What factors determine the cost of renting a luxury or exotic car?
You’ve always wanted to do it. Driving down Hollywood Boulevard behind the wheel of one of the most powerful cars in the world has been stuck in your head ever since you had that Ferrari poster in your child bedroom. Or perhaps you’re in Miami for a business trip and need to wow a potential client who is about to sign a multi-million dollar contract with your business.
Either way, you’re starting to look into the luxury or exotic car market. And here, one question is bound to emerge: how much do you actually have to pay? Considering all the possible variables, how much does it cost to rent a luxury or exotic car?
The answer to that question depends on a number of variables. Making matters worse, too many luxury car rental services charge a number of hidden fees that make the price seem much lower than it actually is. We don’t blame you for getting confused, and we want to help. Keep reading to find out how much it costs to rent an exotic car and what factors might influence that price.
First Things First: The General Price of an Exotic Car Rental
Let’s start with the general answer first. Obviously, the price of the car rental differs depending on the exact car maker and brand. A Lamborghini will probably cost a bit more than a Porsche or Mercedes would, though individual cars do fluctuate in that regard. As you might expect, the price for a car rental is roughly based on its market value:
The very rough rule of thumb is that the daily rental is 1 percent of the value of the car. Using that as a base, price is modified based on demand, prestige, and public perception.
To stay with the above example, a Ferrari with a market value of around $200,000 will rent for about $2,000 per day. By contrast, a $75,000 Mercedes Benz will only set you back $750 per day.
Importantly, the price to base this calculation on is market value, not the purchase price! The $200,000 Ferrari may have been worth $300,000 new, but its current value is what drives the rental sticker price.
Considering the Variables that Could Influence Your Luxury Car Rental Price
Of course, the above rule of thumb is not the end of the conversation or calculation. If every rental service used this rule, all services would have exactly the same price. We know from experience that this is not the case. So what variables further influence the price?
Here’s a sample of the factors that matter in pricing your luxury vehicle.
1) The Mileage on the Car
Naturally, the more a car has been driven, the more expensive it will be. An almost new luxury car will rent for more on a daily basis than the same make and model with a few thousand miles already on the engine.
2) The Location of the Rental
The city in which you look to rent your exotic vehicle also plays into its price. New York City may be more affordable for some models, while Los Angeles and San Francisco may be more expensive. Rather than looking for abstract prices independent of where you’re looking to rent, always keep your destination in your pricing consideration.
During peak seasons, such as Christmas in the Hamptons or summer in Miami, the price for rentals tends to go up. That’s because more people are looking to enjoy their own luxury vehicle experience, and that added demand will lead to price increases across the board.
4) Unique Features and Market Run
The more unique a car is, the higher its rental value will be. A custom Cadillac with chrome rims and an interior multimedia entertainment system will cost more than a standard mass-market alternative. Models that were produced in limited runs, especially from exotic brands like Lamborghini and Ferrari, will also be priced higher than their generic value.
5) Mileage Limit
Finally, the number of miles you’re planning on driving may influence the price of your rental. Most luxury cars come with a daily mileage limit, and exceeding that limit will result in additional fees that can be significant. If, for instance, your mileage limit is 20 miles per day and you plan on driving 100 miles per day, expect your rental costs to increase significantly.
How to Avoid Hidden Fees When Shopping for Rented Exotic or Luxury Cars
The last variable mentioned above is actually a perfect example of a fee you might not be immediately aware of. Factors like availability, model, and locations tend to be clearly reflected in the sticker price of your luxury car rental. But the service you rent from might not disclose its mileage fee, which can drive the price up significantly without you even knowing that is the case.
That’s why it’s so important to know exactly how much you will be charged on the day that you pick up and get behind the wheel of your rental. Too often, first-time renters are eager to experience the luxury of sitting behind of one of the most exclusive car brands in the world, and rightfully so. However, they get wooed by artificially low prices, only to experience a shock when they get the receipt. And let’s be honest: none of us want to diminish the excitement of a once-in-a-lifetime experience just because the price is higher than expected!
The key, then, is knowing how to avoid these hidden fees. One step in that process is to conduct as much research as possible in order to inform yourself before signing over any type of process. Of course, that research can take time, and it can also be cumbersome since you’re planning an entire trip as well.
Instead, consider going with a rental service that does away with hidden fees. At CarHopper, we pride ourselves in our straightforward pricing. Rather than arbitrarily assigning daily rental costs to individual cars, we use a strategic process to make sure that each vehicle you’re considering is fairly valued. With us, you’ll experience no hidden fees, so you can comfortably browse our selection in your city of choice to find the car you need. For any questions about how much it costs to rent a luxury or exotic car, contact us.