Ay, car-rumba.
A new study shows the cost of travel has skyrocketed since 2019 — with rental car prices far and away the most inflated, compared to pre-COVID.
NerdWallet found that the expense of having your own wheels away from home was a whopping 39.3% higher in March 2024 versus five years ago, in March 2019 — and that’s after an 8.8% decline from March 2023.
The research revealed that Chicago’s O’Hare was the priciest airport for car rentals, with an eye-watering average weekly rate of $671.
Phoenix Sky Harbor International Airport came in second at $598, then Las Vegas’ Harry Reid Airport at $588. Los Angeles International Airport was priced at $568 — just slightly above Seattle-Tacoma International Airport’s $566.
Researchers found Enterprise to be the cheapest and National to be the most expensive.
They also noted that booking in advance was more costly than at the last minute, when rental car companies are now sometimes found offering better deals.
Although rental cars saw the steepest increase, there are plenty of other culprits keeping the cost of hitting the road higher than normal.
Restaurant prices have soared for example, by 29.3% between 2019 to 2024. During the past year alone, they’ve risen 4.2%.
Tickets to plays, movies, and concerts also shot up 22.6% — 5% more than a year ago.
Hotel rooms are far from immune.
Over the five-year period, lodging costs increased by 16.3%. They have risen by 6.7% between February and March of this year.
The biggest shock, however, is that airfare has only increased 2.6% during the past five years.
It is currently down 7.1% from 2023. American and Southwest both announced losses in the first quarter of 2024; Southwest said it will limit hiring and pull out of four airports as a result.
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