New York is known as the place where people can get their first cars.
And while it’s been one of the city’s most expensive markets for rental cars, many people still rent cars out of necessity, says Matt Borsak, the owner of car rental company Car Rental NYC.
“We are just getting started, so we are still finding ways to make it work.”
Borsac’s company was founded in 2011.
“I think we are just beginning to build the market here,” he says.
It takes about 30 minutes to book a rental, he says, and he often has to take his guests to different locations around town to ensure that the car is booked.
Some car rental companies, like Car Rage and CarRental Car, charge a deposit for each rental.
The deposits can be up to $2,000.
Renting a car for a long time is risky, Borsack says.
“The first time you rent a car, you’re probably going to be driving it a couple of times a year,” he explains.
The cost of car insurance is often a bigger risk than the cost of the car itself, he adds.
“So if you rent for a few years, you have more money in your pocket.”
In fact, some of the best-performing rental car companies are offering discounts on car insurance, as well.
“There’s a huge market for rental car insurance,” says Borsk.
“If you’re in a rental car for three months, you can get $1,200 off your insurance bill.”
In addition, car rental services can help you stay in shape and save money.
The most popular rental companies for car rentals are the ones that have a full-service car rental facility in the city.
“It’s not necessarily a car rental that you take your kids to or something like that,” says Car Raging New York’s Borsaks, “it’s a car that they can drive themselves.
You can do all sorts of stuff for free.”
Some rental car services also provide drivers with car insurance through their companies.
“They can do that in their own vehicles, too,” says Peter Borsakov, the founder of car-rental company CarRage.
Borska’s company does have a limited fleet of rental cars in the region, but it does offer car insurance on those vehicles.
“Our goal is to get the whole fleet of cars out in the market,” says a Car Rance spokesperson.
It’s a strategy that the company is hoping to continue.
“A lot of people who have cars, and a lot of their friends who do, are renting them out,” Borsakis says.
But Borskins plans to get more of his clients out in their cars, as his company expands.
“People are going to want to rent them out for the long haul,” he adds, “they’re going to need to stay in touch with us and see if there’s a vacancy.”