From CNBC: 2024-07-05 11:07:06

A record 70.9 million Americans are expected to travel by car during the July 4th holiday week. Experts say renting a vehicle for a road trip might be more financially savvy depending on factors such as gas mileage, distance, and rental costs versus owning a car.

Vehicle capacity, operating costs, and rental costs are key considerations when deciding whether to rent a car for a road trip. Renters may save money by choosing a more fuel-efficient vehicle, while car owners should assess potential depreciation and mileage caps on leases.

Depreciation and mileage caps can impact car owners who lease a vehicle and take a long road trip. Cars lose 10-15% of their value once driven off the lot. Wear and tear from road trips can accelerate depreciation, making it a significant expense for car owners planning to sell or trade in their vehicles.

Unexpected repairs can be costly on the road. Renting a newer model car may lower the chances of a breakdown compared to driving an older car. Consider factors like maintenance, tire condition, mechanics, age, and safety features when assessing the readiness of your vehicle for a long road trip.

Read more: Rent a car for a road trip, or drive your own? 5 things to consider