoff could still be worth it. The Corvette is an unquestionably good car.
Still, some pointed out that the tradeoff feels uneven. “So, you’re telling us after several years of part-time work, extra stress, and tax complications, you netted $2k?” said one commenter .
We’ll leave you, dear reader, with that question. Is it worth it in your eyes to do all that comes with renting out a car of this nature if, in the end, you walk away a few years later having only lost the cost of insurance, fuel and maintenance, and been without it for 120 out of roughly 1,100 days of ownership?
