Thinking About Buying A Used Rental Car?
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When it comes time for you to buy a vehicle, you have a few options. You could buy a brand new one or a previously owned (used) vehicle. There is a third option you might not have considered; you could buy a used rental car. There are quite a few benefits of buying a rental car. They are thousands of dollars cheaper than a new car of the same model. Most of the time, rental cars are less than one year old. They have lower mileage than privately-owned used cars of the same model and year. However, it is important to consider that they usually have more dings, dents, and scratches because renters tend to be much less careful with rental cars. If a few cosmetic defects don’t bother you too much, buy a used rental car and save yourself thousands of dollars. Now the question is: should you buy one? Before you answer, ask yourself this:
1) For how long will you use the rental car?
If your answer is only a few years, think about buying a used rental car. If your answer is five to ten years, you should take into consideration that privately-owned used cars have less wear in general than used rental cars. Consider this before buying one.
2) Do cosmetic problems bother you very much?
While no one likes stains, smells, scratches, etc., most of us are willing to live with one or two. But used rental cars almost always have more stains, more smells, more scratches, and more dents than you’d find on a non-rental used. If you’re sensitive to certain smells (like cigarette smoke), if you’re a neat freak, or if you’re just picky, a used rental car isn’t a good choice.
3) Is simple transportation all you need?
While not as pretty or nice as a new car, used rental cars often qualify for factory backed “certified used programs”, which include upgraded warranty coverage and special financing rates that often compare to new vehicle financing rates.
4) Do you have no credit or bad credit?
If your credit is less than perfect, a used rental car is a good way to buy a fairly new car while keeping your monthly payments down. Used rental cars often qualify for factory backed “certified used” programs, which usually have aggressive financing available for people with bad credit.
5) Are maintenance and mechanical problems are concern of yours? They should be.
It may sound crazy, but rental cars are usually better maintained than cars owned by a private individual. Rental car companies don’t actually buy new cars from the manufacturers - they lease them. One of the terms of the lease is that the rental car company must perform all the manufacturer’s suggested maintenance, and must retain proof of doing so. Rental companies also tend to do a nice job of getting things fixed or adjusted under warranty.
