We’re Driving To Florida. Should We Rent Two Minivans or Drive Our Own SUVs?

Officials expect record-setting numbers in airports across the country this holiday season.

Not everyone wants to fly, as it can be costly and stressful. Plenty of people hop in a vehicle and drive.

If you’re trying to save money, is it best to drive your own vehicle or to rent a vehicle instead?

Should We Rent Two Minivans or Drive Our Own SUVs To Florida?

Should my family drive our SUVs from Wisconsin to Florida, or should we rent two minivans for $2,000 instead?

That’s what a listener recently asked money expert Clark Howard.

Asked Carson in Wisconsin: “I’m 12 years old. I listen often to your show with my parents in the car. I’ve earned a lot and have $1,000 in my Roth IRA. But we disagree on if something is smart financially.

“We are visiting my aunt in Florida who is ill for the holidays. We have seven family members going and they are renting two minivans for two weeks through Costco Travel. They cost $1,000 each!

“I think we should use our own SUVs. They think it’s a good value not putting miles on their own car. What do you think?”

Clark congratulated Carson on working and contributing to a Roth IRA. Putting money toward retirement starting at 12 years old is “pretty much guaranteed” to make you wealthy in retirement, Clark said.

As far as the vehicles are concerned, Clark thinks that Carson’s parents are making the right choice.

“Your parents are right in this case with the SUV,” Clark says. “If you consider the depreciation of a vehicle per mile, the cost of actually operating it, insuring it, the maintenance that comes sooner because of putting what would likely be as much as 3,000 miles going from Wisconsin to Florida and back, it’s a smart decision to pay the $1,000 each to rent them.

“Put the miles on the rental company’s fleet instead of your own cars.

“I hope you have a good trip to Florida. And tell your aunt I wish her a full and complete recovery.”

Calculating Effective Cost Per Mile

Clark referenced effective cost per mile as an important metric.

If you’re driving 3,000 miles and it costs 36 cents per mile, per SUV, you’re looking at $2,160 for the trip — $160 more than renting the two minivans.

Figuring out your effective cost per mile isn’t the easiest thing to calculate. You can total every dollar you’ve spent on your vehicle and divide it by the number of miles you’ve driven. But that only accounts for the past cost per mile.

Also, it’s not likely you can account for every cent you’ve spent on your vehicle between maintenance, gas (or charging for electric vehicles), insurance, a warranty, the cost of the vehicle, interest on a potential loan, car washes and more.

You’re paying for auto insurance on the SUVs regardless of whether you drive them to Florida. And there’s probably the same marginal risk of needing to file an auto insurance claim due to an accident, whether driving the SUVs or renting the minivans.

Potential Differences in Cost: SUVs vs. Minivans

Clark thinks that Carson’s parents are right. That it will be cheaper to rent the minivans than to drive the SUVs.

It’s hard to know for sure without knowing the specific vehicles and other details. But let’s look at a few potential differences in cost.

You’ll have to pay for gas (or charging for an EV) no matter what vehicle you drive. If there’s a difference in fuel economy of five miles per gallon of gas, you’re talking about 30 gallons of gas per vehicle over the course of a 3,000-mile trip.

The national average for gas is $3.27 per gallon as of this writing. That’s a potential difference of $196.20 if you’re paying for an extra 60 gallons. (Minivans do typically get better fuel economy than SUVs.)

According to data, a Chevrolet Equinox is the most popular SUV in Wisconsin. We don’t know what type of SUV Carson’s family owns, nor do we know the year, trim level or mileage.

But for illustration purposes, I priced out a basic gray 2020 Chevy Equinox with 40,000 miles in very good condition via Kelley Blue Book — and then the same vehicle with 43,000 miles.

The difference in value? $212. Double that and you’ve got $424 in depreciation to consider.

Of course, the depreciation for a newer or more expensive SUV would cost more. And that’s not including what those extra miles contribute toward maintenance needs. Most vehicles need an oil change every 5,000 to 7,500 miles.

So with two vehicles putting on 3,000 miles, that may be roughly equivalent to the cost of one oil change. Let’s say that’s another $75. That’s probably on the low end considering other wear and tear on tires and other car parts and fluids.

Based on my calculations, there’s a world out there where driving your own SUVs to Florida will be cheaper. It depends on the details.

Final Thoughts

Should you rent a car or drive your own when you’re taking a long trip? The answer is that it depends.

Which vehicle gets better fuel economy? How expensive is your car, and how much depreciation can you expect based on the distance of the trip? How much maintenance are those miles contributing toward?

You can make some calculations based on your specific vehicle and get some idea. But particularly for long trips and newer vehicles, you may be able to save money by renting.