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5 min read published on October 19, 2022.
Writen by 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 details of using loans to buy the car they want.
Editor: Rhys Subitch Edited by Auto loans editor
Rhys has been writing and editing for Bankrate from late 2021. They are dedicated to helping readers gain confidence to manage their finances by providing precise, well-researched and well-written data that breaks otherwise complicated topics into bite-sized pieces.
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At Bankrate we strive to help you make better financial decisions. While we are committed to strict journalistic integrity ,
This post could contain references to products from our partners. Here’s how we earn money .
The promise of the Bankrate promise
In 1976, Bankrate was founded. Bankrate has a long track experience of helping customers make wise financial choices.
We’ve earned this name for more than four decades through demystifying the financial decision-making
process, and providing people with confidence in the decisions they will follow next. process and gives people confidence in the next step.
You can rest assured you can trust us to put your needs first. Our content is authored in the hands of and edited by
We make sure that everything we publish is objective, accurate and trustworthy. We have a team of loans journalists and editors are focused on the points consumers care about the most — various types of loans available as well as the best rates, the best lenders, how to pay off debt and many more. So you can feel confident when making your investment.
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Bankrate has a strict policy and rigorous policy, so you can rest assured that we’ll put your needs first. Our award-winning editors and journalists create honest and accurate content that will aid you in making the best financial decisions. Key Principles We respect your confidence. Our aim is to offer readers accurate and unbiased information, and we have established editorial standards to ensure this happens. Our reporters and editors rigorously verify the truthfulness of content in order to make sure that the information you’re reading is accurate. We have a strict separation with our advertising partners and the editorial team. Our editorial team does not receive any direct payment from our advertisers. Editorial Independence Bankrate’s team of editors writes for YOU as the reader. Our goal is to give you the most accurate advice to help you make smart personal finance decisions. We adhere to strict guidelines in order to make sure that the content we publish isn’t in any way influenced by advertising. Our editorial team receives no directly from advertisers, and all content is verified to guarantee its accuracy. So, whether you’re looking at an article or review, you can be sure that you’re getting credible and reliable information.
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If you have questions about money. Bankrate has the answers. Our experts have been helping you manage your finances for more than four years. We continually strive to provide consumers with the expert guidance and the tools necessary to succeed throughout life’s financial journey. Bankrate adheres to a strict code of conduct policy, which means you can be confident that our content is honest and accurate. Our award-winning editors and reporters provide honest and trustworthy content to help you make the right financial decisions. The content we create by our editorial staff is factual, objective and uninfluenced through our sponsors. We’re transparent regarding how we’re capable of bringing high-quality content, competitive rates and useful tools for you by explaining how we earn money. Bankrate.com is an independent, advertising-supported publisher and comparison service. We receive compensation for the placement of sponsored products and services, or through you clicking certain hyperlinks on our website. Therefore, this compensation may affect the way, location and when products appear within listing categories in the event that they are not permitted by law. We also offer mortgage or home equity products, as well as other home lending products. Other factors, such as our own website rules and whether a product is offered in your area or at your personal credit score could also affect how and where products appear on this website. Although we try to offer an array of offers, Bankrate does not include information about each financial or credit item or service.
Whether you’re going on holiday and desire the convenience and freedom of driving around or require a vehicle while you’re at work, chances are you’ll take a rental vehicle at some time. In 2021, there were 1.8 million cars that were in rental service in 2021 . Costs differ based on the type of vehicle you lease, the rental car company you use and where you rent the car. Knowing how these variables impact the cost can help you budget for the cost. Cost of a typical car rental The expected cost for renting a car differs depending on factors including location, type of car and rental company. The average price at mid-October 2022 was around $81 per day . To determine the cost you’re likely to pay, reach out to Hertz, Enterprise, Avis or any other rental firms you’re thinking of using to prepare for the cost. Factors that influence the cost of renting a car. Several factors affect the cost of your rental — both in and outside your control. Save money where you can by understanding the factors that affect cost. Type of car when choosing a rental car the first question that renters ask is how much space they will need. Car rental companies classify their vehicles based on size. Economy cars are usually the cheapest and smallest rental firms offer. These vehicles have room for two or three people as well as their luggage. Intermediate or compact cars offer more space than economy cars typically through additional space within the trunk. Intermediate cars can hold up to four persons with a small quantity of baggage. Standard vehicles with full-size back seats can accommodate four adults. They also provide plenty of trunk space which makes them a great option for families with lots of luggage. Luxury vehicles are the most expensive models which range from sleek convertibles to full-size SUVs and vans. Most of the time, the daily rental fee increases with the size and class of the vehicle. But, occasionally, rental companies offer specials on vehicles in certain categories, especially when they are able to have a large number of vehicles available. For instance, if the rental company has a small number of economy cars available to rent during a particular