HOLIDAYMAKERS could save hundreds by rebooking their rental car, as prices have started to fall.
Earlier this year, car hire prices went through the roof – with some families paying 50% more than they did just a couple of years ago.
You could save money by cancelling your existing booking
Experts said prices surged because rental companies sold off many of their vehicles during the pandemic when demand collapsed.
When holidaymakers returned, prices increased as bookings surged at a faster rate than had been anticipate.
Despite the high prices, many people have booked cars in advance of their summer holiday.
But now prices are dropping in some destinations, meaning you could bag a better price if you rebook.
One rental company, Clarify Car Hire, told SE that if you booked to rent a Peugeot 5008 in Alicante between August 2 and August 16, back on June 22, you would have paid £1670.55.
But if you booked the same car now you’d pay £1026.31 – a saving of £644.20.
Renting a Hyundai Tuscon in Gran Canaria between July 30 and August 9 would have cost you £552.24 if you booked it on March the 22.
However, the price for this deal now is £444.98 – more than £100 cheaper.
The price drops mean you could potentially save money, by cancelling your existing booking and rebook at a cheaper rate.
CHECK TERMS – CANCELLATION FEE
Of course, car rental prices aren’t going down everywhere.
Clarify Car Hire told SE that Ireland in particular, is still seeing supply issues for certain dates.
And in some locations, such as Barcelona demand, is still vastly outstripping supply – so prices could be high there.
In some holiday destinations prices have gone up even further.
Hiring an Opel Astra Wagon in Barcelona between August 2 and August 8, would have cost you £468.83 if you booked in January.
But the price for the same deal now is £715.97 – an extra £247.14.
Always shop around to see if you could get a better deal BEFORE you cancel a booking.
Check the cancellation policy too – some companies let you cancel bookings up to 48 hours before with no charge, while others will not give a refund.
When we checked, Europcar and Clarify Car Hire do not charge for cancellation up to 48 hours before your hire starts.
According to the Hertz website, you can get if a cancellation is no later that two days before pick up.
At Enterprise car hire, you’ll need to cancel at least three days before your pick-up time to get a refund or there’s a £40 cancellation fee.
Remember, your terms and conditions might differ, so always check with the hire company you made the booking with.
Elsewhere on SE, a travel expert gave five tips to avoiding chaos when flying this summer.
And we wrote about a deal where you can see the northern lights on flights from the UK from £229pp – plus there’s an exclusive £10pp off for Sun readers.