Bringing Own Car vs Renting When Road Triping

My old car which has many miles on it is just barely chugging along. It needs new tires, new brakes, new muffler, and probably an oil change to say the least.
If I should decide to rent a car I will have to have a credit card or debit card. If I rent, it can be mine for a whole week or as long as I choose. I have to decide if I want a compact at a very low price, midsize, full-size, or leisurely premium car. I have to find out the difference between these different styles. While choosing the compact would give me the best deal money wise, the premium promises the most comfortable, smoother, quieter ride. The cost is very little more than the compact model. I think the premium car would be the best deal at only eight dollars per day more.
Something else to consider are gasoline prices. With gas prices being higher nowadays and knowing that larger cars use more do I still want the larger car?
I need to know ahead if it’s going to be a round trip. Should I decide to drop it off at another site, I would need to know where that site would be before hand. If I plan on visiting someone who would drive my around while I’m there then I can rent another car when I decide to come home.
While checking the internet on several sites I’m finding it to be a bit confusing. Some places advertise good deals on vacations, ski lodges, flights, hotels, and more. I checked on the “more” and it was the same as before, nothing new. There are also coupons that can be redeemed and specials on certain insurance companies. Which brings me to another question; do I need to get different insurance for this rental car or will the insurance I have now cover it? They have “limited time” offers if I decide to rent within a month. They also offer special discounts to certain age groups and to people who have excellent driving records.
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