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5 minutes read. Published October 19, 2022
Authored by Rebecca Betterton Written by Auto Loans Reporter
Rebecca Betterton is the auto loans reporter for Bankrate. She has a specialization in helping readers with the ways and pitfalls of using loans to buy the car they want.
The edit was done 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 take control of their finances with precise, well-researched and well-written facts that break down complicated subjects into digestible pieces.
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When you’re away on holiday and desire the freedom and convenience of wheels while exploring or need a car while yours is in the shop it’s likely that you’ll need to hire a car at some point. The number of rental cars was 1.8 million cars that were in rental service in 2021 . Costs vary depending on the type of car you lease, the rental car firm you select and where you rent the car. Understanding how these factors affect the price will help you plan your expense. Cost of a typical car rental The expected cost to rent a vehicle varies according to factors such as location, type of car and the rental company. However, the cost average at mid-October 2022 was around $81 per day . To determine the cost you’re likely to pay, reach out to Hertz, Enterprise, Avis or other rental companies you’re thinking of using to prepare for the cost. Factors that influence the cost of renting a car. Several factors influence the price of renting a car — regardless of whether they’re within or outside your control. You can save money by understanding the factors that affect price. Car type When choosing the rental car the first thing renters are asking is how much space they require. Car rental companies categorize their vehicles according to their size. The smallest cars are typically the least expensive and the smallest rental companies offer. These vehicles have room for two or three people along with their luggage. Intermediate or compact cars offer more space than economy cars, usually through extra room within the trunk. Intermediate cars accommodate up to four passengers and have a limited amount of luggage. The most basic vehicles with large back seats have room for four adults. They also provide plenty of trunk space making them a good choice for families that have plenty of luggage. Luxury cars are high-end vehicles that include everything from sportsy convertibles to large SUVs and vans. In most cases, the daily rental fee is based on the size and class of the vehicle or truck. However, sometimes rental firms offer discounts on certain types of vehicles particularly when they have plenty of vehicles in stock. For instance, if a business has a restricted amount of economy vehicles available to rent during a particular weekend, they might offer a discounted rate on the standard cars. Below are the lowest daily rates for different types of vehicles, as per Kayak. Type of car
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 as of October 2022. Location As with other goods as well, the prices change in accordance with demand and supply. A majority of people can find cheaper car rental rates close to the heart of the city rather than the airport. Rental fees also vary in different regions of the country. Highly trafficked tourist areas might have lower rental rates than other places due to the greater competition. However, they could also charge higher rates during the peak season where demand is high. The 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 as of October 20, 2022. Age of the driver The renter’s age has a significant impact on the cost. Younger drivers will pay more expensive the cost because young drivers are more risky for rental companies. A lot of rental companies don’t even rent to those younger than twenty years of age. Renters may be charged additional charges for renters under the age of 20. Depending on the state, these fees can vary from $40 to $65 per day. Consider these higher prices when determining the driver for your rental. Some states allow fees for drivers in certain age ranges. For instance, leasing from Enterprise in Michigan comes with an additional $40 daily fee for drivers 18 to 20 years old, and $19 per day for drivers between 21 and 24 years old. Renters who are younger in New York can expect to be charged more than $64.50 because of their age. But not every rental company charges these fees. Consider both the daily cost and additional fees when choosing which rental company to use. How can you get the best deal on your rental car The cost of a rental car is based on a range of elements but there are several things you can do to leave with a bit of cash in your pocket. Comparison shopping You can get a better deal when you rent your car by comparing. The prices vary from one rental company, so a little legwork could land you a much better deal. Comparison websites such as Priceline, Expedia, AutoSlash and Kayak make it easier to compare quotes for rental cars. Visit the rental agency’s websites to ensure that you’re getting most competitive price on the vehicle. Fill up the tank Be sure to refill the gas tank before returning your rental car to the agency. You’ll save money on fueling. Make reservations early. Booking your rental car prior to the time of your reservation allows you to get the right vehicle, avoid lengthy lines, and possibly save cash. This is especially important if you intend to travel around a major holiday. Skip add-ons Before receiving keys to your car, you’ll likely be provided with a variety of add-ons. The options could include GPS and toll plan access to XM radio, and the option of car seat. Do not use these features if you are able to cut costs. is another costly add-on often offered when you reserve or pick up the vehicle. It can add an additional up to $15-30 per day to the bill but can save thousands of dollars if you’re involved in an accident or the car is stolen. The four common types of insurance for rental cars are: Loss-and-damage-waiver (LDW) or collision damage waiver (CDW): provides coverage in the event that your car is damaged or stolen. Additional liability protection: shields your from liability in the event that you cause damage to property or vehicles. Personal accident coverage: pays for medical expenses for yourself and passengers (if applicable) when you are involved in an accident. Personal effects coverage: pays the cost of items taken from the car rental This protection may be already included in your credit card in place or be part of your existing homeowners or auto insurance policies. Certain types of insurance have restrictions, however you should verify how they interact in conjunction with the credit card issuer or insurance provider. Hidden fees and other charges Car rental companies also charge hidden fees that affect the cost of renting. They incorporate certain fees into the cost of the rental. Other fees may be listed on statements at least a few months after the rental period. The rental of a car at the airport costs more than renting through an off-site location. This is due to the fact that the airport has fees, such as an airport concession charge and an expense for customer facilities that the rental car firm passes on to the consumer. Some companies place an authorisation hold onto the customer’s credit or debit card. This charge, which ranges from $150 to $500, provides the rental car company with some protection if the renter has an accident or is not able to return the car. The rental car company will release the money within a couple of days after getting the car returned in good in good condition. A lot of businesses charge a cancellation fee to renters who cancel their reservations within 24 hours of the rental. If the renter has paid prior to the rental, then the company will refund the deposit less the cancellation fee. Renters who wreck the interior or exterior of the vehicle must be responsible for the repairs . Inexperienced renters could end up paying for damage caused from previous owners. Thoroughly inspect the vehicle before leaving the lot Take pictures of the visible damage and alert to an employee. The majority of rental agencies charge a daily cost to add drivers on the contract. The amount is determined by the rental agency and state. The ability to change the terms of the rental contract through a modification or extension may also come at an additional cost. The cost you pay will vary, and you could pay a higher daily rate. However, knowing about these hidden fees can help renters realize why total rental fees cost more than the stated rental cost however, there’s usually nothing that can be done to avoid these charges. The bottom line Rental cost of cars varies based on rental company, type of car, location and age of the driver. It is also possible to find that certain markets are far more expensive than others. There are ways to reduce your expenses such as searching around, making reservations early and skipping add-ons. Be sure to read the fine print of your rental agreement to avoid having to pay additional charges that are not anticipated. Find out more
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Written by Auto Loans Reporter
Rebecca Betterton is the auto loans reporter for Bankrate. She specializes in assisting readers with the details of using loans to buy a car.
The edit was done by Rhys Subitch Edited by Auto loans editor
Rhys has been writing and editing for Bankrate since the end of 2021. They are committed to helping readers to control their finances through providing concise, well-researched and well-researched content that break down complex topics into digestible chunks.
Auto loans editor
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