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Buying a rental car: What you need to know Advertiser Disclosure Advertiser Disclosure We are an independent, advertising-supported comparison service. Our aim is to assist you make better financial decisions by offering interactive financial calculators and tools as well as publishing original and objective content. We also allow you to conduct research and analyze information at no cost – so you can make decisions about your finances with confidence. Bankrate has agreements with issuers including, but not limited to, American Express, Bank of America, Capital One, Chase, Citi and Discover. How We Earn Money The offers that appear on this site are from companies that pay us. This compensation can affect the way and when products are featured on this website, for example for instance, the sequence in which they be listed within the categories of listing, except where prohibited by law. Our mortgage or home equity products, as well as other products for home loans. This compensation, however, does not influence the information we provide, or the reviews that you see on this site. We do not contain the universe of companies or financial offerings that could be accessible to you. Share: BraunS/Getty Images
3 min read . Published March 02, 2023
Authored by Rebecca Betterton Written by Auto Loans Reporter Rebecca Betterton is the auto loans reporter for Bankrate. She specializes in assisting readers in navigating the details of taking out loans to buy cars. Edited by Rhys Subitch Edited by Auto loans editor Rhys has been editing and writing for Bankrate since late 2021. They are passionate about helping readers gain the confidence to control their finances with clear, well-researched information that breaks down complicated subjects into digestible pieces. The Bankrate guarantee
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We are compensated in exchange for the promotion of sponsored goods and services or when you click on certain hyperlinks on our website. Therefore, this compensation may influence the manner, place and when products appear in listing categories, with the exception of those prohibited by law for our mortgage home equity, mortgage and other products for home loans. Other factors, such as our own rules for our website and whether the product is available within your area or at your own personal credit score can also impact the way and place products are listed on this site. We strive to offer an array of offers, Bankrate does not include details about every credit or financial product or service. Most drivers only interact with renting a car during holidays or when they are awayand for a lot of people, they can also be the means of obtaining the vehicle of their choice. While rental cars go through several drivers, they also come with extensive maintenance records and an affordable price. But before you drive off the lot with one of these vehicles, there are a few factors to account for. How to buy an automobile rental Just like would you buy any other brand new or used vehicle, buying a rental needs some preparation prior to the time. Budget Know the amount and what financing options are most suitable for your budget. Since rental cars are used vehicles, there’s plenty of financing options available. Rates averaged a rate at 10.26 percent during the 4th quarter in 2022, according to figures from . But keep in mind that this is more than just the price that you see advertised online. Look up websites such as Edmunds and Kelley Blue Book (KBB). Both offer breakdowns of the expected repair and maintenance costs for a variety of vehicles. Find a car to compare The best sources to look into rental vehicles to buy are Enterprise, Avis and Hertz. Visit their websites and see what is available in your local area. Again, Edmunds and KBB can be useful guides. They can show you an average price in your area for the vehicles you are interested in. This way, you can be sure the used car company offers a great deal. And because rental cars have higher use and wear, check to see if you can go lower than average to make up for potentially more expensive maintenance costs in the future. When you’ve got an idea of a car, apply for pre-approved financing. Although many rental companies will offer financing options on their own, it’s always smart to so you know you’re getting the most competitive price. Being prequalified also lets you budget more accurately. Once you have a clear idea of what you can afford to buy — and also know your monthly payment — you can shop for the ideal car for your budget. Examine the vehicle. Take a test drive and inspect the vehicle in person if possible, then seek out the car’s history report. This will give you information about any damages that have occurred, previous ownership and some details about what’s under the hood. Because rental cars are used by lots of drivers, they rack up quite a few miles. It is normal for the odometer to be high even with relatively new vehicles, therefore, when you purchase. In addition to the car’s history report, it will give you a full idea of how hard the car was driven during its time as a rental. Also, ask if the vehicle is covered with a manufacturer’s warranty and you may be able to get additional assurances from the rental firm. An may be a good option even if the vehicle is covered under the manufacturer’s warranty. Extended warranties cover more common maintenance and repairs. They are however an additional cost, so ensure you are aware of what they cover and if it is worth it prior to signing up. Are rental cars a good thing to buy? Similar to the majority of things related to buying a car, you should fully consider the financial impact and the appropriateness for your needs. While rental cars have somewhat of a bad reputation but there’s no guarantee any used car you buy isn’t abused in the same manner unless you personally know its past. Pros of buying a rental car. Cars that are rented out may be viewed as a negative however, there are several motives why they might be the right choice for you. Warranties: Rental cars often come with a warranty of about one year -including cars which no longer have the original manufacturer’s warranty. Buy-back policy: Rental car chains may offer a buy-back policy in the event that you decide to cancel immediately after you have purchased. Vehicles that are well-maintained The company that rents the car must have ensured that the car is maintained and cleaned after every driver. Even with more wear and tear on your potential car, it has still been inspected more than the average used vehicle. These kinds of features could provide added security that may not be available when purchasing used elsewhere. The disadvantages of renting a car While there are some positives, there are also drawbacks to going with the rental vehicle. The high mileage of frequent drivers and long trips may outweigh frequent maintenance. The high mileage incurred by renters could potentially mean more problems or a shorter life span for your car. Limited options: Along with this, purchasing a rental will mean a smaller inventory available to shop. If the rental company doesn’t have the car that you are looking for in stock then you’re out of luck. Basic specifications: The vehicles that are available don’t come with all of the features that drivers want. Many are basic models that will not have the luxury amenities other used cars might come with. The bottom line If you choose to use a second hand rental car, do your own research about typical car prices, conduct a history report, and read the fine print when looking at rental vehicle websites -Many offer discounts or buy-back options. And, as with any vehicle that is used, getting the car inspected with an expert mechanic could provide you with 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 specializes in assisting readers with the ways and pitfalls of borrowing money to buy cars. Edited by Rhys Subitch Edited by Auto loans editor Rhys has been editing and writing for Bankrate since late 2021. They are passionate about helping readers gain the confidence to take control of their finances with concise, well-studied information that breaks down complicated topics into digestible pieces.
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