Hate having to rent a car when you go on vacation? You’re not alone. From sky-high prices (car rental rates shot up 51% between the start of COVID-19 pandemic and early 2023) to a supply shortage that means fewer options, there are plenty of reasons you may be tempted to search for mobility alternatives. Enter: Car-sharing. Car-sharing services like Turo have picked up speed in a big way these past few years, presenting an alternative to traditional car rental and rideshare services — and giving drivers an opportunity to make some cash when they don’t need their car. Whether you want to make money car-sharing or just learn how the process works, we’ve got you covered.

In it to make money car-sharing? Skip right to the top-earning cars (and how much they make).

Real Quick — What Is Car-Sharing, Exactly?

Most car-sharing services run off of an app or website. There are two basic types of car-sharing services: Traditional, and peer-to-peer (P2P). 

A Traditional car-sharing service, like ZipCar, maintains a fleet of cars that the company owns. Travelers can then browse the options available near them, select how long they’ll need the car, and then pick up and drop off from a designated location. 

For a P2P car-sharing service like Turo, drivers (called “hosts”) sign up with their cars, which then become the fleet. People in need of a car can request or find a car that fits their budget and needs from the cars offered at their location, set how long they’ll need it for, and choose a pickup and return destination. 

After the driver picks up, uses, and returns the car, the owner gets a cut of the profits. The rest goes to the car-sharing service. 

Image of cars in a car-sharing parking lot.

Who’s Using Car-Sharing Services?

Car-sharing and P2P platforms are catching on primarily because they align with shifting attitudes toward vehicle ownership, especially among Millennials and Zoomers — generations that value convenience and are open to alternatives to ownership. In the era of smartphones and apps, booking a car with a few taps is a significant advantage. 

According to a 2019 Cox Automotive study, 4 in 10 consumers agree that transportation is necessary, but owning a vehicle is not. Zoomers lead the charge with 55% agreeing to that statement, followed by Millennials at 45%. 

The boom of ridesharing services like Lyft and Uber goes hand-in-hand with car-sharing services like Turo. While rideshare can get someone from point A to B, they get expensive if used as a primary means of transportation. That’s where car-sharing comes in. In 2020, Accenture reported that the number of P2P car-sharing vehicles grew from around 200,000 in 2015 to over 440,000 in 2020. By 2025, Accenture expects that number to reach 990,000. That impressive growth-rate speaks to the mounting popularity of car-sharing among younger generations. 

Why Should I Use Car-Sharing?

From the perspective of a user, car-sharing services have a number of benefits:

  • It feels more personal. Today, most Americans distrust large corporations. As a result, many may prefer car-sharing with a specific owner who has a vested interest in their experience.
  • It’s more convenient. The most popular car-sharing services have taken notes from rideshare companies like Uber, using Apps to connect users with their ride of choice. For many, that’s preferable to waiting in line at a rental service kiosk at the airport or booking through a traditional website. 
  • It’s more flexible. Car-sharing services often offer hourly or daily options, allowing users more flexibility than they may get from a rental company. 
  • It can be cheaper. In early 2022, you could car-share a 2017 Mitsubishi Mirage for just $32 a day in Phoenix using Turo. Prices may be higher today, but the premise remains the same. For thrifty travelers, there are plenty of low-budget options on car-share services that rental companies usually just don’t have, especially given the current supply shortages. 

Car-sharing offers up a lot of advantages to travelers who are looking for something convenient, flexible, and affordable. 

Image of a parking lot with "car-sharing" spray-painted into a parking space.

Should I Car-Share My Vehicle?

Let’s flip the previous question on its head — why would a car owner want to car-share their vehicle? Well…

  • It allows you to generate passive income. While you’re not using your car, someone else is — and you get paid for it. For many car owners, car-sharing is a low-risk opportunity to make some easy money. 
  • It makes your car more affordable. Car users pay for gas, and most car-sharing services offer owners (or “hosts”) insurance policies to cover damages if their car gets banged up or stolen. As a result, many owners use car-sharing to offset monthly payments and car insurance (at the cost of extra mileage and wear and tear). 
  • It’s good for the environment. If a rental service buys a car, it stays in their fleet until they scrap it. Using a P2P car-sharing service essentially removes a rental car — and the emissions it creates — from the normal car rental pipeline, since the car already belongs to a person who will use it when it’s not being rented. For many users and hosts, the environmental incentive makes P2P car-sharing attractive. 

Okay… How Much Money Can I Make from Car-Sharing?

U.S. Turo hosts can make around $500-1,000 a month from sharing their car (on average). To see how much you could make hosting your car on Turo, you can use the company’s calculator. 

Why Turo? No, we don’t have a sponsorship. Turo currently dominates the P2P car-sharing space. When sorting car rental apps by monthly average users (MAUs), Turo holds a 41% market share. The next highest contender is Hertz at 12.1%. That makes Turo a great touch-point for the P2P car-sharing industry.

What Are Good Used Cars to Make Money Car-Sharing?

If you want to make money car-sharing, it all starts with the vehicle. According to Turo, their top-earning economy cars (from lowest to highest buy-in price) are:

  1. Fiat 500 ($7,009 average annual earnings (AAE))
  2. Kia Rio ($7,177 AAE)
  3. Chrysler Voyager ($10,438 AAE)
  4. Alfa Romeo Stelvio ($11,442 AAE)
  5. Cadillac CT5 ($11,065 AAE) 
  6. Audi S5 Cabriolet ($17,764 AAE)
  7. Porsche 718 Boxster ($17,738 AAE)
  8. Porsche Panamera ($29,741 AAE)
  9. Lincoln Navigator L ($23,598 AAE)

So, what are some takeaways from this list? If you’re looking for a good car-sharing car but don’t want to break the bank, you’ll want to either go for something small, zippy and reliable (like a Fiat 500, Nissan Versa, or VW Jetta) or a nice family vacationer (like the Voyager). In the mid-range, things with universal appeal and a smart silhouette, like the Alfa Romeo or Audi, are winners — vehicles like Dodge Challengers, Jeep Wranglers, and Chevy Suburbans are also good call-outs. At the high end of the price range, you’re looking at cars people want to impress friends, partners, or business partners with — your Porsches, your BMWs, your Range Rovers, etc. 

Fortunately, people who want a car-share are often looking for the same things as long-term buyers. Once you have your budget established, finding a car that’s broadly considered reliable, easy to drive, and has a defined aesthetic should set you on the right path toward a purchase that can help you make money car-sharing. 

Image of a car someone ordered arriving on their app.

How Car-Sharing and Peer-to-Peer Platforms Could Continue Influencing Used Car Ownership

Car-sharing services could expand rapidly in coming years, especially if current thorns in the rental industry’s side (like supply shortages and ascending rates) aren’t pulled anytime soon. Imagine a future where these platforms integrate autonomous vehicles, enabling even greater convenience. 

The transformational impact of car-sharing and peer-to-peer platforms on used car ownership points to a broader shift in our relationship with cars. As we move towards a future where the priority is access over ownership, these platforms offer a glimpse into the new age of mobility.