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5 minutes read. Published 19 October 2022
Written 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 ways and pitfalls of using loans to buy an automobile.







Edited by Rhys Subitch Edited by Auto loans editor

Rhys has been editing and writing for Bankrate since the end of 2021. They are dedicated to helping readers gain confidence to take control of their finances with precise, well-researched and well-written facts that break down otherwise complex topics into manageable bites.









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When you're away on vacation and want the convenience and freedom of wheels while exploring or need a car while yours is in the shop it's likely that you'll need to rent a vehicle at some moment in the future. The number of rental cars was 1.8 million cars that were in rental service in 2021 . Costs vary depending on the kind of car you lease, the rental car service you choose to use and the location where you lease the vehicle. Knowing how these variables impact the cost can help you plan your expense. The typical cost of a car rental for renting a car differs dependent on the location, type of car and the rental company. The average price in mid-October 2022 was about $81 per day . To determine the cost you're likely to pay you can contact Hertz, Enterprise, Avis or any other rental company you're thinking of using to prepare for the price. Factors that influence rental car prices Several aspects influence the price of your rental - as well as outside of your control. Reduce costs wherever you can by knowing what influences the price. Car type when selecting a rental car, the first question most renters ask is how much space they need. Car rental companies categorize their vehicles based on size. Economy cars are generally the least expensive and the smallest rental companies provide. They can accommodate one or two persons, as well as their luggage. Compact or intermediate cars provide more space than standard cars typically through additional space inside the trunk. Intermediate cars can hold up to four persons and a minimal volume of bags. Standard vehicles with full-size back seats have room for four adults. They also provide plenty of trunk space, which makes them a great choice for families that have lots of luggage to carry. Luxury vehicles are the most expensive models that include everything from sportsy convertibles to large SUVs and vans. Most of the time the cost of renting a car per day will increase with the size and class of the vehicle. However, sometimes rental firms offer discounts for vehicles belonging to certain categories particularly if they have plenty available. For instance, if the company has a limited quantity of economy cars to rent out for a specific weekend, they may offer discounts on the standard cars. Below are the lowest cost per day for various kinds of vehicles, as per Kayak. Car type
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 2022. Location As with other goods and services, prices vary depending on demand and supply. Many people find better car rental rates in the middle of the city instead of the airport. Rental fees also vary in different regions of the country. Highly trafficked tourist areas might have lower rental rates than other places due to the increased competition. However, they could also charge higher fees during popular seasons when the demand is very high. The 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 as of October 20, 2022. Age of the driver The renter's age has a significant impact on the cost. Younger drivers will pay higher the cost because younger drivers pose a higher risk to rental businesses. Many rental companies do not rent to people younger than the age of 20. Renters may be charged additional charges for renters under the age of 20. According to the state, these fees can range from $40 to $65 per day. Be aware of these prices in determining the driver of your rental. Certain states have fee for drivers of certain age groups. For example, leasing through Enterprise in Michigan comes with an additional $40 daily fee for drivers 18 to 20 years old, and $19 per day for drivers between 21 and 24 years old. Renters younger than New York can expect to pay the additional $64.50 due to their age. But not every rental agency will charge these costs. Take into consideration both the daily price and any additional charges when deciding the rental provider. How can you get the best price on your rental car Although a rental car's price is determined by a variety of factors but there are several ways you can drive away with some extra cash in your pocket. Comparison shop . You can get a better deal when you rent your car by shopping around. The prices vary from one rental company, so doing some research can get you a lower price. Comparison websites such as Priceline, Expedia, AutoSlash and Kayak allow you to compare rental car quotes. Check out the websites of the rental company to make sure you're getting the most competitive price on the vehicle. Refill the tank. Always stop to top up the tank of gas prior to returning the rental vehicle to the rental agency. You'll avoid additional fees for refueling. Plan your reservation early. The ability to reserve your car ahead of time lets you get the right vehicle, avoid lengthy lines, and possibly save money. This is particularly important for those planning to travel on a long holiday. Don't add any additional items before receiving keys to the rental, you'll likely be offered several add-ons. These could include GPS or toll plan, access to XM radio or carseats. Skip these options if you are able to cut costs. Another costly option is often presented when you reserve or collect the car. It can add up to $15-30 per day to your bill however, it may save you thousands if there is an incident or your vehicle is stolen. The four common types of insurance policies for rental vehicles include: Loss and damage waiver (LDW) (also known as collision damage waiver (CDW): provides coverage if the car is damaged or stolen. Supplemental insurance for liability: shields your from liability in the event that you cause damage to property or vehicles Personal accident protection: covers medical expenses for you and your passengers (if applicable) in the event you encounter an accident. Personal effects coverage: pays the cost of items that are stolen from the rental car This protection may be already included in your credit card in place or be part of your existing homeowners or auto insurance policy. Certain types of insurance have restrictions, however, so be sure to check together with your credit card company or insurance provider. Hidden fees and other charges Car rental companies also charge hidden costs that affect the cost of the rental. They incorporate some of these fees into the cost for the rental. Some of them may appear on the statement for several months following the rental period. Renting a car at the airport costs more than renting through an off-site facility. This is because the airport is charged fees such as an airport concession charge and the cost of a customer facility fee that the rental car firm passes on to the consumer. Certain companies place an authorisation hold onto the client's credit or debit card. The charge, which varies from $150 to $500 gives the rental car company some protection if the renter has an accident or is not able to return the car. The rental car company will release the money within a few days after receiving the rental vehicle back in acceptable state. A lot of companies charge a cancellation fee to renters who make reservations less than 24 hours before the rental. If the renter has paid in advance, the company will refund the amount less the cancellation fee. Renters who wreck the exterior or interior of their vehicle are required to 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 taking it off the property Take pictures of the apparent damage and inform to an employee. The majority of rental companies charge a daily cost to add drivers to the rental contract. The cost is determined by the state and rental agency. Changing the conditions of the rental agreement through a modification or extension could also incur additional cost. The amount you'll be charged for can vary and you may pay a higher daily rate. While knowing about these hidden fees helps renters understand why the total rental fees cost more than the advertised rental price There is typically nothing that you can do to prevent these charges. The bottom line Rental cost of cars varies based on rental agency, car type, location and how old the chauffeur is. It is also possible to find that certain marketplaces are more expensive than others. There are ways to reduce your expenses such as buying around, making bookings ahead and avoiding any add-ons. Be sure to read the fine print of your rental agreement to avoid incurring additional charges that are not anticipated. Find out more


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Written by Auto Loans Reporter

Rebecca Betterton is the auto loans reporter for Bankrate. She is a specialist in helping readers with the ways and pitfalls of using loans to buy an automobile.



Edited by Rhys Subitch Edited by Auto loans editor

Rhys has been editing and writing 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 breaks down otherwise complex topics into digestible chunks.






Auto loans editor




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