Categorized | Car Rentals

Car Hire Prices Predicted To Soar Warns

Award-winning car hire company, warns that car hire prices are set to soar this summer. The online car hire specialist predicts this is due to a number of reasons: the UK’s high rate of inflation, the EU’s sovereign debt situation, the earthquake in Japan and increasing oil prices. therefore strongly advises customers to book early to obtain cheap car hire.

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Rhino Car Hire

The UK is currently suffering the highest rate of inflation in two-and-a-half years, rising to 4.5% in April. What’s more, because of the sovereign debt situation in countries such as Greece and Portugal, the rate of inflation in many European countries is even greater than the UK.

In addition, high oil prices have meant there’s been a rising demand for more fuel-efficient, small cars. But with parts shortages and manufacturing down due to the recent earthquake and Tsunami in Japan, this means car shortages worldwide and higher prices as supply can’t meet with demand.

Marketing manager, Phil Partridge, commented, “Most people know it’s cheaper to book car hire early. But for this summer, it’s even more important with inflation steadily increasing and global car shortages, prices will undoubtedly soar.

“Our bookings show that Portugal and Spain are this year’s hotspots for UK holidaymakers. Kefalonia in Greece has also made an unexpected entry into our top visited destinations. And so if anyone is going on holiday to one of these countries, there’s even more reason to book early because as stock levels decrease, the more expensive car hire will become.”

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