Travelers with pre-booked rental cars could take advantage of falling prices by canceling and rebooking a new deal free of charge.
Many people planning summer vacations booked rental cars earlier this year from companies that charge too much.
Some companies charged 72 percent more than usual due to a shortage of vehicles and skyrocketing repair costs.
But the good news is that the cost of renting a car is falling – and the even better news is that you can probably rebook your older expensive deal.
As cheap as chips: major car rental companies have lowered their prices and there is no reason to lose
Car rental costs in Europe have fallen by up to £156 for a seven-day booking, according to car hire insurance iCarhireinsurance.
The insurer said the cost of hiring a mid-sized car such as a Volkswagen Golf or Ford Focus for a holiday in Europe this summer would cost an average of £518.
That’s £60 less than £578 if you book in January instead.
The company looked at prices from Sixt, Hertz, Avis, Budget, Enterprise and Europcar in the European destinations of Barcelona, Crete, Dalaman, Dubrovnik, Faro, Milan and Nice.
The biggest savings are in Barcelona, where it will cost an average of £590 if booked in January, compared to £434 now, a saving of £156.
In Faro it cost an average of £657 in January, which is now down to £517 – a saving of £140.
This year car hire prices are still significantly higher than in 2019 when the average weekly price, if booked in May, was £358.
However, prices for 2023 are still about £142 lower across the seven destinations than last year.
| Destination | Price in January 2023 | Price May 2023 | Difference |
|---|---|---|---|
| Barcelona | £590 | £434 | £156 |
| Crete | £553 | £563 | + £10 |
| Dalaman | £461 | £444 | £17 |
| Dubrovnik | £489 | £421 | £68 |
| Faro | £657 | £517 | £140 |
| Milan | £658 | £650 | £8 |
| Nice | £638 | £599 | £39 |
| Average | £578 | £518 | £60 |
| Source: iCarhireinsurance, average prices for a mid-size car for a week in August | |||
How to rebook your rental car
Ernesto Suarez, CEO of iCarhireinsurance, said: “If you have already booked your rental car, check your cancellation policy as you may be able to switch to a better deal free of charge.
Prices can continue to fall, but they can also rise, especially if demand exceeds the supply of cars in popular destinations.
‘That’s why it’s a good idea to reserve the rental car you want as soon as possible, but use a company that offers 48-hour free cancellation, so you have the option to change if you find a cheaper deal closer to your departure. finds.’
How to save money on car rental
Look beyond the airport
If you are traveling to your holiday destination by plane, it can be tempting to use a rental company located in the terminal building.
However, rental companies outside the terminal can be cheaper in many cases.
It is also worth looking at rental companies based in the suburbs. These are often cheaper than those in the city centre.
Don’t get bogged down by fees
If you’re returning your car from somewhere other than where you picked it up, it’s worth comparing car rental companies before booking. Many rental companies charge a one-way fee.
Some don’t charge extra if you don’t return the car to the same location you picked it up from, and some are candid about the extra cost.
Others, however, hide one-time charges in the fine print.
At stake: Be aware of hidden charges and surcharges before you sign up for a rental car
Fill the tank in advance
Most rental companies will provide the car with a full tank of fuel and ask that it be returned with a full tank.
Knowing this, many airports have on-site or local fuel stations – but they may charge a surcharge.
Do your research before you travel and find a gas station within five miles of where you need to return the car.
Damage Control: Be sure to document any damage to a rental car before you leave
Check for damage
If you’ve paid for a zero-deductible waiver, damage isn’t an issue. But if you haven’t, you should take the time to protect yourself from additional charges.
When picking up, always check the car for bumps, dents and scratches, both inside and out.
The rental company staff will give you a form detailing all damage to the car, but you should always check it yourself and report anything that is not on the chart.
Also take photos of any damage you see as evidence.
And if you arrive at the rental desk at night, ask to move the car to a well-lit area so you can inspect any damage before you even get in.
Also consider insurance
Deductible is the amount that the renter pays if the rental car is damaged or stolen, even if this is not the fault of the renter.
The study found that the average excess for damage and theft was around £1,400 for a mid-size car.
Excess insurance, which protects drivers against these types of bills, is usually the most expensive addition for travelers to the rental counter.
The price of a week’s top cover can range from £33 to £202, with the cheapest prices normally coming from independent insurers – not the ones recommended by car rental companies.
Make sure the insurance covers tires and windows, as well as damage and theft.
Book only what you need
Rental car rates are based on the size of the vehicle you book. Be sure to only book a car that is reasonable for your needs.
Shop
It makes sense to shop around as car rental companies can charge very different amounts.
Smaller car rental companies are likely to be cheaper than major brands.
Suarez added: “It certainly pays to shop around as prices vary between rental companies, and it’s very important to check the prices of any extras you may need so you don’t get any expensive surprises when you pick up the rental car.’
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