Rental car shortage causes high prices; here are ways you can save money

It's being called a "Carmageddon." The summer travel season is in full swing and rental car prices are soaring with the demand so high, but there are some ways to try and save some money on your next rental.

Renting a car used to be somewhat economical, but now with demand so high and the supply low, you need to think outside of the box to save money. The first tip is to book early as long as you don't have to pre-pay and can cancel for free try and lock in your reservation.

Next, check multiple pick-up places besides just the airport. Scott Keyes, with Scott's Cheap Flights, says, "It might actually be cheaper to get to the airport, maybe take a taxi to a nearby rental agency and rent from there."

Keyes also suggests the website Turo. It works similar to Airbnb, but instead is for car rentals, it's a car-sharing marketplace where people put their cars up for rental.

Another website to try AutoSlash. The website compares rates and keeps checking after you book, alerting you if a better deal comes along. Also don't forget about discounts for the memberships you have like AAA, AARP, and others. Keyes adds, "Almost always the cheapest rates are at Costco travel and so if you have a Costco membership, make sure you check their travel portal."

A few extra creative ideas, Keyes says check with car dealerships, as they also rent cars. If you're really desperate, check prices on U-Haul and truck rentals as it may save you some money.