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5 minutes read. Published on October 19, 2022.
Authored by Rebecca Betterton Written by Auto Loans Reporter

Rebecca Betterton is the auto loans reporter for Bankrate. She specializes in assisting readers with the ins and outs of securely using loans to buy an automobile.







Editor: 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 confidence to take control of their finances by providing clear, well-researched information that breaks down otherwise complex topics into manageable bites.









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If you're on holiday and desire the convenience and freedom of a car while you explore or require a vehicle while yours is at the shop most likely, you'll take a rental vehicle at some point. In 2021, there were 1.8 million rental vehicles in service in 2021 . Costs differ based on the type of car you lease, the rental car firm you select and the location you choose to rent the vehicle. Understanding the factors that influence the cost will allow you budget for the expense. Typical cost of a car rental to rent a vehicle varies according to factors such as location, type of car and the rental company. However, the cost average 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 considering to best prepare for the cost. The factors that affect rental car prices Several aspects affect the cost of your rental -- as well as outside of your control. Save money where you can by understanding the factors that affect price. Car type When choosing an automobile rental the first question that renters want to know is the amount of space they will need. Car rental companies categorize their vehicles according to their size. The smallest cars are typically the least expensive and the smallest rental companies provide. These vehicles have room for one or two people, as well as their luggage. The compact or intermediate models offer more space than standard cars typically through additional space within the trunk. Intermediate cars can hold up to four people and have a limited quantity of baggage. Standard vehicles with full-size back seats are able to accommodate four adults. They also have plenty of trunk space, making them an ideal option for families who have lots of luggage to bring along. Luxury vehicles are the most expensive models that include everything from sportsy convertibles to full-size SUVs and vans. In the majority of cases the cost of renting a car per day is based on the size and class of the vehicle. However, some rental companies offer specials on certain types of vehicles particularly when they have plenty of vehicles of them in stock. For example, if the company has a limited amount of economy vehicles available to rent for a certain weekend, they might offer discounts on standard vehicles. Here are the cheapest cost per day for various kinds of vehicles, according to Kayak. Car type
Approximate capacity
Least expensive rate per day
Economy
2 adults, 2 bags
$14
Compact
4 adults, 2 bags
$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 20, 2022. Location Like other products or services, costs fluctuate in accordance with demand and supply. A majority of people can find cheaper car rental prices in the middle of the city rather than the airport. Prices for rental vary across different areas of the country. Highly trafficked tourist areas might have lower rental rates than other locations because of the greater competition. They may also have higher fees during popular seasons when the 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 at the time of writing in October 20, 2022. Age of the driver The rental's age is a major factor in the price. Younger drivers will pay higher the cost because young drivers increase risks to rental businesses. Many rental companies do not even rent to those under twenty years of age. Rental companies may charge additional fees for young renters. According to the state, these fees can vary from $40 to $65 per day. Take into consideration these costs in determining the driver of your rental. Certain states have fee for drivers of certain age brackets. For example renting from Enterprise in Michigan comes with an additional $40 per day cost for drivers between 18 and 20 years old and $19 per day for those between the ages of 21 and 24. Renters who are younger in New York can expect to be charged the additional $64.50 due to their age. But not every rental agency charges these fees. Take into consideration both the daily price as well as additional fees when you decide which rental company to use. How to get the best price on your rental car The cost of a rental car is based on a range of factors however, there are some things you can do to leave with a bit of cash in your pocket. Comparison shopping You can save money for your next rental car by shopping around. Prices can vary by rental agency, so doing a bit of research could get you a better price. Comparison websites like Priceline, Expedia, AutoSlash and Kayak help you compare quotes for rental cars. Visit the websites of the rental agencies to ensure that you're getting most affordable price for the car. Refill the tank. Be sure to refill the tank of gas prior to returning the rental vehicle to the rental company. You'll avoid additional fees for fueling. Make reservations early. The ability to reserve your car ahead of time will allow you to choose the best vehicle, skip long lines, and even save some cash. This is especially crucial for those planning to travel extensively during a holiday. Don't add any additional items before receiving keys to your rental, you will likely receive a number of additional options. These could include GPS and toll plan access to XM radio, or even car seats. Do not use these features if you are able to cut costs. is another costly add-on often offered when you book or pick up the vehicle. It can add an additional 15 to $30 per day to the bill however it can save thousands if there is an incident or your vehicle is stolen. The four types of common rental car insurance are: Loss-and-damage-waiver (LDW) also known as collision damage waiver (CDW) offers protection if the car is damaged or stolen. Supplemental liability protection: shields your from liability in the event that you damage property or other vehicles. Personal accident coverage: pays for medical expenses for passengers and yourself (if appropriate) in the event that you encounter an accident. Personal effects coverage: covers the cost of items that are stolen from the rental car These protections may already be or current auto or homeowners insurance policies. Some have limitations, though, so be sure to confirm how they work in conjunction with the credit card issuer or insurance company. Hidden fees and other charges Car rental companies can also charge hidden costs that affect the cost of the rental. They incorporate certain fees into the cost of the rental. Some of them may appear on the statement several months after the rental period. A car rental at the airport costs more than renting at an off-site facility. The reason is that the airport has fees, such as the airport concessions fee as well as the cost of a customer facility fee that the rental car company is then able to pass on to the consumer. Certain companies put an authorization block on the customer's credit or debit card. This charge, which can range between $150 and $500, provides the rental car company with some security in the event that the renter damages or fails to return the vehicle. The rental car company will release the money within a few days of receiving the rental car back in a good in good condition. A lot of businesses charge a cancellation fee to renters who make reservations less than 24 hours prior to the rental. If the renter paid by advance, the business would refund the payment minus the cancellation fee. Renters who cause damage to the exterior or interior of their vehicle are required to cover the repair costs . Unwary renters may end up paying for damage caused through previous motorists. Make sure you thoroughly examine the vehicle prior to leaving the lot Take pictures of the obvious damage and notify an employee. The majority of rental agencies charge a daily fee to add drivers in the rental agreement. The price is decided by the rental agency and state. Modifying the conditions of the rental agreement by modifying or extending it could also incur additional cost. The amount you'll be charged for may differ, and you may pay a higher daily rate. However, knowing about these hidden fees will help renters comprehend why total rental costs are higher than the rental advertised price however, there's usually nothing that can be done to reduce them. The final cost of renting a cost of cars varies based on rental company, type of car location, and the an individual's age. You'll also find that some locations are more expensive than other markets. However, there are ways to cut costs, like searching around, making reservations early and skipping add-ons. Make sure you read the rental contract's fine print to avoid incurring additional charges that are not anticipated. Learn more


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Authored by Auto Loans Reporter

Rebecca Betterton is the auto loans reporter for Bankrate. She specializes in assisting readers to navigate the ins and outs of securely taking out loans to purchase an automobile.



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

Rhys has been writing and editing for Bankrate since late 2021. They are passionate about helping readers to take control of their finances by providing precise, well-studied information that break down complex topics into manageable bites.






Auto loans editor




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