Thursday, October 12, 2017

Doubling Up With a Rooftop Tent

You've taken the plunge and have begun renting your car on your favorite peer to peer service. You might wonder if there are any strategies to help drive more traffic or beef up your rates. There absolutely are and one I'll talk about here!!!

You can more than double your income by extending your reach with Outdoorsy.

While average prices for Turo and Getaround might get you in the $40-$60 range, you can get double and triple that by renting your vehicle out on Outdoorsy (or RVShare) with a rooftop car tent.

This strategy calls for offering a roof top tent like the TepuiSmittybiltYakima, etc... and thereby allows you to list it is an overnight vehicle with Outdoorsy (check out RVRents as well).

I'm partial to the Tepui rooftop tent because they're headquartered in Santa Cruz and you see them all over town. They're also one of the earliest innovators in the rooftop tent industry.

Once you get your Tepui, you're ready to list on Outdoorsy. I have confirmed with Outdoorsy that it's completely fine to list a vehicle with roof top tent. You should make sure you have enough space to store the Tepui when it's not being used. For example, when your car is rented out on Turo.

Of course, one other benefit to this strategy is that you'll pay for your Tepui many times over.

Be aware that you'll need to manage several calendars and work hard to keep them in sync. You absolutely do not want to double book your vehicle. Not only will it be unfair to the renter, you will incur financial penalties.

The first step you'll need to take when double listing your vehicle is to disable instantaneous booking. That is, your settings will allow you to first review each request, insure there's no overlap, block off the dates on the other listing and only then accept the request.

You also need to be aware of the following. It is not unheard of that a vehicle is returned late. If you're only renting on a single service, this will be stressful and inconvenient but you won't be liable for any cancellation charges. On the other hand, if you're renting on service A and your next rental is on service B, you will absolutely incur cancellation charges. If this happens more than once, you might find your listing in danger of cancellation.  Depending on your aversion to stress, you might want to block off enough days to give yourself a good buffer.

The strategy described here is pretty much fair weather only. You won't rent out your roof top tent adorned vehicle during the winter. However, I particularly like this strategy because it justifies purchasing a Tepui.

My guestimate for rental rates on Outdoorsy with a roof top camper is in the range of $100-$120. If you do your own research on Outdoorsy prices you'll see that average prices for campers are somewhere in the $160 range. That's for a fully complete vehicle/camper and not simply a trailer.

Summary

Given some additional marketing, there's a strong likelihood that you would be able to significantly bump up your summer occupancy rate with Outdoorsy.  For example, just some roughly sketched out scenarios as described below,

Scenario A - Monthly income increases from $213 -> $529 or 140%

Scenario B - Monthly income increases from $245 -> $487 or 100%

Below are the rough numbers using the Cash Flow Calculator for a several scenarios.

Scenario 1 - Tepui and Subaru Imprezza (primary car)

Since this is your primary car, we can discount personal insurance and monthly payments.  Assuming a fairly new Imprezza and Turo rate of $50/day and Outdoorsy rate of $120/day, here are some estimates.

Turo rental rate $50/day
Turo service fee 25%
Summer season 10 days/month
Winter season 8 days/month
Turo average $213/month
Turo annual $2556

Outdoorsy rental rate $120/day
Outdoorsy service fee 20%
Summer season 8 days/month
Winter season 0 days/month
Outdoorsy average $316/month
Outdoorsy annual $3787

For a total of 
average $529/month
annual $6343/month

Scenario 2 - Tepui and Truck (secondary car)

Since this is your secondary car, we'll include personal insurance and assume monthly payments.  Assuming a fairly new Tacoma and Turo rate of $60/day and Outdoorsy rate of $140/day, here are some estimates.

I also assume that you've purchased a used vehicle and kept your loan amount at $10K @ 5years and 3.125% interest.

Turo rental rate $60/day
Turo service fee 25%
Summer season 10 days/month
Winter season 8 days/month
Turo average $245/month
Turo annual $2943

Outdoorsy rental rate $140/day
Outdoorsy service fee 20%
Summer season 8 days/month
Winter season 0 days/month
Outdoorsy average $242/month
Outdoorsy annual $2901

For a total of 
average $487/month
annual $5844