Like many things during the COVID-19 pandemic, rental cars seem to have disappeared overnight. The constant shortage of vehicles has led to some rental prices into the stratosphere.
Now, average car owners are hoping to get involved in the campaign.
Axios reports that everyday people buy “small car fleets” and charge high prices to lend them to passengers in their area.
In one case cited by Axios, renting a Ford Fiesta sedan from the Budget will cost you a whopping $ 500 for a weekend in mid-October in Boston. However, you can pay the same price and get a Maserati Quattroporte on the car-sharing site Tour.
As we reported, car rental companies sold out a large number of vehicles at the height of the pandemic because they had few – if any – customers. But when life returned to normal, car rental companies caught up with too many customers and too few cars.
Problems with the supply chain have made it harder for rental agencies to find new cars to replenish their fleets. So the law of supply and demand raised car rental prices through the roof. Indeed, the inflation rate for car and truck rental prices, as measured by the Federal Bureau of Labor Statistics, increased by 52.6% between August 2020 and August 2021.
Everyday car owners have noticed a rise in prices. Some of them generate their own profits by lending vehicles to Tura and other car-sharing sites.
Axios, for example, reports that Lazaro Vento of Miami cites 22 vehicles for rent. He made $ 30,000 in profit in the last month.
Vento also manages nearly 100 Airbnb properties and sometimes packs them with his Turo cars. As Axios says:
“When you get to town, the car is waiting for you – you really feel like a VIP.”
Disclosure: The information you read here is always objective. However, we sometimes receive compensation when you click the links in our stories.