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3 minutes read Read Published March 02, 2023.
Written by Rebecca Betterton Written by Auto Loans Reporter Rebecca Betterton is the auto loans reporter for Bankrate. She specializes in assisting readers with the ways and pitfalls of borrowing money to buy a car. The article was 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 readers gain the confidence to take control of their finances with clear, well-researched facts that break down complicated subjects into digestible pieces. The Bankrate guarantee
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So, this compensation can impact how, where and in what order products appear within listing categories, except where it is prohibited by law for our mortgage home equity, mortgage and other products for home loans. Other factors, like our own website rules and whether or not a product is available in your region or within your own personal credit score can also impact how and where products appear on this website. While we strive to provide a wide range offers, Bankrate does not include details about every financial or credit item or product. Most drivers only interact with the rental car for vacations or time away -and for a lot of people, they can also be a means to getting a vehicle of their own. Although rental vehicles are used by several drivers, they typically come with extensive maintenance records and a low price tag. But before you drive off the lot with one of these vehicles there are some aspects to take into consideration. How do you purchase an automobile rental Just like if you were purchasing any other brand new or used vehicle, renting needs some preparation before the purchase date. Budget Know how much you can afford and what financing options will best suit 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 during the 4th quarter in 2022 according to figures from . However, keep in mind that the is much more than just the price you can see advertised on the internet. Check websites like Edmunds and Kelley Blue Book (KBB). Both have breakdowns of expected repairs and maintenance costs for a wide variety of vehicles. Compare cars The best resources for looking into rental cars for sale include Enterprise, Avis and Hertz. Visit their websites and see what they have available in your area. Again, Edmunds and KBB can be useful guides. They can show you an average price in your area for the cars you're interested in. This way, you'll be sure the used car dealership is offering a good deal. Since rental vehicles are subject to more use and wear, check to see whether you can get a price lower than the norm to offset more expensive maintenance costs down the road. When you've got an idea of a car, apply for preapproved financing. While many rental firms will provide financing options on their own, it is always smart to so you ensure you get the most competitive price. Being prequalified also lets you budget more accurately. When you know what you're able to spend -- and know the monthly cost of your purchase is set, you can search to find the perfect fit for your budget. Examine the vehicle. Take a test drive and inspect the vehicle in person, if you are able to, then seek out the history of the vehicle. This report will give you an insight into any damage incurred, previous ownership and some specifics about what's underneath the under the hood. Because rental cars see lots of drivers, they rack up some miles. You should expect the odometer to be high even with relatively new vehicles, therefore, prior to buying. Along with the vehicle history report, it will give you a complete picture of the amount of time it has been driven during its time as a rental. Check the warranty Finally, ask if the vehicle is covered with the manufacturer's warranty, and you might be eligible for additional security from the rental company. It could be a good idea even if your vehicle is covered by an official warranty from the manufacturer. Extended warranties cover more frequent repairs and maintenance requirements. However, they come at a cost, so ensure you are aware of what they cover and if it is worth it before you sign up. Are rental cars a good thing to purchase? As is the case with many things related to car buying, you should fully consider the financial implications and appropriateness for your needs. Although rental cars are a bit of a bad name, there is no guarantee every used car you buy hasn't been used in the same manner unless you know the history. Pros of buying a rental car Rental cars may have a bad reputation, but there are some reasons why they could be an ideal fit for you. Warranties: Rental cars often have a warranty that lasts for about a year- even cars that no longer qualify for the original manufacturer's warranty. Buy-back policies: Some rental car companies may have a buy-back policy when you make a change of mind within a few days of the purchase. Well-maintained vehicles The car rental company must have ensured that the car is maintained and cleaned after every driver. Even with more wear and tear present on the vehicle you're considering purchasing it's been checked up on much more than the typical used car. These options can give you added assurance that could not be found in used vehicles elsewhere. Cons of buying a rental car While there are some positives, there are disadvantages of the rental vehicle. The high mileage of frequent drivers and long trips may outweigh regular maintenance. The high mileage incurred by renters could mean more trouble or a shorter lifespan for your car. Limitations on options: In addition to this, renting a car is a lot more restricted in inventory available to shop. If the rental car company does not have the vehicle you want in stock then you're out of luck. Basic features: The vehicles available do not typically come with that bells and whistles drivers seek. A lot of them are basic and do not come with the luxurious amenities other used cars might have. The main thing to remember is that if you settle on a used rental vehicle, make sure you do your own research about typical car costs, check a car history report and check out the fine print at rental car websitesMany offer discounts or buy-back offers. Also, like any other used vehicle, having the vehicle signed off on through an experienced mechanic will give you extra security. 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 ins and outs of securely taking out loans to purchase a car. Edited by 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 the confidence to manage their finances with precise, well-researched and reliable details that cut complex topics into manageable bites.
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