Is Buying a Rental Car a Good Idea
Every year, rental companies offer a number of their fleet rental vehicles for sale. In fact, many rental agencies have made this a vital part of their business-acquiring newer rentals and selling off their older vehicles. In this way the business spends less on the maintenance involved in caring for an older vehicle. All of the major rental companies have a stake in used rental car sales. Here’s what you need to consider if you are planning to test out what they have to offer:
Maintenance Is Key
Rental car agencies are in the business of keeping as many of their vehicles as road ready as possible. It would make sense that all of their vehicles be well-kept and maintained. Nevertheless, they are also in the business of making profit. It is always best to know where the regular maintenance of the vehicle has been handled. Some businesses take their vehicles to dealerships for upkeep, others employ their own mechanics, and a few may do a little of both. Try to request the maintenance log for the vehicle you are serious about buying. If it is none existent, you may want to reconsider your purchase.
Warranties, Warranties, Warranties
Depending on the age of the vehicle and its mileage, you may be able to acquire the remaining coverage of its bumper-to-bumper warranty. Usually car manufacturers will transfer such warranties to another owner. However, the same is not true of the powertrain warranty (which usually last longer than the bumper-to-bumper). To offset the loss of the warranty, some used rentals will come with a limited warranty or one may be offered for additional costs. Understanding what the warranties cover and who will be handling any repairs is extremely important to know.
Get The Record Straight
Buying a used rental car can be a great idea if you are careful in doing your research. You should definitely know the vehicle’s fair market value. Nearly every rental business selling used cars will allow you to rent the car as a test before the purchase. Take advantage of this and get a third party mechanic to inspect the vehicle. Last but not least, always get a VIN report on the vehicle to get vital details before you commit to buying.