Buying a rental car: What you need to know Advertiser Disclosure Advertiser Disclosure We are an independent, advertising-supported comparison service. Our mission is to help you make better financial decisions by offering interactive financial calculators and tools, publishing original and objective content, by enabling users to conduct research and compare data without cost, so that you can make your financial decisions with confidence. Bankrate has agreements with issuers such as, but not restricted to, American Express, Bank of America, Capital One, Chase, Citi and Discover. How We Earn Money The deals that are advertised on this site come from companies who pay us. This compensation can affect the way and where products appear on the site, such as such things as the order in which they may be listed within the categories of listing in the event that they are not permitted by law for our mortgage home equity, mortgage and other products for home loans. But this compensation does not influence the content we publish or the reviews you see on this site. We do not cover the vast array of companies or financial offers that may be available to you. Share: BraunS/Getty Images
3 min read . Published March 02, 2023.
Writer: Rebecca Betterton Written by Auto Loans Reporter Rebecca Betterton is the auto loans reporter for Bankrate. She is a specialist in helping readers to navigate the ways and pitfalls of borrowing money to buy cars. Written 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 manage their finances by providing precise, well-researched, and well-sourced facts that break down complicated subjects into digestible pieces. The Bankrate guarantee
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So, this compensation can impact how, where and when products appear within listing categories, with the exception of those prohibited by law for our mortgage or home equity products, as well as other home loan products. Other elements, such as our own proprietary website rules and whether or not a product is offered in your area or at your own personal credit score could also affect how and where products appear on this site. While we strive to provide a wide range offers, Bankrate does not include information about every financial or credit item or product. The majority of drivers use renting a car during trips or vacations — and for many it is also an option to acquire a vehicle of their own. While rental cars go through several drivers, they also typically have extensive maintenance records as well as a low price tag. However, before you can leave the lot with one of these cars, there are a few things to consider. How to buy the rental car As if you were purchasing any other new or used vehicle, renting needs some preparation ahead of time. Budget Know how much you can afford and the financing options that will best suit your budget. Because rental cars are considered used vehicles, there’s a wide range of financing options. Rates averaged a rate of 10.26 per cent in 2022’s fourth quarter, according to figures from . Keep in mind, however, that it’s more than the amount you see advertised online. Visit websites such as Edmunds as well as Kelley Blue Book (KBB). Both provide breakdowns of anticipated repairs and maintenance costs for a variety of cars. Compare cars The most reliable sources for looking into rental cars for sale are Enterprise, Avis and Hertz. Visit their websites to see what they have available in your local area. Also, Edmunds and KBB can be a good guide. They can provide you with an average price in your area for the vehicle you’re interested in. This way, you’ll ensure that the used car dealer is providing a fair price. And because rental cars have greater wear and tear, check to see if you can go lower than the norm to make up for potentially higher maintenance costs later on. If you’ve got a vehicle in mind you can apply for pre-approved financing. Although many rental agencies will offer financing options on their own, it is best to always do your research so that you ensure you get the most competitive price. Prequalifying also allows you to plan your budget more precisely. When you know what you’re able to spend — and know your monthly budget — you can shop for the ideal car for your budget. Check the car Try a test drive, and view the car in person if you can, then seek out the history of the vehicle. This report will give you an insight into any damage incurred or prior ownership, as well as specifics about what’s underneath the engine. Since rental vehicles are used by many drivers, they rack up some miles. You should expect the odometer to be very high, even in new cars, so be sure to check when you purchase. Along with the vehicle history report, this gives you an accurate picture of the intensity with which the vehicle has been driven during its rental period. Also, ask if the vehicle — many can come with the manufacturer’s warranty, and you may have the option of getting additional security from the rental company. This could be a great 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 expense, so make sure that you understand what the warranty covers and whether it’s worth it before you sign up. Are rental cars a good thing to purchase? Like the majority of things related to car buying, you should fully consider the financial consequences and suitability for your lifestyle. Although rental cars are a bit of a bad rap but there’s no guarantee the car you purchase hasn’t been used in the same way unless you are familiar with its past. The advantages of renting a car. Rental cars can have a bad reputation, but there are some motives why they might be a good fit for you. Warranties: Rental cars often have a warranty for a period of one year- even cars that no longer qualify for the original manufacturer’s warranty. Buy-back policy: Rental car chains may offer an option to buy back the car when you make a change of mind immediately after you have purchased. Well-maintained vehicles: The rental car company must have ensured that the car is well-maintained and cleaned after every driver. Even with more wear and tear present on the car you are considering it’s been checked up on much more than the average used vehicle. These features can provide some extra security that may not be found buying used elsewhere. Pros and cons of renting a car Although there are quite some advantages, there’s also disadvantages of the rental vehicle. The high mileage of frequent drivers and long trips may outweigh frequent maintenance. Sky-high mileage accrued by renters could lead to more issues or a shorter lifespan for your car. Limited options: Along with this, renting a car is a lot more restricted in inventory available to shop. If the rental car provider does not have the vehicle that you are looking for in stock You’re out of luck. Basic specifications: The vehicles are not usually equipped with all that bells and whistles drivers want. A lot of them are basic and do not come with the luxurious features other used vehicles might include. The key point to consider is that if you decide to go with a used rental car, do your own research about typical car prices, conduct a history report and look over the fine print at rental vehicle websites -Many offer discounts or buy-back offers. And, as with any used car, getting the vehicle inspected through an experienced mechanic could offer you assurance. 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 has a specialization in helping readers to navigate the details of taking out loans to purchase an automobile. The article was edited 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 the confidence to take control of their finances by providing precise, well-researched and reliable information that breaks down otherwise complicated topics into digestible pieces.
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