Buying a rental car: What you need to know Advertiser Disclosure Advertiser Disclosure We are an independent, advertising-supported comparison service. Our aim is to assist you make smarter financial decisions by offering interactive tools and financial calculators as well as publishing original and objective content, by enabling you to conduct your own 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 Make Money The offers that appear on this site come from companies that compensate us. This compensation can affect the way and when products are featured on this site, including such things as the sequence in which they appear in the listing categories, except where prohibited by law for our mortgage, home equity and other home loan products. This compensation, however, does affect the information we publish, or the reviews appear on this website. We do not contain the vast array of companies or financial offers that may be available to you. SHARE: BraunS/Getty Images
3 min read Published March 02, 2023.
Authored by Rebecca Betterton Written by Auto Loans Reporter Rebecca Betterton is the auto loans reporter for Bankrate. She specializes in helping readers with the details of taking out loans to buy cars. Written by Rhys Subitch Edited by Auto loans editor Rhys has been writing and editing for Bankrate since late 2021. They are dedicated to helping readers gain confidence to take control of their finances through providing precise, well-researched, and well-sourced information that breaks down otherwise complex topics into manageable bites. The Bankrate promises
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Therefore, this compensation may influence the manner, place and when products appear within listing categories, unless it is prohibited by law for our mortgage, home equity and other products for home loans. Other elements, such as our own proprietary website rules and whether the product is available in your region or within your self-selected credit score range could also affect the way and place products are listed on this site. We strive to offer a wide range offers, Bankrate does not include the details of every credit or financial product or service. Most drivers only interact with the rental car for trips or vacations -in some cases these, they could also be the means of obtaining a vehicle of their own. While rental cars are owned by many drivers, they also 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. What is the best way to purchase a rental car Just as when you purchase any other used or new car, renting a vehicle will require some research ahead of time. Budget Understand how much and the financing options that are most suitable for your budget. Because rental cars are considered used vehicles, there are plenty of financing options. The rates averaged of 10.26 per cent in 2022’s fourth quarter according to data from . But keep in mind that this is higher than what you can see advertised on the internet. 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 cars. Find a car to compare The best sources to research rental cars available for sale include Enterprise, Avis and Hertz. Visit their websites and check out what they have available in your local area. Also, Edmunds and KBB can be useful guides. They will show you the an average price in your area for the vehicle you’re interested in. This way, you’ll ensure that the used car company is offering a good deal. And because rental cars have greater use and wear, see the possibility of a lower price than the average to make up for potentially more costly maintenance expenses later on. If you’ve got a vehicle in mind, apply for pre-approved financing. Although many rental companies will provide financing options of their own, it is always smart to so you are sure you’re getting the most competitive price. Prequalifying also allows you to budget more accurately. Once you know how much you can afford to buy — and know the monthly cost of your purchase will be, you are able to shop for the ideal car for your budget. Inspect the vehicle Test drive it and view the car in person if possible and then look up the history of the vehicle. This will give you details about any damages, previous ownership and some specifics about what’s underneath the engine. Since rental vehicles are used by many drivers, they accumulate quite a few miles. The odometer is likely to be very high, even in new vehicles, therefore, when you purchase. In addition to the car’s history report, it will give you a full idea of the intensity with which the vehicle has been driven during the time it was rented. Also, ask if the vehicle comes with the manufacturer’s warranty, and you might be eligible for additional security from the rental company. It could be a good option even if the vehicle is still covered by an official warranty from the manufacturer. Extended warranties cover more frequent maintenance and repairs. They are however an additional expense, so make sure you know what it covers and if it is worth it prior to signing up. Are rental cars a good thing to buy? Similar to most things when it comes to purchasing a car, you should fully consider the financial consequences and appropriateness for your needs. While rental cars have somewhat of a bad name but there’s no guarantee any used car you buy isn’t abused in the same manner unless you are familiar with its past. Pros of buying a rental car Rental cars may have a bad reputation however there are some reasons why they could be an ideal fit for you. Warranty: Most rental cars have a warranty of about one year -even those that are no longer covered by the manufacturer’s original warranty. Buy-back policy: Rental car rental companies might offer an option to buy back the car if you change your mind within a few days of the purchase. Clean vehicles The car rental company should have had the car well-maintained and cleaned after every driver. Even with more wear and tear on the car you are considering, it has still been inspected more than the average used vehicle. These kinds of features could provide additional peace of mind that might not be available when purchasing used elsewhere. Pros and cons of renting a car While there are some advantages, there’s drawbacks to going with the rental vehicle. The high mileage of frequent drivers and lengthy journeys could be more costly than frequent maintenance. The high mileage incurred by renters could mean more trouble or a less long life for your vehicle. Limitations on options: In addition to this, renting a car will mean a smaller inventory available to shop. If the rental company doesn’t have the car you want in stock, you’re out of the woods. Basic features: The cars are not usually equipped with all of the features that drivers seek. Most are simple models that will not have the luxury features other used vehicles might include. The main thing to remember is that if you settle on a used rental car, do your research on typical vehicle pricing, run a vehicle history report and check out the fine print at rental vehicle websites -they often offer special offers or buy-back offers. And, as with any other used vehicle, having the car inspected with an expert mechanic will give you extra peace of mind. Learn more
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Written by Auto Loans Reporter Rebecca Betterton is the auto loans reporter for Bankrate. She has a specialization in helping readers in navigating the details of borrowing money to buy cars. 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 confidence to control their finances through providing concise, well-studied information that breaks down otherwise complex topics into manageable bites.
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