Renting a car vs. owning a car

Renting a car vs. owning a car Those who are strapped for cash but need a car may think that renting one would be a sufficient temporary alternative, but as gas prices are on the rise, this could be detrimental to one's bank account.

Customers are typically required to fill up their gas tanks before returning their vehicle to the rental company, incurring extra charges if they fail to do so. According to USA Today, this is a costly mistake, as the fees have now surpassed $9 per gallon. Hertz, for example, has raised its rates to $9.29 per gallon, which could cost customers hundreds of dollars for not filling up before dropping off.

The news source also reports that taking advantage of the "pay ahead" option that many companies offer could actually help renters save money on gas, as the fluctuating prices could mean that the rental rates are lower than the current rates.

Rather than spending a lot of money on a rental car, consumers can apply for a bad credit auto loan if they are in the market for a new set of wheels. This is ultimately a lower-cost option that will benefit drivers in the long run.

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