Have you had occasion to need to rent a car? The global recession has seen a reduction on some airfares, hotels and cruises but it is having the opposite effect on rental cars. The Abrams Consulting Group that tracks rental rates reported in May. 2009 "that the average rate for a weekly airport rental of a compact car booked seven days in advance was $345.99, up 73% from $199.65 May of 2008." In mid-June of 2009, the Abrams Consulting Group reported that weekly airport rental rates for a compact car averaged $347.44 compared with $210.38 in mid-June of 2008. How can these rates be so high when the rest of the economy is suffering?
The answer: supply and demand. The Abrams Group reports that the demand for car rentals is down about 15% but rental agencies have cut their fleets by more than 15%...creating a shortage and allowing them to increase prices. Rental companies have been selling their cars to used car dealers and not buying new cars to replace the sell-off.
Travelers are getting used to booking their trips last minute but that plan will not work with car rentals. In fact, when booking a car rental last minute, you may find only a few left on the lot and will have to pay an exorbitant price.
To avoid the high prices on car rentals, you will want to start a search early to find a cheaper car to rent. Going to off-airport locations is oftentimes cheaper than airport locations. Expedia reported "that in mid-June an economy car from Enterprise in the Seattle airport was $110.31 a day compared to $42.90 for a similar car from their downtown location".
Sometimes a better deal can be found by upgrading. With the demand for fuel-efficient cars, travelers can oftentimes get a better deal by booking a larger, roomier car. However, the larger car will mean higher fuel costs which may eliminate any savings.
It is wise to look beyond the popular national chains such as Avis or Hertz. There are many independent car rental agencies with lower operating costs and less overhead. Check out CarRentals.com and CarRentalExpress.com. It is reported that they typically offer rates 15% to 30% less than the national companies.
Another option is virtual coupons. Websites such as FatWallet.com and CouponWinner.com list discount codes for car rentals.
Check with the airline you are flying...good deals often show up on their websites under "mileage partner offers". Delta has been offering up to 20% off with the discount code CDP165385.
Checking out all the less expensive price options takes time. Steve Ellis,a business adviser, created RentalCarMagic.com to allow customers to pay him for his searching car rental prices for you. The website charges $14.95 to $49.95 and sends back a quote in a day or two.
There are ways to save on car rentals but savings on the vacation car rental takes time...so start early to find those lower prices!
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