Rental car prices skyrocket ahead of summer holidays

Rental car prices skyrocket ahead of summer holidays
Photo by Obi on Unsplash.

The prices for rental cars have risen sharply as a result of high demand and low supply, and companies are urging travellers with holiday plans to book theirs as soon as possible ahead of further price increases.

A rental that cost €210 in 2019 now costs a minimum of €582 under identical contract terms, VRT reports, nearly triple the price.

Prices are especially high for popular destinations such as Mallorca, Portugal and the Canary Islands. For a week in July, people can expect to pay around €700 to €800 euros for a standard family car if they book it now.

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“During the pandemic there was no travelling. All rental cars were at a standstill then,” Suzanne Al from rental company Sunny Cars explained.

“Many companies therefore sold cars or returned them to the manufacturer. The intention was to buy cars again when it was possible to travel again, but in the meantime there are problems with the manufacturers. There are far fewer cars being made and so fewer can be bought. The supply cannot be replenished.”

Travel demand has returned, but supply hasn’t

Automobile association VAB confirmed the supply shortage and stated that stocks won’t be replenished in time for summer “or even this year.”

“The problems with the suppliers remain,” said Maarten Matienko.

“First there was a big shortage of chips, due to the coronavirus crisis. But now there are also problems with, among other things, cable bundles, which are made in Ukraine, where there is now war.”

Al from Sunny Cars said that in some destinations, rental car companies have just half as many cars as they used to.

“The demand is back at the pre-crisis level, but the supply is not at all, so then the prices rise,” Al said.

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