Read Further to See How I Can Afford This Thing!

In my last post, I talked about the family and what we were up to in 2018.  Today's post is about money.  As most of you will agree, raising a family requires a lot of resources, and money is definitely one of the important ones.  So, I'm going to tell you about one of the things I did on the money front.

Owning a Tesla for Free?
Back in late 2017, I read an article on Business Insider about a couple using a car-sharing app called Turo, to pay for their two Teslas.  This got me interested as I had reserved a Model 3 back in 2016.  At that time, Tesla advertised that it was going to be a $35,000 (USD) car.  With the savings in gas on my daily commute of 100 km+, that would not be such a heavy burden.  However, as 2017 progressed, it became apparent that the $35,000 car wasn't going to be in sight for quite some time (it's still not here yet).  So, having read this article, I have renewed hope that I was somehow going to be able to make it work.

In January 2018, I decided to buy a used Honda Accord with 2 things in mind.  First, my mom's old Toyota Matrix needed to replaced at some point.  The Accord could very well be it.  I could also use this car as a pilot vehicle to try out Turo and see if I could make some money.  That is exactly what I did.  At first, I listed it at around $40 to $45/day, but wasn't getting any rentals.  After joining a Facebook group of Turo owners, I learned that pricing will need to be tweaked to find the sweet spot.  After lowering it to low to mid $30s, I got my first rental.  It went ok but was only a 1-day rental.  Then, a couple who newly immigrated here from Brazil rented the car for a month straight!  I was ecstatic, as that meant I didn't have to do any cleaning, vacuuming, or really anything when the car was away.  Since then, my poor mother did not end up driving that Accord much! 🤷


Soon after, I replaced my aging 12-year old Prius with a 6-year old Lexus CT.  Since I didn't really need the car on weekends (we went everywhere in our Odyssey), I would put that car on Turo on the weekends as well. 


And soon after that, Tesla told me that I was then able to place the order for the Model 3.  There was really no choice in trim level or options at that point; only the long range battery with RWD and premium package was available.  The car with destination fees and taxes would be more than $80,000!  Up to that point in time, I had never spent more than $25,000 on a car.  That was a great departure from my usual frugal (...more like stingy...) self.  Seeing that the Liberal government had a fairly good chance of losing the election, I bit the bullet and ordered the Model 3, in hopes that it would arrive in time for me to take advantage of the $14,000 rebate.  In the end, I was able to submit my rebate application before Doug Ford ended it.  It still feels somewhat unreal that I now drive such an expensive car!


Thus far, the Model 3 has been able to pay for its monthly car payments.  So, Turo is kind of the real deal.  You can say it's the AirBnb for cars.  Some of you are wondering how I could even let someone else drive the Tesla without worrying to death...to which I respond that I would rather own a Tesla and let someone else drive it once in a while than not owning one at all.

Some Details
I think some of you may be intrigued at this point and would like to know more.  So, I will give you some details.  With the Accord and CT, I have been able to net $300-400 per month.  This would be after all costs including insurance, depreciation, interests, maintenance, repairs, etc. etc.  The daily rate ranges from $28 to $40 (higher in summer months) and utilization is probably around 25 days a month, +/- a couple of days.  There are also extras like delivery, cleaning charges, late fees, etc. that boost my revenue.  Turo takes 25% of that, but provides full insurance coverage when the car is rented out.  So, if a guest crashes the car, it would not hit my personal insurance policy, and there is no deductible for me.  I get paid fully on the damages or value of the car if it is totaled.  This is also fully legit with my insurance company, The Personal.  Turo, in fact, partners with a bunch of insurance companies, including Belair Direct, Intact, Desjardins, etc.

As with any venture, there is no free lunch.  I do have to put in some work.  Most of it is cleaning the car after each rental, and occasionally, delivering and picking up from the airport.  It is, however, much better than driving Uber, in terms of time investment.  I would say I spend about 4 to 8 hours a week managing 4 cars right now.


