Burn baby burn - fire burned down M4 on Turo

[minn19]

Originally Posted by pruettfan

OP, my experience with a total loss is the insurer will determine fair market value based on year, mileage etc. They will also include factors such as registration fees. We had a car stolen years ago, it really sucked. You'll bounce back. It is an odd occurrence. For those talking about fire extinguishers you have clearly not been around an engine fire, all a small fire extinguisher will do is tease the fire and likely get you burned in the process of trying to put out the fire. The reality is once the fire is started its already over. They are very rare but I have been around several in my paramedic days. They go up very quickly.

^This, call 911 and get yourself plus anybody else away quickly. Let the Fire Department do their job and go pick up a new one later in the week.

[FreudeamFahren18]

Originally Posted by nbennettksu

Seems he does this for a business; he mentioned he has purchased a fleet of vehicles so he can rent out... it probably wasn't his daily.

Then these kind of cars are listed as one owner, gently used, never tracked etc while in essence its a rental vehicle. Buyer beware.

[Quinn A]

Originally Posted by 10"

I want to feel sympathy but am not feeling a lot knowing you were renting it out on Turo...you have no clue how they were driving it....

I could never do that to my cars.

I also rent out my M3, and a fleet of other desirable enthusiast cars and the profit from the M3 alone cover the payment on my performante.

Its an asset that provides income, if it comes back dinged or with wheels scuffed up thats money in my pocket as i own a body shop so the fee for just a wheel scuff is more then my daily rate on the car. its like owning a tow truck company, the tow truck is your asset that makes money, same concept but on days its not rented i get to enjoy driving it like i stole it. Have a JB4 on it set to low torque for questionable renters and obviously run map2 myself. I dont care how they drive it, i encourage them to try it out and my other cars as well. Most renters are actually older women that use it for weddings and other photo ops and the number one reason when i ask them why they went with the m3 is that it "looked cute". Sure there are a few younger renters that push the car but thats what it was made for, the majority other then the older women are older enthusiast that are on vacation and want a fun car to enjoy during the time.

If i wanted an M car for myself i would get two one to rent and one to drive the one renting would cover payments and insurance on both.

picture of what "doing this to your cars" can achieve.

View post on imgur.com

[jhall1957]

Originally Posted by M4 GTS

Every car is ACV value unless you have stated value which is very rare for ordinary cars. Is usually used for high value cars and classics. I would be surprised Turo will cover physical damage coverage. They usually cover liability only, and if I'm wrong you are good to go. In case that they don't cover physical damage you might have a problem with your insurance company because you were doing business with your car. Good luck to you and sorry for the loss of the beautiful car.

Just to correct my self Turo covers physical damage. My bad!!

Originally Posted by M4 GTS

Every car is ACV value unless you have stated value which is very rare for ordinary cars. Is usually used for high value cars and classics. I would be surprised Turo will cover physical damage coverage. They usually cover liability only, and if I'm wrong you are good to go. In case that they don't cover physical damage you might have a problem with your insurance company because you were doing business with your car. Good luck to you and sorry for the loss of the beautiful car.

Just to correct my self Turo covers physical damage. My bad!!

Wrong! "Stated Value" is very different from "Agreed Value" or even Hagerty's "Guaranteed Replacement Value". Stated Value is more of a rating/pricing tool. Agreed Value is a claims adjustment tool.

[sdshah]

Originally Posted by Railgun

Someone here is a bigger douche than the other.

Is it too late to join the photo contest??

[thescouselander]

Originally Posted by FreudeamFahren18

Then these kind of cars are listed as one owner, gently used, never tracked etc while in essence its a rental vehicle. Buyer beware.

Q: What's the fastest car in the world

A: A rental car

[paliknight]

Originally Posted by Quinn A

I also rent out my M3, and a fleet of other desirable enthusiast cars and the profit from the M3 alone cover the payment on my performante.

Its an asset that provides income, if it comes back dinged or with wheels scuffed up thats money in my pocket as i own a body shop so the fee for just a wheel scuff is more then my daily rate on the car. its like owning a tow truck company, the tow truck is your asset that makes money, same concept but on days its not rented i get to enjoy driving it like i stole it. Have a JB4 on it set to low torque for questionable renters and obviously run map2 myself. I dont care how they drive it, i encourage them to try it out and my other cars as well. Most renters are actually older women that use it for weddings and other photo ops and the number one reason when i ask them why they went with the m3 is that it "looked cute". Sure there are a few younger renters that push the car but thats what it was made for, the majority other then the older women are older enthusiast that are on vacation and want a fun car to enjoy during the time.

If i wanted an M car for myself i would get two one to rent and one to drive the one renting would cover payments and insurance on both.

picture of what "doing this to your cars" can achieve.

View post on imgur.com

I was actually thinking about doing this myself as a secondary income, but I don't know if Austin is big enough to support it. What city do you live in? I don't think every city has the market for a successful Turo fleet.

[Quinn A]

Originally Posted by paliknight

I was actually thinking about doing this myself as a secondary income, but I don't know if Austin is big enough to support it. What city do you live in? I don't think every city has the market for a successful Turo fleet.

Chicago

[Falafel Combo]

You rent your car out like a cheap whore, well, this is what you get!

Sorry, not sorry!

Glad no one was hurt.

[braylark]

Originally Posted by govad

This is absolutely false. My 2016 f80 was totaled on Turo last year and I was paid 13k above my payoff. Oh... and it was a lease.



I agree on the no sympathy for people who rent m cars on Turo but I was doing it because I haaaaaated my dct and wanted a 6MT. I got one... not the way I wanted but hey, I'm here.

I pray that we have the same insurance adjuster lol.

[braylark]

Originally Posted by eDrive

Horrible news.

