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Ah, Kalumba.
New research shows travel costs have soared since 2019, with car rental prices the most expensive since pre-COVID-19.
According to research by NerdWallet, rental car prices in March 2024 are up 39.3% compared to five years ago in March 2019, after an 8.8% drop from March 2023.
According to the study, Chicago’s O’Hare Airport was the most expensive airport to rent a car at, with an astonishing average weekly rate of $671.
Phoenix Sky Harbor International Airport came in second at $598, followed by Harry Reid Airport in Las Vegas at $588. Los Angeles International Airport’s price was $568, slightly higher than Seattle-Tacoma International Airport’s price of $566.
Researchers found that Enterprise was the cheapest and National was the most expensive.
They also pointed out that advance reservations are more expensive than last-minute reservations, and car rental companies now sometimes offer better deals.
While rental cars have seen the fastest increase, there are many other things that keep the cost of being on the road higher than usual.
For example, restaurant prices rose 29.3% between 2019 and 2024, and 4.2% in the past year alone.
Tickets for plays, movies and concerts also surged 22.6%, up 5% from a year ago.
Hotel rooms are far from free.
Accommodation costs increased by 16.3% over five years. It rose 6.7% from February to March this year.
But the biggest shock is that airfares have only increased by 2.6% over the past five years.
It is currently down 7.1% from 2023. American Airlines and Southwest Airlines both announced losses for the first quarter of 2024. Southwest Airlines announced it would limit hiring and withdraw from four airports as a result.
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