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Travel prices are up, but there are still ways to save in the last minute.

Are you traveling this summer? If so, I hope you have already made plans/arrangements for the trips because everything is getting pricier as more Americans are hitting the roads again.  

This WSJ report/video helps explain why rental cars are getting so expensive these days. Are you still looking for a last-minute deal? Here are a few tips:

  1. How to find low prices during travel's dynamic pricing era
  2. Summer travel tips to save money at the last minute
  3. Last-minute ideas, expert advice about summer travel from "The Points Guy" Brian Kelly

Note: The picture was downloaded from the Time magazine. 

Comments

  1. We can expect these high prices for rental cars to remain high for a while because there was such a decline in sales and drop of demand because of the pandemic, now the companies have to make up for all their lost profit. "two thirds of the rental car business was turned down" since all the airports were essentially ghost towns. The majority of sales from rental cars are when people are traveling so their demand dropped drastically.
    Now that the companies are back on the market, there is a large demand in rentals so the companies have to buy used cars. In terms of the human resoucres department, these companies must maintain loyalty with their consumers to keep them interested. However, it is also hard for these companies to make enough sales when there is a limited number of people who have jobs or are working in the field.... Anne Lutton HRT 3500 section 1

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    Replies
    1. Hi, We sure can expect these prices to stay for a very long time especially with the chip shortage and the slower production as new cars coming off the assembly line. It was not only due to the decline in sales but the decline in the people working in the factories right when covid hit and then other not coming back to work or shifting to a different industry due to either being laid off or going somewhere for better pay. In a typical year, rental car companies will sell off there old models to replace them with newer models, but in this case it creates a bad cycle of not only the rental companies acquiring new cars but even the general public still working at getting themselves new cars also. This shortage will be around for awhile so as they recommend, remember to book way early for a trip planned way in advance.

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  4. During the covid-19 pandemic, car rental companies were losing a lot of money because they rely so heavily on airport travelers, and no one was traveling by plane at that time. Plus, family travel by car has literally grounded to a halt. The economy is starting to open now, so people started travelling again and need car rentals. With the microchip production shortage, car production has been limited and has affected not just consumer buying of cars but also the car rental industry, thus driving up rental prices. With higher demand and lower supply, car rental price increase is just bound to happen. I did not expect the car rental industry would pick back up this quickly, when covid-19 has not fully disappeared yet. I am also surprised to hear that a traveler would have to book a car rental first, before booking a flight or hotel, to make sure that they have a vehicle during their travel! How crazy this is! People usually book airline first, then hotel, then car rental. More surprising for me is hearing this family saving money by flying to their destination instead of renting a car and driving! Times have really changed! The Covid-19 pandemic has really affected travel in so many aspects, not just with the incredible price increase in car rentals, but also with the way people travel to get to their destinations!

    Ivanna Tan: HRT 3500-01

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  5. The pandemic has taken its toll, especially in the airline and car rental industry. Yet adaptations have been made to make business possible. Personally, I have flown to Korea in October, and the changes made were drastic when compared to life before the pandemic. As dynamic pricing is used within the airline industry, international tickets were much cheaper than I can remember. Although there is a decline within these industries, options are being discovered to salvage business, as airlines have adapted to fly with certain restrictions. And in Korea, taxi companies have made changes to accommodate customers, as the pandemic was handled in a different approach in Korea.
    William Shin HRT 3500.01

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