Car Rental Costs Are Up. Here’s How to Save

If you’re preparing for a last-minute vacation for Labor Day Weekend, get ready to spend big. Recent reports show summer travel costs are putting a major dent in family budgets, even for those who responsibly planned ahead. Although this should come as no surprise due to today’s current financial climate, you might be stunned to know that lodging and airfare are not the biggest expense that travelers face. Car rental costs, most of which are necessary for getting to and from your intended destination, are setting travelers back the most right now.

According to the Consumer Price Index, rental cars are up a staggering 48%, with airfares as high as 16%. It’s say to assume those pre-pandemic deals are far behind us, which means travelers must endure the stubbornly high prices in order to make their road trip or weekend getaway a success. To help our readers save some money in this financial uproar, we’ve outlined the most affordable rental car companies to check out in 2022.

Where can I find affordable car rental costs?

By comparing car rental costs among a handful of highly-rated companies, we came to conclusion that Enterprise offered the biggest bang for your buck. This was regardless of the size and/or make and model requested. And fortunately, we’re happy to share that we weren’t the only ones to come to this consensus. A study by NerdWallet, which analyzed 360 rental car reservations, found that Enterprise was most often the cheapest and reliable option for travelers. In comparison, National rated among the most expensive.

Another interesting find from the NerdWallet study showed that booking in advance didn’t guarantee a better deal. Because price points are outrageously high, the time you buy may not matter. In contrast to years past, you may be able to secure a better deal closer to the date of departure versus months in advance. However, with holiday weekends, the last-minute strategy tends to fall short. Odds are you’ll likely pay more due to the higher demand and lack of inventory at the time.

So, if you’re currently scrambling to find a rental car that matches your budget, we recommend reaching out to Enterprise before anyone else. Although its always a good idea to price compare and read company reviews, multiple sources have confirmed that Enterprise provides an all-round great experience.

Other tips to keep in mind:

While Enterprise seems to be the top choice for budget consumers, there are a few other ways to make sure you save on car rental costs irregardless of the company you choose:

Five tips for reducing car rental costs in 2022:

• Never book at the airport. Look for off-rental car locations for better deals.
• Take advantage of travel credit cards. Certain banks offer benefits for booking travel accommodations.
• If applicable, reserve a vehicle but don’t pay in advance. This will give you more leeway to change your booking if prices drop.
• Consider joining a loyalty program. Some car rental companies offer discounts or better rental rates for those who sign up to be a part of their loyalty programs. For example, there is Hertz Gold Plus Rewards and National’s Emerald Club.
• Prioritize size versus comfort. If you’re not driving in a rental car for hours on end, consider downsizing your expectations or needs. You don’t necessarily need a big SUV if your family haply fits inside a mid-size sedan.

Don’t forget gas costs too

Although there are a few ways you can save on car rental costs thanks to your own research and price comparison, one of the biggest things to keep in mind is gas costs. Get an idea ahead of time of how much you’ll have to pay at the pump. Depending on the location you travel to, gas prices will vary and your wallet will feel the impact. With that said, beyond taking your daily rate into account, you’ll need to budget for the cost of filling up your rental tank as well. As obvious, a hybrid or eco-friendly vehicle will help you lower travel expenses versus a gas-guzzling SUV in any event.

All in all, the way to save on car rental costs is to regularly check the rates being offered each day. Don’t settle for the first rates you find out of lack of time or patience. Since car rental rates are constantly changing, sometimes the better deal will end up being closer to your departure date.

Are you taking an end-of-summer roadtrip with your family or friends? Tell us about your experience of searching for a rental car company.