weekend, they might offer a discount on the standard cars. Below are the lowest cost per day for various kinds of vehicles, as per 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 in October 2022. Location Like other products and services, prices change according to supply and demand. A lot of people get better car rental rates in the middle of the city rather than the airport. Prices for rental vary across different areas of the country. Areas that attract a lot of tourists may have lower rental fees than other locations because of the increasing competition. But they may also have higher rates during the peak season when demand is 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 at the time of writing in October 2022. Age of the driver The renter’s age greatly influences the price. The younger the driver, the higher cost, since young drivers increase risks to rental companies. Many rental companies do not rent to anyone under twenty years of age. Rental companies can charge extra fees for renters who are young. Depending on the state charges can range from $40 to $65 per day. Consider these higher prices when determining who will drive your rental. Some states allow fee for drivers of certain age brackets. For example, renting at Enterprise in Michigan comes with an additional $40 per day fee for drivers 18 to 20 years old and $19 per day for drivers between 21 and 24. Young renters in New York can expect to be charged the additional $64.50 due to their age. However, not every rental firm charges these fees. Be aware of both the cost per day and additional fees when choosing which rental company to use. How to get the best bargain on your rental vehicle While the cost of renting a car is based on a range of elements however, there are a few things you can do to drive away with some extra cash. Comparison shop . You can save money on your next car rental by comparing. Prices can vary by rental service, therefore doing a bit of research could get you a much better deal. Comparison sites like Priceline, Expedia, AutoSlash and Kayak help you find the best rental car rates. Check out the websites of the rental company to ensure that you’re getting most competitive price on the car. Fill up the tank Always stop to top up the gas tank before returning the rental vehicle to the rental company. You’ll avoid additional fees for fueling. Book early Making reservations ahead of time lets you get the best vehicle, avoid long lines and potentially save cash. This is especially important if you intend to travel around a major holiday. Don’t add any additional items before getting the keys to your rental, you will likely receive a number of additional options. The options could include GPS, toll plan, the ability to access XM radio, or carseats. Avoid these options if are able to save money. Another costly option is often included when you reserve or take the vehicle for pickup. It can add an additional up to $15-30 per day to your bill but may save you thousands if you’re involved in an accident or the vehicle is stolen. The four types of common insurance for rental cars are: Loss-and-damage-waiver (LDW) (also known as collision damage waiver (CDW): provides coverage if the car is damaged or stolen Supplemental liability protection: protects you from liability in case you damage property or vehicles. Personal accident protection covers medical expenses for passengers and yourself (if necessary) when that you get into an accident Personal effects coverage: pays the cost of belongings that are stolen from the rental vehicle. This protection may be already included in your credit card or are part of your current homeowners or auto insurance policy. Some have limitations, though you should verify how they interact together with your credit card company or insurance provider. Hidden charges and other costs Car rental companies also charge hidden fees that affect the cost of renting. They include some of these charges into the price of the rental. Other fees may be listed on statements at least a few months after the rental period. The rental of a car at an airport is more expensive than renting from an off-site facility. This is due to the fact that the airport has fees, such as the airport concessions fee as well as an expense for customer facilities which the rental car provider transfers to the customer. Certain companies put an authorization hold on the client’s credit or debit card. The charge, which varies between $150 and $500, gives the rental car company an insurance policy in case the customer has an accident or is not able to return the vehicle. The rental car company will release the money within a few days of getting the car returned in acceptable state. Many companies charge a cancellation charge for renters who cancel their reservations less than 24 hours prior to the rental. If the renter has paid prior to the rental, then the company will refund the amount less the cancellation fee. Renters who cause damage to the interior or exterior of the vehicle have to be responsible for the repairs . Renters who aren’t careful could end having to pay for damages caused from previous owners. Be sure to thoroughly inspect the car prior to driving it off the lot and take photos of any apparent damage and inform to an employee. The majority of rental companies charge a daily cost for adding drivers on the contract. The price is decided by the state and rental agency. Modifying the terms of the rental agreement by modifying or extending it may also come at an additional cost. The amount you’ll be charged for will vary, and you could be charged a higher daily rate. Although being aware of these hidden charges can help renters realize why total rental cost is higher than the rental advertised price, there is usually little that can be done to prevent these charges. The bottom line Rental car costs vary by rental company, type of car location, and the an individual’s age. You’ll also find that some marketplaces are more expensive than others. But there are methods to lower your costs such as searching around, making reservations ahead and avoiding any add-ons. Be sure to read the rental agreement’s fine print to avoid having to pay any unexpected costs. Learn more
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Writen 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 borrowing money to purchase the car they want.
Edited by Rhys Subitch Edited by Auto loans editor
Rhys has been editing and writing for Bankrate from late 2021. They are committed to helping readers feel confident to control their finances by providing clear, well-researched information that breaks down complicated topics into manageable bites.
Auto loans editor
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