Hertz Is Getting Rid of the EVs in Its Fleet, Their Teslas Now Selling for Cheap

Hertz is ditching its electrification strategy that it kicked off earlier this year and plans to sell around 20,000 electric cars currently in its fleet. The firm offers EVs for an average price of approximately $25,000. They have no choice, since used EV prices plummeted by as much as 31.8% this year, as reported by iSeeCars.

However, EV sales in the US more than quadrupled from 2020 to 2023, and currently account for more than 9% of the total passenger car sales. But the demand is melting and carmakers have pulled the brake on EV development, prioritizing ICEs and hybrids.

Selling a massive fleet of EVs is going to be a lot of work for the rental car company considering that, back in 2021, it made an unprecedented deal with Tesla for 100,000 examples, months after filing for bankruptcy, listing $18 billion in debt, on May 22., 2020.

However, as the electric car hype melted, they changed their minds along the way and stopped after 30,000 units. Now, they are planning to sell most of them. Furthermore, former Hertz CEO Stephen Scherr stepped down and was replaced by former COO of Delta Airlines and General Motors’ self-driving division, Cruise, Gil West.

All cars go through a 115-point inspection before they are sold. The price includes a powertrain warranty of one year or 12,000 miles, whichever comes first. Hertz is also offering options to thos willing to purchase longer vehicle protection plans. Customers who buy an electric vehicle and change their minds can return it through a buy-back within seven days or 250 miles.

Those interested in buying an EV previously used by Hertz can also request trade-ins and financing. Furthermore, some of the EVs in Hertz’s fleet are eligible for as much as $4,000 in federal tax credits and additional incentives offered by some individual states, counties, and municipalities.

However, those willing to buy from Hertz must consider the high mileage of rental cars and a solid amount of wear and tear. The Hertz Car Sales website lists 1,432 vehicles right now, with 1,355 Hertz Certified examples.

There are 1,047 Teslas available. The lowest-mileage Tesla offered is a Model 3 with 12,894 miles on the clock. There is a Model 3 which traveled 96,359 miles at the opposite end of the electric cars’ list.

Teslas are the fastest-selling used EVs, according to iSeeCars. Hertz also offers 146 Volvos, 102 Mercedes-Benz units, and 92 Chevrolet Bolts.

There is also a Hertz Rent2Buy plan for those who want to spend three days with the car they intend to purchase. If the transaction goes through, all rental charges are waived.