Yahoo Finance Used Car Shopping: 6 Reasons Rental Cars Are Great Options
You might be in the market for a new car — well, new to you, that is.
Perhaps you are searching for a vehicle that feels modern and sleek, with all the bells and whistles to make your drive as smooth as possible, yet you cannot afford a brand-new model fresh off the lot, nor do you want to get a beat-up junker.
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The answer might come in the form of a used car, one that isn’t always at the top of customers’ minds: former rental cars. Buying a used vehicle from rental car companies like Enterprise, Hertz and Avis can be an excellent way to save money when you are in the market for a new vehicle.
Many times, used rental cars are just about a year or two old. They tend to still be in great shape due to low usage and thousands knocked off the manufacturer’s suggested retail price (MSRP).
Here are some of the top reasons rental vehicles are smart, sensible and affordable buys when you are looking for a car.
Also see the companies that offer the most affordable rental cars.
Outstanding Maintenance
Enterprise, Hertz and Avis are rental car companies that heavily depend on vehicle reliability for their customer bases. Vehicles under their care are well-maintained and frequently checked to make sure they are up to date with all their repairs.
“You’ll appreciate that rental cars are typically well-maintained,” said Joe Giranda, director of sales and marketing for CFR Classic. “Rental companies follow rigorous maintenance schedules to ensure the cars are in peak condition to avoid breakdowns during rentals.
“Regular oil changes, tire rotations and thorough inspections are standard practice, and this meticulous upkeep can translate to increased reliability and longevity for you as the next owner.”
Also See: 10 of the Slowest Selling Used Cars on the Market
Car History Transparency
Rental cars often come with detailed maintenance and repair records, Giranda said. This can make you more confident when it comes to buying a used vehicle from a rental car company than a personal, online seller.
“These companies document every service incident meticulously, allowing you to have a clear picture of the vehicle’s history,” Giranda said. “This transparency can give you peace of mind, ensuring you are fully informed about the car’s condition and any past issues, aiding in making a more informed decision.”
Low Mileage and Depreciation
One red flag of car buying can be a low mileage that’s too good to be true. But when it comes to rental cars, companies usually buy new cars that get only a small portion of miles added onto them because of how infrequently they are used. This means lower depreciation overall.
“Since the most significant depreciation hit occurs in the first few years of a car’s life, buying a used car means the previous owner (the rental company) has absorbed most of this initial cost,” said Patryk Doornebos, owner of Car Triple. “As the second owner, your depreciation rate is typically slower, ensuring better value retention.”
Budget Friendly
“These companies buy vehicles in bulk at a discounted price and usually sell them after a few years of service, allowing you to buy relatively new cars at a fraction of the cost of a brand-new one,” Giranda said. “This depreciation in value can result in significant savings for you, allowing access to a vehicle that might have been out of your budget if bought new.”
John Lin, the owner of JB Motor Work, added, “Many of these companies offer no-haggle pricing, it simplifies the purchasing process even further.”
Variety of Vehicles
“When exploring rental car sales, you are likely to encounter a broad spectrum of makes and models,” Giranda said. “Companies typically offer a diverse fleet to cater to different customer preferences and needs. This variety can allow you to explore multiple options and find a vehicle that suits your taste, needs and budget perfectly, offering a more tailored buying experience.”
This often leads to significant fleet discounts from manufacturers, according to Mike Hagley, digital PR lead at Carbar.
“When you buy a former rental car,” he said, “you can benefit from these cost savings as the rental company passes on some of these discounts to buyers. This means you can access a well-maintained, relatively new vehicle at a competitive price.”
Modern Features
Part of the fun of buying a new car or driving a rental one is getting to have upgrades and perks that you are not normally used to. Purchasing a used rental car takes care of all those desires for something new.
“As rental companies strive to provide the best experience for their customers, their cars are often equipped with the latest features and tech,” Doornebos said. “Buying a former rental can mean getting a used car that’s closer to the forefront of automotive technology without the brand-new price tag.”
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This article originally appeared on GOBankingRates.com: Used Car Shopping: 6 Reasons Rental Cars Are Great Options
