Buying a rental car: What you need to know Advertiser Disclosure Advertiser Disclosure We are an independent, advertising-supported comparison service. Our mission is to help you make better financial choices by providing you with interactive financial calculators and tools as well as publishing original and objective content. We also allow users to conduct research and compare information at no cost – so you can make decisions about your finances with confidence. Bankrate has partnerships with issuers, including but not limited to, American Express, Bank of America, Capital One, Chase, Citi and Discover. How We Earn Profit The deals that are advertised on this site come from companies that pay us. This compensation can affect the way and when products are featured on the site, such as such things as the order in which they may appear in the listing categories in the event that they are not permitted by law. This applies to our mortgage or home equity products, as well as other products for home loans. But this compensation does have no impact on the content we publish or the reviews you read on this site. We do not include the entire universe of businesses or financial offers that may be open 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 assisting readers in navigating the details of taking out loans to buy a car. Edited by Rhys Subitch Edited by Auto loans editor Rhys has been editing and writing for Bankrate since the end of 2021. They are dedicated to helping readers gain the confidence to take control of their finances through providing precise, well-researched, and well-sourced information that breaks down otherwise complicated topics into bite-sized pieces. The Bankrate promises
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If you have questions about money. Bankrate can help. Our experts have been helping you master your money for more than four years. We strive to continuously provide our readers with the professional advice and the tools required to be successful throughout their financial journey. Bankrate adheres to strict standards , so you can trust that our information is trustworthy and reliable. Our award-winning editors and reporters create honest and accurate content to help you make the best financial choices. The content we create by our editorial team is objective, factual, and not influenced from our advertising. We’re honest regarding how we’re in a position to provide quality information, competitive rates and useful tools for our customers by describing how we make money. Bankrate.com is an independent, advertising-supported publisher and comparison service. We receive compensation for the promotion of sponsored goods and services, or when you click on specific links on our website. So, this compensation can impact how, where and in what order products appear in listing categories, with the exception of those the law prohibits it for our mortgage, home equity and other home lending products. Other factors, like our own website rules and whether or not a product is available within the area you reside in or is within your own personal credit score could also affect the way and place products are listed on this website. Although we try to offer a wide range offers, Bankrate does not include information about each credit or financial item or product. A majority of people only use a rental car on trips or vacations — and for many these, they could also be a means to getting the vehicle of their choice. While rental cars are owned by a number of drivers, they also typically have extensive maintenance records as well as an affordable price. However, before you leave the lot with one of these cars, there are a few things to consider. How to buy the rental car As when you purchase any other new or used vehicle, renting requires some homework ahead of time. Budget Know the amount and what financing options work best 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 during the 4th quarter in 2022 according to figures from . But keep in mind that the is much more than just the price you see advertised online. Check websites like Edmunds as well as Kelley Blue Book (KBB). Both offer breakdowns of the expected repair and maintenance costs for a wide variety of vehicles. Compare cars The best resources for looking into rental cars to buy can be found at Enterprise, Avis and Hertz. Simply go to their websites and see what they have available in your local area. Also, Edmunds and KBB can be useful guides. They can show you average prices in your area for the cars you’re interested in. This way, you can be certain that the used car dealership is providing a fair price. Also, since rental vehicles have more use and wear, consider whether you can get a price lower than average to cover more costly maintenance expenses later on. When you’ve got a vehicle in mind you can apply for preapproved financing. Although many rental agencies offer financing options on their own, it is important to are sure you’re getting the best deal. Prequalifying also allows you to plan your budget more precisely. When you know what you’re able to spend — and know your monthly payment will be, you are able to shop for the ideal car for your finances. Check the car Test drive it and inspect the vehicle in person, if you are able to and then look up the vehicle history report. It will provide you with information about any damages that have occurred in the past, and previous ownership as well as details about what’s under the hood. Because rental cars are used by many drivers, they can rack up many miles. The odometer is likely to be very high, even in new vehicles, so before you buy. In addition to the car’s history report, this gives you a complete picture of how hard the car was driven during its time as a rental. Check the warranty Finally inquire if the car is covered by a warranty is covered with a manufacturer’s guarantee, and you might be eligible for additional assurances from the rental firm. This could be a great option even if your car is covered by a manufacturer warranty. Extended warranties cover more frequent repairs and maintenance requirements. But they are an extra 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? Like most things when it comes to car buying it is important to consider the financial implications and appropriateness for your needs. Rental cars may have a bit of a bad rap but there’s no guarantee any used car you buy hasn’t been abused in the same manner unless you know the background. The advantages of renting a car Rental cars may be viewed as a negative, but there are several reasons they may be the right choice for you. Warranty: Most rental cars have a warranty that lasts for about a yeareven those which no longer have the manufacturer’s original warranty. Buy-back policies: Some rental car companies may have an option to buy back the car in the event that you decide to cancel within a few days of the purchase. Well-maintained vehicles: The rental car company should have kept the vehicle maintained and cleaned after every driver. This means that even with more wear and tear on the vehicle you’re considering purchasing it’s been checked up on much more than the average used car. These kinds of features could provide extra security that may not be available when purchasing used elsewhere. Cons of buying a rental car Although there are quite some benefits, there’s also disadvantages of a rental car. High mileage: Frequent drivers and lengthy journeys could be more costly than frequent maintenance. The high mileage incurred by renters could mean more trouble or a shorter life span for your car. Limited options: Along with this, renting a car is a lot more restricted in inventory available to shop. If the rental car company does not have the vehicle you’re looking for, you’re out of luck. Basic features: The vehicles available do not typically come with all the bells and whistles drivers seek. Most are simple models that don’t come with the premium features that other used cars include. The main thing to remember is that if you settle on a used rental car, you should do your homework on the typical pricing, run a vehicle history report, and read the fine print when looking at websites for rental vehicles -they often offer special offers or buy-back offers. Also, like any vehicle that is used, getting the vehicle signed off on by an independent mechanic can provide you with peace of mind. 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 specializes in assisting readers with the details of borrowing money to buy an automobile. 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 take control of their finances by providing concise, well-studied facts that break down otherwise complex topics into manageable bites.
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