Today we launched Smart Pricing, an intelligent new feature which will ensure the pricing of vehicles on Yourdrive is competitive in comparison to other car rental options and consistent between similar vehicles on the platform. While it’s up to each vehicle owner to enable Smart Pricing, the alternative, Manual Pricing, is also an improvement on our current system.
Previously, each vehicle listed on Yourdrive had a fixed hourly, daily and weekly rate that usually followed a 0.25:1:5 ratio. You would have seen these prices listed at the top of each vehicle’s listing page.
With both of our new pricing models, vehicles will no longer have fixed prices. Instead, with Smart Pricing their daily price will be calculated by our intelligent algorithm which will automatically adjust the price based on seasonality, interest, geography, and car type. Other services you’re likely to be familiar with, like Airbnb, already use similar systems. With Manual Pricing, vehicles will have a default daily rate, however, this is not fixed either as owners will be able to override their default price for selected days/periods.
Now, the hourly price will always be one-quarter of the daily price and there is no weekly price. Instead, rentals greater than 5 days will automatically have a long hire discount applied. The discount starts at 10% for hires longer than 5 days and increases to 25%, in increments, for hires longer than 21 days.
Your trip cost will still be calculated as the lowest price for the combined number of hours and days that make up the rental period. With insurance costs being added and long hire discounts being subtracted to give the final booking cost.
We will be working hard to ensure the transition to this new pricing system is seamless and that our prices are competitive and consistent. As always, if you have any questions, get in touch – we’re here to help make your car haring experience the best possible!