Hertz's fire sale is driving down prices of used Teslas to under $21,000

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Hertz Global Holdings, the world's leading rental car company, has been making headlines with its recent decision to sell off a significant portion of its electric vehicle (EV) fleet. This move has led to a surprising drop in the market price of used Teslas, with some models now available for less than $21,000.

 

Image: Hertz Car Sales

 

Hertz’s ambitious plans to embrace the EV revolution hit a roadblock as the demand for electric vehicles in the U.S. began to wane. The company had previously announced a strategy to acquire a fleet of 100,000 Teslas post-bankruptcy. However, the weakening demand coupled with several price cuts by Tesla CEO Elon Musk led to a depreciation in the value of Hertz’s Teslas.

 

The company responded by announcing its intention to sell 20,000 vehicles, nearly a third of its existing EV inventory. This number was later increased to 30,000 following a $195 million hit on the value of its electric vehicles.

 

The company’s website now lists a range of Teslas, most of which are models from 2022 and 2023, at “no-haggle” prices varying from $21,000 to $36,000. This presents a unique opportunity for potential buyers to acquire a Tesla at a significantly reduced price.

 

Is this the right time to invest in a used Tesla? As the auto industry continues to evolve, and the transition to EVs becomes inevitable, could Hertz’s fire sale be the golden opportunity for potential EV owners? Share your views in the comments below.

 

 

Read more:

• https://fortune.com/2024/06/07/buy-used-tesla-hertz-fire-sale/
• https://www.cnbc.com/2024/06/06/ev-sales-slump-hertz-dump-take-used-tesla-to-no-haggle-25000-price.html
• https://www.thedrive.com/news/the-25000-tesla-is-real-thanks-to-hertz-fire-sale
• https://www.thestreet.com/video/hertz-sells-off-tesla-fleet-at-discounted-price-as-ev-sales-slump

 

Images: Andreistanescu, Ricochet69 | Dreamstime.com