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5 minutes read. Published on October 19, 2022.
Written by Rebecca Betterton Written by Auto Loans Reporter
Rebecca Betterton is the auto loans reporter for Bankrate. She specializes in assisting readers with the ways and pitfalls of taking out loans to purchase an automobile.
Edited by Rhys Subitch Edited by Auto loans editor
Rhys has been writing and editing for Bankrate since the end of 2021. They are passionate about helping readers gain the confidence to manage their finances with clear, well-researched information that breaks down otherwise complicated topics into bite-sized pieces.
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When you’re away on holiday and desire the freedom and convenience of a car while you explore or require a vehicle while you’re at work it’s likely that you’ll need to take a rental car at some moment in the future. There were 1.8 million rental cars in service in 2021 . Costs differ based on the type of vehicle you rent, which rental car service you choose to use and where you rent the car. Understanding the factors that impact the cost can help you budget for the expense. Typical cost of a car rental for renting a car differs dependent on the location, car type , and the rental company. But the average cost in mid-October 2022 was about $81 per day . To estimate your estimated cost you can contact Hertz, Enterprise, Avis or any other rental firms you’re considering to best prepare for the expense. The factors that affect rental car prices Several aspects influence the price of renting a car — regardless of whether they’re within or outside your control. You can save money by knowing what influences price. Car type when selecting an automobile rental the first question that renters want to know is the amount of space they will need. Car rental companies categorize their vehicles according to size. The smallest cars are typically the least expensive and the smallest rental firms offer. They can accommodate one or two persons, along with their luggage. Compact or intermediate cars provide more space than standard cars generally through more space within the trunk. Intermediate cars can hold up to four persons with a small quantity of baggage. Standard vehicles with full-size back seats have room for four adults. They also provide plenty of trunk space making them a good option for families with a considerable amount of luggage to carry. Luxury cars are high-end vehicles which range from sleek convertibles to full-size SUVs and vans. In most cases the rental cost per day will increase with the size and category of the vehicle. However, some rental firms offer discounts on vehicles in certain categories, especially when they have plenty of vehicles of them in stock. For example, if the business has a restricted number of economy cars available to rent out for a specific weekend, they may offer discounts on the standard cars. Below are the lowest daily rates for different types of vehicles, according to Kayak. Type of vehicle
Approximate capacity
Least expensive rate per day
Economy
2 adults 2 bags
$14
Compact
2 bags, 4 adults
$10
Intermediate
5 adults, 3 bags
$14
Standard
5 adults 3 bags
$23
Full size
5 adults, 2 bags
$18
Full-size SUV
5 adults, 2 bags
$34
Minivan
5 adults, 5 bags
$30
Premium
5 adults, 5 bags
$26
Kayak at the time of writing in October 2022. Location Like other products or services, costs fluctuate according to supply and demand. Many people find better car rental deals close to the heart of the city, instead of the airport. Prices for rental vary across different regions of the country. Tourist areas that are heavily populated might have lower rental rates than other places due to the increasing competition. However, they could also charge higher fees during popular seasons when demand is very high. Location
Average rental cost per day
Atlanta
$50-$85
Chicago
$47-$85
Houston
$51-$84
Las Vegas
$47-$78
Los Angeles
$48-$67
Miami
$34-$64
New York
$68-$111
Orlando
$43-$65
Kayak at the time of writing in October 20, 2022. Age of the driver The renter’s age greatly influences the cost. Younger drivers will pay greater cost, since young drivers are more risky for rental businesses. Some rental companies do not rent to anyone younger than the age of 20. Rental companies may charge extra fees for renters who are young. According to the state, these fees can vary from $40 to $65 per day. Be aware of these prices when determining who will drive your rental. Certain states have charges for drivers who fall within certain age groups. For example, renting from Enterprise in Michigan comes with an additional $40 per day charge for drivers aged 18 to 20 years old, and $19 for daily drivers between 21 and 24. Renters younger than New York can expect to be charged the additional $64.50 in order to cover their age. But not every rental company has these charges. Be aware of both the cost per day and any additional charges when deciding the rental provider. What can you do to get the most price on your rental car While the cost of renting a