I need a car for 3-4 Months; Rent, Lease, Buy?

[Deleted]

DF and I live in a major city and don't currently own a car...and rarely need one. About once every month or two we'll rent a car for a weekend out of state to visit family, friends, etc. However, over the next 3-4 months we'll be doing a significant amount of travel for friends weddings, our own wedding planning, bachelor/bachelorette parties, wedding showers and so on. In short, we'll be needing a vehicle most weekends this spring/summer. By this fall, things should settle down and we'll be back to our normal travel needs which won't necessitate a car.

So what's the best way to handle this? 3-4 months seems like too long of a period for a rental, too short of a period to lease or purchase. I can't get traditional car leases for less than a 12 month window (most are 2-3 years)...however, there are sites that allow you to take over someone else's lease...but seems it could be risky. Renting a car for a 3-4 month window seems pretty expensive, as does just doing a separate rental for each weekend.

Anyone dealt with this situation before? Advice on what to do?

[azphx1972]

I guess you could rent, but I would probably buy a cheap used car and it for (hopefully) not much depreciation after the 3-4 months is up.

[Sum Dum Gai]

Buy a cheap beater and sell it again when you're done with it. The price difference between a 10 year old car with 100k miles on it and a 10 year old car with 105k miles on it is practically nonexistent.

[whoisjohngalt]

This might be completely stupid idea, but what about "renting" from someone who is deploying or "renting" from some other individual, etc? Post an ad on CL and see what happens??

Good luck
Lena

[strider]

Is there a carshare program near where you live?

[Deleted]

Mar 30, 2011 16:31:08 GMT -5 strider said:

Is there a carshare program near where you live?

I'm based out of Chicago. What do you mean by a carshare program? Zipcar and I-GO are geared toward hourly rentals, not long-term rentals.

[azphx1972]

Mar 30, 2011 16:31:02 GMT -5 whoisjohngalt said:

This might be completely stupid idea, but what about "renting" from someone who is deploying or "renting" from some other individual, etc? Post an ad on CL and see what happens??

I thought about that, but personally I would never rent my any vehicles with my name on the title due to liability reasons, and I would feel the same about renting from someone else. What if the OP gets into a serious accident? Both the OP and legal vehicle owner could get sued and it could get really ugly fast.

[whoisjohngalt]

Wouldn't insurance cover that?

[azphx1972]

If you have enough insurance, yes. But then you need to factor that into the cost of the rental, including the fact that you'll probably be uninsurable for the next 5 years. I just think it's more hassle than it's worth, and it'd be easier just to buy a cheap beater.

[tskeeter]

Jim, sounds like you only need a car on weekends. This is usually the cheapest time to rent cars because rental agencies that cater to business travelers have rows and rows of cars just standing. This could be an option for you. Especially if you can talk to a manager and negotiate a "frequent renter" rate for the summer. An advantage of renting only over the weekend is that you don't have to store the car during the week, which could be expensive in the city. Also, you avoid the risk of being responsible for damage or vandalism to a parked car.

Many years back, someone I worked with needed a car for several months while they were relocating. Seems to me that we paid a monthly rental that was about three weeks of the full rental rate.

When we travel, the wife and I use Priceline to arrange car rentals. We usually succeed in renting an economy size car for about $15 a day, unlimited mileage, plus fees. If you can do this off-airport, the fees are usually a lot less.

Money saving tip. Check to see if one of your credit cards provides rental car insurance on cars you rent with their card. This can save you quite a bit if you have been buying the supplemental insurance.

[Deleted]

Hmmm...not real sold on buying a beater car for the summer. Buying anything under $4-5K, it's probably at risk for having something go wrong over the 4 months or already have an existing problem. I don't want to be putting more money into a junker just to get me through the summer.

Also, I realize there isn't much actual depreciation on a 10yr old car with 100K miles vs a 10 yr old with 105K miles, but there is a sizable difference between what a dealer is willing to sell that car for, and what they will purchase it for. I could buy a car for $5K and 4 months later only get $3K back for it and I'm out $2K and would have been better off just renting a brand new car.

tskeeter, if I could rent a car on the weekends for only $15/day...I'd be all over that. In Chicago, with all the rental car taxes and fees, you're looking at $40-50 a day. When we rent over a 3-day weekend, it's around $120 total, and that's with using a free weekend day coupon.

