Renting cars has become more expensive in recent times. Since July 2021, prices have hit a record high. They’ve stayed high in 2022, even after dropping a bit. Expect to pay more in 2023 than before for a rental car, though prices vary. The type of car, where you pick it up, how early you book, and the age of the driver all play a part in the price.
A sleek car parked in front of a car rental office, with a bright sign displaying prices and promotions. Passersby can be seen admiring the car and checking out the rental prices on the sign. The surroundings should be depicted as well maintained and visually appealing to attract potential customers.
Key Takeaways
- Rental car prices have risen nearly 50% since July 2019 due to the pandemic impact.
- Rental car costs can vary significantly between companies and based on the type of vehicle.
- Booking a rental car well in advance can lead to better rates, while last-minute bookings may cost more.
- Younger drivers may face additional fees from rental companies.
- Strategies like using loyalty programs, declining optional insurance, and refilling the tank can help save on rental car costs.
Average Car Rental Prices Across Major Companies
The cost to rent a car can be quite different between various companies. For example, when looking at prices at four big airports, there’s a clear gap. This comparison includes Atlanta Hartsfield-Jackson, New York City JFK, Los Angeles International, and Chicago O’Hare. The difference in daily rates for a mid-size rental car stands out.
Enterprise
At Enterprise, renting an intermediate-size car averages $48 per day.
Budget
For a similar car at Budget, you might pay around $51 a day.
Avis
Avis often asks for $53 a day for an intermediate-size option.
National
National goes a bit higher, with an average price of $57 daily.
The final price tags depend on several things. The car type, where you pick it up, and how early you book all play a big role.1
“An assortment of car rental logos with prices displayed in bold font above each logo.”
Factors Affecting Car Rental Costs
The type of rental car really matters in cost. Premium or larger cars can cost more. At Hartsfield-Jackson Atlanta International Airport, Avis rents an economy car for $44 per day, a full-size for $54 per day, and a luxury car for $99 per day.
Rental Car Pickup Location
The rental car pickup location is a big deal. Downtown pickups are about $126 cheaper on average than at the airport. This is roughly a 26% saving. Also, rental prices can differ a lot between big airports. For example, Chicago O’Hare has the highest average weekly price at $743. In contrast, Orlando, Charlotte, and Dallas-Fort Worth are below $600.
Advance Booking Time
Advance booking time affects prices too. Waiting until the last minute can save money. On average, a weekly rental costs $589 if booked 91 days in advance. But, it drops to $513 if you book just seven days ahead, saving you around 13%. Booking early often leads to better deals compared to booking late.
Age of the Rental Car Driver
The age of the rental car driver makes a difference in cost. Younger drivers might have to pay more because they are seen as more risky. For example, Hertz requires drivers to be at least 20, and Avis charges extra for those under 25. The extra daily cost for drivers aged 18 to 24 can be anywhere from $15 to over $85.
Illustrate various elements that influence the cost of renting a car, such as the type of car, duration of rental, location, extra fees, insurance options, and mileage limits. Use bright and contrasting colors to highlight each factor.
How Much Does Car Rental Cost? Prices and Key Determinants
The cost of renting a car can vary a lot. It starts from around $18 for a small car and can go up to $91 for a fancy one. The kind of car, where you rent it, how soon you book, and your age affect the price.
Prices for rental cars hit a record high in July 2021. Although they have gone down a bit, they are still higher than before COVID-19. In their study, NerdWallet looked at the costs of renting for a week in 20 areas. They checked prices from eight top rental car companies for the cheapest available car.
In July 2021, Charlotte, North Carolina had the lowest weekly price, under $500. But, Chicago was the most expensive at over $600 a week. For rentals at airports, Orlando, Charlotte/Douglas, and Dallas-Fort Worth were cheaper. However, Chicago O’Hare Airport was the most pricey at $743 a week.
National had the highest prices among big rental car companies, with an average of around $700 a week. Conversely, Enterprise had the lowest, at about $480 for a week’s rental. Booking closer to your trip can save you 13% on average, compared to booking 91 days ahead. Also, renting from downtown spots is usually $126 cheaper each week than from the airport.
