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Have you ever wanted to drive around town behind the wheels of one of the world’s most powerful cars? Perhaps you simply want to impress a potential client who’s about to sign a major contract with your business. Either way, if you are starting to look into the luxury car market, the biggest question you pondering mind is how much does an exotic rental car cost?
Factors determining the cost of renting an exotic car
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The answer to your question above depends on a number of things. Therefore, to avoid getting confused, we have offered to help by telling you how much it costs to rent an exotic car and what things may influence the price. Here they are:
The general price of the exotic rental car
It’s a no-brainer that the price of the luxury or exotic rental car will differ depending on the exact car marker and brand. Therefore, renting a Lamborghini will most likely cost you more than a Mercedes or Porsche would, although individual cars do fluctuate in that regard. So as you might expect, the price of an exotic rental car is roughly based on its market value.
According to the general rule of thumb, the daily rental is supposed to be 1% of the total value of the car. Therefore, using this as a base, the price of an exotic car is modified based on public perception, demand and prestige.
Just to elaborate further with an example, an exotic car with a market value of around $300,000 will rent for about $3000 per day. By contrast, therefore, an $85,000 Mercedes Benz will only set you back about $850 a day. However, the price that is based on this calculation is on the car’s market value and not its purchase price. The $300,000 car may have been worth $500,000 when new but its current value is what drives the price on the rental sticker.
Things that could influence the price of your exotic rental car
Keep in mind that there are plenty of other things that can influence the price of your exotic rental car and so the above rule of thumb is not the end of calculation or conversation. Think of it this way, if all car rental services used this rule then they would all have the same price. From experience, this is not the case because there are variables that further influence the price of a rental car. These may include the following:
The number of miles that you are planning on driving may play a role in the pricing of the exotic vehicle you intend to rent. A myriad of exotic cars come with a daily mileage limit. Therefore, exceeding that limit will lead to additional costs that can be significant. For example, if your mileage limit is 20 miles a day and you plan on going 100 miles a day, expect your rental costs to go up significantly.
The car’s mileage
Naturally, the more the car has been driven, the less expensive it will be to rent it. An almost new luxury car is therefore bound to rent for more on a daily basis as compared to the same make and model with a few thousand miles already on the engine.
The prices of exotic rental cars tend to go up during peak season such as Christmas or during the summer. This is because more people are looking to enjoy their own exotic car experience. Therefore, this added demand will result in an increase in renting price across the board.
The rental’s location
Another factor that plays a role in the price of renting an exotic car is the city in which you are looking to rent. For instance, New York City may be more affordable for some exotic car models while San Francisco and Los Angeles may be more expensive. Therefore, instead of looking for abstract prices regardless of where you are looking to rent, make sure that you keep your destination in your pricing information.
Market run and unique features
The amount of money you will be charged for an exotic rental car is also determined by the vehicle’s uniqueness and market run. Therefore, the more unique the car is the higher its rental value will be. For instance, a customized Jaguar with chrome rims and an interior multimedia entertainment system will cost more than a standard market alternative. Also, models that were produced in limited runs especially from exotic brands such as Ferrari and Lamborghini will also cost more than their generic value.
Ways of avoiding hidden costs when shopping for exotic rental cars
While factors such as model, locations and availability are usually reflected in the sticker price of an exotic rental car, mileage limit is a perfect example of a fee that you may not be immediately aware of. This is because the service you are renting from may not disclose their mileage fees thus leaving you to accumulate significant additional costs.
For this reason, it is critical that you know exactly how much you will be charged on the day that you go to pick up and get behind the wheels of the exotic rental car. Most of the time, rookie renters get too eager to experience the luxury of sitting behind the wheels of one of the world’s most exclusive car brands, and rightfully so. But, they get blind-sided by the artificially low prices only for their jaws to drop when they get the final receipt.
Therefore, the most important thing here is to know how to avoid such hidden fees. One of the things you can do to avoid getting yourself in such a situation is to conduct extensive research in order to be well informed before you sign anything. While such research can be tiresome, your efforts will pay off in the end. Another option you may want to consider is going with a car rental company that does away with hidden fees.
