Long-Term Car Rental vs. Buying Pros & Cons: Which is better? | SIXT rent a car Magazine (2024)

FAQs

Why is renting a car better than buying a car? ›

No wear-and-tear maintenance costs: You won't have to pay for things like new brakes or tires on your long-term car rental. Lower insurance premiums: A lender may require coverages and limits for car insurance beyond what your state laws may require.

Rental car insurance can be expensive — it can easily double your rental costs if you purchase a full coverage package. You also technically don't need to purchase insurance since rental cars are automatically covered for the minimum requirements in their state. However, it can still be worth it in some situations.

Save money by renting vehicles (often at discounted corporate rates) instead of paying for mileage reimbursem*nt. Reducing insurance and liability risk for employees. Providing reliable, late-model vehicles with modern safety features.

In 2024, leasing is once again growing in popularity as drivers look to avoid the high interest rates that come with buying. There are also reasons why the dealers and car manufacturers themselves are fans of leasing. Leasing keeps customers coming back to the dealership, more so than selling does.

Final thoughts. Renting from Enterprise and Hertz can help you get the most out of renting a car for your travel needs. Whether you choose Enterprise because of its affordable rental rates and wide selection of vehicles or Hertz for its promotional deals and luxurious fleet, it's hard to go wrong.

Enterprise Rent-A-Car is the largest rental car company in the United States, with more than 9,000 "home city" locations, and over 230 airport locations.

If you don't have comprehensive or collision coverage, or you're renting a luxury vehicle that your insurer won't cover, you can purchase a loss-damage waiver, or LDW, from the rental company.

What is a key thing you should do before lending your car to a friend or family member? ›

Does the driver have a safe driving record? You should not loan out a vehicle to someone who does not have a clean driving record. Look at the state records to find out if the driver has any past conviction for reckless driving.

In most cases, yes. Your policy offers limited coverage for rental car damage with a few exceptions, such as moving vans or vehicles made available for regular use. For overseas rentals, you can buy coverage directly from the rental company.

In the US and Canada, there are typically no mileage restrictions for driving a rental car to another state or province, or for driving across the border. In Europe, unlimited mileage is typically available as long as the rental car remains within the country where it was rented or picked up.

Wear and tear costs: A long road trip can inflict costly damage on your car, even if you don't notice it right away. Every mile results in a certain amount of wear and tear to the engine, the tires and other moving parts.

Unlimited mileage is available for most car classes in the U.S. and Canada. Larger or Specialty vehicles (such as large passenger vans, large cargo vans, large SUVs or Exotic cars) come with limited mileage and an incremental cost of $0.10 - $0.25 for every additional mile/kilometer over the allowed limit.

The benefits of owning a home instead of renting offer buyers several tax advantages, the ability to grow equity, and of course a place to call your own. It's also a feel-good milestone that offers a sense of pride and accomplishment.

People hire cars for many reasons, including visiting a foreign land, traveling to the airport, attending an event, or impressing a potential customer. Car rental services are important because they offer convenience. Renting a car allows people to be independent while in a foreign city or country.

Car rental costs are typically spread out over several days, while the cost of buying a car extends across several years (i.e., the loan term). Even though you're responsible for the car ownership costs typically shouldered by the rental agency, owning a car can cost less than renting in terms of the monthly cost.