What Influences The Price Of Your Car?
RIDE TEAM • August 20, 2022
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- Age of the car- The older the car, the lower the price. Time flies, so sometimes we forget that our car has just turned 10 or 15 years old. Every 5 years the price of a car decreases significantly in car rentals. Cars that are less than 5 years old have a higher price, and it won’t differ so much because their age won’t be the decisive aspect. 5 to 10 years old cars have a lower price, and, in case they cost the same or even more than a 5 year old car, they won’t record as many bookings as desired because renters can get a newer car for the same price. When cars are older than 10 years, the price are even lower, yet the fuel efficiency, engine and car type become more important. If the vehicle is older than 30 years and has reached retro status, the price starts to increase again as there is a demand for such cars for weddings and other events.
- Fuel consumption and engine type- Since the price of fuel is still relatively high, another important thing is fuel consumption. If the renters can save on fuel by renting a slightly more expensive car, they will usually choose the car with a lower fuel consumption, so a lower fuel consumption might allow you to increase the price. Also, the engine type is important. Petrol engines are favored more than Diesel engines, and cars running on LPG are even more complicated because some people avoid these cars, although they can reduce fuel expenses even more.
- Car type- Minivans, spacious cars, SUVs, vans, convertibles and similar cars can have a higher price than regular cars.
- Car brand and model- The brand and the model are also important. Although most cars are not affected by it, the opinions about some brands can influence the car price. Renters tend to be willing to pay more for German cars since they are believed to be more reliable, while Russian cars, as well as sometimes French and Korean cars are not always seen as trustworthy, so they might require a lower price. However, opinions differ, and each brand has its loyal users and also those who won’t drive it no matter what.
- Time of the year- Car rental is a seasonal business, since the demand for rental cars shoots during the holidays. If you increased the price during December holidays, don’t forget to lower it once ‘Njaanuary’ kicks in.
- Car photos- Many things are determined by marketing. If you want your car to be rented out, the car must look great in the photos. Luckily, we have summarized easy tips for taking immaculate photos in our BlogSpot! Read them and try it yourself. However, if that still doesn’t help, get in touch with us on 0714877948 and we will help you find a photographer or will help you take photos ourselves!
- Location- The competition in a certain area might also influence the price of the car. Since there are more cars available in Kahawa and Roysambu, the prices might be slightly lower because the renters will be able to choose from a wider variety of cars and find cheaper options. But keep in mind that the income level is higher in Roysambu or Kahawa, so even if the competition in your city is much lower, you need to set a reasonable price that the renters will be able to afford.
- Insurance and other extras- You can set a higher price if your car has Ride-insurance because it means that the renter takes a lower risk. If the car has any extras, list them in the car description. Extras usually don’t affect the price of the car, but they might help the renter to decide that your car is the right one for them.
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