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3 minutes read Read Published March 02, 2023
Written by Rebecca Betterton Written by Auto Loans Reporter Rebecca Betterton is the auto loans reporter for Bankrate. She specializes in helping readers in navigating the ways and pitfalls of taking out loans to buy cars. The article was edited by Rhys Subitch Edited by Auto loans editor Rhys has been writing and editing for Bankrate since the end of 2021. They are dedicated to helping readers gain confidence to control their finances by providing concise, well-researched and detailed information that breaks down otherwise complex topics into manageable bites. The Bankrate guarantee
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This compensation could impact how, where and in what order the products are listed within categories, except where the law prohibits it for our mortgage, home equity and other products for home loans. Other elements, such as our own website rules and whether the product is available in your region or within your own personal credit score may also influence how and where products appear on this website. We strive to offer an array of offers, Bankrate does not include details about each credit or financial products or services. A majority of people only use renting a car during trips or vacations -and for a lot of people these, they could also be the means of obtaining the vehicle of their choice. While rental cars are owned by many drivers, they typically have extensive maintenance records as well as a low price tag. However, before you can leave the lot with one of these vehicles there are some aspects to take into consideration. How to buy an automobile rental Just like when you purchase any other brand new or used vehicle, buying a rental needs some preparation prior to the time. Budget Understand how much and the financing options that work best for your budget. Since rental cars are used vehicles, there's plenty of financing options available. The rates averaged of 10.26 per cent in 2022's fourth quarter according to figures from . But keep in mind that the is much more than the amount you can see advertised on the internet. Visit websites such as Edmunds or Kelley Blue Book (KBB). Both offer breakdowns of the expected repair and maintenance costs for a variety of vehicles. Compare cars The best resources for looking into rental cars to buy include Enterprise, Avis and Hertz. Visit their websites and check out what is available in your region. Also, Edmunds and KBB can serve as a great guide. They can provide you with an average price in your area for the vehicle you are interested in. This way, you can be sure the used car dealership is providing a fair price. Also, since rental vehicles have higher wear and tear, see if you can go lower than the norm to cover more costly maintenance expenses in the future. When you've got an idea of a car Apply for preapproved financing. While many rental firms will offer financing options of their own, it is best to always do your research so that you know you're getting the best price. Prequalifying also allows you to budget more accurately. Once you know how much you can afford to buy -- and know your monthly budget -- you can shop for the ideal car to your budget. Inspect the vehicle Test drive it and inspect the vehicle in person if you can, then seek out the car's history report. It will provide you with insight into any damage incurred in the past, and previous ownership as well as specifics about what's underneath the hood. Because rental cars are used by many drivers, they rack up quite a few miles. You should expect the odometer to be very high, even in new vehicles, so before you buy. Along with the vehicle history report, this gives you a complete picture of the intensity with which the vehicle has been driven during its rental period. Also, ask if the vehicle -- many can come with a manufacturer's guarantee, and you may be able to get additional security from the rental company. An may be a good idea even if your vehicle is still covered by an official warranty from the manufacturer. Extended warranties cover more common repairs and maintenance needs. However, they come at a cost, so be sure you know what it covers and whether it's worth it before you sign up. Are rental cars a good thing to purchase? Like most things when it comes to buying a car, you should fully consider the financial implications and fit for your lifestyle. Although rental cars are a bit of a bad reputation, there is no guarantee every used car you buy isn't abused in the same manner unless you know the history. The advantages of renting a car. Cars that are rented out may have a bad name however, there are several reasons why they could be the right choice for you. Warranties: Rental vehicles typically include a guarantee of about one year -- even cars which no longer have the original manufacturer's warranty. Buy-back policy: Rental car chains may offer the option of buying back your car if you change your mind immediately after you have purchased. Well-maintained vehicles The car rental company should have kept the vehicle maintained and cleaned after every driver. So even with the more wear and tear on the car you are considering it's been checked up on much higher than the typical used vehicle. These features can provide some additional peace of mind that might not be found buying used elsewhere. The disadvantages of renting a car While there are a few positives, there are drawbacks to going with the rental vehicle. A high mileage: Drivers who are frequent and long trips may outweigh frequent maintenance. Renters who have a high mileage could potentially mean more problems or a shorter lifespan for your vehicle. There are fewer options available: In addition to this, buying a rental means a much more limited inventory available to shop. If the rental car provider doesn't have the car you want in stock then you're out of luck. Basic specifications: The vehicles that are available don't come with all the bells and whistles that drivers are looking for. A lot of them are basic and don't come with the premium amenities other used cars might come with. The key point to consider is that if you decide to go with a used rental car, you should do your homework on the typical costs, check a car history report and check out the fine print when looking at websites for rental vehicles -- many offer special deals or buy-back offers. And, as with any used car, getting the vehicle inspected with an expert mechanic will give you extra 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 is a specialist in helping readers in navigating the ins and outs of securely taking out loans to purchase a car. The article was edited by Rhys Subitch Edited by Auto loans editor Rhys has been editing and writing for Bankrate since the end of 2021. They are dedicated to helping readers gain confidence to control their finances by providing concise, well-studied facts that break down otherwise complicated subjects into bite-sized pieces.
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