Renting Rides vs Monthly Payments

It seems today that many of today’s twenty-somethings have been shying away from ownership. Everything, from homes to cars has a higher rental demand as opposed to purchasing. With companies like ZipCar, GetAround and Hertz on Demand, it’s becoming much easier to get away with just renting a car when you plan on using one. Is this really the best option though? Young drivers may be looking to save money in the short run, but how will this affect them in the long run? Keep reading to find out more.

What Renting Doesn’t Get You

Occasional Renting vs Monthly Payment

Being able to rent out a vehicle on your vacation has become the norm and usually expected. However renting out a car, truck or SUV for all your transportation needs can end up being costly in more ways than one.

  • Rates:
    Depending on how often and how far you have to drive, you can either save or be dropping a ton of cash on these vehicles. Also keep in mind that their rates will constantly change with the tides of supply and demand. A low rate today could become an astronomically high rate tomorrow.
  • Credit:
    These companies may appeal to those that had less than perfect credit because they typically do not rely on those scores. However, in the future your credit will not improve just because you made your payments on time, unlike a monthly auto loan payment.
  • Reliability:
    In the end, you’re sharing these cars, trucks, and SUVs with many other drivers. They may not have as much respect and care for the vehicle as you do. That means any interior damage or wear and tear is just something you’ll have to deal with. Also, if others do not return the vehicle when they say they will, it can cause you to be delayed with any important errands you have on your to-do list.

As We See It

There are many more reasons that can be argued on whether renting or owning is better. At the end of the day though, it’s your decision. However, don’t let your lack of a perfect credit score keep you from owning a reliable and dependable vehicle you need today. At Auto Credit Express, we work with a nationwide network of dealers that are willing and able to help you with a poor credit vehicle loan so you can afford your next car, truck or SUV despite what your credit history may say. Apply today and you’ll happy you did.

Posted on March 3, 2014 by in Lender Companies
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