Like most of you I have been waiting the better part of 1.5 years for my C8 Vette. I could not handle the wait any longer and late last summer, I went on Toro app, which is an app for renters and private owners to rent out personal cars. I rented a 2020 C8 Z51 for a few days. It cost me around 300 per day but I felt it was still well worth it.

I ended up talking to the owner about Toro and the corvette and he told me he owns 2 C8's that he paid well over 100K each for from a dealer and he wanted to buy another one. He said he rents them all out and makes enough in the few short spring summer months in Chicago that covers his nut all year long.

I have been thinking, my 2020 now 2021 Order is almost done. I am at status 4000 for a Rapid Blue Convertible. Maybe I would place an order for a 2022 Vett maybe the one with the flat pane crank engine and drive this one and rent it out as well until the new one comes in a year and a half.

What do you guys think about my idea. Renting out a c8. By the way out here in Chicago, this is not the only high end car on the app to rent. They have McLaren's, and Lambos etc.

I would love to see what you guys think, and hey, maybe find a partner to do it with me.


Regards,

Cody

 

Probably not smart for that purpose. The 2021 C8 that’s shiny new & rare that rents for $300 a day today MIGHT fetch 1/4 that in 2 or 3 years as a used car daily rental.

Sure, if you did it for 6 months, severely limited daily mileage allowance, and screened the heck out of potential renters AND sold it in 6 months...you might make some money.

Id be careful about investing in a depreciating asset. Besides..what’s the point of renting this out heavily in spring and summer in Chicago...to fund your use “year round”?? The time you’d get it all to yourself is when I’d have it stored away for months.

 

No way in hell I'd let somebody beat on my C8. Renters don't give a crap about what they rent.

 

insurance ?

 

I own several vehicles that I have rented on Turo. I have a 2020 Dodge Challenger Scat-pack wide body which is very popular. Many of the renters reserve the car for a special occasion such as a birthday. The Challenger is obviously not as expensive or exotic as a C8 which can fetch a lot more. My opinion is that you could fetch $300/day minimum for the C8 for at least a few more years as it is going to take awhile for the production to catch up to demand and there will be a large population of people who cannot afford or do not want to purchase the car but still want to experience driving it.

Turo covers the insurance while the renter (guest) is using the car. If you opt for the 60-40 plan (Turo keeps 40% of your earnings), there is no deductible if the car is damage and Turo will pay for wear and tear on the car.

Having said that, if you absolutely are in love with your car, don't let strangers rent it. Even if they are outstanding renters, **** happens and there is eventually going to be some minor dings, scrapes, etc on the car the more it goes out.

I briefly owned a 2020 C8 last summer that I was planning on renting on Turo but I was able to flip it instead. I am on the list again for a HTC which, at this rate, will be a 2022. Will I rent this one out? I doubt it. I have changed car sharing platforms and I now have 8 cars on Avail which handles all the headaches. I only have the Challenger still on Turo but I plan on trading it in on the C8.

 

Thank you for all the info.

Thats what the guy who rented me the C8 said. You got to look at it as a business and not as renting out your baby. His thought process was that in a few years the car will be paid off from all the rentals and sure its worth alot less then one that was not rented out but you still end up with a paid for C8 that paid for itself.

I dont think I could do it if this was my only C8. However depending on the market, it may be an option to rent out the 2021 instead of trying to flip it.

 

Good for you, American entrepreneurship at it’s best. In your specific situation can you deduct depreciation against earnings?

 

Your idea makes sense. Renting out a C8 in a market like Chicago can help offset costs and make ownership more affordable. Just be sure to check insurance, maintenance, and liability factors before starting. Partnering up could reduce risks and make managing rentals easier. Overall, it’s a practical way to use the car when you’re not driving it.

 

Holy-moly-guacamole, Batman—thread revival at its finest!

On a side note, use caution when renting out; there's lots of risk for heavy wear & tear plus abuse...

 

I want to offer a perspective from the other side of the fence, the renter.

There are some genuine, respectful, REAL "Car Guys" out there that have circumstances that prevent them from ownership aside from financial reasons.....

- Wife said "no"
- Kids
- etc

But they are thankful for a taste of what they dream of, they will treat the car like it's their own. My renter rating on Turo is sky high because I overcommunicate, I don't just disappear after you hand me keys - If you wanna tell me quirks about the car or talk for a bit as a couple of car guys I'll listen. I take it to get it hand washed and I fill the tank before I return it.

There's some good renters out there, Turo has a ratings system now and you can check rental history to see what types of cars they typically go for.