Victoria: beautiful one day, impounded the next – or that's how a Queensland couple found it on Monday.

The couple hired a black convertible Porsche while on holiday on the Mornington Peninsula and were driving near Baxter when police allege they were spotted spinning the car wheels or doing a "burnout".

Frankston Highway Patrol members spotted the Porsche on the Moorooduc Highway, near Sages Road, just after 10am.

Police had initially said they would impound the car for 30 days and the driver would be responsible for $1000 a day payment to the hire company.

But on Tuesday, police decided to return the hired sports car to the rental company, which meant the driver would no longer be liable for what could have turned into a $30,000 thrill ride.