Photo: The Kilowatts/Twitter
Tesla cars are in high demand not only among customers who are willing to buy them but also among people who simply want the experience of driving one of the most desirable cars in the world today. So with the help of two Tesla Model 3s, owners were able to earn over $44,000 in 2021 by hosting them on Turo.
The Kilowatts/Twitter shared their Tesla Model 3s’ car rental results from Turo. A year ago they bought two nearly identical Model 3s, the Long Range for $58,500 and the Standard for $41,500. Ryan said the two cars earned them over $44,000 last year.
As a kind of experiment, The Kilowatts put these cars on the Turo network. The Tesla cars were chosen from among the other electric vehicles they own due to the fact that they are very easy to rent. They have phone keys and card keys, and an incredibly convenient and simple user interface that removes many barriers to easy operation, so most customers can just hop in and go.
After years of placing electric vehicles on Turo, The Kilowatts couldn't figure out what makes a renter more willing to pay for a more expensive car or book a longer or shorter trip, so experimenting with Model 3s, they wanted to know if the car's price was an important factor. So they bought one more expensive Model 3 and a second cheaper one. In addition, the FSD package was purchased in the Long Range variant. The goal was to see how the two cars compare over the course of a year, and whether a more expensive car would perform better than a less expensive car.
For reference, The Kilowatts calls Model 3 Long Range "ForRest" and Model 3 Standard "Flow."
The average rental length was 35,000 miles and varied slightly, with Flow averaging 3.3 days and ForRest 4.3 days. The average price per day that "ForRest" had was $135, while "Flow" was $118. Overall, in terms of usage, "ForRest" has been used for 185 days and "Flow" for 190.
In one year, "ForRest" made $22,496 and "Flow" a little less at $21,821, which was almost the same, and the total profit was $44,317. In addition, the cars were purchased at a time when Tesla provided free charging at Superchargers, which means the cars received savings on charging for a whole year of use. In total, the savings on charging amounted to approximately $6,650.
© 2022, Eva Fox | Tesmanian. All rights reserved.
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About the Author
Eva Fox joined Tesmanian in 2019 to cover breaking news as an automotive journalist. The main topics that she covers are clean energy and electric vehicles. As a journalist, Eva is specialized in Tesla and topics related to the work and development of the company.