UK: Rent a New BMW for Less Than £7, Equal to €8 or US$11

BMW's British arm announced today that it has joined forces with Streetcar, one of the UK's largest car clubs, giving drivers the chance to loan a new bimmer for less than £7.

Renting a BMW 1-Series for as little as £6.95 (equal to €7.9 or US$10.8) and a 3-Series for £8.95 (€10.2 or US$14) sure sounds tempting, but is there a catch to Streetcar's offer?

Well, of course there is. That kind of money will buy you only an hour's worth of driving time in the BMW 116 / 118d five-door hatchback and the 318d saloon respectively.

Not a bad deal if you want to rent a bimmer for a couple of hours but it gets less tempting as time increases with the 1 Series costing £69.50 for a whole day, £225 for Monday through Friday, £345 for 7 days and £895 for a whole month.

Prices for the 3 Series are even more steep with Streetcar asking for £89.50 for 24 hours, £295 for Monday to Friday, £445 for a week and £1,095 for a month.

The company said that it has more than 1,000 locations across a seven cities in the UK including London, Brighton, Cambridge, Southampton, Guildford, Maidstone and Oxford, but it aims to increase this number to 2,000 by 2011.