Hire Car Shortages Accelerating Rental Prices at Faro Airport in the Algarve

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Hire Car Shortages Accelerating Rental Prices at Faro Airport in the Algarve

News Article Date: Monday 03rd of August 2009

Many holiday makers will be heading to southern Europe this summer in a bid to escape the traditional UK weather. For most hiring a car is an integral part of the holiday. But the hire car is often one of the last things people arrange in their holiday itenary. This year in southern Europe the credit crunch has lead to a general rental car shortage, particularly around the major airports. The car rental companie are suffering due to the recession in Spain and Portugal, and there are simply not enough cars to go around and consequently prices have risen alarmingly. Matt May from UK-based website carhirefaroairport.com explains "the situation was caused by the economic downturn. We deal with a number of car hire companies at Faro Airport in the Algarve, Portugal and at Malaga Airport in Spain, and they have all had problems getting cars during the summer months. In previous years these companies were able to lease cars from the car manufacturers, but this year there is no credit available in Europe. The rental companies have had to reduce the size of their car fleets. Demand for rental cars far outweighs supply, and prices have doubled or even trebled". Rute Oliveira from malagacarhirespain.com suggests "if you made your booking online, we would recommend contacting the hire car company directly to make sure the car is available. We are having to change our availability on a daily basis". It is predicted that the car hire shortfall will ease during the middle of August at both Faro Airport in Portugal and in Spain, but many holidaymakers will be paying top dollar for their rental cars or simply seeking alternative forms of transport.
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