Things To Do In SW Florida

The typical cost of renting a car in the U.S. has increased 48% since May 2019, according to the latest data from the Bureau of Labor Statistics (BLS). In other words, a car that cost $100 per day four years ago would now cost $148 per day.

Believe it or not, prices have dropped recently, with year-over-year costs falling 12%, according to BLS data. But that drop has done little to undo the sky-high prices that emerged during the pandemic.

“The traditional car rental industry had to trim down their supply significantly during COVID,” says Albert Mangahas, chief data officer at Turo, a car-sharing platform. “This led to a rental car crunch when all the rental car demand came back.”

Flights are 5% more expensive than they were in May 2019, and hotels are up 15% over the same period, according to the May 2023 BLS report. These prices are somewhat higher, but nothing like the 48% increase in rental car prices.

Why have these prices remained so stubbornly high?

A supply crunch, and corporate profits

The early stages of the pandemic decimated the rental car industry, as it did for the travel industry more broadly. Unlike airlines and hotels, which can’t immediately sell their aircraft and properties during a downturn, rental car companies offloaded a huge portion of their fleet. The Avis Budget Group sold 250,000 vehicles in 2021 alone. read more

It’s bumper-to-bumper inside Orlando Auto Museum, the large car collection at Dezerland Park Orlando on International Drive.

There are about 2,000 vehicles on the property, most of which are accessible with paid admission to the attraction. There’s an international flair there, and history mixes with pop culture. Visitors see military tanks one moment and a set of Batmobiles the next.

“You never know what you’re going to find … what sparks a memory,” says Max Apodaca III, who runs the museum, including finding parking spots for all those cars. The bulk are within the walls of the museum, but there’s spillover outside and into empty storefronts of the building, which has operated under the names of Festival Bay and Artegon in its history.

And the cars keep coming, thanks to purchases by developer Michael Dezer. The collection is worth about $200 million, Apodaca says.

“It’s a never-ending story,” he says. “Sometimes there is rhyme or reason. Sometimes there isn’t.”

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Q: Do I really need to plan for long-term care? Won’t the government take care of me? – A.J., Apopka

A: To qualify for Medicaid in Florida, there are income and asset limits. Examples include employment wages, alimony payments, pension payments, Social Security and retirement account withdrawals. Assets include cash, investments, savings, and real estate in which one does not reside. All of these would need to be exhausted, which can leave your loved ones in trouble if you need care and they do not. Meet with a Certified Financial Planner to discuss the best options.  – Jessica Hall

Q: How much Umbrella Liability Insurance do I need?  Should I cover my home and what about my retirement account? – R.T., Apopka

A: Your retirement account and home are generally protected from creditors in Florida. Speak to your insurance agent and discuss the coverage you need and want. It is generally affordable. – Rhonda Shurtleff

Have a question? E-mail askanexpert@fpafla.com. Include your name (only your initials will be printed), hometown and phone. Questions are answered by Certified Financial Planners from the Financial Planning Association of Central Florida. Answers are for educational purposes only; you should also consult a financial professional. Questions and answers may be edited for space considerations. read more