Payless car rentals are still available, but they are increasingly hard to find and expensive.
| Photos: ReutersThe payless cars are a relatively new option for people who don’t want to pay full price for a rental car, but still need to find a place to park, according to a study published Thursday by the National Bureau of Economic Research (NBER).NBER economist Richard Freeman said that the study found that nearly two-thirds of people who rent payless automobiles said they would pay an extra $50 for a parking spot.
The researchers also said that nearly one-third of renters said they wanted to pay a more reasonable price for the car.
Payless car owners who don-t want to rent payphones, but have no other option for parking, are now able to use their own car instead.
These cars cost $35 to $45 per day, depending on location.
The cheapest car rental in New York City is $45 a day.
Freeman said that people who lease payless vehicles often don’t have the same type of vehicles they used to have.
He said that some of these people have recently had to change their car insurance plans because of the rise in costs.
Payphone owners, meanwhile, have been able to make rent-free cars available since 2012.
The NBER study found, however, that there were still more than 200 million people who were renting cars at the end of 2015.
Freeman said the study’s results suggest that the number of people renting payless and payphone cars is likely to increase in the coming years, as car rental companies try to lure new customers into renting cars.
In a statement, a spokesperson for the National Association of Realtors said the association “remains confident that the rental market is competitive and is the safest option for renters, renters-to-be, and owners to pay.”