Ultimate Guide to Long Term Car Rental – Costs, Benefits, and Top Tips

PUBLISHED ON Jan, 30 2024

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Are you weighing the pros and cons of long term car rental? This guide cuts to the chase, offering clarity on expenses, advantages, and the strategic selections you’ll make. Perfect for extended assignments, relocations, or interim mobility solutions, long term rentals provide convenience without the permanence of purchase or lease. Here, we unfold the layers of long term car rental, from selecting the right vehicle to understanding insurance and policies.

Key Takeaways

  • Long term car rentals, lasting from several weeks to years, offer significant advantages such as discounts on rental rates, tax benefits, and flexible terms without the long-term commitments or credit checks required by leases or purchases.
  • Customers choosing long term car rentals have a variety of vehicle options to suit their needs, from economical and fuel-efficient economy cars to luxurious high-end vehicles, as well as eco-friendly electric and hybrid cars.
  • To maximize savings on long term car rentals, it’s advisable to book in advance, compare prices online, and utilize discounts and promotional codes, while ensuring adequate insurance coverage and additional services like roadside assistance, GPS, and Wi-Fi for a hassle-free experience.

Understanding Long Term Car Rental

Often referred to as monthly car rentals, long term car rentals are a popular choice for those requiring a vehicle for prolonged periods. These rentals, spanning several weeks to years, provide a viable alternative to short-term leasing or buying a car.

What is Long Term Car Rental?

Typically, any rental extending over several weeks to years is considered a long-term car rental. Companies may set the minimum duration for such rentals at 28 days, making them an ideal solution for:

  • Those needing a substitute vehicle post a car accident
  • Individuals on extended business trips
  • People relocating to a new city or country
  • Temporary workers or contractors
  • Students studying abroad

These rentals offer flexibility, enabling individuals to rent a vehicle for an extended duration without the obligation of a lease or purchase.

Advantages of Long Term Car Rental

Long-term car rentals come with several advantages. Significant discounts are offered on rental rates for longer periods. Tax benefits, including full deductions on rental fees and claimable costs such as insurance, oil changes, and parking fees make it a financially savvy choice compared to short term leases.

Moreover, long-term rentals provide greater flexibility than leasing or owning, as it does not necessitate a lengthy commitment or a credit check.

Common Reasons for Long Term Car Rental

Long term car rentals are particularly beneficial when an individual’s primary vehicle is undergoing repairs. Rental companies usually take care of regular maintenance and offer round-the-clock roadside assistance, ensuring uninterrupted transportation without the inconvenience of scheduling service appointments.

In addition, long-term rentals and short term lease options are practical solutions for individuals on temporary work assignments, providing personal transportation without subjecting one’s personal vehicle to wear and tear.

Choosing the Right Vehicle for Your Needs

Choosing the right vehicle for long term rental

Choosing a suitable vehicle for a long-term rental is an important part of the process. Considerations should include:

  • Pricing structure
  • Transparency
  • Rental terms
  • Insurance coverage
  • Customer feedback

Economy Cars

Economy cars are a popular choice for long-term rentals due to their affordability and fuel efficiency. With rental rates typically ranging from $40 to $50 per day and impressive fuel efficiency averaging around 30-40 mpg, economy cars are an economical option for extended rentals.

Luxury Vehicles

For those seeking comfort and style, luxury vehicles are an excellent choice. Recognized for their premium leather seats, state-of-the-art technology features, and powerful engines, luxury vehicles offer a high-quality travel experience. However, the cost of renting a luxury vehicle long term can range from $100 to $500 per day, making them a more expensive option.

Electric and Hybrid Cars

Electric and hybrid cars offer eco-friendly options for long term rentals. Hybrid cars typically provide superior mileage compared to conventional vehicles, while electric vehicles are the most eco-friendly option among these choices.

Top Car Rental Companies for Long Term Rentals

Top car rental companies for long term rentals

Numerous car rental companies provide long term rentals, each boasting their unique offerings and services. Here’s an insight into some leading industry players.

Hertz

Hertz offers a diverse range of rental cars for long term rentals such as 4-door Jeep Wranglers and convertible cars. They provide flexible payment plans for long term rentals, with no down payment or bank fee required, and renters have the option to pay off their bill weekly to avoid any financial surprises.

Enterprise

Enterprise provides a varied selection of vehicles for long term rentals, including all the cars you might need:

  • Cars
  • SUVs
  • Trucks
  • Vans
  • Luxury cars
  • AWD & 4×4 vehicles

They offer long-term rental plans, including monthly rental options, ranging from several weeks to months at competitive rates, which include insurance and roadside assistance.

