What is the best time to book a rental car?

Planning a few trips for the next couple of months or even half a year? If you make smart decisions you’ll be able to save more money than you have expected. You can benefit both from planned renting and a last-minute booking when you know how to use both options properly. Save a few tips to spend less on the vehicle and more on the trip itself!

The time for booking a car depends on different factors, here are the three main ones considering which you’ll be able to make the best choice: 

• destination; 
• the season you’ve picked for travelling (whether it’s a peak season or not);
• the amount of people you take with you.

So, is there no universal “best time for renting”?

Not really. For example, if you plan to travel with a bunch of friends or family members during the peak season, it would be best to rent it 6-12 months ahead. On the other hand, if you travel alone during the low season (or you’re just flexible with your schedule and dates) sometimes a last-minute option will help you save more. 
At the same time, options may lead to different results depending on the circumstances you’re in. That’s why keeping these simple tips in mind would really help:

Booking in advance

1. Making sure you can modify or cancel your reservation without penalty will definitely do you good. This way you’ll be able to search for better deals and change your booking in case there will be cheaper options. 

2.If you stick to your choice, having booked a car much in advance, you’ll have enough time to check whether you need insurance and what kind suits your particular situation.

3. If you need a special vehicle like a minivan try to book a preferred car as early as possible — since the car is rare and there are not that many of them in car rental fleets, it might be unavailable at the time you’ll need it.

Last-minute booking

1. If you want to visit a destination that is not very popular among tourists, booking at the last minute will not hurt your budget, because mostly prices rise closer to the date of the trip when the place you chose to visit is in high demand.

2. During the low tourist seasons, the car rental prices drop closer to the date but two days prior to it they may go up again — people are ready to pay more when their choices are limited.

3. If you are subscribed to emails, reminders, or seasonal offers from a car rental, there is a high chance you’ll be able to get a better deal.

Why do prices for car rentals change so often and so fast? 

Here are the main reasons: market trends, currency exchange rates, supply and demand. 

Market Trends

Although car rental prices don’t experience extreme fluctuations like flights, peak travel seasons, especially summer, can see higher rates due to increased demand. Companies adjust prices to attract bookings in slower months, often reducing rates to prevent vehicles from sitting unused.

Supply and Demand

The balance between the availability of rental cars and the desire of customers to rent them directly impacts pricing. If rental companies have more cars than needed, they may lower prices to increase sales. On the other hand, if they find that rentals are selling quicker than expected, they will likely raise prices to capitalize on the higher demand.

Currency Exchange Rates

When renting a car abroad, you may want to pay in your local currency, but rentals are usually charged in the local currency. Changes in exchange rates can significantly affect rental costs, especially during major economic shifts.

Although it’s not likely there is one universal solution in every particular situation with renting, if you keep searching for the best options and consider the destination, the season, and the number of people you travel with, your options will be much more beneficial! And remember — there is no one special day of the week when you can rent for the best price, but keeping your finger on the pulse will bring you more success!

Subscribe for Drivo and read more in our blog.