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5 min 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 to navigate the ways and pitfalls of using loans to buy an automobile.
Editor: Rhys Subitch Edited by Auto loans editor
Rhys has been writing and editing for Bankrate from late 2021. They are passionate about helping readers gain confidence to control their finances through providing concise, well-researched, and clear data that breaks otherwise complicated topics into bite-sized pieces.
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This article may include the mention of products made by our partners. Here’s how we make money .
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Established in 1976, Bankrate has a long track history of helping people make smart financial choices.
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We make sure that everything we publish is objective, accurate and trustworthy. Our loans reporters and editors focus on the points consumers care about most — the various types of loans available, the best rates, the most reliable lenders, the best ways to pay off debt and more . This means you can feel confident when investing your money.
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Whether you’re going to a vacation spot and would like the convenience and freedom of a car while you explore or require a vehicle while yours is in the shop, chances are you’ll hire a vehicle at some moment in the future. There were 1.8 million rental cars in service in 2021 . Prices vary based on the kind of car you lease, the rental car company you use and the location you choose to rent the car. Understanding the factors that impact the cost can help you plan your expense. Typical cost of a car rental to rent a vehicle varies dependent on the location, type of car and rental service. However, the cost average in mid-October 2022 was about $81 per day . To calculate your expected cost, reach out to Hertz, Enterprise, Avis or other rental companies you’re considering to best prepare for the price. Factors that impact rental car costs Several details can affect the cost of your rental – regardless of whether they’re within or outside your control. Reduce costs wherever you can by understanding what impacts price. Car type when selecting the rental car the first thing renters want to know is the amount of space they will need. Car rental companies classify their vehicles according to their size. The smallest cars are typically the cheapest and smallest rental firms offer. These vehicles have room for two or three people as well as their luggage. Compact or intermediate cars provide more space than economy cars generally through more space within the trunk. Intermediate cars accommodate up to four people with a small amount of luggage. The most basic vehicles with large back seats can accommodate four adults. They also offer ample trunk space, making them an ideal option for families with a considerable amount of luggage. Luxury vehicles are premium vehicles which range from sleek convertibles to full-size SUVs and vans. In the majority of cases the cost of renting a car per day is based on the size and class of the vehicle or truck. However, some rental companies offer specials on certain types of vehicles, especially when they have plenty of vehicles of them in stock. For example, if the business has a restricted amount of economy vehicles available to rent out for a specific weekend, they may offer a discounted rate on the standard cars. Here are the lowest cost per day for various kinds of vehicles, according to 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 in October 2022. Location As with other goods or services, costs vary according to supply and demand. A lot of people get better car rental deals in the middle of the city instead of the airport. Rental fees also vary in different regions of the country. Highly trafficked tourist areas could have lower rental costs than other places due to the greater competition. But they may also have higher fees during popular seasons where demand is 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. The driver’s age rental’s age is a major factor in the cost. The younger the driver, the greater the price, because young drivers increase risks to rental companies. Some rental companies do not rent to people less than twenty years of age. Renters may be charged additional charges for renters under the age of 20. According to the state charges can vary from $40 to $65 per day. Be aware of these prices when determining who will drive your rental. Certain states have fee for drivers of certain age brackets. For example, hiring through Enterprise in Michigan comes with an additional fee of $40 per day cost for drivers between 18 and 20 years old and $19 per day for those between the ages of 21 and 24. Renters who are younger in New York can expect to pay more than $64.50 because of their age. But not every rental agency charges these fees. Take into consideration both the daily price and any additional charges when deciding which rental company to use. What can you do to get the most price on your rental car Although a rental car’s price is based on a number of variables however, there are a few options you can take to get a little extra cash in your pocket. Comparison shop You can get a better deal on your next car rental by comparing. Prices can vary by rental company, so doing some research can get you a better price. Comparison websites such as Priceline, Expedia, AutoSlash and Kayak make it easier to compare rental car quotes. Visit the websites of the rental agencies to ensure that you’re getting most competitive price on the car. Fill up the tank Always stop to top up the gas tank before returning your rental car to the agency. There are no additional charges for fueling. Book early Booking your rental car in advance allows you to get the best vehicle, avoid long lines, and possibly save cash. This is particularly important when you plan to travel extensively during a holiday. Do not add ons prior to getting the keys to your car, you’ll likely receive a number of additional options. The options could include GPS or toll plan, access to XM radio or even car seats. Avoid these options if can to save money. This is a costly extra-cost option that is usually included when you book or take the vehicle for pickup. It can add an additional up to $15-30 per day to the bill however, it may save you thousands if you’re involved in an accident or the car 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): provides coverage in the event that your car is damaged or stolen. Supplemental insurance for liability: shields you from liability if you damage property or other vehicles. Personal accident coverage: pays for medical expenses for you and your passengers (if applicable) when that you get into an accident Personal effects coverage: pays the cost of items that are stolen from the rental vehicle. This protection may be already included in your credit card or current auto or homeowners insurance policy. Certain types of insurance have restrictions, however, so be sure to verify how they interact with your credit card provider or insurance company. Hidden fees and other charges Car rental companies also have hidden charges that impact the cost of renting. They build certain fees into the price for the rental. Others may appear on statements for several months following the rental time. The rental of a car at the airport costs more than renting at an off-site service. This is due to the fact that the airport is charged fees such as an airport concession fee and 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, gives the rental car company some protection if the renter damages or fails to return the car. The company releases the funds within a couple of days after getting the car returned in a good in good condition. A lot of businesses charge a cancellation fee to renters who make reservations less than 24 hours before the rental. If the renter made payment in advance, the business will refund the deposit less the cancellation fee. Renters who cause damage to the interior or exterior of the vehicle have to pay for the repairs . Unwary renters may end up paying for damage caused from previous owners. Be sure to thoroughly inspect the car prior to leaving the lot and take photos of any apparent damage and inform to an employee. The majority of rental agencies charge a daily fee to add drivers to the rental contract. The amount is determined by the rental agency and state. Modifying the terms of the rental contract through a modification or extension could also incur an additional cost. The cost you pay may differ, and you may pay an additional daily fee. While knowing about these hidden costs can help renters realize why total rental cost is higher than the rental advertised price, there is usually little that you can do to reduce them. The bottom line Rental cost of cars varies based on rental company, type of car, location and an individual’s age. It is also possible to find that certain locations are more expensive than others. There are ways to reduce your expenses by buying around, making bookings in advance and avoiding additional charges. Be sure to read the rental agreement’s fine print to avoid having to pay any unexpected costs. Find out 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 ways and pitfalls of borrowing money to purchase the car they want.
Editor: Rhys Subitch Edited by Auto loans editor
Rhys has been editing and writing for Bankrate since the end of 2021. They are committed to helping readers to manage their finances by providing clear, well-researched information that break down complex subjects into bite-sized pieces.
Auto loans editor
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