How much does it cost to rent exotic cars?
If you really want to ride in style then prepare to burn all the cash you have, unless you are well loaded. A Porsche Boxster can start from $450 a day while you can get a Mustang convertible or Camaro for just $87 a day. Therefore, just as mentioned above, a number of factors affect the price of renting an exotic car. You can also ride in a Bentley Continental GTC for a little under $1,000 for a weekday. However, this rate can go up to $2,250 for a weekend day. If you have a little more cash that is burning a hole in your pocket? Try the Ferrari 458 Spyder that costs $2,800 a day or go all out for a Bugatti Veyron for $26,000 per day.
Ideally, the cost of renting a car depends on a lot of things some of which have already been mentioned above. Remember, prices differ from one car rental service company to the other.
Who rents exotic cars?
Anyone with the cash can rent an exotic vehicle. However, the people who mostly rent exotic cars include Latin American and Middle Eastern business executives, European vacationers and exotic car enthusiast. In addition to this group, bucket-list gift receivers, designers, CEOs, celebrities and pro soccer stars also make up the bulk of the customers.
Upcoming racing drivers can also rent time of tracks in some of the cars for training and high-speed driving without the risk of getting a speeding ticket.
Why do people rent exotic cars?
People rent exotic cars for various reasons, for some, it may be just to have that experience before they kick the bucket. However, there are also those that have exotic cars at home and they would prefer driving the same when they are traveling for business or are on vacation.
For others though, it is simply for a show because their business impression matters so much hence they opt to look the part.
How old do you have to be to rent an exotic car?
Exotic car rental regulations vary from one service company to another. Here are some of the basic requirements that most exotic car rental companies ask for:
Many exotic, sports or luxury car rental companies require that renters/drivers be a minimum of 21 years old. However, there are those that require you to be at least 25 years to be eligible for renting an exotic car. There are some exceptions that may apply depending on your insurance coverage. For you to be sure about the age requirements, consider contacting the service company you intend to rent an exotic car from. They should be able to help also if you have any additional questions regarding the age requirement.
If you intend to rent an exotic car then you should know that identification is part of the things you will be required to provide to the company you hope to rent an exotic car from. If you are the renter/driver, you will be required to have 2 forms of identification. One will be your driver’s license while the other may be a bank issued debit card or a major credit card. Without these two types of identification documents, it may be hard to rent any type of car.
This is perhaps the most important document that your exotic car rental company will ask for because no one will trust you with their vehicle without it. At the time of the rental, you are required to present a valid driver’s licence, it should also be one that was issued from your place of residence.
In addition to this, your driver’s license should also be valid for the entire rental period otherwise you will not be allowed to rent the vehicle. You are also required to have a safe and clean driving record as you may be subject to a Department of Motor Vehicles (DMV) record check.
As the renter/driver, you are also required to present proof of full coverage insurance that is transferable to the rental car in case of an accident or incident. Therefore, the company will verify your insurance coverage at the time of the rental. You can also purchase a collision damage waiver from the company that you are renting the exotic car. All you need to do is contact a representative from the company to help arrange for your rental coverage.
Keep in mind that exotic car rental service companies will also ask for a security deposit on all their rental automobiles.
If you are a non-resident with a valid driver’s in any other language that is not English, you are required to provide an International Driving permit to qualify for an exotic ride for rent. Therefore, if you intend on travelling from or to a different part of the world whose primary language is not the same as yours and you will be renting a car once there, consider getting an international driver’s license. Some companies will also ask for your passport so remember to go there when you are fully prepared with the right documents.
As mentioned earlier, a security deposit is one of the requirements that most if not all car rental companies ask for. This is just considered as collateral in the event that any damage is caused on the car while it is in your custody. The amount of security deposit your rental service company will ask for will be determined by the class of the vehicle, your age, and the insurance coverage that you have provided. The security deposit on younger drivers tends to be more than that of older drivers because young people are generally considered reckless.
What do we think?
There are many perks to renting an exotic car. Whatever your reasons are, you now have all the necessary information you may need. So, what are you waiting for?