Some have asked me if I were spending money paying for cars, why not buy a house and rent it out.  Renting out cars and renting out real property are two different business models.  Renting out a house is usually a cash flow negative business (i.e. the rent you receive will not be able to pay for all your expenses + mortgage), but you are hoping for the asset to appreciate.  That's where you would make your money.  Renting out a car has to be a cash flow positive business, because your asset is a depreciating asset.  If you're not cash flow positive, then forget about it.  As I mentioned at the start, I need money to raise a family (i.e. cash flow), which is why Turo is my kind of business.

As a host, I can certainly see how Turo is indeed the AirBnb for cars.  Like AirBnb, it provides such a good experience for both the host and the guest.  Like many people, I've rented cars from Avis, Budget, Enterprise, etc. and the experience pretty much is always sub-par.  First, you book a class of the car you want, but never know what car you will actually get.  Then, you are greeted by an expressionless customer service rep at the counter.  The paperwork usually takes 15 minutes, most of which consists of hard selling extras like insurance, prepaid gas, damage waivers and the like, before you finally get assigned a bland car that excites exactly no one.  Contrast that with Turo, there is literally no paperwork required and you can pick the exact car you want.  The review system gives you peace of mind that the host you're dealing with will likely provide you an excellent experience.  Lastly, Turo hosts will often deliver to curbside at the airport, just like how your friend would pick you up, except they leave you with their beautiful car.  When I was in Florida, I used Turo and preferred it over the traditional car rental places.

Shameless Self-Promotion
So, the next time you need to rent a car, take a look at Turo and see if it meets your needs. In fact, let me shamelessly provide you my referral link!  https://turo.com/c/felixw41  If you sign up using this link and rent a car, both you and I get $25 USD in Turo credit!  Also, check out my fleet; if you have guests coming into town, I'd be glad to help if they needed a car!
Hope You Had a Merry Christmas!


It seems like I've settled on writing once every few months, and sometimes in bursts. Life, as a father of five, as you can imagine, is busy, but that's no excuse for not getting things done. As the saying goes, "if you want to get something done, ask a busy person." (It is with great pride to say that people often ask me to do things for them.)  Prioritizing and extreme focus are keys to achieving goals in a busy environment. However, I sometimes lack either or both. So, while it has been an eventful year, I wish I had been more successful in doing the two things above.

This post has been greatly inspired by our friend, Stella, who has been very religious in sending us an annual update of their family during the Christmas season. I love reading them and thought it'd be a good idea to do something of my own here.  I hope you will enjoy this long one!

Let's start with the kids, shall we?

Amelia Was Born


Merry Christmas Everyone!

Of course, the biggest event of 2018 was the birth of Amelia in January!  She has been a wonderfully easy baby. Either that or we've gotten into the groove by now... Or probably both! :)  Her older siblings adore her and are so helpful in keeping an occasional eye on her while we cook, clean, etc.

Amelia is a happy baby. Anytime anyone speaks to her, a glowing smile would appear on her face and she would get so excited. She has been saying "mama" and "baba" for quite some time now. Also being very mobile, she's crawling and cruising everywhere and putting anything that's in her path into her mouth! Yikes!


Cutie Pie Anne

Look at Those Big Round Eyes! <3

Anne just turned 3 in January and has developed quite a vocabulary. She's pretty much fully bilingual now, but is still a bit more proficient in Cantonese. Our favourite phrase that she would say, when she can't find a book she's looking for, is "Perhaps Daddy donated it (可能爸爸捐咗)."  We couldn't stop laughing.  She said this because I'm constantly asking the kids to pick out some of the 2000 books they own to donate.  It's so cute to hear her speak in very coherent sentences.  When we went to take pictures with Santa, Santa asked her, "and what would you like for Christmas?"  As she shyly looked at him with her big round eyes, I wondered if she knew what he was asking. To my surprise, she answered with a short and sweet, "Princess!" I chuckled softly at that.


Audrey the Mischievous Girly Girl


In Front of Cinderella's Castle

Audrey is in SK this year. She's now able to read simple Seussian sentences like, "The hat is on the cat."  She started school as a very quiet student but now has warmed up in class. Being the middle child, she's very dramatic at times. She's a girly girl and wants to wear dresses all the time. She's also gotten the artistic genes from mommy and likes to draw.  Just last weekend, she received 2nd place in a colouring contest at Chinese Martyrs.  I feel like she'll grow up to be the girl that everyone wants to hang out with, because of her fun loving nature.


