Buying a car vs. renting
As I have been researching about buying a car on stx vs. renting I am running into a dilemma of some sorts. I want to buy a vehicle for our five month stay and then park it in storage for next years stay, but from all I am reading about insurance and the dmv I am wondering if it would almost be cheaper and less of a headache to just rent a car. What is everyone's opinion on buying vs. renting a vehicle on stx for a five month stay? I plan on buying an island beater for around 2k. But if insurance only goes by yearly contracts I am not sure is this is the best move. Any advice would be greatly appreciated, thanks!
Tommy b: I had the same dilemma three years ago. My wife and I spend four or five months each year on STX, and for the first year, we rented from Judi of Croix. It cost us about $900/mo. for a Toyota Echo. We knew we would be coming back every year and did the math. It was clear pretty quickly that buying was way better than renting--as long as we kept coming back. The car broke even on rental after two years, and now we have an asset that we can sell if we wish sometime down the road. Yes, we have insurance and maintenance, but it's still better than spending nearly $5,000 every year and having nothing to show for it.
PM me if you want to discuss further.
Remember Rent-A-Wreck? They used to rent a bit older model cars for low money, and sell them, too. I thought that might be a great business for someone here in the VI to start. So many people looking for decent used cars, not sure if they are staying or not, or as in tommy's case, here off and on, etc.
Well, I'm going to need an extended rental in FL for a while, so I googled them. WOW, their rates are now right up there with the big boys, and their cars are newer.
I think the original concept of rent a wreck would be a good idea for here. Kind of a "rent to own". And, for all I know, maybe one of the used car places here already does that???
Several car rental companies on STX rent older cars. I think it's mainly the big-name agencies that adhere to the new-car business model.
Juanita: For Florida rentals (or elsewhere), try http://www.carrentals.com/ and look at off-airport rates in particular. Search by zip code instead of by airport code.