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Originally Posted by JP10
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Huge depreciation on new cars is what I don't understand. Take that guy for example, a new M4 will probably depreciate $20-30k first year or two and that's if you are able to sell it quick. Then 30% of your income goes to Turo, then your personal insurance say $1500 per year, then you have loan with interest rate, then there is 6.25% sales tax on vehicles plus registration and title fees, etc (6.25 in MA). I assume you also get some income IRS forms from Turo as well....
Looks like $2000-2500 (after Turos charges) is what some make but when you deduct all those expenses, you make basically nothing