Posted:7:42 AM PST · December 27, 2024
Image Credits:Rodin Eckenroth / Getty Images
Rebecca Bellan
Are you in the market for a cheap electric vehicle (EV)? Hertz has been contacting renters of EVs and offering them discounts to buy the car instead of returning it. According to reports from The Verge, the offers are quite attractive, with some renters sharing their experiences on Reddit.
Sweet Deals on Electric Vehicles
Hertz has been reaching out to renters who are currently leasing an electric vehicle from the company. The offers vary depending on the make and model of the car, but they seem to be significantly discounted compared to the market value.
- One renter was reportedly offered a 2023 Chevy Bolt for $18,442, which is almost $10,000 less than the sticker price.
- Another renter was offered a 2023 Tesla Model 3 with only 30,000 miles on it for $17,913. This is an impressive offer considering that this car typically retails for over $40,000.
- A third renter received an offer to buy a Polestar 2 for $28,500, which is also significantly discounted.
Additional Incentives
In addition to the discounted prices, Hertz is offering renters a limited 12-month, 12,000-mile powertrain warranty. This warranty provides peace of mind for buyers who may be concerned about the reliability of their new car.
Hertz is also offering a buy-back guarantee within seven days. If the buyer decides that they don’t want the car after all, Hertz will take it back without any issues.
Background on Hertz’s EV Sales
This development comes nearly a year after Hertz announced plans to sell off a third of its electric vehicle fleet. The company cited lower demand and higher-than-expected repair costs as reasons for the decision.
However, it appears that Hertz has changed its strategy and is now offering discounts on EVs to renters. This move is likely an attempt to clear out inventory and make room for new models.
Hertz’s History of Selling Cars
Hertz has a history of selling cars that it plans to offload, including gas-powered vehicles. However, the EV deals are particularly notable for buyers looking for a serious discount on what is often an unaffordable car.
The accelerated sell-off of somewhat new EVs has contributed to Hertz’s vehicle depreciation in the third quarter. The company recorded $937 million in vehicle depreciation, with a significant increase compared to the year prior. However, it expects the depreciation per unit to normalize to under $300 by the end of 2025.
Conclusion
Hertz’s decision to offer discounts on electric vehicles to renters is a welcome development for buyers looking for affordable options. With the added incentives of a powertrain warranty and buy-back guarantee, these offers are too good to pass up.
If you’re in the market for an EV, keep an eye out for Hertz’s future promotions. You may be able to snag a deal on a new car at a price that’s hard to beat.
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