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Why is it so hard and expensive to rent a car right now?

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There is a critical shortage of inventory in the U.S. rental car market. The situation north of the border isn’t as bad yet, but industry experts predict Canada will soon mirror the U.S. and that could put a damper on staycation plans.

During the COVID-19 pandemic, demand for rentals plummeted. People didn’t need as many lifts from airports or loaners after an accident. So, rental agencies from coast to coast to coast sold off their fleets, reducing them from 30 to 40 per cent on average.

With a strong Canadian dollar and a hot market for vehicles, it was easy to unload them. But as restrictions lift, demand has returned with a vengeance this month.

Anne Gaviola has more.

For more info, please go to https://globalnews.ca/news/7981592/car-rental-shortage-canada-covid/

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Category
U.S. & Canada
Tags
global news, Rental cars, Car rentals
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