Is buying a rental car a good idea?

Should I buy a rental car?

When buying a used car, the first thing that comes to mind is reliability. How will it perform in the long run? What about its condition and mileage? These are common questions and weighing the pros and cons is the first thing you can do if you are considering buying a rental car.

Rental cars with multiple ownership histories, will they be well maintained? Contrary to popular belief, car rental companies follow a schedule and their cars are well maintained.

Since their reputation is built on customer satisfaction and online reviews, most companies regularly inspect and maintain their vehicles. Additionally, car rental companies keep a maintenance history that you can request when you’re looking into options.

Model, Year

When buying a rental car, you have the opportunity to choose from the latest models. In other words, car rental companies regularly update their collection and when they are ready to make a purchase, potential buyers can choose from the latest models.

Guarantees

Car Rental Rental contracts usually come with an extended warranty. However, make sure to discuss this and confirm the start and end dates. Therefore, transfer the warranty to your name.

Price

Rental cars are often cheaper because rental companies likely buy them at discounted prices and then resell them with higher mileage and potential more wear and tear. Plus, the price listed is usually the final price, with no hidden fees.

Also, there is usually no need for negotiation as they will sell the cars at the price they mentioned.

When should you avoid buying a rental car?

Limited options

Rental cars are usually base models with fewer options. In other words, if you are looking for a specific model with features, buying a rental car may not be the right option.

Mileage

Any rental car listed for sale will have a minimum mileage of 80,000 miles, although they will be taken in for servicing after 50,000 miles. Therefore, if you are looking for a car with low mileage, rental cars are not an option.

Resale value

Multiple driving histories can lead to possible wear and tear on the vehicle. As a result, it may depreciate more quickly, reducing its resale value.

Condition of the car

Rental cars are subject to rough driving practices as multiple drivers drive them. However, since the rental company may charge for obvious damages, these damages may be minimal.

How to buy a rental car

Choose a Marketplace

Several online rental services, such as  Enterprise , Hertz, and Avis, as well as offline companies, offer rental cars for sale. Search and filter by make and  model and compare prices between dealers.

Schedule a test drive

After finalizing the model, book a test drive and check for irregularities while driving, the condition of the car and its comfort.

Request Vehicle History Report

In addition to the vehicle history report , ask for a car maintenance log to understand the history of the car , including accidents and repairs undergone. Similarly, you can get the help of a mechanic to perform the inspection.

Pre-approved loan

Even though most car rentals state “no haggling,” getting a pre-approved loan will definitely give you a better financial advantage and give you negotiating power.

Assessment

Once you’ve finalized your purchase, review the documents and understand the terms and conditions. Check for extended warranties and sign up for prepaid maintenance plans only if you need them.

Car insurance

Get the right car insurance policy for your car by  using  apps like Way , which provide quotes from different lenders.

Final thoughts

If you’re looking for a basic, inexpensive means of transportation and are less concerned with mileage or features, a rental car may be a good choice. However, if you’re looking for a car with a known history, specific features, or better resale value, you may want to consider other options.