Some travel credit cards, like the Chase Sapphire Preferred® Card and The Platinum Card® from American Express, offer insurance and other perks for rental cars. These can help save money. To spend less on rental cars, join loyalty programs. Also, check for lower prices often and take advantage of what your credit card offers.
| Metric | Value |
|---|---|
| Rental Cars in Service (2021) | 1.8 million |
| Car Rental Industry Market Size (2021) | $54.2 billion |
| Daily Rental Cost Range | $18 to $91 |
| Average Daily Rental Cost (Mid-October 2022) | $81 |
| Travelers Encountering High Rental Costs | 79% |
| Economy/Compact Car Daily Rate | Around $18 |
| Luxury Car Daily Rate | Up to $30 |
| Las Vegas Rental Rates | $30 to $53 per day |
| Atlanta Rental Rates | $26 to $65 per day |
| Additional Fees for Younger Drivers (Under 21) | $40 to $65 per day |
Tips to Get the Best Deal on Car Rentals
Renting a car can cost a lot. But, there are ways to save money. Understand what affects car rental prices. Then, use this knowledge to your advantage. This way, you can have a cheaper rental experience and save more.
Check and Re-book if Prices Drop
Keep an eye on rental car prices. If you notice prices drop, rebook your car rental. Studies show you could save about $75 by booking closer to your trip. Rental companies like Enterprise can charge you up to 40% more if you book way early. By watching prices and rebooking, you might cut a big chunk off your bill.
Use Rental Car Loyalty Programs
Saving through loyalty programs is smart. For example, by joining Delta’s SkyMiles and Hertz, you get four miles for every $1 spent. If you’re a Gold or Diamond member, the rewards are even better. Also, with the Chase Sapphire cards, you get great perks for renting cars. The Platinum Card from American Express is good too. These loyalty benefits can wonderfully reduce rental costs.
Decline Optional Insurance
Taking a second look at optional insurance is wise. Cards like Chase Sapphire Preferred and Platinum American Express already have you covered. This means you can skip the insurance the rental company tries to sell you. Opting out of extras like insurance can make your rental much cheaper.
Fill Up the Tank Before Return
Avoid extra charges for tolls and radios. Make sure to fill up the gas tank before returning the car. Rental companies often charge high prices for gas. By filling up yourself, you cut down on these extra costs.
Remember to check the prices regularly and use loyalty programs wisely. Skip optional insurance to lower costs and fill the gas tank before returning. Doing these can help you snag great deals on car rentals.
Rental Car Cost Comparison Across Major Cities
Looking at how much it costs to rent a car or rental car prices in major cities, there’s a big difference in the U.S. The numbers show us that the prices for a week’s rental can vary a lot. For example, to rent a car for a week from Orlando Airport is much cheaper than from Chicago O’Hare Airport.
Looking deeper, we learn that getting a rental car in Charlotte, North Carolina is the most budget-friendly choice. On the other hand, getting one in Chicago costs the most on average. It’s interesting that renting a car at Chicago-O’Hare Airport costs on average $743 per week. This is even more than what you’d pay in the city generally.
Among the cheapest spots to rent a car are Charlotte, Orlando, and Dallas-Fort Worth. However, Las Vegas, Phoenix, and Chicago are some of the priciest. Also, rental car taxes at Chicago-O’Hare and similar airports can be super high, sometimes as much as 51%.
| Airport/City | Average Weekly Rental Price |
|---|---|
| Orlando Airport | $ |
| Charlotte/Douglas Airport | $ |
| Dallas-Fort Worth Airport | $ |
| Denver Airport | $ |
| Hartsfield-Jackson Atlanta Airport | $ |
| Los Angeles Airport | $ |
| Phoenix Sky Harbor Airport | $ |
| Harry Reid Airport | $ |
| Seattle-Tacoma Airport | $ |
| Chicago O’Hare Airport | $ |
Understanding the rental car cost comparison is key for anyone wanting a good deal when traveling. Think about the location, airport or city rentals, and booking early. These steps can help you find a rental car that fits your budget and needs well.
