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When you rent from Puerto Montt and hand the car back at Balmaceda (or the reverse), you're doing what's called a one-way rental — pickup and return points don't match. That's the exception, not the norm: rental fleets are sized to each location, and a car returned somewhere else has to get back to its home lot before the company can rent it out again. On most routes that's a short drive and a minor admin fee. Here it's a real cost: Puerto Montt and Balmaceda are roughly 1,240km apart on a mostly-gravel road with three ferry crossings, so repositioning that car is genuinely a multi-day job for the company, not an afternoon's drive.
That's what the drop fee is actually paying for — and it's why it's steep by rental-car standards: quotes run around US$500 (≈€430), on top of the daily rate, not instead of it. There's no published tariff, so it isn't calculated by a fixed formula you can check in advance; it's quoted case by case and varies by company, car class and which direction you're going (a company with too many cars sitting in one location may price the fee lower for drop-offs that help rebalance its fleet — worth asking about directly, since it isn't something they'll volunteer). Get the exact figure in writing before you book, not after.
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The way around it entirely is the loop: pick up and return at the same hub — Puerto Montt to Puerto Montt, or Balmaceda to Balmaceda — and the fee disappears, which is the single biggest lever on this page for controlling the car cost.
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No 4x4 for the main road. An ordinary car does it in summer. What matters more: