How much to rent a car | Rental car prices | Fidelity (2024)

What is the average rental car cost?

The average cost of a rental car in the US in April 2024 was around $50¹ to $80² per day or about $500 per week,³ including taxes and fees. But rental car prices can vary widely depending on a range of factors, including location, the time of year, the car type, and when you book. Also, certain car amenities and optional add-ons can increase the daily rate, as can the driver's age (the younger, the pricier) and whether there are additional drivers.

Factors that affect how much it costs to rent a car

Timing is a big factor in car rental prices. So is the location you're renting from and the options you choose. Here are some of the major elements that influence car rental prices:

• Car class. With choices ranging from no-frills economy cars to plush luxury vehicles, it's no wonder car class has a large impact on a car rental price. (Spoiler alert: If you want to rent a car cheap, a big SUV with all the bells and whistles isn't the way to go.)
• Amenities. Want GPS or Bluetooth® connectivity in your rental car? Either is likely to drive up the price, whether you opt to add these features to a lower-class model or rent a higher-class model that comes standard with them.
• When you need the car. A long weekend rental might cost you more than, say, a midweek booking. Or, if you're in town for a holiday or big annual sporting event, an influx in travelers almost certainly boosts demand—and car rental prices too. Rates tend to rise during the high-travel summer months at beach locations and during winter months at destinations like ski resorts.
• When you book. Renting a car may be one of the few occasions it pays to wait to make a reservation—as long as you aren't married to a specific type of rental car. You can often find cheaper prices closer to your travel dates when rental car agencies are especially motivated to rent out unclaimed inventory. If the location you're picking up from has enough cars on the lot, you might find a cheaper deal a week before you travel rather than a few months prior.
• Driver age. If you're under 25 years old, be prepared to shell out more money to rent a car. Rental car companies add daily surcharges for drivers between ages 18 and 24 (if they allow rentals within that age group at all) because drivers that age have less experience behind the wheel. Fees for the youngest drivers typically range from $15 to $45⁴ per day, but can be as high as $85 or more per day,⁵ depending on your age and rental location.
• Location. Cities across the US could offer wildly different rates for car rentals. For example, the average rate for an economy car rental from Chicago's O'Hare International Airport in February 2024 was about $40 per day,⁶ while a similar rental from Los Angeles International Airport averaged $76 per day.⁷ Prices can vary within individual cities as well. In one comparison from February 2024, a standard car rental from Los Angeles' International Airport averaged $10 more per day than a similar car rental from the same rental agency's downtown locations.⁸
• Where you plan to return the car. Most, if not all, rental car companies will charge more if you return your rental car to a different location than where you picked it up.

How much does it cost to rent a car by class?

The type of car (or van, SUV, or truck) you choose greatly affects your overall car rental price. A minivan, for example, could cost significantly more than a midsize car. The following table shows the average cost per day to rent each of the major car class types at Los Angeles International Airport in February 2024.^9,10 Here's how the classes stack up by space—for passengers and their bags—and daily cost:

*Rental car costs were determined by averaging the daily rates for each car class at 3 major car rental companies' Los Angeles International Airport locations in February 2024, except with minivans: That daily rate was the average of 2 major car rental companies because the third didn't have any in stock. Prices don't include final taxes and fees. All rental prices assume the driver will return the car to the same location where it was picked up.

How much is a rental car in popular destinations?

Just as with real estate, a key factor in rental car prices is location, location, location. To give you a sense of how much location affects car rental prices, here are the average daily base rates to rent an economy car from 10 popular airport destinations in the US in February 2024:¹¹

*Costs were determined by averaging the daily rates for an economy car at 4 major car rental companies in February 2024. Prices don't include final taxes and fees. All rental prices assume the driver will return the car to the same location where it was picked up.

Hidden rental car costs

The price that pops up when you start your rental car reservation isn't the end of the story. You're likely to shell out more for extra fees, taxes, and other costs. Here are some additional charges you need to budget for:

• Equipment add-ons, like GPS, subscription radio, and child safety seats
• Insurance, but you may not need to buy this through the car rental company. Your personal auto insurance coverage might extend to rental cars. Your credit card carrier might also cover you if you pay for the rental using that card.
• Roadside assistance, though your credit card might offer this, too
• Extra driver fee—yes, you pay extra if more than 1 person will be behind the wheel during your rental period
• Gas. Prices vary across states, so do some research to calculate how much you'll spend every time you fill up the tank in your vacation locale.
• Tolls. Again, research your driving routes and what drivers are charged for taking them.
• Even if you opt out of all the extras, you still have to account for taxes and fees, such as a mandatory vehicle licensing fee, which helps the company cover its costs for registering the car. These charges might increase your daily rate total by as much as 40% from the original quoted base rate.¹²

How to keep your rental car cheap

If you're hoping to reduce your car rental costs, try some of the following strategies:

• Keep it simple. Don't let that beautiful convertible lure you into spending more. Shop for one of the more affordable car classes (like economy or standard) and skip unnecessary add-ons. For instance, use your phone for navigation, so there's no need to pay for GPS.
• Pay now instead of later. Some car rental companies offer a discount on the base rate if you pay when you book, rather than when you pick up the car. If you pay in advance, make sure you read all the terms and conditions for updates and cancellations so you don't get stuck paying for a car you won't use if your plans change.
• Book early, then check back later. If you want to guarantee you'll have a car, especially during a busy travel season or a big event, car rental companies suggest you reserve a ride early. But if you book with a company that offers free cancellations, check back 1 to 2 weeks ahead of your trip to see if prices have dropped. If they have, cancel the first booking (if you've triple-checked, cancellations really are free) and make a new, cheaper one.
• Shop around. It's work, but the only way to make sure you're getting the best deal is to check prices at various car rental companies, as well as on travel price comparison sites. Keep track of each company's promotions, including email sign-up incentives and loyalty programs, to calculate where you can snag the best deal.
• Consider a car-sharing service. Car rental companies aren't the only players these days. There are car-sharing apps that let you rent locals' vehicles. This option might be particularly useful if you want a minivan or other car class that isn't well-stocked at traditional car rental places. Just read the fine print: These apps could tack on extra fees that could cost you more than renting from the big guys.
• Cash in your points. Do you have credit card points racked up? See if you can apply those points toward a rental. You could wind up getting a ride for practically nothing.
• Check your personal insurance coverage. We said it before, but we'll say it again: Your personal auto insurance coverage could extend to rental cars, so it's worth it to check. Similarly, your credit card carrier might also cover you if you pay for the rental with that card. Look into this before you buy coverage you don't need.
• Skip the rental entirely. Take a good look at how much travel you need to do by car. If you can get by with public transportation or rideshare apps, you might save money on your daily transportation costs by not renting.