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Originally Posted by naj Hi!!
@ Cheiron Kindly guide on the below-
Is renting different from leasing?
Leasing is typically for new cars, isn't it?
Is there a Down payment associated with renting and what could be the typical range of rent?
Cheers |
Renting is a short term (most rentals are for a few days or a week or two).
The car is registered in the rental company's name and most likely will be a year or so old with a few thousand miles on the odometer.
Unit costs (i.e. per day rental fee) are high compared to leasing but total costs are lower as you are only using a few units.
Renting is like borrowing a car with permission and after paying the owner (the rental company).
Upfront costs are low - a hold is put on the renter's credit card for ~$300 (not charged, though it reduces the credit remaining on the card by $300) till the rental is completed. The hold is removed once all rental fees have been paid by the renter.
Renting is an option if you are temporarily without a car and need it for a few days.
Most car rental agencies require you to have or buy insurance for renting their vehicle.
Leasing is a longer term (most leases are for 36 to 48 months).
Unit costs are lower than renting, but total costs are higher as you are paying for a much longer duration.
Leasing is almost like buying a car. The car is registered in your name, you have to pay for the sales tax and other registration fees. The car is usually brand new (though there could be lease options on used cars - I do not know of any).
Upfront costs are high - several thousand dollars as downpayment, hundreds of dollars for registration etc.
The lessor is permitted to drive the car for a certain pre-determined number of miles per year or per month the car is under lease based on the lease terms. Exceeding this results in additional per mile charges at the end of the lease, unless you buy the vehicle from the leasing agency (usually an auto finance company).
You have the option of buying the car at the end of the lease, however the 'buy' price, determined by the finance company, can be higher than what the typical market price of the vehicle would be at that time.
You have to buy comprehensive and collision insurance, not just liability insurance for the leased vehicle.
You can get the exact make/model/trim/engine/car color for lease that you want.
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Originally Posted by kraft.wagen No renting and leasing are different. You don't have to pay any deposit for Rentals. Rental prices vary city to city, cars to cars. Say in LA you can rent a compact for $20 for a day, which are typically Ford Focus, Accent, Aveo. The prices may go up to $100+ for SUV. You can rent Mustangs for say $100-$125. These prices may vary, if you have any coupons or corporate discounts.
On top of this you need to pay for your insurance , which will come up to $30 approx based on what you choose. |
If you want a particular make/model of vehicle, make a reservation with one of the larger rental agencies - Avis, Hertz etc. and make a request for it at the time of rental (if reserving over the phone). Also, call the pick up location and inquire if the make/model is available on the day of your rental. Many pick up locations will accommodate your request or suggest an alternative day for rental. You are likely to get the general make/model of vehicle you like, but not a specific one with specific features. [e.g. You can get a Ford Mustang pretty easily, but getting a 2012 Mustang in Jan 2012 might not be possible as they would likely only have the 2011 models. Further, you might get the one with V6 engine instead of the V8.] Think of renting as getting a call taxi without a driver.