How to find car rental deals in Memphis
It may be the fastest-growing city in America, but Memphis has a pretty good track record when it comes to car rental companies.
With a population of around 1.5 million, the city has the lowest rental vacancy rate in the nation, according to a report by the National Association of Realtors.
That makes Memphis a good spot for a car rental company, especially for new owners looking to make the transition from traditional car ownership to a new lease, said Mark Richey, chief operating officer of Memphis’ Car Rental Group, which has about 4,500 cars in its fleet.
“The cars are very good,” he said.
“It’s a lot of fun.
And there’s a good mix of drivers.”
Richeys company is also a member of the Memphis Automotive Rentals Network, which offers a car-rental option for those who can’t afford to rent their own vehicle.
The Memphis RentalsNetwork offers a leasing program for $299 a month, including $5,000 in financing.
The program is available to those 18 and older, with up to three car rentals per month and $100 off per rental.
Richeies group also offers a flexible lease schedule for those looking to save money while looking for a rental.
“You can have a month of rental with no payments, and you can pay off the lease the day you come back,” he explained.
“If you’re a student or have kids, you can keep paying off the balance every month.
You can pay it off over the course of three years, or you can go a whole year.”
The Memphis Auto Rentals Group is also available for those with a mortgage, though Riche yanrs group doesn’t offer this type of financing, said Car Rrentals Network director Ryan Fauci.
“That’s not something we can offer in Memphis because we don’t have a mortgage.
But if you can get a mortgage and qualify for a lease, we’d love to have you,” he added.
Memphis rents out more than 5,500 vehicles, according the Memphis Realty Association, and the city also boasts a fleet of nearly 30,000 vehicles.
Ricing said the rental industry in Memphis is booming, with more than 1,000 new companies taking advantage of the growing market.
“We’ve seen a tremendous amount of interest and interest in leasing vehicles for new buyers,” he noted.
Memphis is not alone in having a good reputation for car rental services.
“There’s a reason why people like us here in Memphis are so successful,” Riche said.
With the growing number of car rental locations, it can be difficult to find a rental in Memphis that’s affordable, said Matt Williams, a local car rental broker.
“But we do a lot for new people, so if you have the money, you may find a better deal here than in other areas,” he continued.
Williams added that it’s a challenge finding a car that fits your needs, but it’s not hard.
“Most of our cars are full-size, and they’re usually great,” he laughed.
“Some people say, ‘I just want to rent this car, but what if it’s really big and I don’t want to take a cab?'”
The cost of owning a car can be significant, especially if you plan to move to Memphis and have to drive everywhere.
For example, renting a car in the city costs $2,300 a month to rent, according an estimate from the National Automobile Dealers Association.
That’s $2.7 million in rental costs for the average Memphis resident, according data from the Memphis Business Alliance.
If you can’t make the rental payments on your mortgage, it may be best to find another car rental.
For car rental in other parts of the country, a cheaper option is to rent a car from a rental company through a leasing company.
That way, you pay only the rental amount and have your own vehicle in the garage, Richeyt said.
He added that car rental rates are generally lower in areas that have lower car-buying costs, which could be because car dealerships are more competitive, as well as a lack of insurance and gas.
“A lot of car dealers have a good presence in the area,” he acknowledged.
“I think it’s very important to be aware of where your car is, how much you’re paying, and how much it’s going to cost you to rent.”
Memphis also has a large population of millennials, who are more likely to rent from car rental providers than older renters, Ricey said.
While Richeyy said Memphis is a good place to rent your car, he also suggested that you consider leasing.
“As far as leasing, I would definitely recommend it,” he told the Business Alliance in a recent phone interview.
“Car rental companies can make a lot more money from you leasing your car than they can from renting your car