Consumer interest in privately managed urban transport services in Indonesia are showing a declining trend. On the other hand, the presence of Transportation on Demand (ToD) based on Internet of Things (IoT) has attracted the majority of conventional fleet customers which contribute to the declining trend of occupancy. Therefore, this study aims to present a feasibility study of a small car RE60 Three Passenger and One Driver (3P+1D) four-wheeler as an alternative to replace conventional fleets. The Break-Even Point (BEP), Net Present Value (NPV), Internal Rate of Return (IRR), and Payback Period (PP) are analyzed based on vehicle operating data. The analysis shows that there is an additional monthly income flow of IDR 1,533,122 and IDR 2,536,946 from RE60 operations compared to the high and low consumption of fuel from existing fleets, respectively. In conclusion, it is feasible to invest in small car RE60 as a replacement for the existing fleets since the fundamental indicators (BEP, NPV, IRR, and PP) showed positive results before the specified instalment period. Sensitivity analysis also shows good results, NPV shows positive results (>0) although the input conditions are made pessimistic to -30% from NPV base case. The BEP of RE60 will cut distance travelled at 190,670 km and 115,225 km, respectively. NPV of IDR 33,088,000 and IDR 80,841,000 will be obtained at the 60th month after the operation and IRR also enabled good scores, at 2.24% and 4.17%.