CNN BUSINESS | $300 a day for a Kia Rio. Why rental cars prices have gone insane

New York (CNN Business) – Here’s what you need to know if you’re planning on a spring break trip to Orlando next week: Renting a car — if you can find one — could cost you at least $300 a day. That’s possibly more than you’ll spend for air fare, hotel rooms or tickets to theme parks.

A year ago, air travel came to a near halt, leading to a glut of rental cars. Rental companies parked their cars in unused lots at ballparks around the nation, and cars were rented for a fraction of their normal price — or sold as used cars. The industry sold off more than a half a million cars, about a third of their combined fleets, just to generate cash they needed to survive the crisis.

Following a year of deep losses, rental car companies have been unable to rebuild their fleets, especially with auto plants shut by a shortage of computer chips needed to build cars.  —read more—