Travel Blog Economics of renting a car vs owning one
Economics of renting a car vs owning one
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As John Paul Getty, the billionaire oil tycoon said ‘If it appreciates buy it. If depreciates, rent it’. Well, the last part was changed a bit by us (pun intended). However, we strongly believe that renting a car for your travel escapades is always a better option than buying one, even if you already own a car. The benefits of renting a car are both tangible and intangible and one of the major reasons to rent a car is that once you buy a car its value depreciates by 40% within the 1st year and by 60% within 3 years of buying the car. Here are some of the reasons why renting a car is better:
Suggested Read : HOW TO START A CAR RENTAL BUSINESS IN INDIA
Source: si.wsj.net
Better value at less price: You might say that owning a car is better as there is a sense of ownership. You can take the car at your own convenience at any time anywhere. However, if you factor in the various expenses associated with an owned car vs a rented car, you will definitely start to feel the pinch. First, you must pay a hefty amount for the down payment and the rest via monthly instalments which includes 9-12 % rate of interest. All this comes under your monthly expenses even when you are not using the vehicle. Then comes the extra costs like fuel cost, servicing cost, tyre replacement cost, insurance and some miscellaneous costs. All these costs add up to a lot over time. In the case of a rented car, you don’t have to worry about insurance, tyres, servicing or any other random costs. Just book a car rental, pay the booking amount and head out to your favourite destination.
- Freedom of Movement: As you explore different places and getaways you don’t have to worry about the stresses as well as the abuse your car goes through as you travel across rough and challenging terrain. No worries about falling capacity of the engine of your car nor any worries regarding the failure of other mechanical parts. With car rentals, you can just rent the right car for the right terrain and get ready to explore. Even if the car breaks down you don’t have anything to worry about as various car rental companies like Avis provide you roadside assistance.
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- Comfort: If you dread driving on the roads of a new destination or just want to lay back to relax, then you also have the option of hiring a chauffeur driven car. Avis provides you with some of the best chauffeur driven cars at great prices. You can enjoy uninterrupted views throughout the course of your journey as you are being driven around by the chauffeur. Usually, long-distance driving is synonymous to outstation trips, so you get exhausted by driving for long periods of time which does not happen when you are travelling in a chauffeur driven car. Also, you don’t have to worry about dodging the potholes, avoiding pedestrians or finding the right parking spot as the chauffeur takes care of all these things.
- Rent different cars for different occasions: If you own a car you are stuck with the same car for years. You have to take the same car to different places and for different occasions. That is not the case with a rental car as you can choose different cars. Going for an off-roading adventure? Hire an SUV. For business meetings, hire a luxury car like the BMW 5 series or Mercedes E-Class. Going on a romantic trip with your loved one? Hire a premium sedan. Rent an SUV for a crazy adventure with your best buddies as you will have a lot of space within the car for a comfortable journey. Hire a MUV for family outings. If you are travelling with children, then the car rental companies also provide you child car seats. The choices are endless. You can also switch between different cars and models every time you go out.
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- Quality of Life: There are many scenarios where you either can’t take your car or you don’t have your car at that moment. Imagine coming out of an airport after a long overseas trip, being jet-lagged and then searching for a cab to take you home. Sounds stressful right? Don’t worry, you can book your car through online booking platforms. You also have an option of booking a car with Chauffeur or without Chauffeur. Just check the prices of different cars, select the car you like and relax. As you land at the airport your car will be waiting outside. The best part is that you get awesome cars at great discounts and offers.
- Hassle free: There are multiple issues related to car ownership that you just wish were not there. Take mileage, for example, every time you take a trip, you have to worry about putting miles on it. That’s not the case with rental cars as most of the car rental companies like Avis provide ‘unlimited mileage’ for the duration of your booking period. So, you can take your car wherever you want without having to check the odometer again and again. There are no maintenance costs, you can just take the car only when you need it without having to worry about the times when it is sitting idle. Rent it again when the need arises.
So, renting a car is the perfect option for those who don’t want to put down a big deposit while buying a car or don’t want the added burden of monthly payments. Hire a rental car now and drive a new car every time with complete peace of mind.
Suggested Read : ECONOMICS OF RENTING A CAR VS OWNING ONE
