Many consumers are finding themselves in long term car rentals. This can be at times for unexpected reasons such as a parts shortages that are keeping their primary car from being fixed, or possibly they aren’t able to find the car they want to commit to for a multi-year loan.
This couldn’t come at a worse time. With the Covid Pandemic many rental agencies sold off their existing rental fleets in order to stay afloat in a world with severely reduced travel. Which placed them in a difficult position when travel resumed at a much higher rate. Suddenly the struggling rental agencies were inundated with car rental requests and an inability to restock their rental fleet as new cars were not available like they had been before the pandemic.
The outcome was predictable. Car rental companies are now charging significantly more to rent a car on a daily basis than they were previously. Making renting a car day to day a very expensive proposition.
This cost is so high many consumers have turned to companies like Drive It Away, where they can get better rates by renting by the month instead of the day. Even if you only plan on having the car for a few weeks, it may be cheaper to rent the car for an entire month, than to pay daily in the hopes you will be able to return the car early.
The added bonus of these long term car rental solutions, is that you may find you want to keep the car you’ve been renting. A rent to own option is available at times and should be pursued, especially if like Drive It Away some of these rental fees can be converted into down payments on the vehicle you’ve rented.
Conclusion: If you need a rental car for a few days. You probably should grit your teeth and pay these new high rates. If you’re looking for a car for a week or possibly more, exploring long-term car rental is a solid option.
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