Budget

Budget provides special affordable monthly car rental rates for rentals lasting from 28 to 330 days, offering cost savings for customers requiring a vehicle for an extended period. They provide an extensive selection of vehicle types for long term rentals, including:

  • Economy
  • Compact
  • Intermediate
  • Standard
  • Full-Size
  • Intermediate SUV
  • Premium
  • Luxury

Tips for Saving Money on Long Term Car Rentals

Tips for saving money on long term car rentals

Here’s how you can save money on long term car rentals by choosing to rent a car wisely.

Booking in Advance

Securing your car rental well in advance can help you avail of early booking discounts and lower rates, leading to substantial savings. Keep in mind, rental rates could increase within 48 hours of your trip, underlining the importance of early booking.

Comparing Prices Online

Online platforms such as Rentalcars, Expedia and Discover Cars can be used for evaluating long-term car rental rates. These platforms allow you to compare rates from multiple sources simultaneously, ensuring you get the best deal.

Taking Advantage of Discounts

Utilizing discounts and promotional codes can significantly reduce the cost of your long term car rental. For instance, membership with Avis, Budget, and Payless can result in discounts of up to 30%, and AAA membership may lead to savings of up to 20% on Hertz rentals.

Insurance and Additional Services for Long Term Car Rentals

Insurance and additional services for long term car rentals

Insurance, coupled with additional services such as roadside assistance and GPS/Wi-Fi, are essential for a hassle-free long term car rental journey.

Insurance Options

The primary insurance options for long-term car rentals include collision damage waiver (CDW), personal accident insurance (PAI), and supplemental liability protection. These coverages can help protect you against unexpected costs during your rental period. Keep in mind that even if you are covered with CDW, you are still liable to pay the excess. CarInsuRent car hire excess insurance is at least 70% cheaper than rental company excess waivers. Our car hire excess insurance covers all drivers between the ages of 21 and 84 years that are listed on the rental agreement. It covers types of damage excluded by rental companies, including single vehicle damage, roof and undercarriage damage, auto glass and widescreen damagetowing expenses, misfuelling, loss of car key and tire damage.

Roadside Assistance

Roadside assistance is readily available 24/7 for long term car rentals, ensuring prompt help in the event of a breakdown or emergency. Our car rental excess insurance covers towing expenses, misfuelling, loss of car key and tire damage.

GPS and Wi-Fi

GPS and Wi-Fi services can contribute to improving long term car rental experiences by offering real-time GPS tracking and continuous connectivity.

Navigating Rental Agreements and Policies

Familiarizing yourself with the rental agreement and policies can help prevent any unexpected issues during your long term car rental tenure.

Payment Methods and Deposits

Commonly accepted payment methods for long term car rentals include credit cards, debit cards, and cash. It is customary for long term car rentals to typically require a deposit.

Mileage Restrictions

In the majority of cases, long-term car rentals do not have mileage restrictions. However, certain rental companies may impose mileage limits on rentals exceeding 28 days.

Cancellation Policies

In the event of returning a long term rental car late, customers may incur hourly late fees. The exact charges can differ depending on the rental company.

Summary

Long term car rentals offer a flexible and cost-effective solution for those in need of a vehicle for extended periods. From choosing the right vehicle and rental company to understanding insurance options and rental agreements, there’s a lot to consider. But with careful planning and research, you’re sure to find a rental that suits your needs and budget.

Frequently Asked Questions

What is the longest time you can rent a car?

You can rent a car for up to 3 months, and in some cases, for up to a year, making it a great alternative to a short-term lease. Enjoy lower daily rates the longer you book.

Why are monthly car rentals so expensive?

Monthly car rentals are expensive due to the increase in consumer demand and the significantly smaller fleets of rental car companies, which led to a difficulty in meeting the demand and restocking inventory fast enough. This has caused prices to be higher than usual.

What companies are like Flex car?

Companies like Flexcar include DriverUp, AGORA Data, Autogravity, Overseas Credit, Blocktrade, LendMoto, CarrDefi, and LANIFY. Each of these companies offers online marketplace for auto loans or peer-to-peer platforms for car loans.

What is long term car rental?

Long term car rental is a rental option that extends over several weeks, months, or even years, providing an alternative to short-term leasing or car purchase.

What are the advantages of long term car rental?

Long term car rental provides significant discounts, tax benefits for deductible costs, and ability to claim rental fees on taxes, making it a cost-effective option for extended periods.

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Frequently Asked Questions (FAQ)

Can I buy a plan for just one day?

Yes. Insurance for a single day is available.

Can I buy a plan for part of my rental only?

No. We provide a single journey plan. You are covered from the time you pick up the rental car up to the time you return it or on the last date written on your Certificate of Insurance, whichever comes first.

Can I buy a plan when I pick up my rental car?

No. You should purchase a policy before starting your travel.

Find the answers you’re looking for to the most frequently asked car hire insurance questions as well as other questions relating to our products and services.

Visit the FAQ page