[hoops902]

"Also, I realize there isn't much actual depreciation on a 10yr old car with 100K miles vs a 10 yr old with 105K miles, but there is a sizable difference between what a dealer is willing to sell that car for, and what they will purchase it for. I could buy a car for $5K and 4 months later only get $3K back for it and I'm out $2K and would have been better off just renting a brand new car."

There's no requirement that you buy from a dealer and then sell back to a dealer is there? Go private party both times.

[azphx1972]

Mar 30, 2011 17:03:02 GMT -5 @jimmo85 said:

Buying anything under $4-5K, it's probably at risk for having something go wrong over the 4 months or already have an existing problem. I don't want to be putting more money into a junker just to get me through the summer.

This is where the value of a thorough mechanical inspection comes in. I would feel comfortable buying a cheap used car, especially if it's only going to be used on the weekends, after a reputable mechanic or dealer gives it the thorough check over. And say if it did break down once, then you just fix it and it, and rent or buy another beater.

[midjd]

I wouldn't bother with buying a car if it was just weekend trips for a few months... unless you're shelling out $4K+ for the car, chances are you'll need to replace something moderately expensive at some point within the first couple of months. (Both our vehicles were <$3K and, while they're great now, needed some $ repairs at the outset). Plus I wouldn't want to be stuck having to try to sell a car at the end of the summer - despite what YOU paid for it, it's only worth what someone else is willing to pay for it. IMO, something "disposable" like a rental would be better.

I'd play around with the calculators on different sites. I've noticed a HUGE price difference with some companies just based on one-way vs. round-trip, what day/time you pick it up, etc. Any way you could take a bus to a nearby suburb and pick up the car there? May be cheaper than renting in the city.

[Sum Dum Gai]

Don't ever buy an old beater from a dealer. That's just asking to overpay for a crappy product.

Buy from a private party. Test drive the car. Listen to the engine carefully for any weird sounds. Pop the hood when you're done and make sure you don't smell anything burning, or anything else weird. If it sounds reasonably good it should run just fine since you're only going to be driving it a few days a week for a few months.

[qofcc]

if I could rent a car on the weekends for only $15/day...I'd be all over that. In Chicago, with all the rental car taxes and fees, you're looking at $40-50 a day

So don't rent the car in Chicago. If you're keeping it for a few months, look online to see where to get a cheap car then take a bus to pick it up.

[thyme4change]

I know several people (they are all smooth schiester salesman types) who buy a car every year from someone who is desperate. Then, when they find their next car, they sell to someone who things that got a great deal. I don't know if I totally believe them, but they say they make money on every car. They certainly don't buy new, but they don't buy beaters either.

I think those people are the reasons I never buy cars anymore. I would rather just keep the one I have than to think someone is laughing at me because I bought their old car for $1000 more than they paid for it. But, if you are the type - you might be able to own the car for the summer and still make enough to cover your insurance and tags for the time you owned it.

If it were me, I would just rent a car every weekend. I mean $150 times 12 is only $1800. That might be worth it. But, it is highly likely you could buy a car for $12k, drive it and insure it all summer, and sell it for $12k in the fall. That would be cheaper than $1800.

[thyme4change]

Take $10k in $100 bills to this guys house and buy this car:

www.autotrader.com/fyc/vdp.jsp?ct=p&car_id=285868854&dealer_id=65644855&car_year=2009&systime=&doors=&search_lang=en&start_year=1981&keywordsfyc=&keywordsrep=&highlightFirstMakeModel=&search_type=used&distance=50&min_price=8000&rdm=1301529377877&drive=&marketZipError=false&advanced=&fuel=&keywords_display=&lastBeginningStartYear=1981&end_year=2012&showZipError=y&certified=&engine=&page_location=findacar%3A%3Aispsearchform&body_code=0&transmission=&default_sort=newsortbyprice_DESC&max_mileage=&color=&address=60611&sort_type=priceDESC&max_price=12000&awsp=false&make=&seller_type=p&num_records=25&cardist=32&standard=false

Sell in September.

