I settled on Yakima Raptor rack with their Q-post system. Compared to hitch racks it was cheaper (I would have had to add a hitch to my car in addition to the rack) but it does impact gas mileage. Its mileage impact seems to vary considerably with wind speed and direction. I don't think the noise is particularly noticeable.

The Yakima does deal with bikes with fenders with no problem and seems more secure than the trunk/hatch mounted cheaper options.