John and his son Victor are managing a fleet of 10 vehicles, which they hope will generate £70,000 and more in subsequent years.
Victor initially turned to car sharing company Turo while looking for a time-effective way to make additional income.
He uploaded his girlfriend’s BMW One series and was shocked to find it got booked up so quickly.
John, 35, said: “I panicked and cancelled it so quickly as she didn’t want to share it.”
Amazed by the potential, he pitched the idea to his dad, who was able to invest and buy eight cars.
John works full-time as a GP and manages the finances part-time, and Victor focuses on the upkeep of the cars and marketing.
The pair are making an average of £5,000 renting out all ten of their cars.
Last year they made over £50,000 – so in the next few years they hope to increase this and bring in £70,000.
Victor explained that the business has its peak seasons and off-peak seasons.
He said: “We charge a per-day rate, but Turo offers smart pricing so people can remain realistic, however, I can set my own price.
“I lower the price during the specific time periods depending on how in demand the cars it.
“It will be busy Christmas, valentines, summer, and holiday seasons but quiet in-between.
“On average, we are making £5,000, but we are able to generate consistent bookings because of our reviews.
“It’s all about reviews. it’s helped us significantly. When just starting out it’s important to be rated highly so other users will trust your vehicle.”
Victor started Turo in 2020 but has only been able to create a steady income in the last couple of years.
He suggested that anyone looking to get into this business stay realistic and work hard as consistent revenue takes time as people have to build relationships.
Victor has another business but hopes to make Turo into a full-time role.
He continued: “I encourage anyone thinking about it to just get in. It’s a hustle that a lot of people don’t know about it, and you don’t need a lot of money to get into it.
“It’s a great way to make extra money if your car is less than 10 years old.
“In peak times we can charge £40 a day and £45 for seven-seaters £45. Imagine this but multiple cars, and people are renting the cars for weeks. The numbers can quickly add up.”
