Renting: This Uncommon Approach to Owning a Car Could Save You Money
Things You May Like
Not everyone needs to commit to a car in the long term. Purchasing a vehicle can be a decade-long financial decision and the average leasing term agreement is from 24 to 36 months.1 So, what if you want a car for a shorter term with fewer agreements?
This is where car rentals come into play. This option can serve as a flexible way for drivers to get where they need to go and drive exactly the type of car they want to drive. With some savvy online research, you could end up driving the car of your dreams without having to scour up a down payment.
asiandelight / Shutterstock
Depending on your current car situation, renting a car may be a smarter move for your finances. Search online to find out what deals are available to those interested in renting.
Here’s a rundown on how renting a car can be beneficial to drivers.
Why Renting Can Be Beneficial
Opting for a rental gives you more leeway in terms of when you pick up the car and when you drop it off. It’s ideal for drivers seeking a temporary vehicle for whatever reason.
Some situations where renting a car makes sense include:
- Extended business trips;
- Working seasonally or temporarily away from home;
- Waiting on major repairs for your vehicle;
- Lengthy holidays, or;
- Waiting for a new car after an accident.2
Renting provides drivers with flexibility, especially if they don’t actually need to drive every day. Rather than own a car and have it parked at your residence unused, you can rent a car whenever it’s necessary. Instead of having to consistently pay monthly installments and car insurance, you can pay a flat rate and other related fees to rent a car once in a while.
Plus, there is no reason to worry about pricey maintenance costs when you rent a car. Unlike vehicle ownership, you don’t have to keep up with vehicle maintenance, insurance, and service fees. You also don’t have to invest thousands of dollars in an expense that immediately depreciates in value as soon as you drive it off the lot.
Lastly, indecisive individuals can rest easy knowing they aren’t committing to a certain model long term. You have an opportunity to try out a new car each time you choose a rental. Whether you’re looking for a reliable SUV with good mileage for a road trip or want a luxury vehicle for a special occasion, renting gives you the freedom to choose from a variety of models that match your current mood.3
How to Find the Best Deals
Rent for Longer Time Periods
Depending on how long you want to rent a car, you could score a deal. This applies to people who choose to rent a car anywhere from one to 11 months.
The rental company Budget says customers can pay a lower daily rental rate the longer they use the car. You can also earn a discount on Loss Damage Waiver.
Search online to find out what incentives companies offer customers for longer term rentals and see how much money you can save.
There are plenty of perks to growing older and one of them is discounted rates on car rentals. Those who are at least 50 years old have several ways to save money. For instance, here’s what you can save with some popular car rental companies:
- E-Z: Drivers get 10 percent off.
- Hertz: Drivers get up to 20 percent off.
- Sixt: Save five percent on luxury car rentals.
- Thrifty: Save five percent on time and mileage charges.
MoneyTalksNews says there are special offers for eligible AARP members. You can save up to 30 percent at most car rental companies. With Zipcar, members can save 43 percent on an annual membership and get a $40 driving credit.4
Check Out Groupon
Another way to save is by getting online discount codes from Groupon. The website has various promotions offered from rental companies. You can save through exclusive base rates, booking ahead with a coupon code, percentage discounts, driving credits, and more.5
Download an Internet Discount Finder
Imagine saving a large chunk of money without having to do your own research. That’s possible when you download Honey, a free browser extension, to your computer.
The online discount finder scans the internet for active discount codes that can be applied to your rental. It does the work for you to get help making renting a vehicle more affordable.6
Book a Rental Car Online
If you’re ready to hit the road with a rental vehicle, start searching online now. You can browse various rental companies and discover which models are currently being offered. Just make sure you don’t book a car rental without finding a deal first.
Booking a car online can also help you find the best rate. Compare the fees and legalities online, look around for any deals, and see which company can loan you the car for the cheapest price. Make sure to find out if there are discounts or special pricing terms for people who need to rent vehicles for longer than a couple days or weeks.