Costs To Rent A Vehicle While On Holiday Expected To Skyrocket This Summer

Travellers wanting to rent a vehicle while travelling this summer may spend as much as 60 percent more than they would have before the coronavirus crisis. According to recent data for six top travel locations, the average weekly cost of a vehicle rental is now about £565.

Rental vehicle costs in the Dalaman region of Turkey are expected to rise by more than 50% year-over-year, according to data from iCarhireinsurance.com.

In 2022, car rental rates skyrocketed as businesses liquidated their fleets in response to plummeting demand caused by the outbreak. The worldwide scarcity of semiconductors made it difficult for corporations to replace the cars when sales picked up again once limitations were eased.

According to the data obtained, the average cost of renting a medium-sized vehicle in Barcelona between July 29 and August 5 is now about £590. To rent a vehicle at the same period of 2022 would have cost you about £480. Before the pandemic of 2019, the price was merely £258.

Week-long peak season rates have increased to £565, or 58%, when compared to their pre-pandemic low of £357.

“If demand outstrips supply again like it did last summer, we could see prices rocket as we head towards the peak months of the year, so it is worth securing your vehicle as soon as possible. Many companies offer free 48-hour cancellation, so you can still change your booking if prices fall,” commented Ernesto Suarez, CEO at iCarhireinsurance.com.

Companies had to acquire cars at exaggerated costs because of supply problems, driving up prices significantly when consumers returned to rental forecourts last year. Although certain places, like Crete in Greece and Dubrovnik in Croatia, may be more affordable this summer than they were a year ago, prices have increased by 5% nationwide.

In order to secure the lowest prices, tourists should make their reservations well in advance. Site data also shows that from last year's February, when summer rentals in Barcelona were estimated at £480, prices have increased to £609.

 

Source: theguardian.com