Have you heard of annual and monthly car rentals? Read more to find out about all of the advantages and how much you save by renting a car for longer periods! Annual and monthly rentals are very similar to the already traditional car rentals, but with one big difference: the duration of the rental.
Unlike ordinary car rentals, often used for trips, weekends, or more specific occasions, the purpose of annual or monthly car rentals is a little different. This is a service designed for people who need a car for their daily life, not just sporadically – a car of their own.
How Do Long-term Rentals Work?
Annual or monthly car rental options offer a convenient solution for those who need a vehicle for an extended period. Unlike short-term rentals, which are ideal for brief getaways, these types of rentals cater to longer durations. Whether you’ve previously rented a car for an extended vacation or a weekend escape, you likely possess valuable insights on how the process works.
One of the biggest advantages is the potential for substantial discounts on the rental rate as you keep the car for a more extended period. Generally, this discount is progressive, meaning the longer the contracted period, the greater the savings. The actual discount varies between car rental companies and depends on factors such as the car category and mileage limit you select – mileage limits can range from one to three thousand miles or more per month. The flexibility extends to finding an offer that best suits your needs.
With monthly car rentals, you can keep the car for one to several months, and renew the contract according to your needs. If you want to return the car ahead of the initially agreed-upon time, that’s perfectly fine, as long as the minimum number of rental days in the contract has elapsed.
What Are The Advantages of Annual And Monthly Car Rentals?
There are so many advantages to renting a car per month or year, so we’ve put together a list.
One of the main advantages of renting a car for a longer period of time is without a doubt the price. In many cases, renting a car for a month is cheaper than having your own. Besides being more economical than owning a car, it can also be more cost-effective than short-term rentals. This is because if you’re already planning to rent for a slightly longer period, say three weeks, renting a car per month can precisely offset the reduction in the rate mentioned earlier. If the dates align with your plans, that’s a good idea!
When you rent a car from a rental company, the company remains responsible for all the bureaucracy involved in having a car: documentation, insurance, maintenance, taxes, among others. This means the car stays with you on a daily basis, as if it were yours, but without the worry of revising or renewing documentation.
The rental companies that offer monthly rentals allow you to return the car whenever you want. If you need the car for a more extended period, that’s no problem either; the rental can be extended for as long as necessary. If you want to return it earlier, just pay attention to the minimum period: the cheapest monthly rate is generally valid for rentals of 28 days or more. As mentioned before, if you need to return the car earlier, the rate charged will be the same as for a “regular” rental, according to the cost of the rental on the day the contract is issued.
Always Drive a Brand New Car
That new car smell is really good, right? If you enjoy the experience of driving different cars, you will also appreciate monthly car rentals. Renting makes the possibility of always having a new car a reality, which can be challenging when you buy a car, isn’t it?
No Need to Worry About Insurance or Maintenance
As the car is not effectively yours, it is also not your responsibility to worry about the insurance and its renewal, as well as maintenance. If you have any problems with the car, just contact the rental company. Moreover, the cars rented on a monthly basis already come with obligatory basic protection, assuring the car in case of day-to-day hiccups, like minor repairs.
Difficulty Reselling? Never Again!
Reselling a car is not an easy task. Leaving the car at the dealership during an exchange is the easiest, but it also results in the most money lost. Reselling on your own avoids financial losses, but it can take time and requires patience. When you rent a car for long periods, there is no reason to worry about that. To change your car, just talk to the rental company – no losses!
Is Long-term Rental an Option For Me?
The annual or monthly car rental is designed for those who do not feel the need to own a car. With the rise of the collaborative economy, health and safety considerations, and services that promote shared experiences and goods, this trend is expected to gain traction in the coming years. If you enjoy having a new car and changing it frequently (for example, every year), this service may work well for you. The reason is that car expenses and depreciation are often much higher than the monthly rental cost.
Furthermore, renting instead of buying has a hidden advantage. Purchasing a car means tying up your money for a while, even if you decide to resell it later. When you rent, the money you would spend on a purchase can continue to be invested. It’s worthwhile to do the math and reassess your investments and financial situation.
What if am an Uber or a Lyft Driver
If you work with a car service such as Uber or Lyft, pay close attention to the rental contract. Most rental companies do not permit cars rented on a monthly basis to be used for this purpose. Additionally, it’s highly likely that the mileage limit set by rental companies is insufficient for the distances typically covered by these services. If your goal is to use the car for work with a ride-sharing service, contact the rental company to explore their plans.
How Much Does it Cost to Rent a Car For a Month?
The monthly cost of a car rental depends on several variables, such as the estimated mileage you plan to drive and the car category. Naturally, the more miles you anticipate driving, the higher the cost, and the higher the category of the car, the higher the rate.
