Planning to travel to Chicago? A new ranking indicates that the city is one of the most expensive places to rent a car in the United States.
According to the study, conducted by consumer credit website NerdWallet, Chicago holds the distinction of having the most expensive average car rental price of any city with a major airport.
The study found, on average, that a weeklong car rental in Chicago would set consumers back $624.71, narrowly edging out the Seattle-Tacoma metro area.
Chicago’s average car rental price is 65.7% more expensive than that of Miami, which the website ranks as the cheapest place to rent a car, at $377.07 per week.
According to the website, the study evaluated nearly 500 car rental prices from eight different companies, calculating the average weekly rental price for the lowest-priced rental car in cities with the 15 largest airports in the U.S.
The price for car rentals is impacted significantly in the Chicago area by the tax rates on those vehicles. The state of Illinois imposes a tax rate of 5% on all car rentals according to the state’s Department of Revenue.
The Metropolitan Pier and Exposition Authority also imposes a 6% excise tax on rental cars, and the city of Chicago assesses a lease transaction tax, according to state databases.
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The Regional Transportation Authority, which helps operate public transit in the Chicago area, can assess a tax for car rentals, but does not currently do so, according to state officials.
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