Internet of Things applications using sensors and actuators raise new privacy related threats, such as drivers and vehicles tracking and profiling. These threats can be addressed by developing adaptive and context-aware privacy protection solutions to face the environmental constraints (memory, energy, communication channel, and so on), which cause a number of limitations for applying cryptographic schemes. This paper proposes a privacy preserving solution in ITS context relying on a game theory model between two actors (data holder and data requester) using an incentive motivation against a privacy concession or leading an active attack. We describe the game elements (actors, roles, states, strategies, and transitions) and find an equilibrium point reaching a compromise between privacy concessions and incentive motivation. Finally, we present numerical results to analyze and evaluate the theoretical formulation of the proposed game theory-based model.