The wide spread of vehicular cameras has raised broad privacy concerns. Ubiquitous vehicular cameras capture bystanders like people or cars nearby without their awareness. To address privacy concerns, most existing works either blur out direct identifiers such as vehicle license plates and human faces, or obfuscate whole video frames. However, the former solution is vulnerable to re-identification attacks based on general features, and the latter severely impacts utility of the transformed videos. In this paper, we propose an INStance-level PrIvacy-pREserving (INSPIRE) video transformation framework for vehicular camera videos. INSPIRE leverages deep neural network models to detect and replace sensitive object instances in vehicular videos with their non-existent counterparts. We design INSPIRE as a modular framework to enable flexible customization of protected instance categories and their protection modules. An implementation of INSPIRE focused on protecting people and cars is described, which we tested on six re-identification datasets and three realworld vehicular video datasets to evaluate its privacy protection and utility preservation capability. Results show that INSPIRE can thwart 97% of re-identification attacks for people and cars while maintaining a 0.75 object detection mean average precision on transformed instances. We also demonstrate experimentally that INSPIRE is robust against model inversion attacks. Compared to solutions that provide comparable privacy protection, INSPIRE achieves relatively 1.76 times higher counting accuracy and 31.61% higher object detection mean average precision.