According to Mark Roemer Oakland, if you are confused about hiring a rental car or buying a car, both options have pros and cons. However, the decision is yours, and budget is the primary factor that affects this decision. The points mentioned below will help you understand the difference between owning a car and hiring a rental car service:
- Ownership- It is the primary difference between buying a car and renting a car. When you buy a car, you have complete ownership. However, the case is entirely different in rental car service. You can only rent a car for a specific period, and you can never own it.
- Customization- When you own a car, you have the liberty of customizing your car as per your wish. However, in the case of car rentals, you don’t have any such options.
- Trading- If you buy a car, you can sell it whenever you wish. But, in car rental services, you can never do trading with a car.
- Mileage limits- You never have to worry about any mileage limits when buying a car. But in the case of a rented car, you need to keep the limits in mind.
- Monthly Payments- Owning a car can be expensive, and you may end up paying a substantial monthly payment. On the other hand, car rental services are more affordable, and the monthly rent is usually lower.
- Loan- People tend to take a loan to buy a car most of the time, but there is no such need of taking a loan while renting a car.
- Depreciation- You may own a brand-new car, but it depreciates at a higher rate, especially by around 40% after the first year. In the case of car rental services, you have no worries about depreciation.
- Repairing costs- You are responsible for all the repairing costs when you own a car. In rented cars, you don’t have any such responsibility. But, if you have caused any damage to the car while driving, you have to pay for it.
- Fees and penalties- In the case of a personally owned car, you never have to pay any penalties. But, when you rent a car, you may have to pay penalties for any kind of damage. Also, sometimes you may have to pay late fees for making a late payment.
Mark Roemer Oakland believes that buying a car or hiring a car rental are both excellent options, but it mostly depends on your needs. The points mentioned above will help you clearly distinguish between both options, and then you can decide based on your requirements and desires. If you need a car for a fixed period, you may go for car rental services. However, if you wish to travel long distances, buying a car may be more feasible. Also, it will be great if you take your budget as the most important factor while making this decision.