The rental car giant Hertz is going to sell about 1/3 (20,000) electric cars from its feet after they lost value ahead of expectations. This value drop has greatly affected the company’s initiative of replacing gas vehicles with EVs to protect the environment. However, it can get you the mobile you have been waiting for at a reasonable price. Read ahead to find out more about the company’s decisions and the proposed resale price.
Hertz Electric Cars Resale Price Including Tesla, Kia, Chevrolet and More
Currently, there are about 700 battery-operated cars listed on Hertz’s car reselling website including BMW, Tesla, Kia, Chevrolet, Chevy, Nissan, Hyundai, Polestar, and more. Out of them, they have listed 341 under their certified list and 318 are available to Rent2Buy facility where you can rent a car for 2-3 days before deciding to purchase it.
Hertz selling Tesla Model 3s for CHEAP.
Some are as low as $14,000 with the used EV tax credit 🤯
(via Steve Greenfield) pic.twitter.com/lcHDtR3fAd
— Car Dealership Guy (@GuyDealership) January 12, 2024
Their inventory includes the 2018 BMW i3 94Ah Sedan to the latest 2023 Tesla Model 3 Base Sedan. The cars are listed as per their milages such as the 2023 Kia EV6 Wind SUV providing a maximum of 5000 miles while the 2022 Tesla Model 3 Long Range Sedan provides over 96,000 miles.
The prices of the cars are also dynamic based on their condition, mileage, and other features. 2018 BMW i3 94Ah Sedan with around 40,000 milages is available for $16,779. Many promising cars such as the 2021 Tesla Model 3 Standard Range Plus Sedan with over 85,000 milage are available for only $20,955.
Meanwhile, the 2022 Tesla Model Y Long Range SUV (31,647 miles) and 2022 Tesla Model Y Long Range SUV (32,056 miles) are available for over $40,000. You can check out the cars, their details, prices, and availability through their official website. The company is expected to add more in the coming days as it begins selling 1/3 of its EV stock.
Why is Hertz selling its electric cars?
Hertz has shared various reasons behind its decision to replace their electric vehicles’ with gas vehicles. They have said that people are more likely to get into accidents with EVs due to the technological differences. EVs pick up speed much more quickly than gas vehicles and it is heavier to drive. EVs are also costly to repair which adds to the cost of the company.
Hertz is selling 20,000 electric vehicles and scaling back its EV fleet.
• This comes after Hertz made a big bet on EVs in 2021, ordering 100,000 cars from Tesla.
• However, Hertz has faced challenges like rising repair costs for EVs and weak demand.
• Consumers have… pic.twitter.com/khqFnTw1cj— isura (@isura) January 12, 2024
However, the major reason for their decision is the unforeseen 30% price drop of Tesla. The New York Times explains that when a company unexpectedly drops the prices of their vehicles it directly affects the sale of used vehicles. People are more likely to purchase a brand-new car than invest the same amount in a used vehicle for obvious reasons.
This leads to used car sellers being forced to lower the prices of their fleets to make them attractive to purchasers. The cutdown cost erases the chances of profits and at times forces companies to use their funds to support the cost difference after the price drop.
Hertz chief executive, Stephen Scherr, emphasized this issue in an interview on Thursday stating that ‘certain EVs became uneconomical for them’ which forced them to replace the EVs with gasoline vehicles. This decision is likely to affect the climate policies and aims of the nation.
