Rental cars – If you are looking to rent a car for your upcoming summer vacation, or are even looking to buy a new car for yourself, it might be a good idea to start your search earlier and prepare to spend more money than you’ve thought. There has been a huge drop in traveler demand in the early days of the pandemic, which prompted rental car companies to sell many portions of their fleets. Also, they have constantly struggled to replenish their supply of cars.
Production in the car manufacturing industry slowed down significantly, because of the ongoing shortage of semiconductor chips. For some rental car companies, this basically means low inventory and high prices all over the board. Bloomberg discovered that the daily rental car rates in the U.S. this summer are double, compared to what they were in the summer of 2019.
As Greg Scott, the spokesman for the American Car Rental Association, told the “Washington Post” in March, “There are some cases where the supply of new cars has slightly improved, but it’s not back where it should be and it won’t be for a long time.”
