Experts Warn Rental Car Prices Will Continue To Climb
As gas prices surge, the cost of renting a car is also climbing.
LEARN MORERental car prices ease slightly, but still relatively high
Car rental prices were still 36% higher in December compared to the same time in 2019.
LM Otero / AP
February 13, 2023
If you're planning a spring break trip with family or already looking ahead to a summer vacation, you're likely feeling the cost crunch of inflation with that travel.
NerdWallet found prices for rental cars peaked in 2021 as they were down 5% in December 2022 compared to 12 months earlier.
But prices were still 36% higher in December compared to the same time in 2019.
"Car rental companies realized that they could charge this much for their car rentals and even though prices have dropped a little bit, they are still far higher, and they're one of the biggest price increases of any sector that we track," said travel expert Sally French.
She recommends booking with a company that doesn't make you pay in advance. She also says not to wait to book.
"Make that reservation, lock in that rate, and continuously come back and check, and you might see that prices go down, and it is actually very common for car rental prices to go down," French said.
If the price drops, you can rebook and cancel your old reservation.
She also says to check for discounts. She says many people don't realize they're part of a corporate discount program for rental cars through their work.
You may also get a deal by being a Costco or AAA member.
She says the cost to join these membership programs can be worth it with just the car rental savings alone.
2:20
Fed decides to increase interest rates despite bank runs
The Federal Reserve addressed recent bank runs in making its decision to raise interest rates.
Treasury Secretary Yellen expresses confidence in banking industry
Yellen reassured banking leaders, saying the Fed will continue to provide access to liquidity when it is needed.
Inflation cools in February, but food and shelter costs still high
The inflation rate continues to subside some, but the cost of food and shelter remains stubbornly high.
Top Stories
3:55
How Miami Beach plans to stop violence for spring break 2024
In Miami Beach, authorities will do more to curb violence, by preventing party promoters from planning massive events, among other actions.
Search for missing Texas child continues after family leaves country
Noel Rodriguez-Alvarez remains missing days after his family left the U.S. as officials issued an Amber Alert.
Polio detected again in wastewater in community with low vaccine rate
A New York community with a high rate of people who are unvaccinated against polio may once again be dealing with a spreading virus.
