Often described as “Airbnb for cars,” Turo offers peer-to-peer short-term car rentals. You can rent out your car on Turo when you’re not using it, and some entrepreneurs make a side hustle of renting out multiple cars on the platform.
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Like Airbnb, some investments pay higher returns than others. So, which cars offer the highest return on investment for savvy car lessors?
Top 10 Cars for ROI on Turo
On Turo’s nifty “Carculator” page, they list the ten cars that pay the highest ROI on the platform. You can even select different cities and regions, to see which cars perform best locally.
Nationwide, Turo lists the following ten cars as offering the highest ROI:
- Chevrolet Cruze: 195.8% Annual ROI
- Dodge Grand Caravan: 181.9%
- Ford Focus: 180.3%
- Ford Fiesta: 177.8%
- Ford Ecosport: 171.9%
- Chevrolet Spark: 170.8%
- Mitsubishi Mirage: 168.6%
- Nissan Versa Note: 162.4%
- Mitsubishi Mirage G4: 159.1%
- Subaru Forester: 159.1%
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For each car, Turo lists the estimated value (for used cars of model years 2018 to 2024), annual loan cost (assuming a 10% down payment, 8.5% APR and five-year loan) and average annual earnings. The Chevy Cruze, for example, has an estimated value of $11,140, annual loan cost of $2,468 and estimated earnings of $7,300.
The ROI calculation also includes other business costs such as travel expenses, repairs and maintenance.
So why do some cars outperform others?
Low Operating Costs
Vehicle attorney Chad Watwood points to a winning combination: “Cars like the Chevy Cruze and Ford Focus perform well on Turo because they combine predictable demand with low operating risk. They have simpler mechanical and electrical systems, with cheaper and more available parts. So, they spend fewer days in the shop waiting for repairs — downtime that dramatically reduces returns.”
Note that all ten of those highest-performing cars are common, relatively affordable cars. None are exotic or expensive.
On a separate page, Turo does list the top performing mid-range and luxury cars. Even the best performing of the lot (Porsche Panamera at 129.6%) comes nowhere near the lowest on the top ten list above. None of the other costlier cars deliver triple-digit returns.
Many of the car brands above also rank well for reliability. Chevrolets experience just 169 problems per 100 cars, according to J.D. Power, for instance, outperforming most brands. Fords aren’t far behind, with 208 problems per 100 cars.
High Demand
Many people looking to rent a car for a week just want the cheapest option available. That explains why discontinued, cheap models like the Cruze and Focus rent so well.
Having rented dozens of cars on Turo, often for a month at a time, I can attest that the decision usually comes down to price. Other renters want the cheapest option that can fit their entire family and luggage, such as the Dodge Caravan.
As side hustles go, renting cars on Turo comes with some appealing advantages. To begin with, it leaves you with a spare car when your own ends up in the shop. The cars are also business assets, which means you can depreciate them on your tax return.
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This article originally appeared on GOBankingRates.com: Which Cars Pay the Highest ROI on Turo?
