To give some background information, I have recently moved to San Diego, own a 2017 Ford Mustang Ecoboost. I work in IT security but want to get into the car game. I know a few people here who make good money from their car rentals here. Seeing how I already own one of the most popular cars to rent out on turo, I was thinking why not take the jump? Since I work in IT security, I get to work from home so my car is never used, I also live with my girlfriend who also works from home, so I plan on renting out her 2017 Honda Civic as well. My only issue with renting my mustang out is that I have some worries about warranty and maintenance. I want something with a warranty, while also boosting my credit by paying off a car loan.

I paid 20,000 flat for it two years ago, and owe about 13,500 on it. The market for used Mustang seems hot here as I have gotten trade in values at 18k and seen private sales of my car at around 16-21k. 

So I was thinking my options were:

Option 1: Keep the car, and use it on Turo

Option 2: Sell private or trade in and pay off loan, then use the extra as down payment on a new car with warranty

Option 3: Same as option 2 but buy another Mustang used at around 20-26k but with lower mileage, newer, and with some type of warranty. Then I could use it for 2 years and sell and repeat.

I don’t know what I want to do really. All I know is that I need to create some type of passive income after losing my job due to COVID for like 6 months. Now that I work from home, I have so much spare time. I have been thinking about Turo for a while but some of the stories have kept me wary but if anything made me want to research even more… My father always told me that scared money don’t make money, so lets hear it. I’m ready to risk it for the biscuits, so throw any ideas on how to start my way.

Thank you