Choosing long term car rental over buying a new car is now more prevalent than ever. The latest reports show the global car rental market is projected to grow by almost 10 per cent over the next few years with Australian industry revenue expected to reach a whopping $1.3 billion.
Larger cities, better road infrastructure and larger disposable incomes are transforming the Australian rental car market as people choose to rent a car with all the bows and whistles rather than fork out (or borrow) a huge amount to get the car they really want.
And there's a number of excellent reasons why people realise long-term car rental is a smarter way to drive the car you want while saving your hard-earned cash. Here’s six of the best:
- Renting’s now cheaper. Leasing a rental car over the long term is generally far cheaper than buying in terms of your monthly payments. In fact, you might be able to afford your dream luxury car more easily without having to save or borrow. And, when it comes time to trade up to a new model, you only need to make a call (or write an email!)
- Advances in digital technologies. Improvements in the car rental industry’s internet presence and the meteoric rise of smartphone use means hire companies are now using mobile apps to communicate discounts and offers, real-time tracking details, fares and more, making it easier than ever to get a great deal on long term car rental. Plus, new rental cars have more customisable technologies built in, which means personalising your driving experience is a piece of cake.
- Depreciating Australian dollar. Increasing numbers of international tourists are finding Australia an attractive holiday proposition. With more to spend, they’re also finding it easier to search for luxury rental cars and book them online, driving demand up and prices down as the industry continues to grow.
- Reduced ownership costs. When you rent rather than own, the provider is responsible for the significant costs of owning the car – including insurance, repair and maintenance, etc. It’s worry-free car ownership – leaving you free to choose the perfect vehicle to meet your day-to-day requirements and forget about the rest.
- It’s great for work and The days of the family road trip might be numbered. With more people flying all over the country for business and pleasure, it’s easier to pick up a car at an airport for the duration of your trip rather than driving the whole way to your destination. Companies with travelling reps are now jumping on the bandwagon, too – with escalating running and petrol costs, they can save money with long term renting cars for their salesforce.
- More carpooling and car sharing. Savvy urban drivers with limited parking space are banding together to share the one car between them. If you live and work in an Australian inner city, you've already got great public transport options – but that doesn't cover you for when you need to go further afield. You can also afford more emissions-friendly cars, such as hybrid or electric cars. All of which adds up to an option that's great for the environment and your hip pocket.
Weighing up the benefits of long term car rental over buying your next car? Give us a call! We can talk you through your options and help you make the best decision for your unique needs.