Nyanja, New York (CNN) Renting a car is a great bargain these days.
In the last few years, it has become even cheaper than buying one.
Here are some of the reasons why.
Cheap car insurance and rental car prices.
According to AutoInsurance.com, car insurance premiums in New York City are up more than 50% in the last five years, according to a report from the Insurance Institute for Highway Safety (IIHS).
A rental car will be much cheaper than purchasing one.
“When it comes to car insurance it’s almost the same for both,” said John G. Parnes, senior auto and truck insurance broker at Parns AutoIns.
“It’s a good idea to check out the insurance quotes on both.”
Cheap rental car loans.
Rental car loans are available on a wide variety of terms and can be very affordable for the amount of time you’ll be driving.
There’s even a popular option called a “home equity line of credit,” which allows you to borrow up to $100,000 from your bank to buy a car.
A $100k line of loan can be much more than you need to buy your first car.
Cheap parking in Manhattan.
There are thousands of parking spaces on the city’s streets, and many of those spaces are available for short term rentals, which can help with the cost of buying a car if you’re not used to it.
If you don’t want to live in Manhattan, there are plenty of places in Manhattan to rent out parking spaces.
Cheap gas in NYC.
Many people prefer to rent their own car because they can avoid paying the average $5.65 per gallon gas tax that many drivers of conventional cars pay.
Renting your own car also helps reduce the cost per gallon of gas for people who can’t afford gas.
Cheap vacation rentals.
Rents for vacation rentals can be a great way to save money if you need an extra weekend vacation, said Michael M. Dube, managing director of luxury rental company Rideshare and Travel, which has about 4,000 listings.
He said many of the properties are located in places like Venice Beach and Long Island City, New Jersey.
“You can rent out the car and it costs $30,000 or $40,000 per night,” Dube said.
“But the car will last you three or four weeks, and you get a car insurance rebate for that time.”
Cheap cars for rent.
Ridesharing services like Uber and Lyft have become popular options for renting out cars for short periods of time.
While renting a car can save you money, you’re still paying for the fuel you use, and your ride will be miles away.
Low-cost rental car insurance.
A few years ago, many rental car companies offered very low rates, which meant you were paying between $25 and $30 per month for a rental car.
But a recent report from Consumer Reports says rental car rates are dropping.
“Most new rental car premiums are dropping as low as $15 per month, with many more low-cost options to choose from,” said Daniel Zappulla, vice president of research and consumer insights at Consumer Reports.
Affordable car insurance in the Bronx.
Many renters in New Jersey and New York say they are happy with their rental car in the suburbs because it’s cheap and they can afford to buy their own.
But you can also rent out a car at a much lower cost.
A rental can be up to 50% cheaper than a purchase.
Renter-friendly rental car options.
New York’s rental car market is booming.
Rented cars can be great deals for renters in areas with low vacancy rates.
“If you want a place to live that’s affordable and has a car park that you can park in, a lot of renters prefer renting in the boroughs of Manhattan and Queens,” said Giorgio Maroni, executive director of RentHop.
“In the Bronx, you can get a very good price, even with a low parking lot, by renting out a vehicle in the area, like a mini-van, in the city.”
Cheap apartment rentals.
According of RentHire.com , New York is one of the most affordable cities in the United States.
“The number of apartments available in the New York metropolitan area is growing at an astounding rate,” said RentHop CEO, David M. Schwartz.
“Many of these apartments are affordable for renters who are looking for a new place to rent or who want to move to a smaller city.
The rent is reasonable, the rents are affordable, and there are a lot to choose for the apartment market.”
RentHop currently has listings for a $500,000 apartment in the Catskills, and it will soon expand to another area in New Bedford,