The Best Time To Book A Rental Car To Save A Ton Of Money

It's probably not an everyday occurrence for you to book a rental car, but when you are traveling somewhere out of town, or need a last minute ride due to mechanical issues, a loaner car might be the answer to your transportation problems. However, just like there are key things to avoid when leasing a car, there are a few tricks of the trade that can save you money when booking a rental car.

Perhaps the biggest factor is timing. Planning ahead might actually cost you financially more than waiting until the last minute to book your rental car. According to NerdWallet, consumers can save 13.4% on average, or about $74 less, if they reserve a vehicle seven days ahead of time compared to three months in advance. You also might want to take Travel and Leisure's advice to check pricing throughout the week. If you know one car rental site has better deals on certain days of the week, then you can time your last-minute booking for optimal savings.

There are lots of companies to choose from when looking to rent a car –- Hertz, Alamo, Enterprise, etc. -– but no matter which one you end up booking with, there are a few rules of thumb to keep in mind leading up to confirming your reservation. First, you want to make sure that the car you book is right for you, particularly the size needed for your travel and passengers. Next, you want to ensure it won't cost you a lot in gas money either.

Reading the fine print about your rental company's policies and fees can also help save you money by ensuring you don't accidentally do or forget something that will end up on your final bill. You also want to make sure that you have a plan in place for auto coverage while the vehicle is in your possession — though you might want to skip rental car insurance altogether in order to save some extra money.

Whether you are looking to save money on transportation at home or abroad, renting a car could actually be a smart financial choice. Rather than debating whether Uber or Lyft is the cheapest option to get around town -– both of which can include surge pricing, fees, and tips –- a rental car gives you the freedom to go where you want, when you want.

Hertz also explains that renting a car can not only be more cost-effective, but during a vacation, it can give you the opportunity to explore on your own timetable. Plus, the savings can really add up if you are traveling with a group because everyone can get to the same destination for the same price, and at the same time. Having to book multiple ride shares to split up your party, or get everyone to buy a ticket for public transportation, might seem like the frugal option at the time, but it can add up if you are going to multiple places. Booking a rental car can ultimately save you money, time, and a lot of stress you do not want while on vacation.