[The Walk of the Penguin Mich]

If you live in a major city and currently do not have a car, it'd probably be cheaper just to do a series of rentals. Otherwise, you're going to need to find a place to park it while you're not using it. Depending upon where you live, that could wind up expensive.

Not only that, if you don't have a car, you're going to need to consider the insurance costs as well on top of the rentals.

Second what was said earlier about going off the beaten track to find a rental place. A couple years ago, we needed to rent a car in Miami. Airport rentals were ridiculous, but a $10 cab ride from the airport got us a car for 1/3 the cost of the airport rental.

We've also had some pretty good luck using Hotwire.com to get a decent rate on rentals.

[Elizabeth]

Maybe just rent the car when you need it. I just rented a car from Enterprise and since I booked online, it was $19/day instead of the usual $29. He also told me that they had a weekend special going on for $9.99/day.

[Cookies Galore]

I would just rent a car on the weekends you need it. Parking in a major city is ridiculous, I wouldn't do it if I could avoid it!

[chiver78]

I was going to answer zipcar, but you already posted it yourself. from your OP, the only time I really see you needing a car overnight on the weekends is to travel to friends weddings. do you have more than a couple of these coming up? I'd say you're probably OK with renting for these and using zipcar for everything else. in Boston, I know you can do a few hour block, and it's not too pricey. I'll echo those that have said city parking is insane. if you pay a little more for the 'hourly' car rental, it's worth it (to me, anyway) to not have to worry about parking a long-term rental.

congrats on your own upcoming wedding.

[Deleted]

After doing some more research I'm leaning towards just renting on the weekends we need a car. i.e. what we've been doing in the past

Besides those that think I should buy a car outright this seems to be the prevailing advice on here.

Figuring it's about 12 weekends over the next 3-4 months that we need a car, and in the past we've been able to get 3 day weekend rentals in Chicago for anywhere from $90 - $150, which includes all of the taxes and fees (there are a lot in Chicago). That'll run us from $1100-1800 for the duration. Probably toward the higher end since rental rates are higher in the summer. The drawback is that we have to hassle with picking up a car every weekend, getting it back by a certain time, returning it to full, etc. So there's also the balance of money and convenience.

However, buying would have it's own set of challenges. Requires more work on my part, run the risk of car problems that I'd have to pay for. I'm also no car expert, nor to do I have a trusty mechanic to give the "thumbs up" on a private buy. Selling it back at the end of the summer would take time and energy. But agreed, if I were to buy then sell on cheap old cars, it would have to be private sales as I'd get gouged by dealerships. Also, if I buy I'd have to pay for plates, registration and insurance.

Parking tags in my neighborhood are about $100/yr. As someone has already mentioned I also run the risk of the car getting damaged parked along the street and the other headaches of street parking in a city.

[Deleted]

Okay, so interesting alternative. I took some time to look into some of these lease swapping websites. Basically people list their vehicles and you can take over the remainder of their lease...I only want a short-term lease so this would allow me that option.

swapalease.com and takemypayments.com are two examples.

swapalease.com/lease/details/2008FordFusion.aspx?salid=679605

www.takemypayments.com/item.php?id=3128

Anyone have thoughts/experience with these sites? What concerns should I have in taking over someone's lease beyond going over mileage limit and any other end of lease costs that could pop up?

[The Walk of the Penguin Mich]

Have you called an insurance agent to find out what the cost of insurance is going to be for you?

[TD2K]

If you are going to rent I'll put a plug in for Kayak.com as well as the standard search sites like Expedia and Orbitz. I've also used Hotwire and been happy with the cars I've gone and it's been significantly cheaper than going 'name plan' upfront.

We rented a car once in NYC to go into Long Island and I looked at Hertz, ouch. Got a car through Hotwire for a fraction of the Hertz quote and you guessed it, it was a Hertz rental. I've also been very happy with Hotwire's customer service.

[showtime]

I would definitely go with renting a vehicle vs. Leasing or Buying.

First off, you're only using the cars on weekends, not everyday.

