I’m on an impromptu road trip this weekend to North Carolina. Unfortunately, my Grandmother passed away on Monday and the viewing is today.
I didn’t have a lot of time to plan and one of the decisions I had to make was whether to rent a car or take my own.
There are two factors to consider when deciding to drive your own car versus renting a vehicle for a road trip.
The Pure Mathematics
The first is to crunch the numbers.
If you rent you’re going to have to pay the rental company a fee to use their car. The cost will vary depending on how long you are renting and the type of vehicle you choose. The longer you will be renting and the smaller the vehicle, the lower your rate will be.
The rental car company will try to up-sell you on items like insurance, GPS, and XM radio. This can add $60 to $100 per day to your daily rate! I never take the insurance the rental car company offers.
I prefer to call my insurance company to let them know I’ll be renting a vehicle and request they add rental car coverage (specifically loss-of-use coverage) for a limited amount of time. I also decline the GPS and XM radio options. We have cell phones that can do both things for free.
But what about the cost of driving your own car? You likely own your car so it doesn’t cost anything to drive it. Even if you have a loan, I wouldn’t consider the loan payment in the cost.
Instead, you’ll need to calculate the “wear and tear” costs. This would include things like oil changes, tires, and other parts. A long road trip will speed-up the deterioration of your car’s parts that would normally only be replaced every few months or years. A good rule of thumb to calculating these costs is to multiply the total miles of the trip by $0.20.
Of course, there is the cost of gasoline. You’ll have this cost whether you rent or dive your own car. However, make sure you know how much gas the rental car company wants you to return the car with. If you’re responsible for dropping it off with a full tank, but don’t, they’ll charge you to fill it up. I’ve made this mistake before. It cost me $10 per gallon!
The Psychological
The second factor to consider are the things that are more phycological in nature and less about cold hard numbers.
For example the condition of your car. If you have a new car, you might be hesitant to put a thousand miles on it for a road trip. It’s new and you want to keep it that way!
On the other hand, if you have an older vehicle, you might worry if it’ll make the trip at all. If it broke down, you’re in for the cost of towing AND
There’s also the WOW factor of getting to drive a different car for a few days. It’s new and it’s exciting! Especially when you’re on your way to somewhere warm and opt for the convertible!
These psychological factors are harder to substantiate because they aren’t based on fact. They’re based on our feelings. They are still important to take into account though.
The Verdict
I can’t say there is a definitive right or wrong answer. The math may say one thing but the emotional drives may say another.
Just like my trip to North Carolina. The math was clearly in favor of taking my own car. But my car is a few thousand miles shy of 100,000 and my emotions said to prolong hitting that milestone for as long as possible. Even though hitting 100,000 miles a few months earlier than planned would have zero impact on the reliability of the car.