car is determined by a variety of elements, there are still some options you can take to leave with a bit of money in your pocket. Comparison shop . You can save money on your next car rental by shopping around. Prices often vary by rental service, therefore doing a bit of research could get you a lower price. Comparison websites like Priceline, Expedia, AutoSlash and Kayak allow you to compare quotes for rental cars. Visit the rental agency’s websites to make sure you’re getting the most affordable price for the car. Refill the tank. Make sure to fill up the gas tank before returning your rental car to the rental agency. You’ll save money on refueling. Book early Making reservations ahead of time allows you to get the best vehicle, avoid long lines, and possibly save cash. This is especially important when you plan to travel on a long holiday. Skip add-ons Before receiving the keys to your car, you’ll likely receive a number of additional options. The options could include GPS, toll plan, accessibility to XM radio, or the option of car seat. Do not use these features if you are able to cut costs. Another costly option is often offered when you book or pick up the vehicle. It can add 15 to $30 per day to the bill however, it can save thousands of dollars if the car is involved in an accident, or the vehicle is stolen. The four types of common insurance policies for rental vehicles include: Loss-and-damage waiver (LDW) also known as collision damage waiver (CDW) offers protection for damage to the vehicle or stolen Supplemental liability protection: protects you from liability if you damage property or other vehicles Personal accident protection: pays for medical expenses for yourself and passengers (if applicable) in the event that you encounter an accident. Personal effects coverage: covers the cost of items stolen from the rental car These protections may already be or current auto or homeowners insurance policy. Some have limitations, though it is important to confirm how they work in conjunction with the credit card provider or insurance provider. Hidden charges and other costs Car rental companies also have hidden fees that affect the cost of the rental. They incorporate certain fees into the cost for the rental. Other fees may be listed on statements for several months following the rental period. A car rental at an airport is more expensive than renting through an off-site location. The reason is that the airport charges fees like the airport concessions fee as well as the cost of a customer facility fee that the rental car firm is then able to pass on to the consumer. Certain companies place an authorization hold on the customer’s debit or credit card. This charge, which can range from $150 to $500, provides the rental car company with an insurance policy in case the customer is damaged or does not return the car. The company releases the funds within a few days of receiving the rental car back in acceptable condition. Many businesses charge a cancellation fee to renters who cancel their reservations within 24 hours of the rental. If the renter made payment in advance, the business would refund the payment minus the cancellation fee. Renters who wreck the exterior or interior of the vehicle have to cover the repair costs . Renters who aren’t careful could end in paying for damage done by previous drivers. Make sure you thoroughly examine the vehicle prior to driving it off the lot Take pictures of the apparent damage and inform to an employee. Most rental agencies have a fee per day for adding drivers on the contract. The amount is determined by the rental agency and state. Changing the conditions of the rental agreement by modifying or extending it may also come at an additional cost. The amount you’ll be charged for may differ, and you could be charged an additional daily fee. While knowing about these hidden costs helps renters understand why the total rental cost is higher than the rental advertised price however, there’s usually nothing that can be done to avoid these charges. The basic rental cost of cars varies based on rental agency, car type, location and age of the driver. It is also possible to find that certain marketplaces are more expensive than others. There are ways to cut costs such as buying around, making bookings ahead and avoiding any additional charges. Make sure you read the rental contract’s fine print to avoid having to pay any unexpected costs. Find out more
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Authored by Auto Loans Reporter
Rebecca Betterton is the auto loans reporter for Bankrate. She has a specialization in helping readers with the ins and outs of securely taking out loans to purchase an automobile.
Edited by Rhys Subitch Edited by Auto loans editor
Rhys has been writing and editing for Bankrate from late 2021. They are passionate about helping readers to manage their finances by providing concise, well-researched and well-researched content that breaks down complicated topics into digestible chunks.
Auto loans editor
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