Enter the total cost of the car loan and maintenance per month ($), the average Turo rental rate ($/day), and the average number of days rented per month (days) into the calculator to determine the Turo Profit.
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Turo Profit Formula
The following formula is used to calculate the Turo Profit.
Pt = RR * D - TC
- Where Pt is the Turo Profit ($/month)
- TC is the total cost of car loan and maintenance per month ($)
- RR is the average Turo rental rate ($/day)
- D is the average number of days rented per month (days)
To calculate a Turo profit, multiply the average rental rate by the rental length, then subtract the total cost of the car per month including loan payments and maintenance.
How to Calculate Turo Profit?
The following example problems outline how to calculate Turo Profit.
Example Problem #1
- First, determine the total cost of car loan and maintenance per month ($). In this example, the total cost of car loan and maintenance per month ($) is given as 1000 .
- Next, determine the average Turo rental rate ($/day). For this problem, the average Turo rental rate ($/day) is given as 150 .
- Next, determine the average number of days rented per month. In this case, the average number of days rented per month is found to be 10.
- Finally, calculate the Turo Profit using the formula above:
Pt = RR * #D – TC
Inserting the values from above yields:
Pt = 150 * 10 – 1000 = 500 ($/month)
Example Problem #2
The variables needed for this problem are provided below:
total cost of car loan and maintenance per month ($) = 750
average Turo rental rate ($/day) = 100
average number of days rented per month = 20
Entering these values and solving gives:
Pt = 100 * 20 – 750 = 1250 ($/month)
