Find out the pros and cons of purchasing a rental car, how the process works, and some tips for buying the right rental car for you.
How Does Buying a Rental Car Work?
Buying a rental car is similar to the process of buying a used car from a dealer. Rental car companies advertise the vehicles they have for sale online. You can also visit a location near you and inquire.
Pros and Cons of Buying a Rental Car
Pros Explained
Cars are typically well maintained: Car rental companies follow a strict maintenance schedule, and their cars are thoroughly inspected by certified technicians. It is illegal for rental car companies to sell defective, unsafe recalled cars unless they have been repaired, so you can feel confident that you aren’t getting a car with ignored recalls. No price haggling: Unlike buying a used car from a dealer, rental car companies generally set the price and there is no negotiating. For buyers who don’t have the temperament for a lot of back-and-forth, this can be an advantage. Price can be less than market value: Rental car companies sell off their used vehicles mainly to make room for newer models–they’re not looking to make huge profits. For example, Enterprise cites that 75% of its vehicles for sale are priced below Kelley Blue Book Typical Listing Price.
Cons Explained
May have higher mileage: While U.S. drivers on average drive around 14,000 miles per year, rental cars usually rack up a lot more. Browse through some of the major rental companies’ sales sites and you’ll notice mileages of 50,000, 60,000, or even higher.Usually doesn’t come with extra features: Although some rental car companies may keep a few fully loaded, higher-model vehicles in their fleets, the majority will be less expensive base or mid-range models.More wear and tear: Typical used cars have only had one owner, while rental cars may have been driven by many people with different driving styles. A person renting a vehicle may be less likely to treat it as well as they would treat a car they owned.
Where To Buy Rental Cars
Most major rental car companies showcase their rentals for sale on their websites, and you can filter these sites to search by location. If you find a vehicle that interests you, call to schedule an appointment to check out the car in person.
Tips for Buying a Rental Car
If you’re considering a rental car purchase, you want to avoid making any car-buying blunders like buying the wrong vehicle for you or failing to factor in all the costs. Keep these strategies in mind.
Do Your Research
As you’re browsing rental cars for sale, take the time to compare prices and look up values on Kelley Blue Book or other car value resources to make sure you’re getting a good deal.
Take Your Time Deciding
You may have the opportunity to rent a car and ride around for a couple of days before you make your final decision. Whereas, with a new or used car purchase, you may only get a short test drive. For example, Hertz’s Rent2Buy program lets customers rent a car for a three-day extended test drive at a low rate.
Get the Scoop on Warranties
Car rental purchases usually come with a warranty, but be sure to go over all the details. For instance, Enterprise offers a 12-month, 12,000-mile limited powertrain warranty, as well as 12 months of roadside assistance. Buyers also have seven days to return the car for any reason for the full price, minus a $200 restocking fee. Learn what the rental car company you’re dealing with offers and find out what exactly is covered.
Figure Out Your Financing
Most rental car companies offer their own financing options for buyers, but you can certainly shop around for your own auto loan to find the best rates.
