Best Time to Rent a Car

Car rental prices fluctuate daily, and people often ask when the best time to rent a car is. We examine the reasons behind price changes and provide tips to ensure you reserve your next rental car at the best time.

When is the best time to rent a car? 

We've analyzed years of car rental data and found that the best time to reserve your rental car is typically 4-6 months (16-24 weeks) before your trip. Car rental prices are generally available from as early as 6 months out, so booking much further in advance may not reveal all available cars/providers at your desired location. At this stage, booking too far in advance may not give you much of an advantage, as rental agencies will tend to inflate prices considerably if you have the chance to reserve.

Why do car rental prices change? 

There are several factors that affect car rental prices, including:

Currency Exchange Rates: If you're renting a car in a different country, you'll likely want to pay in your local currency, but the rental car payment will likely be in a different currency. Currency exchange rates can fluctuate daily, and major economic events like Brexit can have a significant impact on currency exchange rates, potentially affecting the price you pay for renting a car in your local currency.

Supply and Demand: Basic market forces will influence car rental prices. Rental agencies aim to rent as many cars as possible. If they have more inventory than expected at any given time, they may lower rates to try to rent out more cars. However, if they've rented out more cars than expected, they're more likely to raise prices to maximize profit from the available fleet.

Market Trends: Car rental prices tend to rise rapidly in busy travel months (not limited to school holidays) as demand is higher. Rental agencies manage their fleets to maximize efficiency and keep prices down. During busy months when they might expect to sell 100 rentals per day, they may aim to reserve rental fleets to prevent customers from being stranded, which could lead to lower prices as well.

Tips for Booking a Rental Car at the Best Time

Keep Checking

 Even after you've booked, it's worth checking rental car prices for the same trip again every week. If the price is lower than what you paid, you can consider cancelling your existing reservation and rebooking. Of course, you should check if any cancellation fees outweigh the savings offered by the lower rate.

Check the Terms

Always check the cancellation terms and conditions before making a reservation. Sometimes, a car/agency may be marginally more expensive but offer free cancellation, which leaves you the option to rebook at a lower rate if prices drop.

Book Early

If you're travelling to a popular destination during a peak period, booking your rental car well in advance, even 4-6 months ahead, is crucial. You can still use the first tip to recheck prices, but making a rental car reservation is better than relying on chance, even if you reserve it from your smartphone in the airport lounge right before your flight, as you're likely to get better opportunities personally attending the rental counter.