Buying a car means there are fees you have to pay that are not recoverable when you sell (Registration fees, taxes, delivery charges).
Expect a loss when you decide to sell the car (whether new or used, more so with new). If you live in a small town, the loss could be even higher if there is no demand for your car (no matter how well priced the car is, it won't sell if there is no one who wants to buy it)

Leasing a car is even worse (Lease Acquisition fees, and there are no 3-4 month leases on vehicles so you would have to lease the vehicle for over a year).

Secondly, Insurance. Insurance companies can do month to month insurance, but why buy insurance for a car you use only on the weekends. You're better off buying insurance from the car rental company on the days you do use the vehicle.

All in all, I think it's less hassle, and less costly to rent than to buy or lease.

My 2 cents

Showtime

[973beachbum]

I know several people (they are all smooth schiester salesman types) who buy a car every year from someone who is desperate. Then, when they find their next car, they sell to someone who things that got a great deal. I don't know if I totally believe them, but they say they make money on every car. They certainly don't buy new, but they don't buy beaters either.

I have done this also. I used to sell cars though and DH comes from a long line of mechanics. So for us it works well. I start the process by finding a car in one of the models that we are looking at that seems to be a decent price. Preferably a dealer with a car that does have mechanical issues. That is actually key! DH looks at the car and drives it and gets under the hood. We don't do this at the dealer but stop when we are out doing a test drive. Then DH decides if what they thought was big or expensive is actually an easy fix. Then it is my turn to beat the carp out of the dealer. The last time it took over 2 hours of haggling.
But I am positive that they made less than $200 on the truck. The manager at one point was upset because he didn't think the salesman had mentioned a Doc fee and if he hadn't he would have actually lost money on the deal and the truck was only on the lot for 1 day. After getting it home and DH fixing what was a minor problem with a blown fuse that the dealer thought was a serious electrical problem the dealer I used to work for offered me $4500 more than we paid for it.

The short answer is it takes a lot of energy and know how to do it and not get burned. And that doesn't mean we never get burned. Sometimes they are right and it is a big expensive money pit to fix and we lose. If I normally didn't need a car and only needed one for 12 weekends in a row I would never do it! Just the cost for registration and insurance not to mention parking in a city would never be low enough for this to be practical. JMO

[tskeeter]

Jim, looks like you think renting on weekends will cost you about $2K for four months, or about $500 a month. By the time you look at car payments, insurance, registration fees, repairs and maintenance, parking permits, proceeds from selling the car, etc., I think financially it would be about a break even situation. So it comes down to non financial issues such as the hassle of buying and selling a car, the hassle of ensuring that the car you buy doesn't have serious mechanical problems, the hassle of getting a parking permit, the hassle of arranging for auto insurance, the possible hassle of finding parking space near your home, the possible cost of parking tickets, towing charges, and hassle of recovering a car from the impound yard if you violate parking ordinances (and anyone who has lived near Chicago knows how aggressive those contract towing companies are about towing every car they can), the hassle of having maintenance or repair work done, vs. the hassle of picking up and returning a car at the rental agency every weekend for several months.

For me, avoiding all the hassles associated with purchasing and owning a car while shifting all of the risk of the cost of repairs to someone else would justify the cost and inconvenience of renting each weekend.

[Deleted]

I'm pretty much in agreement tskeeter. DF has been pushing for us to get a car as she's tired of the weekend pickups and drop-offs, so I told her I'd look into it, at least for the summer.

I think the final straw was looking into insuring a car for a 3-4 month period in Chicago. Apparently, I've got red flags all over me.

1) I haven't owned a car in over 3 years. Insurers look at this as being very suspicious...long breaks in carrying auto coverage regardless of owning a car will push rates up, and they probably assume if I haven't owned a car in 3 years I'm at a greater risk of getting in a accident. Fair enough.

2) I only want insurance for a 3-4 month period. Buying insurance by the month is expensive.

3) I'd be parking the car in the city of Chicago along the street. Probably should have steered away from that question. That had to make them cringe.

Anyhow, turned out to be an educational exercise. I suppose whenever we do move out of the city and finally buy a car, we'll be facing higher insurance rates for the first year or so.