Athan the Maturing Young Man


His Tastes are Definitely Grown Up!

Athan has matured quite a bit. When he was 3 and was going to Montessori, the teacher once sent home a letter complaining how he would not listen in class and can't seem to keep his hands to himself. We were very worried and continued to worry about him until his SK year.  It has been a gradual but very visible turn for the better. He even got the All Round Performance award in his class last year! This year, he started piano and is enjoying it so far.  The most impressive thing is that he's often the first to wake up by himself on a school day, gets dressed and finishes breakfast before mommy is even out of bed (although the motivation is to play video games before leaving for school '-_- ).  We're really happy with his progress!


Adele the Big Sister


Little Young Lady

Without a doubt, Adele is the big sister.  She is super responsible and is always helpful.  "Adele, can you get your sister buckled?...Adele, can you look after Amelia for a minute?...Adele, can you brush Anne's teeth?"  These are often our requests and she would have no problem helping us.  We're so thankful for her help.

This winter, she got interested in Harry Potter and have been reading the set of books.  She has now far exceeded our reading speed, plowing through the 800-page novel in a day...how is that even possible??  Many parents want to encourage their kids to read more, but we're faced with the problem of Adele reading too much!  She would even walk up the stairs very slowly while reading a novel!  I recall when I was still doing my Master of Theological Studies at U of T that I struggled with all of the reading assignments.  Each week, we would be assigned hundreds of pages of readings and on top of that, write pages of reflections.  I'm sure she will be more like my fellow students, who had no issue with the readings, than me, who struggled to read half of the assigned readings!


Trip to Orlando

In September, just a week after school started, we took a week off to go to Orlando.  Why in the middle of September after school started?  Well, earlier I met up with my old boss, Michael, from ATS, and he told me about how he brought his wife and 7 kids (!!) to Orlando the week after school started and it was awesome.  If that man can recommend going the week after the start of school, who am I to question his wisdom!?!

Indeed, we had an awesome time.  Since September was still Hurricane season and school had just started, the crowds were so much smaller than at other times.  The longest line that we waited in was an hour at Space Mountain.  All other lines were under 45 minutes and sometimes, none at all, when using Fast Passes.  And in terms of weather - perfect!  The days were hot, but surely not as hot as in July and August, and it only rained for about 30 minutes the entire time we were there.  We did get a bit anxious seeing Hurricane Florence just miss Florida and made landing in the Carolinas instead.  But speaking with locals, they say that Orlando is actually very well situated; most hurricanes land either north or south of the area, which may be why Disney World and other attractions were built here.

Anyway, we won't go into too much detail about Disney or Universal here...but I did want to talk about how we got there.  I had been watching airfares for a better part of the year and was recently made aware of Frontier Airlines, which is a budget airline that flies mainly in the US.  There were some fairly good deals throughout the year, but for this trip, I found one that was simply unbeatable.  My first choice was to fly out of Buffalo for obvious reasons, but the flights were still not as cheap as I'd like them to be.  I then increased my search radius and that gave me 3 more airports to search from: Detroit, Cleveland, and Pittsburgh, all of which were about 4-6 hours drive away.  Then I found it, the impossible fare!  I found a direct flight from Pittsburgh to Orlando for $40 USD round trip!  With luggage, we ended up paying $350 USD for the entire family - 7 human beings!  To top that off, my travel credit card gave me a rebate of $100 CAD for luggage fees.  In the end, we paid about $60 CAD per person.  So, go ahead and visit Frontier Airlines and send me a cheque for all the money you're going to save!

Lastly, here's a super funny video of "Meet the Raptor" attraction at Islands of Adventure.  It was so well done!

Meet the Raptor at Universal's Islands of Adventure

Surf's Up!




Battling Darth Vader at Hollywood Studios

Seuss Landing at Islands of Adventure

Fireworks Were Worth Staying Late For!

My Favourite Attraction: Meeting Princesses!

Swimming at Resort

In Pittsburgh Just Before Flying Out


Stay Tuned!
There's much more to 2018!  Stay tuned!
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