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5 min read published October 19, 2022
Written by Rebecca Betterton Written by Auto Loans Reporter
Rebecca Betterton is the auto loans reporter for Bankrate. She specializes in assisting readers with the details of taking out loans to purchase a car.
The edit was done by Rhys Subitch Edited by Auto loans editor
Rhys has been editing and writing for Bankrate since late 2021. They are dedicated to helping readers gain confidence to control their finances through providing concise, well-researched, and clear facts that break down complicated topics into bite-sized pieces.
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This article may include the mention of products made by our partners. Here’s a brief explanation of how we earn our money .
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They ensure that what we write is objective, accurate and trustworthy. The loans reporters and editors concentrate on the areas that consumers are concerned about most — the various types of loans available and the most competitive rates, the best lenders, how to repay debt, and more — so you’ll be able to feel secure when investing your money.
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Whether you’re going to a vacation spot and would like the convenience and freedom of a car while you explore or require a vehicle while yours is in the shop, chances are you’ll rent a car at some point. In 2021, there were 1.8 million cars that were in rental service in 2021 . Prices vary based on the kind of car you rent, which rental car service you choose to use and where you rent the vehicle. Knowing how these variables influence the cost will allow you plan your cost. The typical cost of a car rental to rent a car varies depending on factors including location, car type , and the rental company. The average price in mid-October 2022 was about $81 per day . To determine the cost you’re likely to pay you can contact Hertz, Enterprise, Avis or any other rental firms you’re considering to ensure you are prepared for the price. The factors that affect rental car prices Several aspects influence the price of your rental — both in and outside your control. You can save money by understanding the factors that affect the price. Car type When choosing an automobile rental the first question that renters are asking is how much space they will need. Car rental companies categorize their vehicles according to their size. Economy cars are generally the least expensive and the smallest rental firms offer. They are able to accommodate one or two people, along with their luggage. The compact or intermediate models offer more space than the economy models generally through more space inside the trunk. Cars that are intermediate can accommodate up to four passengers and a minimal volume of bags. The standard vehicles that have full-sized back seats are able to accommodate four adults. They also offer plenty of trunk space which makes them a great option for families with lots of luggage to bring along. Luxury vehicles are premium vehicles which range from sleek convertibles to large SUVs and vans. In most cases the cost of renting a car per day is based on the size and type of the vehicle. But, occasionally, rental companies offer specials on vehicles in certain categories, especially when they have plenty of vehicles available. For example, if the company has a limited quantity of economy cars to rent out for a specific weekend, they may offer a discounted rate on standard vehicles. Here are the lowest daily rates for different types of vehicles, according to Kayak. Type of car
Approximate capacity
Least expensive rate per day
Economy
2 adults 2 bags
$14
Compact
2 bags, 4 adults
$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 at the time of writing in October 2022. Location Like other products as well, the prices fluctuate in accordance with demand and supply. A majority of people can find cheaper car rental deals close to the heart of the city instead of the airport. Rental fees also vary in different areas of the country. Tourist areas that are heavily populated might have lower rental rates than other places due to the increased competition. However, they could also charge higher fees during popular seasons where demand is 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 20, 2022. The driver’s age rental’s age is a major factor in the price. Younger drivers will pay more expensive the cost because young drivers are more risky for rental businesses. Some rental companies do not rent to people less than the age of 20. Rental companies can charge additional fees for young renters. Based on the state of residence, these fees can be anywhere from $40-$65 per day. Consider these higher prices when determining who will drive your rental. Certain states permit charges for drivers who fall within certain age ranges. For instance hiring from Enterprise in Michigan comes with an additional $40 per day fee for drivers 18 to 20 years old. The fee is $19 per day for drivers between 21 and 24 years old. Young renters in New York can expect to be charged an additional $64.50 due to their age. However, not every rental firm charges these fees. Be aware of both the cost per day as well as additional fees when you decide which rental company to use. How to get the best price on your rental car While the cost of renting a car is determined by a variety of variables but there are several ways you can get a little extra money in your pocket. Comparison shopping You can get a better deal when you rent your car by comparing. Prices often vary by rental service, therefore doing a bit of research could get you a better price. Comparison sites like Priceline, Expedia, AutoSlash and Kayak allow you to compare rental car quotes. Visit the websites of the rental agencies to ensure that you’re getting most affordable price for the car. Make sure to fill the tank with fuel. Always stop to top up the gas tank before returning the rental vehicle to the agency. You’ll save money on fueling. Book early Booking your rental car prior to the time of your reservation will allow you to choose the correct vehicle, skip long lines, and even save some money. This is especially crucial for those planning to travel around a major holiday. Don’t add any additional items before receiving the keys to your rental, you will likely be offered several add-ons. The options could include GPS, toll plan, access to XM radio, or the option of car seat. Avoid these options if can to save money. is another costly add-on often included when you reserve or collect the car. It can add an additional up to $15-30 per day to the bill however, it can save thousands if there is an incident or your vehicle is stolen. The four kinds of typical insurance policies for rental vehicles include: Loss-and-damage waiver (LDW) (also known as collision damage waiver (CDW): provides coverage if the car is damaged or stolen Supplemental liability protection: protects you from liability if you damage property or vehicles. Personal accident protection pays for medical expenses for passengers and yourself (if necessary) when you are involved in an accident. Personal effects insurance: covers the cost of items taken from the car rental These protections may already be in place or be part of your existing homeowners or auto insurance policy. Some have limitations, though you should check with your credit card issuer or insurance providers. Hidden fees and additional costs Car rental companies can also charge hidden fees that affect the cost of the rental. They include certain fees into the price of renting. 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 from an off-site facility. The reason is that the airport has fees, such as an airport concession charge and an expense for customer facilities that the rental car firm passes on to the consumer. Some companies place an authorization hold on the customer’s credit or debit card. This charge, which ranges from $150 to $500, offers the rental car provider an insurance policy in case the customer has an accident or is not able to return the vehicle. The company releases the funds within a couple of days after getting the car returned in good state. A lot of companies charge a cancellation fee for renters who cancel their reservations within 24 hours of the rental. If the renter made payment by advance, the business will refund the deposit less the cancellation fee. Renters who wreck the exterior or interior of the vehicle have to pay for the repairs . Unwary renters may end in paying for damage done by previous drivers. Thoroughly inspect the vehicle before driving it off the lot Take pictures of the obvious damage and notify to an employee. The majority of rental companies have a fee per day to add drivers on the contract. The price is decided by the rental agency and state. Changing the conditions of the rental agreement by altering or expanding it may also come at an additional cost. The amount you’re charged may differ, and you may pay an additional daily fee. While knowing about these hidden fees helps renters understand why the total rental costs are higher than the advertised rental price There is typically nothing that can be done to reduce these charges. The basic rental car costs vary by rental company, type of car, location and age of the driver. There are also instances when locations are more expensive than others. But there are methods to lower your costs, like buying around, making bookings in advance and avoiding the extras. Make sure you read the rental agreement’s fine print to avoid any unexpected costs. Learn more
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Writen 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 the car they want.
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 to control their finances with concise, well-researched and well-researched content that break down complex topics into manageable bites.
Auto loans editor
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