As you know, Turo is a peer-to-peer carsharing service that allows people to rent out their cars. However, there are limitations to what cars are allowed and how much a person can charge for a car. As you would expect, some cars will be more profitable to rent out than others, but what are the top ones?
The Top Six Profitable Cars On Turo:
- Fiat 500
- Toyota Corolla
- Jeep Wrangler
- Audi S5
- Ford Mustang
- Porsche Panamera
1. Fiat 500
On Turo, cars have three different ‘class' ratings. There are the economy or ‘affordable' cars, the mid-range cars, or the upscale/sports cars. The Fiat 500 is one of the cars that fit into the affordable or economy range of cars.
The Fiat 500 is relatively cheap to own, with the starting price of the car being around $16,000. This car is so popular because it is a very comfortable car that suits all your needs if you need a small, stylish car to move from point A to B.
It is important to acknowledge the difference between average yearly earnings from renting a car out on Turo compared to the ‘return on investment’, which is calculated using the average yearly cost of the loan for a car. While a car’s average yearly earnings may be high, it may not be profitable if the ROI isn’t high.
The average daily rate for a Fiat 500 on Turo is around $38. This means that the average yearly earnings on a Fiat 500 are somewhere around $7,000. However, considering the price of the car, the ROI throughout the year is nearly 200%, making it the most profitable car on Turo.
2. Toyota Corolla
Like the Fiat 500, the Toyota Corolla fits Turo's economy class. However, there is a reason the Toyota Corolla is one of the most commonly used cars for Uber drivers and one of the highest-selling cars in history. This is because it is one of the most reliable cars ever made.
Not only is the car extremely reliable, but it is also very efficient on fuel. The combination of these two factors makes the running costs of the Toyota Corolla extremely cheap. Moreover, unlike the Fiat 500, it has a lot of space on the inside, making it easier to transport a group of people comfortably and reliably.
However, the Toyota Corolla's starting price is slightly higher than the Fiat 500 at $20,000. In addition, the average annual earnings of a Toyota Corolla are also a bit lower than that of the Fiat, at $6,000. But the yearly ROI is still extremely high, averaging at around 150%, making it an extremely profitable car on Turo.
3. Jeep Wrangler
We now move on to the mid-range cars, which cost a little bit more than the economy cars when bought, meaning they will be rented out for a higher price than the economy class cars. The Jeep Wrangler is a 4×4 beast of a car, known to withstand any conditions, but is also an extremely reliable car to own.
The Jeep Wrangler is incredibly spacious and allows the people renting it out to drive it anywhere they wish. Besides the fuel mileage being worse than that of a Corolla or Fiat 500, the running costs of a Jeep Wrangler are next to nothing.
The Wrangler starts at around $29,000. It is a bit more expensive than a Fiat 500 or Toyota Corolla. However, people are willing to pay more to rent this car out, as it is more of a premium car than an economy-class car. The average daily rate for a Wrangler is around $90, with average yearly earnings of $9,000.
Therefore, the average yearly earnings for a Jeep Wrangler are higher than a Fiat 500, but the return on investment is less.
4. Audi S5
The Audi S5 is another car that fits into the mid-range class on Turo but just slightly missing out on being in the upscale category. The Audi S5 and the S5 Cabriolet are sportier versions of the famous Audi A5, making them attractive cars to rent.
The Audi S5 is quite expensive, starting at around $45,000. However, it still fits into the mid-range category. The fact that it seems like a sports car but still fits into the mid-range category (making it cheaper to rent) is possibly what makes it the most popular mid-range car to rent on Turo.
The average annual earnings for an Audi S5 are $17,000. This means that the average annual ROI for this car is nearly 100%, making it an extremely profitable car to rent out on Turo.
5. Ford Mustang
In the United States, the Ford Mustang does not need an introduction. As it is a very popular car, you can imagine it is in very high demand on Turo. This car is great because it can be classified as a sports car but still fits into the mid-range category on Turo. This means that it is relatively affordable to buy, which makes it a very affordable sports car to rent.
The Ford Mustang typically retails for around $27,000. With an average daily rate of $66 and the fact that it requires very little maintenance, you can imagine it is a very profitable car to rent out on Turo. The average yearly earnings for the Ford Mustang are around $10,000. That figure means that the ROI on a Ford Mustang is over 100%.
6. Porsche Panamera
The Porsche Panamera is a sports car. This means it fits into the upscale class category on Turo. This car is so popular because it is one of the only sports cars that is a 4-door sedan, not an SUV or 2-door coupe.
The Porsche Panamera is valued at a minimum of $64,000. As it is a sports car, people can charge a higher daily rate for this car. The average yearly earnings for a Panamera are nearly $30,000. This gives the Panamera an annual ROI of roughly 130%, making it extremely profitable. The fact that the ROI is so high, as well as the yearly earnings, means that this is likely the most profitable car on Turo.