Cheap EV Rentals: Hertz Offers Discounts

Hertz Offers Renters the Chance to Purchase EVs

Recent reports indicate that Hertz is proactively contacting individuals currently renting electric vehicles, presenting them with an opportunity to purchase their rental instead of returning it. This initiative was first highlighted by The Verge.

Attractive Purchase Offers

Renters who have shared details on Reddit suggest the offers are exceptionally appealing. One individual received a proposal to buy a 2023 Chevy Bolt for $18,442.

Another renter was presented with the option to acquire a 2023 Tesla Model 3, already with 30,000 miles, for $17,913.

Furthermore, a Polestar 2 was offered to a renter for $28,500.

Warranty and Buy-Back Provisions

To sweeten the deal, Hertz is including a limited 12-month or 12,000-mile powertrain warranty with each purchase.

Additionally, a seven-day buy-back option is being extended to potential buyers, providing further peace of mind.

Context of Fleet Reduction

These offers emerge approximately one year after Hertz announced plans to reduce its EV fleet by a third, primarily consisting of Tesla vehicles.

The decision was attributed to diminished demand and unexpectedly high repair expenses.

Hertz’s Vehicle Sales Practice

Hertz has a pre-existing practice of selling vehicles, including those powered by gasoline, and contacting renters to gauge their interest in purchasing their current rental.

However, the current EV deals are particularly noteworthy, offering substantial discounts on vehicles that are often financially out of reach for many consumers.

The relatively low mileage on some of the offered vehicles adds to their appeal.

Financial Impact of EV Sell-Off

The accelerated sale of newer EVs contributed to a $937 million vehicle depreciation charge for Hertz in the third quarter.

This represents a significant increase compared to the previous year, with depreciation per unit reaching $537.

The company anticipates that depreciation per unit will stabilize to below $300 by the close of 2025.

This report has been updated to provide additional information regarding Hertz’s vehicle sales operations.