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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 as well as publishing original and objective content. This allows you to conduct research and compare information without cost, so that you can make financial decisions with confidence. Bankrate has agreements with issuers such as, but not limited to American Express, Bank of America, Capital One, Chase, Citi and Discover. How We Earn Profit The products that appear on this site come from companies who pay us. This compensation could affect how and when products are featured on the site, such as such things as the order in which they may be listed within the categories of listing, except where prohibited by law for our mortgage or home equity products, as well as other home loan products. But this compensation does have no impact on the information we provide, or the reviews that appear on this website. We do not include the entire universe of businesses or financial deals that might be available to you. SHARE: BraunS/Getty Images

3 minutes read Read Published March 02, 2023

Written by Rebecca Betterton Written by Auto Loans Reporter Rebecca Betterton is the auto loans reporter for Bankrate. She specializes in helping readers to navigate the details of borrowing money to buy an automobile. Written 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 take control of their finances with concise, well-researched and detailed information that breaks down complex topics into manageable bites. The Bankrate promise

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You have money questions. Bankrate has answers. Our experts have helped you understand your money for more than four decades. We are constantly striving to give our customers the right advice and the tools required to make it through life’s financial journey. Bankrate adheres to strict standards , so you can trust that our content is honest and precise. Our award-winning editors and reporters create honest and accurate content to help you make the best financial choices. The content created by our editorial staff is factual, accurate, and not influenced through our sponsors. We’re open regarding how we’re capable of bringing high-quality content, competitive rates and useful tools for you by explaining how we earn money. Bankrate.com is an independent, advertising-supported publisher and comparison service. We receive compensation for placement of sponsored products and services, or when you click on certain hyperlinks on our website. Therefore, this compensation may affect the way, location and in what order the products are listed within categories, with the exception of those prohibited by law for our mortgage, home equity and other home loan products. Other elements, such as our own rules for our website and whether a product is available in the area you reside in or is within your self-selected credit score range may also influence the way and place products are listed on this site. While we strive to provide the most diverse selection of products, Bankrate does not include the details of each credit or financial item or product. A majority of people only use the rental car for trips or vacations -and for a lot of people these, they could also be a means to getting a vehicle of their own. While rental cars are owned by a number of drivers, they typically come with extensive maintenance records and cost-effective. However, before you can leave the lot in 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 new or used car, renting a vehicle requires some homework prior to the time. Budget Understand how much and what financing options are most suitable for your budget. Since rental cars are used vehicles, there’s a wide range of financing options available. Rates averaged a rate of 10.26 percent in the fourth quarter of 2022, according to data from . Keep in mind, however, that this is higher than what you can see advertised on the internet. Visit websites such as Edmunds or Kelley Blue Book (KBB). Both offer breakdowns of the expected maintenance and repair expenses for a range of vehicles. Compare cars The most reliable sources to research rental cars available for sale are Enterprise, Avis and Hertz. Visit their websites and see what they have available in your region. Also, Edmunds and KBB can serve as a great guide. They can show you an average price in your area for the vehicle you are interested in. This way, you’ll be certain that the used car dealer is offering a good deal. Since rental vehicles are subject to higher wear and tear, check to see if you can go lower than the average to offset more costly maintenance expenses in the future. Prequalify Once you have an automobile in mind Apply for preapproved financing. Although many rental companies will offer financing options on their own, it is always smart to so you know you’re getting the best price. Being prequalified also lets you make better budgeting decisions. When you know what you can afford to buy and have a clear idea of the monthly cost of your purchase will be, you are able to shop for just the right fit for your finances. Examine the vehicle. Try a test drive, and view the car in person if possible find the car’s history report. This will give you insight into any damage incurred in the past, and previous ownership as well as information about the car’s engine. Because rental cars are used by many drivers, they accumulate quite a few miles. You should expect the odometer to be high even with relatively new cars, so be sure to check when you purchase. Along with the vehicle history report, this will give you a complete picture of the intensity with which the vehicle has been driven during the time it was rented. Also inquire if the car is covered by a warranty comes with a manufacturer’s guarantee, and you may be able to get additional assurances from the rental firm. It could be a good option even if your car is covered by an official warranty from the manufacturer. Extended warranties cover more common maintenance and repairs. But they are an extra expense, so make sure that you understand what the warranty covers and whether it’s worth it before signing up. Are rental cars a good thing to buy? As is the case with most things when it comes to purchasing a car it is important to consider the financial implications and suitability for your lifestyle. Although rental cars are a bit of a bad rap but there’s no guarantee the car you purchase hasn’t been used in the same way unless you know the background. The advantages of renting a car. Cars that are rented out may have a bad name however, there are a few motives why they might be a good fit for you. Warranties: Rental vehicles typically come with a warranty for a period of one yeareven those which no longer have the original manufacturer’s warranty. Buy-back policy: Rental car chains may offer a buy-back policy when you make a change of mind shortly after the sale. Vehicles that are well-maintained The company that rents the car must have ensured that the car is well-maintained and cleaned after every driver. Even with more wear and tear present on your potential car it’s been inspected more than the typical used car. These kinds of features could provide added assurance that could not be found buying used elsewhere. Pros and cons of renting a car Although there are quite some positives, there are negatives associated with using a rental car. The high mileage of frequent drivers and lengthy journeys could be more costly than regular maintenance. The high mileage incurred by renters could potentially mean more problems or a shorter life span for your car. There are fewer options available: In addition to this, purchasing a rental is a lot more restricted in selection of vehicles available for purchase. If the rental car provider does not have the vehicle that you are looking for in stock You’re out of luck. Basic specifications: The vehicles available do not typically come with of the features that drivers want. Many are basic models that don’t come with the premium amenities other used cars might come with. The key point to consider is that if you settle on a used rental vehicle, make sure you do your research on typical vehicle pricing, run a vehicle history report, and read the fine print at rental vehicle websites -Many offer discounts or buy-back options. Also, like any used car, getting the vehicle signed off on with an expert mechanic can provide you with security. Find out more

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This article is 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 taking out loans to purchase cars. Written by Rhys Subitch Edited by Auto loans editor Rhys has been writing and editing for Bankrate from late 2021. They are dedicated to helping readers gain the confidence to control their finances with concise, well-studied information that breaks down otherwise complicated topics into digestible pieces.

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