Rental car prices are on the rise, but when will they go down? Here is the latest info on when rental car prices are expected to drop.
When will the rental car prices drop?
It is a good idea to book at least 3 to 6 months in advance of your trip. This is when prices are most affordable. It is not a good idea to book further in advance. Prices tend to rise a year in advance.
If you are booking closer to your trip and you are happy with one of the more popular car types, e.g., It’s not uncommon to find a car that fits your needs in the economy, compact or mini car groups. These models are available from many rental companies, though prices may rise in high demand.
Why are rental cars so expensive?
Renting cars is costly because there is much more demand than supply. This means that more people want to rent a vehicle than cars available.
Will the prices of rental cars go down by 2023?
The 2022 and 2023 increases in car rental prices will be smaller than the 2022 and 6.8 percent increases in 2023, respectively.
However, higher rates have already begun rising again in 2021 (up 5.1%), unlike hotels and air, which saw significant price dropped last year.
- Related: Can you negotiate a new car price?
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