In this ever-changing housing market, the decision to rent or to buy can be as confusing as ever. Remote work, climbing mortgage rates, rent increases and changing lifestyles are all now factors to be considered when making this critical decision.
Renting can eliminate those costs, as many times the rent includes maintenance expenses such as appliances breaking down, leaks and garbage removal; however, it does not shield you from all costs. Find out in advance what services are and are not included in your monthly payments. In addition, find out what protections are in place regarding rent increases.
With more people working from home, they now have more flexibility than ever regarding where they live. If you are no longer required to commute to a job, renting might make more sense. You can try a location and still have the flexibility to consider a move if you want to try another location when your lease ends. Renting provides much more flexibility.
On the flip side, empty-nesters who sell their homes and decide to move to downsize or move to a new location should consider renting first. Despite having the financial resources of a home sale, renting provides the necessary flexibility this stage of life might require.
One of the biggest differences to consider between renting and owning is the ability to make the place your own. When you own real estate, you can do anything from upgrading appliances to a complete gut renovation. If you purchase in an apartment building, inquire about any building construction or renovation restrictions, which may limit what you are able to do.
Renters, in most cases, are very limited in terms of changes. Most are only able to paint and must have the place returned to its original condition and color scheme when moving out. If you have a strong design sense or a desire to customize your home to your distinct needs, then you more than likely need to buy a home. With rentals, what you see is what you get.
Before you rent a car, it's worth reviewing the coverage on your personal car insurance policy. In some cases, the coverage you have on your own car extends to a rental car. In other words, buying rental car insurance coverage may duplicate what you already pay for.
The extra cost of the rental company's coverage might make sense in a few cases, however. For that reason, it's important to understand what your personal auto insurance covers, and what the rental agency is offering.
Remember, if you damage a rental car and don't have comprehensive or collision coverage, you may have to pay out of pocket for repairs. That's why it's important to read your policy before you rent a car to understand what's covered.
If you have a personal car insurance policy, it includes liability coverage and any additional coverage you've opted for, such as comprehensive or collision. That coverage may extend to your rental car, as long as you drive it for personal use. The coverage limits and deductibles on your personal policy also apply to your use of a rental car.
In addition to your auto insurance, certain credit cards offer extra insurance if you pay for a car rental using that card, according to the Insurance Information Institute (III). If you have extra rental car insurance through a credit-card issuer, call the toll-free number on the back of your card and have them explain your options in detail before you reserve your car.
For example, if your credit card provides collision coverage for rental cars, then you might decide not to purchase that coverage from the car rental agency. The card issuer's insurance is typically "secondary," according to the III. That means it may pay your deductible and expenses that exceed what your primary insurance company will pay.
If you don't currently have insurance, you'll need to at least buy liability coverage from the rental company before you hit the road. That's because liability coverage for all drivers is required by law in most states.
Liability coverage is intended to help protect you if you injure someone or damage their property while driving. If you have sufficient liability coverage through your own auto insurance, you may not need to buy extra rental car liability insurance coverage from the agency. Your insurance agent can help you review your coverage, so you can set the liability limit that's right for you.
A collision/loss damage waiver (also known as an LDW or CDW) isn't technically insurance. If you damage the rental car, this waiver may help cover the cost of repairing it. The waiver typically does not cover damage from speeding or driving on unpaved roads.
A collision damage waiver may duplicate your existing coverage if you have collision and comprehensive coverage on your own car. However, if you've dropped collision or comprehensive coverage from your policy, and you don't purchase the waiver, you would likely have to pay out of pocket for damage you cause to the rental car.
Additionally, a rental agency could charge you for "loss of use" of the car (lost rental income) while the car is in the shop being repaired. Your own auto policy typically won't reimburse you for that. Be sure to read your car rental agreement carefully to clarify what kinds of charges you could incur if you were to damage the vehicle.
Personal effects coverage may help cover your personal belongings, such as your laptop or clothing, if they're stolen from the rental car. If you have renters or homeowners insurance, the personal property coverage on that policy typically helps cover your personal items through what's known as "off-premises coverage."
Off-premise items are usually only covered up to a certain percentage of your personal property coverage. The deductible on your homeowners or renters insurance will apply. Check with your agent about the limits of your coverage.
Personal accident insurance helps pay your and your passengers' medical bills, if you're injured in a rental car accident. The III says if you have health insurance, medical payments coverage or personal injury protection on your car insurance policy, you may already have coverage comparable to what the rental company offers.
Before you rent a car, take a few minutes to find out whether you have coverage through existing channels, such as your credit card company, health insurance plan or renters or homeowners policy. And, be sure to check your personal car insurance coverage. Buying extra rental car insurance may not make financial sense if your auto policy already provides the coverage you need.
In most of the United States and other countries around the world, having a car is a necessity. But it also costs money, and it can be hard to decide if making a commitment to buy a car rather than a long-term rental or leased car is worth it. Here are some things to think about before you decide to buy a car.
If you are looking at a long term car rental or leasing a car, there are some things to consider before choosing this option over buying a car. Many people choose to lease or rent a car long term because they can drive a new car that they could not normally afford to buy. SIXT rent a car has great long-term car rental offers.
Both options have their plusses and minuses, but ultimately the decision comes down to your budget and how much you will use the vehicle. If you are set on driving a new-model car that would otherwise be out of your price range, or only need a vehicle for a fixed period of time, a long-term rental might be for you. And if you use your car a lot, driving long distances, and want the freedom of being able to sell your vehicle, buying a car might be the better option.
The downside to leasing is that you get no equity in the car. When the lease is over, you have the option to buy, which due to current market circumstances is attractive but may not always be. Also, picking up a lease every couple of years results in an endless cycle of payments that will certainly cost more than purchasing a vehicle and keeping it for a decade or more. There are also limitations on what you can do with your vehicle.
It seems obvious that renting a car for a road trip would be more expensive than just taking the one in your driveway. But sometimes, renting a car could be the cheaper alternative. Consider these factors:
Car Insurance: The cost of rental car insurance can potentially add as much as $30 to your daily rate, depending on which types of insurance you buy.1 To save money, you can buy our OneTrip Rental Car Protector, which provides primary collision loss/damage insurance coverage up to $50,000, for as little as $11 per calendar day. You get 24-Hour Hotline Assistance as well, so if you have an issue on the road, you can call us anytime.
Why go to another rental agency to drive a Nissan vehicle when you can rent directly from us? Nissan Rent a Car utilizes only the latest model Nissan vehicles, making it a superior rental experience. Whether your rental needs are for pleasure, business or special events, Nissan Rent a Car provides the legendary quality available only at Nissan. []
Set yourself apart from the crowd with Nissan Intelligent Mobility and our Safety Shield® 360 suite of advanced technologies. From ProPILOT to Around View Monitor and beyond, rent a Nissan vehicle to take these available features for a test drive and see how they can improve your daily drive.
When backing out of a parking spot with your Nissan rental vehicle, if equipped, Rear Cross Traffic Alert watches the area around the rear of the vehicle and can warn you about detected approaching vehicles you might not see. []
Nissan Rental Cars bring you straight to the source. There is no middle man or hidden fees, and your rental has been worked on to the highest standards by Nissan experts. Rent a car from a Nissan Dealer to experience the newest technology and the highest quality of service. []
You are responsible for supplying adequate insurance while renting a Nissan vehicle. In some states, Nissan is required to provide some insurance. In that case, the renter's insurance is still primary. 781b155fdc