Cheapest and Most Expensive Rental Car Companies
Enterprise is known for its affordable rates, charging around $480 a week. On the flip side, National often comes with a higher bill, nearing $700 weekly. There’s a big gap in prices, from $480 to nearly $700, with over a $200 difference.
Names like Enterprise, Budget, Hertz, and Dollar top the list for budget-friendly options. Meanwhile, National Car Rental leads as the priciest choice, just ahead of Alamo.
Booking off the airport premises can slash around 20% off your bill. Plus, certain credit cards, like Chase Sapphire Preferred® and The Platinum Card from American Express, provide helpful perks.
Joining National Car Rental’s Emerald Club can earn you free rentals and more perks. Don’t forget, there are other options, too, like peer-to-peer and dealership rentals.
| Rental Car Company | Average Weekly Rental Cost |
|---|---|
| Enterprise | $480 |
| National | Nearly $700 |
Ground Transportation Alternatives to Renting a Car
Renting a car is a top pick for many travelers. Yet, there are other options that might be better. These could be cheaper or more convenient for you. Think about using taxi or rideshare services, hotel shuttles, or public transport.
Taxi or Rideshare
For shorter trips or moving around a small area, taxi cabs and services like Uber and Lyft are great. They’re often cheaper than renting and are pretty convenient. Plus, you don’t have to be as old to use them. Lyft Rentals, for example, lets people as young as 22 drive their cars.
Hotel Shuttle
Some hotels, especially those near airports or hotspots, offer free shuttles. This is a nifty choice that keeps money in your pocket. It’s perfect for folks planning to stick around the hotel or its nearby attractions a lot.
Public Transportation
In cities with good public transport, you might not need a car at all. Buses, trains, and metros are often much cheaper. They’re also awesome for exploring or getting around downtown areas.
Conclusion
The cost of renting a car can change a lot. It depends on the car type, where you rent it, how early you book, and driver age. To get a good deal, it’s smart to book ahead, use loyalty programs, and look at other ways to get around.
A 3-day weekend rental car in the U.S. usually costs about $150. But a plane ticket can be around $350. Where you pick up the car matters too. For example, big airport spots like Atlanta, Boston, and LA may have different prices.
Even though National Car Rental might be pricier, their customer service and loyalty program are great. Yet, many U.S. car rental companies don’t have much power over their prices. This could affect how well they do in the future.
Looking at other options like taxis, rideshares, hotel shuttles, and buses can help cut costs. Thinking carefully about which car you book, when you do it, and what extras you choose makes a big difference. This way, you can control your spending and pick the best deal for your trip.
FAQ
How much have car rental prices risen in recent years?
Car rental prices have gone up a lot in recent years. From July 2019 to July 2022, they increased by almost 50%. Although they’ve fallen a bit lately, they’re still higher than before the pandemic.
What are the average daily rental rates for different car rental companies?
A study on rental car prices at four airports found these average daily rates for intermediate cars: Enterprise: $48, Budget: $51, Avis: $53, National: $57.
How does the type of rental car affect the cost?
The cost changes a lot based on the car type. At Atlanta’s airport, for instance, you can rent an economy car from Avis for $44 a day. But a luxury car would be $99 a day.
What factors determine the cost to rent a car?
Renting a car can cost anywhere from $18 to $91 per day. The car type, where you rent, booking timing, and the driver’s age all play big roles in the price.
What strategies can travelers use to get the best deal on car rentals?
To snag the best car rental deals, try these tips: book early, join loyalty programs, and look into other transportation options.
How do rental car costs vary across different cities and regions?
Prices for rental cars change a lot from place to place. On average, Enterprise is cheaper, around $480 a week. National tends to be pricier, with an average closer to $700.
Which rental car companies are the cheapest and most expensive?
Enterprise usually has the best prices, while National is often the most expensive.
What are some alternatives to renting a car?
Besides car rentals, you can think about taxis, rideshares, hotel shuttles, or public transit for getting around.
