Many car owners rent out their cars on Turo every month to cover their monthly costs and even turn a profit. However, out of the 350,000 vehicles that are currently listed on the site, some makes and models return more of a profit than others. Here are the top-earning compact and sports cars that are rented out on Turo.
The top-earning compact daily drivers to rent out on Turo might surprise you
When you think of the ideal compact car to rent out on Turo, which make and model comes to mind first? A Toyota Corolla? Or perhaps a Honda Civic? Those two answers are pretty solid, however, you would be wrong on both accounts. Here are the top three compact daily drivers that are rented out on Turo:
Are you surprised? We were, since we wouldn’t think that the Fiat 500 would be that popular, given its minuscule size and cargo capacity. Although, the same can be said for both the Ford Fiesta and the Smart ForTwo. So, why are these three cars so popular?
According to Turo’s research, these three cars take the cake in the compact segment because they return the most profit (on average) as compared to their respective average monthly payments. For example, the Fiat 500 typically sees an average monthly return of $474 and is typically booked for an average of 17 days per month. This results in 2.2 times the average monthly payment for a Fiat 500, which is a pretty good profit.
The top-earning sports cars on Turo aren’t too much of a surprise
Many renters on Turo use the service in order to experience a sports car that they could probably never afford. Others, like myself, use it to drive a sports car that they’re thinking of buying in the future. Knowing this, when it comes to the sports car category, you might think that some of the higher-end exotic cars would be the top-earning since they’re more expensive. However, that’s not the case:
As we can see, the Ford Mustang gets the top spot because it averages $796 of profit every month, which is 2.3 times higher than the average monthly payment for one of those cars. Compare that to the Porsche Boxster on the same list, which is a more expensive car, and we can see why the Mustang earns more.
While a Turo renter can make an average of $1,365 a month by renting out their Boxster, that’s only 1.8 times the average monthly payment for one. Again, that’s not a bad situation to be in, but you have more potential with a more popular (and cheaper) car like the Ford Mustang.
Want to know how much your car can potentially make on Turo?
If you’re thinking about renting out your car on Turo, but you want to ensure that it will be worth it, then check out the “Carculator” on the website. Once there, you can enter your car’s year, make, model, and even trim level to get a rough estimate of your potential earnings.
Turo is a great way to make use of an extra car you never use. Hopefully, that car is one of the top-earning cars on this list, but even if it’s not, you’ll at least make some decent money from it.
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