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5 minutes read. Published October 19, 2022
Written by Rebecca Betterton 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 using loans to buy an automobile.







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 the confidence to manage their finances through providing precise, well-researched and well-written data that breaks otherwise complicated subjects into digestible pieces.









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When you're away to a vacation spot and would like the freedom and convenience of driving around or require a vehicle while yours is in the shop, chances are you'll rent a vehicle at some point. There were 1.8 million rental vehicles in service in 2021 . Costs vary depending on the type of car you hire, the rental car firm you select and the location you choose to rent the vehicle. Knowing how these variables affect the price will help you budget for the expense. The typical cost of a car rental to rent a vehicle varies according to factors such as location, type of car and rental service. But the average cost at mid-October 2022 was around $81 per day . To determine the cost you're likely to pay you can contact Hertz, Enterprise, Avis or any other rental firms you're thinking of using to prepare for the price. Factors that influence the cost of renting a car. Several factors can affect the cost of your rental - regardless of whether they're within or outside your control. You can save money by understanding what impacts cost. Car type When choosing a rental car the first question that renters are asking is how much space they will need. Car rental companies categorize their vehicles according to size. Economy cars are usually the least expensive and smallest rental companies provide. These vehicles have room for one or two people, along with their luggage. The compact or intermediate models offer more space than economy cars generally through more space in the trunk. Intermediate cars can hold up to four persons and a minimal quantity of baggage. The standard vehicles that have full-sized back seats have room for four adults. They also offer ample trunk space, which makes them a great option for families who have a considerable amount of luggage to bring along. Luxury vehicles are premium vehicles which range from sleek convertibles to large SUVs and vans. In most cases, the daily rental fee will increase with the size and class of the car or truck. However, some rental companies provide special deals on vehicles in certain categories particularly when they are able to have a large number of vehicles available. For instance, if a company has a limited amount of economy vehicles available to rent for a certain weekend, they might offer a discounted rate on standard vehicles. Here are the cheapest daily rates for different types of cars, 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 at the time of writing in October 20, 2022. Location As with other goods or services, costs vary depending on demand and supply. A lot of people get better car rental rates near the center of the city rather than the airport. Prices for rental vary across different areas of the country. Highly trafficked tourist areas may have lower rental fees than other places due to the increasing competition. However, they could also charge higher fees during popular seasons where demand is very 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 in October 2022. Age of the driver The renter's age greatly influences the cost. If the renter is younger, higher cost, since young drivers are more risky for rental businesses. A lot of rental companies don't even rent to those less than 20 years old. Rental companies can charge additional charges for renters under the age of 20. According to the state, these fees can range from $40 to $65 per day. Take into consideration these costs in determining the driver of your rental. Certain states permit fees for drivers in certain age groups. For instance renting at Enterprise in Michigan comes with an additional fee of $40 per day charge for drivers aged 18 to 20 years old and $19 per day for drivers between 21 and 24. Young renters in New York can expect to pay the additional $64.50 because of their age. But not every rental agency has these charges. Be aware of both the cost per day and any additional charges when deciding where to rent from. What can you do to get the most price on your rental car Although a rental car's price is based on a range of elements but there are a few ways you can drive away with some extra money in your pocket. Comparison shop You can get a better deal on your next car rental by looking around. Prices often vary by rental service, therefore doing a bit of research could get you a lower price. Comparison websites like Priceline, Expedia, AutoSlash and Kayak allow you to compare quotes for rental cars. Visit the websites of the rental agencies to ensure that you're getting best price available on the vehicle. Fill up the tank Be sure to refill the gas tank prior to returning the rental vehicle to the agency. You'll avoid additional fees for refueling. Book early Booking your rental car ahead of time lets you get the correct vehicle, skip long lines, and even save some cash. This is especially crucial for those planning to travel extensively during a holiday. Skip add-ons Before receiving keys to your rental, you will likely be offered several add-ons. These could include GPS, toll plan, accessibility to XM radio or even car seats. Skip these options if you are able to cut costs. This is a costly extra-cost option that is usually offered when you book or collect the car. It could add up to $15-30 per day to the bill however, it may save you thousands if there is an incident, or the vehicle is stolen. The four kinds of typical insurance for rental cars include: Loss and damage waiver (LDW) or collision damage waiver (CDW) will provide coverage in the event that your car is damaged or stolen. Additional liability protection: protects you from liability if you damage property or vehicles. Personal accident protection covers medical expenses for passengers and yourself (if applicable) in the event that you get into an accident Personal effects coverage: pays the cost of belongings that are stolen from the rental vehicle. These protections may already be or current auto or homeowners insurance policies. Some have limitations, though, so be sure to verify how they interact with your credit card provider or insurance company. Hidden fees and additional costs Car rental companies also have hidden charges that impact the cost of renting. They include some of these fees into the cost of renting. Others may appear on statements for several months following the rental period. The rental of a car at the airport costs more than renting through an off-site service. This is because the airport has fees, such as an airport concession fee and an expense for customer facilities that the rental car firm transfers to the customer. Some companies place an authorisation hold onto the customer's credit or debit card. This charge, which ranges from $150 to $500, provides the rental car company with some protection if the renter damages or fails to return the vehicle. The company can release the funds within a couple of days after receiving the rental vehicle back in acceptable state. Many companies charge a cancellation fee to renters who cancel their reservations within 24 hours of the rental. If the renter made payment by advance, the company would refund the payment minus the cancellation fee. Renters who wreck the exterior or interior of the vehicle must be responsible for the repairs . Renters who aren't careful could end having to pay for damages caused from previous owners. Make sure you thoroughly examine the vehicle prior to leaving the lot, take pictures of visible damage and alert an employee. The majority of rental companies charge a daily fee to add additional drivers to the rental contract. The amount is determined by the state and rental agency. The ability to change the terms of the rental contract through a modification or extension may also come at an additional cost. The cost you pay may differ, and you could be charged more per day. While knowing about these hidden costs can help renters realize why total rental fees cost more than the rental advertised price however, there's usually nothing that you can do to avoid these charges. The final cost of renting a costs for cars vary based on the rental agency, car type location, and the how old the chauffeur is. There are also instances when markets are far more expensive than other markets. There are ways to reduce your expenses by shopping around, booking in advance and avoiding additional charges. Check the rental contract's fine print to avoid any unexpected costs. Find out more


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Authored by Auto Loans Reporter

Rebecca Betterton is the auto loans reporter for Bankrate. She specializes in assisting readers with the ways and pitfalls of taking out loans to purchase the car they want.



The edit was done by Rhys Subitch Edited by Auto loans editor

Rhys has been writing and editing for Bankrate from late 2021. They are dedicated to helping their readers gain the confidence to control their finances with clear, well-researched information that break down complex subjects into bite-sized pieces.






Auto loans editor




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