Buying a rental car: What you need to know Advertiser Disclosure Advertiser Disclosure We are an independent, advertising-supported comparison service. Our goal is to help you make smarter financial decisions by providing you with interactive tools and financial calculators that provide original and independent content, by enabling you to conduct your own research and compare information at no cost – so you can make decisions about your finances without trepidation. Bankrate has partnerships with issuers, including but not restricted to, American Express, Bank of America, Capital One, Chase, Citi and Discover. How We Earn Profit The deals that are advertised on this site are from companies that compensate us. This compensation could affect how and where products appear on the site, such as such things as the sequence in which they be listed within the categories of listing in the event that they are not permitted by law. Our mortgage home equity, mortgage and other home lending products. But this compensation does not influence the content we publish or the reviews that appear on this website. We do not include the entire universe of businesses or financial deals that might be accessible to you. SHARE: BraunS/Getty Images
3 minutes read 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 in navigating the details of borrowing money to buy a car. Edited by Rhys Subitch Edited by Auto loans editor Rhys has been editing and writing for Bankrate since late 2021. They are dedicated to helping readers gain the confidence to control their finances with concise, well-researched and detailed information that breaks down complicated subjects into digestible pieces. The Bankrate promise
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If you have questions about money. Bankrate has answers. Our experts have helped you understand your money for more than four decades. We are constantly striving to give our customers the right advice and tools needed to make it through life’s financial journey. Bankrate adheres to strict standards , so you can trust that our content is truthful and reliable. Our award-winning editors and reporters create honest and accurate information to assist you in making the best financial choices. Our content produced by our editorial staff is objective, factual, and not influenced by our advertisers. We’re open regarding how we’re able to bring quality content, competitive rates, and helpful tools to you , by describing how we make money. Bankrate.com is an independent, advertising-supported publisher and comparison service. We receive compensation for the placement of sponsored products and services, or by you clicking on certain hyperlinks on our site. Therefore, this compensation may impact how, where and in what order the products are listed within categories, except where prohibited by law for our mortgage or home equity products, as well as other home lending products. Other elements, such as our own rules for our website and whether or not a product is available in your region or within your own personal credit score can also impact the manner in which products are featured 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. A majority of people only use renting a car during holidays or when they are awayin some cases it is also a means to getting a vehicle of their own. While rental cars go through a number of drivers, they also typically have extensive maintenance records as well as cost-effective. However, before you leave the lot with one of these cars there are some factors to account for. What is the best way to purchase an automobile rental Just like if you were purchasing any other brand new or used vehicle, buying a rental needs some preparation before the purchase date. Budget Know the amount and what financing options work best for your budget. Since rental cars are considered used vehicles, there’s plenty of financing options available. Rates sat at an average of 10.26 percent in the fourth quarter of 2022 according to data from . But keep in mind that this is more than just the price you can see advertised on the internet. Visit websites such as Edmunds or Kelley Blue Book (KBB). Both have breakdowns of expected repair and maintenance costs for a variety of cars. Compare cars The most reliable sources to research rental cars available for sale are Enterprise, Avis and Hertz. Visit their websites and check out what they have available in your local area. Again, Edmunds and KBB can be a good guide. They will show you the an average price in your area for the vehicle you’re looking at. This way, you can ensure that the used car company offers a great deal. Also, since rental vehicles have more wear and tear, check to see the possibility of a lower price than the norm to make up for potentially more expensive maintenance costs in the future. If you’ve got an automobile in mind, apply for preapproved financing. Although many rental companies will offer financing options on their own, it’s best to always do your research so that you know you’re getting the most competitive price. Being prequalified also lets you budget more accurately. When you know what you can afford to buy and have a clear idea of the monthly cost of your purchase is set, you can search for just the right fit for your finances. Inspect the vehicle Test drive it and view the car in person if possible and then look up the vehicle history report. This report will give you an details about any damages in the past, and previous ownership as well as specifics about what’s underneath the hood. Because rental cars are used by many drivers, they can rack up many miles. You should expect the odometer to be very high, even in new vehicles, so prior to buying. In addition to the car’s history report, this gives you a complete picture of the amount of time it was driven in its rental period. Also make sure you inquire about the warranty — many can come with a manufacturer’s warranty and you might be eligible for additional protections from the rental company. It could be a good option even if your car is covered by a manufacturer warranty. Extended warranties cover more frequent repairs and maintenance requirements. They are however an additional cost, so ensure that you understand what the warranty covers and if it makes sense prior to signing up. Are rental cars a good thing to purchase? Like the majority of things related to car buying it is important to consider the financial impact and the appropriateness for your needs. Although rental cars are a bit of a bad rap but there’s no guarantee every used car you buy hasn’t been used similarly unless you personally know its past. Benefits of purchasing a rental car. Rental cars can have a bad reputation however there are some reasons they may be the right choice for you. Warranty: Most rental cars have a warranty of about one year — even cars that are no longer covered by the manufacturer’s original warranty. Buy-back policies: Rental car rental companies might offer an option to buy back the car in the event that you decide to cancel immediately after you have purchased. Clean vehicles The company that rents the car should have kept the vehicle maintained and cleaned after every driver. Even with more wear and tear present on the vehicle you’re considering purchasing the vehicle has been inspected more than the typical used car. These kinds of features could provide added assurance that could not be found buying used elsewhere. Pros and cons of renting a car Despite having quite some benefits, there’s also negatives associated with using the rental vehicle. The high mileage of frequent drivers and lengthy trips could outweigh regular maintenance. The high mileage incurred by renters could mean more trouble or a shorter lifespan for your car. Limited options: Along with this, buying a rental means a much more limited stock available to choose from. If the rental company does not have the vehicle you’re looking for You’re out of luck. Basic features: The cars that are available don’t come with that bells and whistles some drivers want. Most are simple models that do not come with the luxurious features other used vehicles might come with. The bottom line If you choose to use a second hand rental car, you should do your homework on the typical costs, check a car history report and check out the fine print at rental vehicle websites — many offer special deals or buy-back offers. And, as with any used car, getting the car inspected by an independent mechanic could provide you with assurance. Learn more
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The article was written by Auto Loans Reporter Rebecca Betterton is the auto loans reporter for Bankrate. She specializes in assisting readers to navigate the ins and outs of securely taking out loans to purchase a car. The article was 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 the confidence to manage their finances by providing precise, well-researched and reliable details that cut complex topics into manageable bites.
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