When to Ditch Your Own Car for a Rental

If you're planning a long road trip this summer, consider ditching your own car for a rental.

With gasoline prices rising above $4 a gallon on average across the US and analyst predictions oil may be $150 a barrel by Independence Day, the cost of driving is getting more and more expensive.

As a result, many people are considering cutting back on the amount of driving they plan to do this summer and staying closer to home in order to save money. For those who are still planning summer road trips, one way to save may be to head out on the road in a rental car from a place like Avis(CAR), Hertz (HTZ) or Enterprise.

While rental cars are an obvious choice when you fly to your destination and need transportation once there, those who are leaving from their home rarely consider taking a rental car when they can use their own vehicle.

Before automatically opting for your own car, however, it's worth taking the time to run the numbers. You may be surprised at how much you could end up saving by renting.

Whether it makes sense to rent a car instead of taking your own depends a lot on the your car's gas mileage and how many miles you plan to travel. If you already own a fuel-efficient car, this won't necessarily make as much sense as if you own a vehicle with poor gas mileage, but still can if you plan to sell your car in the future.