What explains the low cost of renting a car compared to hiring a dinner suit?

The law of supply and demand explains the low cost of renting a car compared to hiring a dinner suit. I think this problem can may be solved in two ways. Firstly, the low cost of renting a car could be because of that there are a lot of cars to rent but there are just few people who want to rent a car with an expensive price. So the car company lowers the price of renting a car to attract lots of people to actually rent them. Secondly, it might be because of that there are a lot of cars to rent and also a lot of different car companies. Maybe to attract more customers than any other companies, all of these companies will make better option than others including prices. So the price is keep going down because of competition.