Buying a rental car: What you need to know Advertiser Disclosure Advertiser Disclosure We are an independent, advertising-supported comparison service. Our goal is to help you make better financial decisions by offering interactive tools and financial calculators, publishing original and objective content. This allows you to conduct your own research and analyze information at no cost – so you can make your financial decisions without trepidation. Bankrate has agreements with issuers including, but not restricted to, American Express, Bank of America, Capital One, Chase, Citi and Discover. How We Earn Money The offers that appear on this site are from companies that pay us. This compensation could affect how and when products are featured on this site, including, for example, the order in which they may appear within the listing categories, except where prohibited by law. This applies to our mortgage home equity, mortgage and other products for home loans. But this compensation does have no impact on the information we publish, or the reviews appear on this website. We do not include the vast array of companies or financial offerings that could be available to you. SHARE: BraunS/Getty Images
3 min read Published March 02, 2023
Written by Rebecca Betterton Written by Auto Loans Reporter Rebecca Betterton is the auto loans reporter for Bankrate. She is a specialist in helping readers in navigating the details of borrowing money to purchase cars. Edited by Rhys Subitch Edited by Auto loans editor Rhys has been editing and writing for Bankrate from late 2021. They are dedicated to helping readers gain the confidence to control their finances through providing concise, well-researched and detailed information that breaks down otherwise complex topics into manageable bites. The Bankrate promises
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We are compensated in exchange for placement of sponsored products and, services, or when you click on certain hyperlinks on our website. Therefore, this compensation may influence the manner, place and in what order the products are listed within categories, except where the law prohibits it for our mortgage, home equity and other home lending products. Other factors, such as our own website rules and whether the product is available in the area you reside in or is within your personal credit score can also impact how and where products appear on this website. We strive to offer a wide range offers, Bankrate does not include information about each credit or financial products or services. The majority of drivers use renting a car during vacations or time away -and for a lot of people these, they could also be the means of obtaining the vehicle of their choice. Although rental vehicles are used by several drivers, they also have extensive maintenance records and a low price tag. However, before you can leave the lot with one of these cars, there are a few aspects to take into consideration. How to buy a rental car Just as when you purchase any other used or new vehicle, buying a rental needs some preparation before the purchase date. Budget Know the amount and the financing options that are most suitable for your budget. Since rental cars are used vehicles, there’s plenty of financing options available. Rates averaged a rate of 10.26 per cent in 2022’s fourth quarter according to data from . Keep in mind, however, that the is much more than just the price you can see advertised on the internet. Check websites like Edmunds as well as Kelley Blue Book (KBB). Both offer breakdowns of the expected repairs and maintenance costs for a wide variety of vehicles. Find a car to compare The best sources for looking into rental cars available for sale can be found at Enterprise, Avis and Hertz. Visit their websites to see the available cars in your region. Again, Edmunds and KBB can be a good guide. They can show you an average price in your area for the vehicles you’re looking at. This way, you’ll be certain that the used car dealership offers a great deal. Since rental vehicles are subject to higher wear and tear, check to see the possibility of a lower price than the norm to make up for potentially higher maintenance costs later on. When you’ve got a vehicle in mind you can apply for preapproved financing. Although many rental companies will provide financing options on their own, it’s best to always do your research so that you know you’re getting the best price. Prequalifying also allows you to make better budgeting decisions. When you know what you’re able to spend and have a clear idea of your monthly payment is set, you can search to find the perfect fit for your budget. Examine the vehicle. Try a test drive, and inspect the vehicle in person, if you are able to find the car’s history report. This will give you information about any damages that have occurred in the past, and previous ownership as well as details about what’s under the hood. Since rental vehicles are used by a lot of drivers, they accumulate some miles. You should expect the odometer to be high even with relatively new vehicles, therefore, before you buy. Along with the history of the vehicle report, this will give you a full idea of the intensity with which the vehicle was driven during its rental period. Also, ask if the vehicle is covered with a manufacturer’s guarantee, and you might be able to get additional security from the rental company. This could be a great option even if the vehicle is covered under a manufacturer warranty. Extended warranties cover more frequent repairs and maintenance requirements. They are however an additional expense, so make sure that you understand what the warranty covers and whether it’s worth it before you sign up. Do rental cars make sense to buy? As is the case with the majority of things related to car buying one must take into consideration the financial impact and the suitability for your lifestyle. While rental cars have somewhat of a bad reputation, there is no guarantee any used car you buy isn’t abused in the same manner unless you are familiar with its past. Benefits of purchasing a rental car. Cars that are rented out may have a bad name however, there are several reasons they may be the right choice for you. Warranties: Rental vehicles typically include a guarantee that lasts for about a yeareven those that are no longer covered by the manufacturer’s original warranty. Buy-back policies: Rental car chains may offer the option of buying back your car if you change your mind within a few days of the purchase. Vehicles that are well-maintained The company that rents the car should have kept the vehicle well-maintained and cleaned after every driver. So even with more wear and tear present on the vehicle you’re considering purchasing it’s been inspected more than the typical used vehicle. These features can provide some additional assurance that could not be found buying used elsewhere. The disadvantages of renting a car Despite having quite some benefits, there’s drawbacks to going with a rental car. The high mileage of frequent drivers and long trips may outweigh regular maintenance. The high mileage incurred by renters could potentially mean more problems or a less long life for your vehicle. Limitations on options: In addition to this, renting a car means a much more limited selection of vehicles available for purchase. If the rental car company does not have the vehicle that you are looking for in stock You’re out of the woods. Basic features: The cars are not usually equipped with all that bells and whistles drivers seek. Many are basic models that don’t come with the premium features that other used cars include. The key point to consider is that if you decide to go with a used rental vehicle, make sure you do your own research about typical car costs, check a car history report, and read the fine print when looking at rental vehicle websites -Many offer discounts or buy-back options. As with any other used vehicle, having the vehicle signed off on through an experienced mechanic can give you extra assurance. Learn more
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The article was written by Auto Loans Reporter Rebecca Betterton is the auto loans reporter for Bankrate. She is a specialist in helping readers in navigating the ways and pitfalls of taking out loans to purchase an automobile. Edited by Rhys Subitch Edited by Auto loans editor Rhys has been editing and writing for Bankrate since the end of 2021. They are passionate about helping readers gain the confidence to manage their finances by providing clear, well-researched information that breaks down complex topics into manageable bites.
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