Rental car shortage plagues Spain

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Rental car shortage plagues Spain

News Article Date: Monday 03rd of August 2009

To the dismay of tourist and travelers alike, hiring a car in Spain is not as easy as it used to be. Car rental agencies in Spain were unable to purchase new inventory, after banks and creditors were unable to provide affordable credit. This has led to drastic shortages in the rental market of major tourist destinations around Spain. Rental agencies in popular spots such as Alicante and Murcia have been forced to turn away customers due to lack of inventory. The problem stems from factors caused by the credit crunch and global recession. Rental companies were hit with a double blow due to the credit crisis. Earlier in the year rental agencies were unable to secure credit at affordable prices due to financial shortfalls worldwide. This trend forced rental agencies to put off buying new inventory. Rental companies were then hit again as demand for rentals dropped, forcing many companies to sell off nearly new cars to pay of loans. The combination of the two factors has led to soaring prices and all out shortages around Spain particularly during the peak holiday season. Prices for rental cars have over taken the cost of airline tickets as the number one holiday travel cost. Despite the soaring prices in Spain, rental car fees have remained relatively stagnant in other popular holiday destinations including France, Portugal and the United States.
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