A New Honda for Almost Nothing? Car Sharing Becomes a Sales Tool

The ability to rent his car to strangers for cash convinced Trevor Davis, a high-school teacher in Dallas, to buy a brand-new Honda Civic instead of a used car. “I was going to get something real cheap, an inexpensive second car to drive back to the Fort Hood area,” said the retired Army veteran, who makes the 150-mile trip frequently. “But then I was like, ‘I can get a better car and not really pay for it.’”

This is the logic behind Airbnb-like services for autos that are catching on as new-car prices soar, borrowing costs rise to the highest in a decade and consumers take out longer-term loans to keep payments down. Startups like Turo Inc. and Getaround Inc. are helping car owners lower their transportation costs in ways analogous to how Airbnb Inc. enables real estate owners to defray housing expenses, using peer-to-peer rental transactions.