Aside from purchasing a home, for most people, buying a car is the second-most-expensive investment they’ll make through life. However, as any vehicle owner will tell you, buying a car is just the start of a long story and owning and running a car can end up incredibly expensive.
From road tax to repairs and replacement parts, the cost of car ownership can be prohibitively costly for many people – a fact that has given rise to the increasingly popular trend to rent rather than buy.
The considerable advantages of car rental
There are many advantages to renting rather than owning a car that go a long way to explaining the rapid growth in the market:
Reduced running costs: As mentioned above, the cost of ownership can often put running a car beyond the means of many people. Using a car only when you need it is a far more cost-effective and practical way of still having access to a vehicle.
Parking or garages: Many people don’t have access to a garage or parking space outside their homes, meaning storing a car when not in use can cause problems. Also, if you live in a metered zone, parking fees can soon mount up. With rental, you simply return the car when not in use. Also, keeping a car outside can lead to long-term problems such as rust, which can dramatically reduce the value of your auto.
Going on holiday or falling ill: Just because you’re not using a car doesn’t mean the costs of ownership stop. Ongoing fees such as parking (noted above) or general wear and tear from the elements can still occur, regardless of whether you’re using the vehicle. Also, when you go on holiday, it’s perhaps easier (certainly quicker) just to rent when you get to your destination if you need a car rather than attempting to drive. For example, if you were taking a trip to England you could check online and look into car hire in the Tamworth area. Also, most rental dealerships now offer multiple drop-off points, meaning you won’t have the headache of returning the car to source if you decide to take a trip.
Renting avoids the considerable depreciation common in most vehicles: Cars lose money the minute they’re driven off the forecourt. Indeed, it’s estimated the value of a new car drops by 40% in the first year and current wisdom suggests, if you drive 10,000 miles per year, most cars will have lost 60% of their original value by the end of the third year of ownership. As a general rule, cars lose money.
Rental cars are easy to upgrade: There’s nothing quite like driving the latest model of your favorite car but, if you go the ownership route, you’ll likely first have to find a buyer for your current vehicle, then shell out the price of the new one. If you choose to rent, you can easily select the latest model, without the hassle.
Renting a vehicle for a particular purpose: Very often, we need a vehicle for a specific purpose – for example, moving home or maybe to transport sporting equipment. If you rent, you can choose a car best-suited to your intended usage rather than having to try and cram items into limited space.