Posted on 01/10/2024 10:57:23 AM PST by dennisw
Car rental service Hertz Global Holdings Inc (NASDAQ:HTZ) has started selling its used Tesla Inc (NASDAQ:TSLA) cars on the company website, months after it announced its intentions to scale back on the EV giant’s vehicles in its fleet.
What Happened: Hertz Inventory now shows about 518 Tesla vehicles for sale with about 455 Model 3 vehicles. The remaining are the EV maker’s best-selling Model Y.
The lowest price for a Tesla vehicle from Hertz’s inventory is $20,700 for a 2021 Tesla Model 3 Standard Range with solid black exteriors. The vehicle has traveled 86,929 miles and is located in Florida.
The lowest-priced Model Y available for purchase is a 2022 Model Y Long Range which has traveled 85,490 miles and is priced at $31,100.
For customers looking to buy a Tesla car who don’t mind if it was previously a rental, the inventory offers attractive choices as a custom-ordered Model 3 now starts at $38,990 and a Model Y at $43,990. Most of these vehicles are also within the battery warranty limits set by the EV maker.
Hertz CEO Stephen Scherr explained that the decline in the Manufacturer’s Suggested Retail Price (MSRP) of EVs, particularly Tesla, throughout 2023 led to a lower fair market value for Hertz’s EVs compared to the previous year.
This decrease resulted in larger losses and higher burdens in the event of salvage, negatively affecting EBITDA. Scherr emphasized that the third-quarter EBITDA margin would have been significantly higher if the entire fleet were traditional combustion engine vehicles.
What doesn’t make you stronger will kill you.
Yeah, no.
I wonder how much battery life is remaining on these cars.
People have been renting them to learn if they want to buy one.
And sales are down.
“...new battery was going to cost him $16,000.”
Just think of the butt-kicking gas engine you could buy with that money. Drop it in an old Camaro, Mustang or beat up pickup and go have some fun.
“I wouldn’t buy anything from Hertz”
In the late 60’s they had a fast Mustang that is really collectible. Different times.
DITTO, NEVER EVER EVER buy a former rental car.
People abuse rental cars. I know, I did.
The only thing EVs are good for is something to have around on the 4th of July.
The cost of owning an EV for rent, particularly Tesla, is higher than an ICE car. Hertz can’t repair them easily, parts are proprietary to Tesla and more expensive to replace, and people tend to be less careful about rental cars. Mechanics are generally loathe to work on even minor body panel repairs.
My brother-in-law was an owner/operator. He lived in Apple Valley. When CA passed the laws requiring "cleaner" trucks, he didn't have the money to upgrade. He sold his truck and house and moved to Cedar Rapids, IA.
“”””$20,700 for a 2021 Tesla Model 3 Standard Range with solid black exteriors. The vehicle has traveled 86,929 miles”””
Pretty steep price for a well-used rental car.
Buy an electric vehicle and not only will it self combust and the battery fail or the vehicle written off in the most minor accidents but the value will nose dive as well.
“The lowest price for a Tesla vehicle from Hertz’s inventory is $20,700 for a 2021 Tesla Model 3”
If they actually want to SELL any of these cars, they need to lop that last zero off the price - and no, I still would buy that car as I don’t need to ‘send a message’.
Used and abused battery
Boy, these Poison Ivy League CEO’s aren’t that bright.
85,000 miles on the battery doesn’t seem like such a great deal!!!
MOST gas powered rental cars are put up for sale at between 35,000 and 40,000 miles!!!
Gee, who could’ve seen this coming? Lol
I would've had to bite my tongue to keep from saying 'Sucker.'
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.