Sorry for your loss.

Will this keep you u from renting in the future?

I just purchased an Audi A4 yesterday and will be picking up another X3 next week. Despite the negative comments here, Turo is a very profitable business if you treat it as one. If you buy the vehicle at the right price considering the negative possibilities of what could happen .. you can actually end up making a profit when a car is totaled. It's a numbers game.

[Quinn A]

Originally Posted by Railgun

I

Just stay humble about it unlike others in this thread.

Good advice i pay an extra 25% anti-humble tax a year for being able to refute claims of the business being a terrible idea only fools would do with facts and my personal experience thus far.

Its a large price to pay but for the good of the enthusiast community i have no problem paying.

[JesusLovesU]

Man that is really unfortunate...like those before have said thank God no one is hurt and I hope you're able to figure things out. Thanks for sharing

[zinner]

Originally Posted by chris719

I don't know why you are blaming the driver. There is nothing you should be able to do to a car short of smashing it to make it catch fire. I don't know what kind of "mods" you had but they are suspect as well if the car didn't hit anything.

Eh you could just sit in place and rev on the engine. Might get something hot enough under the hood to catch fire.

Might be a mod was done and a heat shield wasn't enough anymore or wire/hose wasn't routed correctly.

A tune might cause it, they push around calibration values that might stop that from happening.

I am not sure if insurance go about investigating actual cause or just write a check and move along.

[F80 ZCP]

Oh wow. I never thought about using Turo to supplement the income. Has anyone from the SF Bay Area tried this? I may buy a couple of hybrid/electric cars to put on Turo if the financials make sense.

To the op. Sorry for your loss. Do keep us updated about the status of your claim. Best wishes to you.

[burnsniper]

Originally Posted by Quinn A

I also rent out my M3, and a fleet of other desirable enthusiast cars and the profit from the M3 alone cover the payment on my performante.

Its an asset that provides income, if it comes back dinged or with wheels scuffed up thats money in my pocket as i own a body shop so the fee for just a wheel scuff is more then my daily rate on the car. its like owning a tow truck company, the tow truck is your asset that makes money, same concept but on days its not rented i get to enjoy driving it like i stole it. Have a JB4 on it set to low torque for questionable renters and obviously run map2 myself. I dont care how they drive it, i encourage them to try it out and my other cars as well. Most renters are actually older women that use it for weddings and other photo ops and the number one reason when i ask them why they went with the m3 is that it "looked cute". Sure there are a few younger renters that push the car but thats what it was made for, the majority other then the older women are older enthusiast that are on vacation and want a fun car to enjoy during the time.

If i wanted an M car for myself i would get two one to rent and one to drive the one renting would cover payments and insurance on both.

picture of what "doing this to your cars" can achieve.

View post on imgur.com

Question I have is do you actually make money?

Several articles/videos on car rentals suggest that when you factor in consumables and depreciation and storage, that most exotic car or high performance car rentals are money losers.

For example in a year on a M3 and 15k of rental miles:

$1/mile depreciation = $15k
1 new set of tires at $2k
0.5 set of brakes @ $1k
$1500 per year insurance
$1200 per year storage
$1000 per Year tax and reg
$600 per year financing
Washing @$1200 per year
Total Cost = $22000

Rent for $2000 per month = $24,000


Include taxes and fees and you are in the red or just barely profitable.

[///M-N55]

CarPro Iron X should do the Trick on this car

[Quinn A]

Originally Posted by burnsniper

Question I have is do you actually make money?

Several articles/videos on car rentals suggest that when you factor in consumables and depreciation and storage, that most exotic car or high performance car rentals are money losers.

For example in a year on a M3 and 15k of rental miles:

$1/mile depreciation = $15k
1 new set of tires at $2k
0.5 set of brakes @ $1k
$1500 per year insurance
$1200 per year storage
$1000 per Year tax and reg
$600 per year financing
Washing @$1200 per year
Total Cost = $22000

Rent for $2000 per month = $24,000


Include taxes and fees and you are in the red or just barely profitable.

M3 is not my most profitable but here are the rough numbers

M3 is a lease takeover, got it for 12 months with 2300 miles remaining per month
$595 lease assumption fee
$850 a month with taxes
$120 a month insurance.
revenue is $2100-$2700 monthly not counting the money i make for wheel damage/overmileage which varies wildly month to month, some months $10 others $1500.

have a set of PS2s brand new for front and back i got to put on when these go bad for $300

lease is up in april, mileage limit is 36k miles, its at 24k miles now. may sell it to carvana/vroom in january since its generally a slow month as they both offered me a good amount over payout so a few grand of profit at lease end.

no storage fees, my house has a 12 car driveway and 2 car garage and my shop can easily fit an extra 30-40 cars at anytime

Not all cars are leased many of mine are auction purchased or dealer financed if the right deal is there.

Again not my most profitable car at all, but yes It is making money

[Fugly M3]

So BMWFS and the insurance companies don't seem to mind Turo, then?

[Quinn A]

You are still liable for bringing the car back in proper condition if you dont get rid of it by lease end, the lease agreement specifies not uber or lyft however.

And if the car is totaled the inurance will payoff the remaining balance, BMWFS isnt going to be questioning why they are getting the payoff amount

[bobloblaw]

Strange that people have no sympathy for this. If someone rented out their place as an Airbnb and someone burned their house down would you say "Lol thats wut u get loser"? Turo is just kind of like Airbnb for cars.

[braylark]

Originally Posted by bobloblaw

Strange that people have no sympathy for this. If someone rented out their place as an Airbnb and someone burned their house down would you say "Lol thats wut u get loser"? Turo is just kind of like Airbnb for cars.

No matter the situation there will always be negative people in the world lol.