Is it Cheaper to Rent a Car for Longer or Shorter Periods?
While it may seem intuitive that renting a car for a shorter period would be cheaper, this isn’t always the case. In fact, opting for a longer rental duration can sometimes save you money in the long run.
Car rental companies frequently offer discounts for extended rentals, such as weekly or monthly rates. These discounts can be substantial, especially when compared to daily rates. For example, you might be charged $50 per day for a car but only $200 per week, resulting in a $150 savings if you rent the car for a week instead of five days. Additionally, car rental companies may impose fees for returning the vehicle early or late. Opting for a longer rental period provides greater flexibility and allows you to avoid these extra charges.
It’s also important to note that rental companies also apply taxes and surcharges based on the rental’s location and duration. These charges can vary depending on factors like the state, city, airport, and more. The best way to find out the cheapest option is to compare different rates and deals from different car rental companies on the Rentcars app or website.
Is it Better to Rent a Car Long-Term or to Lease One?
If you need a car for an extended period of time, you might be wondering whether it’s better to rent or lease one. Both options have their pros and cons, but depending on your specific situation, one option may be more suitable for you than the other. Here are some factors to consider when making your decision.
Renting a car gives you more flexibility and less commitment. You can choose from a variety of models and features, and you have the freedom to return the car whenever you want. You don’t have to worry about maintenance, insurance, or depreciation costs, as they are usually included in the rental fee.
On the other hand, leasing a car gives you more stability. However, it’s important to note that leasing comes with its own set of drawbacks. Upfront payments, such as a downpayment and a security deposit, are required. Additionally, penalties may be incurred for damage to the car, exceeding mileage limits, or terminating the lease prematurely. You have to deal with maintenance, insurance, and registration costs as well.
What Are The Best Long-term Car Rental Options?
If you are looking for the best long-term car rental options, you have plenty of choices to suit your needs and budget. Whether you need a car for a month, a year, or even longer, you can find the perfect deal with one of these reputable companies:
Sixt: flexible long-term rentals with no minimum or maximum duration. You can choose from a wide range of vehicles, from compact cars to luxury SUVs, and enjoy unlimited mileage, comprehensive insurance, and roadside assistance.
Thrifty: another great option for long-term car rentals, especially if you are looking for low prices and frequent rewards.
Hertz: this is one of the most trusted names in car rental, and offers a convenient and affordable solution for long-term rentals. You can customize your rental with optional services and accessories, such as GPS, child seats, and toll passes.
Budget: another reliable and economical choice for long-term car rentals. With Budget by the Month, you can rent a car for 31 days or more and get low rates, unlimited mileage, and 24/7 roadside assistance.
Enterprise: Enterprise is known for its excellent customer service and high-quality vehicles, and they offer a flexible and hassle-free option for long-term rentals. With Enterprise Month-or-More, you can rent a car for as long as you need it and enjoy competitive rates, no long-term contracts, and no cancellation fees.
What Are The Requirements to Rent a Car?
- You must be at least 25 years old
- You need to have a valid national driver’s license for at least two years
- A credit card in your name with sufficient funds available for the deposit
- Security to pay the monthly rental fee
What is The Cheapest Way to Rent a Car Long-term?
There are some simple tips and tricks that can help you enjoy your rental experience. Here are some of them:
- Have Flexible Dates: One of the best ways to get a lower rate is to be flexible with your dates. Sometimes, renting a car for a longer period can actually be cheaper than renting it for a shorter one. You can also avoid peak seasons and weekends, when the demand and prices are higher. Try to book your rental in advance and check different dates to see which ones offer the best deals.
- Skip the Extras: When you rent a car, you may be tempted to add some extras, such as insurance, GPS, satellite radio, etc. However, these extras can quickly add up and increase your rental cost. Before you agree to any of them, check if you really need them or if you already have them covered by your own insurance or credit card. You can also bring your own devices, such as a smartphone or a tablet, that can perform the same functions as the rental extras.
- Try Non-Airport Locations: If you’re flying to your destination, you may think that renting a car from the airport is the most convenient option. However, it may also be the most expensive one. Airport rentals often have higher fees and taxes than non-airport ones. You can save money by taking public transportation or a shuttle to a nearby location and renting a car there. You can also compare prices between different locations and choose the one that offers the best value.
- Compare Prices: Finally, one of the easiest ways to find the cheapest way to rent a car long-term is to compare prices between different rental companies. You can use Rentcars, that can help you find the best deals and discounts.
How About Doing Some Research?
If you are interested in long-term car rentals, explore your options with a quick search on the Rentcars app or website. The Rentcars platform allows you to compare car rental companies and different car categories at your convenience!