Consumers Are Getting Squeezed By Rental Car Shortages

By Craig Erwin, Ph.D.

I wanted to fly to Miami, but I decided to drive my own car from Connecticut to Miami because rental car prices shot up. I didn’t want to pay an outrageous amount to rent a car. There’s a rental car shortage driving up prices. Rental car companies trimmed their fleets when the pandemic hit, expecting demand to plummet. Now that travel has bounced back, rental car firms are having a hard time building up their fleets quickly enough. Consumers are getting squeezed by too few cars at too high prices.

Have you traveled recently? How has traveling changed since the pandemic started? Is it more expensive? Do you feel safe traveling?

For more information on travel, spending, economics, and consumer behavior, click on the links below: