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Jacobs Stock Photography Limited/Getty Images
5 min read published 19 October 2022
Written by Rebecca Betterton Written by Auto Loans Reporter

Rebecca Betterton is the auto loans reporter for Bankrate. She is a specialist in helping readers with the ways and pitfalls of borrowing money to purchase a car.







The edit was done by Rhys Subitch Edited by Auto loans editor

Rhys has been writing and editing for Bankrate since late 2021. They are passionate about helping readers gain the confidence to take control of their finances with clear, well-researched facts that break down complicated topics into bite-sized pieces.









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When you're away on holiday and desire the freedom and convenience of wheels while exploring or require a vehicle while yours is in the shop, chances are you'll hire a vehicle at some point. The number of rental cars was 1.8 million cars that were in rental service in 2021 . Prices vary based on the type of car you rent, which rental car service you choose to use and the location where you lease the vehicle. Understanding the factors that influence the cost will allow you to budget for the cost. Typical cost of a car rental The expected cost to rent a vehicle varies depending on factors including location, car type and the rental company. But the average cost at mid-October 2022 was around $81 per day . To determine the cost you're likely to pay contact Hertz, Enterprise, Avis or other rental companies you're thinking of using to prepare for the price. Factors that impact rental car costs Several details influence the price of your rental - regardless of whether they're within or outside your control. You can save money by knowing what influences price. Type of car when choosing a rental car the first thing renters ask is how much space they will need. Car rental companies classify their vehicles according to their size. The smallest cars are typically the least expensive and the smallest rental firms offer. They are able to accommodate one or two persons, as well as their luggage. The compact or intermediate models offer more space than the economy models, usually through extra room within the trunk. Cars that are intermediate can accommodate up to four persons and a minimal volume of bags. The most basic vehicles with large back seats can accommodate four adults. They also have ample trunk space, making them a good option for families who have lots of luggage to carry. Luxury vehicles are the most expensive models that include everything from sportsy convertibles, to big SUVs, and vans. In the majority of cases the rental cost per day is based on the size and class of the car or truck. However, sometimes rental companies provide special deals on certain types of vehicles particularly when they are able to have a large number of vehicles available. For example, if the company has a limited amount of economy vehicles available to rent for a certain weekend, they could offer a discounted rate on the standard cars. Here are the cheapest cost per day for various kinds of vehicles, as per Kayak. Type of vehicle
Approximate capacity
Least expensive rate per day
Economy
2 adults, 2 bags
$14
Compact
4 adults, 2 bags
$10
Intermediate
5 adults 3 bags
$14
Standard
5 adults 3 bags
$23
Full size
5 adults, 2 bags
$18
Full-size SUV
5 adults 2 bags
$34
Minivan
5 adults 5 bags
$30
Premium
5 adults 5 bags
$26
Kayak as of October 20, 2022. Location Similar to other goods or services, costs vary depending on demand and supply. A lot of people get better car rental prices in the middle of the city rather than the airport. Rental fees also vary in different areas of the country. Tourist areas that are heavily populated could have lower rental costs than other areas due to the greater competition. They may also have higher fees during popular seasons where demand is very high. The location
Average rental cost per day
Atlanta
$50-$85
Chicago
$47-$85
Houston
$51-$84
Las Vegas
$47-$78
Los Angeles
$48-$67
Miami
$34-$64
New York
$68-$111
Orlando
$43-$65
Kayak in October 2022. Age of the driver The renter's age has a significant impact on the cost. The younger the driver, the higher cost, since young drivers increase risks to rental companies. Some rental companies do not rent to people less than 20 years old. Renters may be charged additional fees for young renters. According to the state, these fees can range from $40 to $65 per day. Consider these higher prices when determining the driver for your rental. Some states allow fee for drivers of certain age brackets. For example, leasing from Enterprise in Michigan comes with an additional fee of $40 per day cost for drivers between 18 and 20 years old and $19 per day for drivers between 21 and 24. Renters younger than New York can expect to be charged the additional $64.50 in order to cover their age. But not every rental agency charges these fees. Take into consideration both the daily price and additional fees when choosing the rental provider. How to get the best deal on your rental car While the cost of renting a car is determined