dkruz1: The areas you've targeted are generally pretty easy by train or train+bus. I too have spent weeks on multiple trips in these areas using public transport and have also had a car at times. Naturally, there are places that tracks and buses will not take you. Neither Lee nor I know exactly which specific places you are targeting. Maybe you have some inn or winery in the hinterlands in mind. Maybe you are spending 3 months in these regions and are intent on exploring every possible hamlet. If this is not the case - that is, if you're a casual visitor looking to spend several days in each area, you should have no problems filling your days with interesting places and using public transport to visit these areas.
Riding the trains in these regions is so easy, enjoyable, and inexpensive that I doubt I'll ever again be tempted to get behind the wheel there.
Sometimes, trains actually save time over the car. The scenic river route from Koblenz to Cochem takes 58 minutes by car, but the RE train does this same route in 35 minutes. From Cochem, you would need 30 minutes to drive to Bullay (a nice place to begin a hike) because roads follow the curvy river; the train travels through a mountainside tunnel and gets you there in 8 minutes.
The Mosel between Trier and Traben-Trarbach, roughly, is a beautiful, windy, curvy mess where you could spend many hours by bus or by car. The main train route bypasses this section of the river. Traben-Trarbach is reachable via a separate set of tracks from Bullay (which is on the main route) known as the "Moselweinbahn" so no problem getting there. The popular destination of Bernkastel-Kues is reached by taking the train to Wittlich (on the main route) and a bus from there, so that destination is fairly simple too. Buses will get you to other towns as well but will take a while. Below is a map of this part showing the river and the train routes (curiously, the Moselweinbahn train route is absent on this map.)
MOSEL from Trier to Bullay
I have had no bad car rental experiences, but any thoughts I have about renting a car these days have been tempered by the experiences of others who've dealt with shady agency practices. If you decide you need a car you might want to sift through some threads to see what to avoid:
TA thread 1
TA thread 2
TA thread3