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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 assisting readers in navigating the details of taking out loans to buy an automobile. The article was edited 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 concise, well-researched and detailed facts that break down complex topics into manageable bites. The Bankrate guarantee
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We are compensated for placement of sponsored products and, services, or through you clicking certain hyperlinks on our site. Therefore, this compensation may impact how, where and in what order the products are listed within categories, except where the law prohibits it for our mortgage or home equity products, as well as other home lending products. Other factors, such as our own rules for our website and whether a product is offered in the area you reside in or is within your personal credit score may also influence how and where products appear on this site. While we strive to provide a wide range offers, Bankrate does not include the details of every financial or credit product or service. The majority of drivers use the rental car for holidays or when they are away- and for many, they can also be an option to acquire the vehicle of their choice. Although rental vehicles are used by several drivers, they also have extensive maintenance records as well as a low price tag. But before you drive off the lot with one of these cars, there are a few factors to account for. What is the best way to purchase a rental car Just as would you buy any other brand new or used vehicle, buying a rental will require some research prior to the time. Budget Know the amount and what financing options will best suit your budget. Because rental cars are considered used vehicles, there are plenty of financing options available. Rates sat at an average 10.26 percent in the fourth quarter of 2022. 10.26 per cent in 2022's fourth quarter, according to figures from . However, keep in mind that this is more than just the price that you see advertised online. Visit websites such as Edmunds or Kelley Blue Book (KBB). Both have breakdowns of expected maintenance and repair costs for a variety of cars. Find a car to compare The best sources to research rental cars available for sale are Enterprise, Avis and Hertz. Visit their websites and see the available cars in your region. Again, Edmunds and KBB can be a good guide. They can show you the average cost in your region for the vehicle you're interested in. This way, you can ensure that the used car dealership is offering a good deal. And because rental cars have greater damage, see if you can go lower than the average to offset higher maintenance costs in the future. Prequalify Once you have an idea of a car, apply for pre-approved financing. Although many rental companies will offer financing options on their own, it's always smart to so you are sure you're getting the best deal. It also lets you make better budgeting decisions. Once you know how much you can afford to buy -- and also know your monthly payment will be, you are able to shop for the ideal car for your finances. Inspect the vehicle Test drive it and view the car in person if you can, then seek out the car's 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. Since rental vehicles are used by a lot of drivers, they accumulate some miles. The odometer is likely to be very high, even in new vehicles, therefore, before you buy. In addition to the car's history report, this will give you a full idea of the intensity with which the vehicle has been driven during the time it was rented. Make sure to check the warranty. Finally, ask if the vehicle -- many can come with a manufacturer's warranty and you may have the option of getting additional security from the rental company. This could be a great idea even if your vehicle is covered by the manufacturer's warranty. Extended warranties cover more common repairs and maintenance requirements. They are however an additional cost, so ensure you know what it covers and whether it's worth it before signing up. Are rental cars good to buy? As is the case with many things related to purchasing a car it is important to consider the financial impact and the suitability for your lifestyle. Rental cars may have a bit of a bad name however, it is not a guarantee that every used car you buy isn't abused similarly unless you know the past. Pros of buying a rental car. Cars that are rented out may have a bad name, but there are several motives why they might be a good fit for you. Warranties: Rental vehicles typically have a warranty for a period of one yeareven those that are no longer covered by the manufacturer's original warranty. Buy-back policies: Some rental car chains may offer the option of buying back your car if you change your mind within a few days of the purchase. Well-maintained vehicles The company that rents the car should have had the car maintained and cleaned after every driver. Even with the more wear and tear on the vehicle you're considering purchasing it's been examined more than the average used car. These features can provide some added security that may not be found in used vehicles elsewhere. The disadvantages of renting a car While there are some positives, there are negatives associated with using renting a car. High mileage: Frequent drivers and lengthy trips could outweigh frequent maintenance. Sky-high mileage accrued by renters could lead to more issues or a shorter life span for your car. There are fewer options available: In addition to this, buying a rental means a much more limited selection of vehicles available for purchase. If the rental company doesn't have the car you want in stock then you're out of luck. Basic features: The cars that are available don't come with all the bells and whistles some drivers want. A lot of them are basic and will not have the luxury amenities other used cars might have. The bottom line If you decide to go with a used rental car, do your own research about typical car pricing, run a vehicle history report and look over the fine print at rental car websites- many offer special deals or buy-back alternatives. And, as with any other used vehicle, having the car inspected by an independent mechanic could offer you security. 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 to navigate the ins and outs of securely borrowing money to purchase an automobile. Written by Rhys Subitch Edited by Auto loans editor Rhys has been writing and editing for Bankrate since the end of 2021. They are dedicated to helping readers gain confidence to control their finances through providing precise, well-researched and reliable information that breaks down otherwise complicated topics into digestible pieces.
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