You’re not alone in Memphis.
While it’s true that car rental companies like CarRental Express and CarRent2Go have been popping up for months, the number of new cars available for hire in the city has dropped significantly since the summer.
According to data from the Memphis Department of Transportation, Memphis was home to 2,932 car rental units in July.
The city was one of 10 with more than 3,000.
“The car rental industry has taken a big hit in the last few years,” Memphis Mayor A C Wharton said in a statement.
“We’re not in a recession, but the economy is in a slow-motion downturn.”
The average rental price in Memphis is about $13,000, according to the American Association of Real Estate Agents.
While car rental stations are available at the mall and many smaller businesses are offering discounted rates, there are some things you need to know before you make the leap.
How much does it cost to rent in Memphis?
Memphis has the lowest average monthly rent in the country.
But there are plenty of ways to save.
First, Memphis offers an affordable monthly payment of $2,500.
You can even take advantage of car-share companies like Zipcar or Lyft to save money on your monthly car rental.
“If you want to get your foot in the door, we recommend getting the car and doing it in Memphis,” Memphis CarRescue Manager Josh Schmitt said.
“Because Memphis has a lot of low-income families, you can do a lot cheaper with that.”
Plus, there is a $1,000 car credit that can be applied to your rent or car loan.
And there are thousands of free car-sharing services like ZipCar, Lyft, Uber and others.
Are there any fees?
Most car rental agencies charge a flat fee of $1 for a basic car rental or $5 for an extended car rental when using the app.
If you plan on renting out your car at home, there may be a $10 per month charge.
That is waived for renters over the age of 35 and families with income below 200 percent of the federal poverty level, according the American Automobile Association.
There are also fees for drivers, parking and other charges.
Renters must pay an additional $50 to rent the vehicle from the dealership.
If renting from a car-rental company, you’ll need to pay a $30 upfront fee and $20 a month for additional rental vehicles.
Is there a way to cancel my rental?
It’s a lot easier than you might think.
When you cancel your rental agreement with a car rental company, it will appear on your credit report for at least 90 days.
After that, you must pay the full rental cost for that vehicle to the rental company.
If the car is rented for less than $20 per day, you won’t be charged the full price.
You’ll be charged a $5 per day fee for each day you remain in the car, and a $20 for each additional day.
If a rental company doesn’t have the space for you to drive, you may have to pay an extra $25.
Is it safe to drive?
Memphis is home to some of the highest rates in the U.S. for auto insurance, according a study from the Insurance Institute for Highway Safety.
Memphis has higher rates than other cities in the nation, including Washington, D.C., Baltimore and Detroit, according AAA.
That means it’s important to make sure you get the right car rental in Memphis if you want a great deal.
“It’s the same car rental service, it’s the exact same car,” Memphis Police Chief Ron Gaines said.
The Memphis Police Department recommends you check with the car rental firm for the best car rental rates.
And if you’re worried about a potential crash, it can be safer to hire a tow truck.
“I can guarantee you that if you hit a curb and hit something and you don’t have a tow vehicle on the way, it’ll be pretty bad,” Gaines told the Memphis Commercial Appeal.
“And then you get to pay for that cost.
You’re putting yourself in danger, because there’s not enough money coming in to the city for all of these tow trucks.”
For more information about car rental and auto insurance options in Memphis and around the region, visit the Memphis Auto Insurance page.
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