by a variety of factors however, there are several things you can do to drive away with some extra money in your pocket. Comparison shopping You can save money on your next car rental by looking around. The prices vary from one rental agency, so doing some research can get you a lower price. Comparison sites like Priceline, Expedia, AutoSlash and Kayak allow you to compare rental car quotes. Visit the rental agency's websites to ensure you're getting the most affordable price for the car. Fill up the tank Always stop to top up the gas tank before returning your rental car to the rental agency. You'll avoid additional fees for refilling. Book early The ability to reserve your car prior to the time of your reservation allows you to get the right vehicle, avoid long lines, and even save some money. This is especially important when you plan to travel extensively during a holiday. Don't add any additional items before receiving the keys to the rental, you'll likely be offered several add-ons. The options could include GPS, toll plan, access to XM radio or carseats. Do not use these features if you are able to save money. Another costly option is often offered when you reserve or take the vehicle for pickup. It can add an additional 15 to $30 per day, but could save you thousands if the car is involved in an accident, or the vehicle is stolen. The four types of common insurance policies for rental vehicles are: Loss-and-damage-waiver (LDW) (also known as collision damage waiver (CDW): provides coverage if the car is damaged or stolen. Additional liability protection: shields your from liability in the event that you damage property or vehicles. Personal accident coverage: covers medical expenses for passengers and yourself (if applicable) when you encounter an accident. Personal effects coverage: pays the cost of belongings that are stolen from the rental vehicle. The protections you have may already be or current auto or homeowners insurance policies. Certain policies have limitations, however, so be sure to verify how they interact in conjunction with the credit card issuer or insurance provider. Hidden fees and additional costs Car rental companies can also charge hidden charges that impact the price of renting. They incorporate certain fees into the cost of the rental. Others may appear on statements for several months following the rental time. The rental of a car at an airport is more expensive than renting at an off-site location. This is due to the fact that the airport has fees, such as the airport concessions fee as well as an expense for customer facilities that the rental car firm transfers to the customer. Some companies place an authorisation hold onto the client's credit or debit card. The charge, which varies from $150 to $500, offers the rental car provider an insurance policy in case the customer damages or fails to return the car. The company can release the funds within a few days of receiving the rental vehicle back in acceptable condition. Many companies charge a cancellation fee to renters who make reservations within 24 hours of the rental. If the renter has paid prior to the rental, then the business would refund the payment minus the cancellation fee. Renters who damage the interior or exterior of their vehicle are required to pay for the repairs . Inexperienced renters could end up paying for damage caused from previous owners. Be sure to thoroughly inspect the car prior to leaving the lot Take pictures of the obvious damage and notify an employee. The majority of rental companies charge a daily cost for adding drivers on the contract. The price is decided by the rental agency and the state. Modifying the conditions of the rental agreement by modifying or extending it can also result in additional cost. The amount you're charged may differ, and you may pay an additional daily fee. While being aware of these hidden charges will help renters comprehend why total rental costs are higher than the advertised rental price, there is usually little that you can do to prevent these charges. The final cost of renting a cost of cars varies based on rental agency, car type location, car type and the age of the driver. There are also instances when locations are more expensive than others. There are ways to reduce your expenses by searching around, making reservations ahead and avoiding any additional charges. Be sure to read the rental agreement's fine print to avoid having to pay additional charges that are not anticipated. Learn more


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Authored by Auto Loans Reporter

Rebecca Betterton is the auto loans reporter for Bankrate. She has a specialization in helping readers with the ways and pitfalls of taking out loans to purchase an automobile.



Edited by Rhys Subitch Edited by Auto loans editor

Rhys has been writing and editing for Bankrate since late 2021. They are passionate about helping readers feel confident to manage their finances by providing precise, well-studied information that break down complex topics into manageable bites.






Auto loans editor




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