Study: When Is The Best Time To Book A Rental Car? (Early Vs. Last Minute)

Contrary to popular belief, the best time to book a rental car may be within one month of your expected pick-up date. That conclusion is based on a Forbes Advisor analysis conducted in August 2024 that looked at rental car pricing and trends over 6 months. Regardless of the car type or rental agency, reserving a car months in advance could mean paying peak prices.

For example, someone traveling in May 2024 but making a rental car reservation in January 2024 would have paid an average of $152 per day. Average prices dropped as the rental period drew nearer, with the best price becoming available in mid-April at a rate of $99 per day. Timing your booking for the absolute best deal is less of a concern: Choosing early April resulted in rates of $104 per day and late April was just over $100 per day—both excellent rates compared to reserving in January or February.

Some rental car companies, such as Avis, have more variability in how their rates move in the months preceding a rental car pickup. However, the underlying observation remains the same: Rental car rates are lower a few weeks before travel rather than booking many months in advance.

Regardless of what the data shows, determining when to lock in your rental car is more of an art than a science. Average rates and overall trends won’t always precisely match a specific experience. Furthermore, locking in the best price isn’t necessarily the same as locking in the best rental option, especially if you have preferences on rental car agencies or car types.

When To Book a Rental Car in Advance

One of the primary reasons to book a rental car with a lot of lead time is if you’re traveling somewhere during a special event or peak season. It’s not uncommon for rental cars to sell out when major sporting events, festivals or conventions come to town. Booking in advance not only locks in your rate before surge pricing is implemented but also ensures a vehicle will be available when you need it.

Waiting too long in hopes of a better rate could also backfire if you need a larger or specialty vehicle. Someone who needs a car to comfortably seat six or seven passengers may wish to lock in their request while minivans and full-size SUVs are available. Similarly, someone with their eye on a luxury vehicle, sports car or pickup truck with four-wheel drive may wish to make early bird reservations.

Lastly, don’t discount the value of peace of mind. If you know life will get hectic and you’ll forget to reserve a vehicle entirely if you put it off, it might be better to reserve a car rental early.

When To Book a Rental Car Last Minute

Our data suggests the top reason to book a rental car last minute is that it could save you money. When inventory remains unreserved in the weeks leading up to travel, rental car companies may lower rates to earn revenue on the remaining cars.

Last-minute savings are best for flexible travelers. You will most likely have less choice in the specifics of your reservation and may need to consider alternate rental car agencies or different-sized cars. But someone who isn’t picky may find this a worthy tradeoff.

Another advantage of reserving a last-minute rental car is that you can wait to make your booking until the details of your travel plans are fully confirmed. You may even get further discounts by choosing a nonrefundable booking. These inflexible rates are usually a poor choice for travelers booking in advance since they don’t allow changes or cancellations, but last-minute travelers might not need that wiggle room.

Taking a hybrid approach can help travelers lock in a low rate with fewer downsides.

Customers who book a refundable reservation months in advance can select the exact car that works best for them. Booking in advance may look more expensive on paper, but it secures a price ceiling so that you’re protected in the fairly uncommon case that prices rise after your reservation is confirmed. More importantly, you’re protected from having appropriate vehicles sell out for your dates.

After you’re booked, you track prices on your rental. If you notice a price drop and have a refundable booking, cancel the existing reservation and rebook at the lower price. Some prepaid reservations may be nonrefundable, so ensure you understand the cancellation policies of your initial booking before making any changes. However, many car rentals don’t require prepayment (or even a credit card to hold the reservation).

Monitoring prices can be tedious but several services can help automate the process. For example, the popular metasearch engine KAYAK offers a price tracking service that will email you automatically when prices change for rental cars meeting your parameters. The company AutoSlash takes this one step further by also searching for promotional codes and limited-time sales that may lower the price of your rental car.

Strategically paying with the right credit card is another way to save on rental car costs. Credit cards with car rental insurance can save you $15 or more per day compared to paying for a collision damage waiver through your agency at pickup. Many travel rewards cards include this and other rental car benefits.

Some credit cards also bestow elite status with partnering rental car agencies. This status—usually reserved for frequent, loyal customers—can lead to discounts, complimentary upgrades and other savings.

Additionally, many of the best travel credit cards earn bonus points or miles when you pay for rental cars with your card. In some cases, you could earn 5% or more in rewards simply by paying with the right credit card.

Some of the top credit cards for rental cars include:

Credit Card	Annual Fee	Earning Rates	Rental Car Benefits
Bilt World Elite Mastercard®	$0	1 point per dollar on rent payments without the transaction fee (on up to 100,000 points each calendar year), 3 points per dollar on dining, 2 points per dollar on travel (when booked through the Bilt Travel Portal or directly with an airline, hotel, car rental or cruise company), and 1 point per dollar on other purchases	Receive a primary auto rental collision damage waiver when renting a car and paying with your card.
Chase Sapphire Preferred® Card	$95	5 points per dollar on travel purchased through Chase Travel℠, 3 points per dollar on dining, select streaming services, and online grocery purchases (excluding Walmart, Target and wholesale clubs), 2 points per dollar on all other travel purchases and 1 point per dollar on other purchases	Receive a primary auto rental collision damage waiver when renting a car and paying with your card.
Capital One Venture X Rewards Credit Card	$395 (rates & fees)	2 miles per dollar on all eligible purchases, 5 miles per dollar on flights and vacation rentals booked through Capital One Travel, 5 miles per dollar on Capital One Entertainment purchases through 12/31/25 and 10 miles per dollar on hotels and rental cars when booking via Capital One Travel	Receive a primary auto rental collision damage waiver when renting a car and paying with your card. Receive complimentary Hertz President’s Circle® status after enrollment through 12/31/24.
The Platinum Card® from American Express (Terms apply, see rates & fees)	$695	5 Membership Rewards Points per dollar for flights booked directly with airlines or with American Express Travel on up to $500,000 per calendar year, 5 points per dollar on prepaid hotels booked with American Express Travel and 1 point per dollar on other eligible purchases	Receive secondary car rental loss and damage insurance¹ when renting a car and paying with your card. Receive complimentary status in Avis Preferred, Hertz President’s Club and National Emerald Club after enrollment.

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Many travelers presume the best time to rent a car is as soon as their travel plans are in place. Recent data, though, opposes this presumption. Occasionally, there are significant advantages to booking early but the lowest price may not be available until the last minute.

Forbes Advisor collected data on rental car prices by looking at the 10 busiest airports in the U.S. (according to OAG, an aviation analytics and data provider). For each city, costs for rental cars were gathered for multiple agencies and a series of rental dates. Prices were then rechecked weekly to determine how rates changed over time.

For Capital One products listed on this page, some of the benefits may be provided by Visa® or Mastercard® and may vary by product. See the respective Guide to Benefits for details, as terms and exclusions apply.

Upon enrollment, accessible through the Capital One website or mobile app, eligible cardholders will remain at upgraded status level through December 31, 2024. Please note, enrolling through the normal Hertz Gold Plus Rewards enrollment process (e.g. at Hertz.com) will not automatically detect a cardholder as being eligible for the program and cardholders will not be automatically upgraded to the applicable status tier. Additional terms apply.

To view rates and fees for The Platinum Card® from American Express please visit this page.

¹Eligibility and Benefit level varies by Card. Terms, Conditions and Limitations Apply. Please visit americanexpress.com/benefitsguide for more details. Underwritten by AMEX Assurance Company. Car Rental Loss or Damage Coverage is offered through American Express Travel Related Services Company, Inc.