Rent a car for a road trip, or drive your own? 5 things to consider

Summer is the season of road trips.

A record 70.9 million Americans are expected to travel by car during the July Fourth holiday week alone, according to AAA.

For some car owners, it might be more financially savvy to rent a vehicle for a road trip than use their own, experts said.

“It’s going to be pretty dependent on a variety of factors,” said Greg Brannon, AAA’s director of automotive engineering research.

Those factors include your current vehicle’s gas mileage, the distance you’ll be driving, how long you’ll be gone, whether you lease or own and how big your vehicle is, among other things, according to Toyota.

Here are some key considerations.

Vehicle capacity is a “no-brainer” when it comes to choosing whether to rent or not, said Brian Moody, executive editor of Autotrader, a car shopping site.

It’s easiest to say, “I have a five-passenger car and I have eight going on the trip,” Moody said.

Drivers may also need to compare specifications, such as the necessity of a two-wheel-drive versus a four-wheel-drive car, as well as storage space for luggage and gear.

This is where the math gets a bit trickier. There are many financial costs, some obvious and others less so.

Drivers would need to compare total rental costs — the daily rental rate and potential add-ons like insurance — versus those of operating their own car.

“Most people will be shocked at what it actually costs to own and operate their car,” Brannon said.

Fueling costs, such as gasoline or electric charging, are a financial consideration for both renters and car owners.

It may be possible to rent a more fuel-efficient vehicle and save money. For instance, renting a car that gets 40 miles per gallon versus a currently owned one that gets 20 mpg would, all else equal, cut fuel costs in half.

“If you have an old car that’s fuel inefficient, it might make sense to rent something,” Moody said.

The average rental cost $42 a day in the second quarter of 2024, with most travelers looking for four-day rentals, according to travel site Hopper.

The daily rate can be higher or lower based on factors like rental company, car type, and pickup and drop-off location.

The cost of rental car insurance might add $30 to $61 to the daily rate, depending on insurance type, according to Allianz Travel, citing MarketWatch data.

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Renters who want car insurance may not need to buy additional coverage through the rental company.

Car owners may already get full coverage on a rental via their own car insurance policies, or may have some coverage through credit-card benefits, Brannon said.

“Call your insurance agent and double-check your coverage,” he said. “You can save yourself a bunch of money by not double-insuring the vehicle if you don’t need to.”