Hertz to sell used Teslas at Fire Sale Prices

atikovi said:
Sold mine for $5000. Most people drive less than 40 miles a day if they live in a big city so not a significant issue. That's why I picked up another one to sell.
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I usually drive about 40 miles a day, except when I don't. I run up about 16,000 miles per year on my leaf.
 
It seems that the initial hype around EVs isn't holding up as strongly as expected. The challenges with sales might indicate that consumers are still cautious or unsure about fully transitioning to electric vehicles. This situation with Hertz reflects the broader market's hesitation and highlights some of the hurdles EVs still face in gaining widespread acceptance.

or...

I guess that the "green washing" of EV's isn't working out, at all.

.
.
.

Take your pick.
 
GON said:
Rental car companies are inherently a slimy business. Earlier this week Avis charged me by AI for five gallons of fuel, on a 90-mile rental, when I fueled up just before turning the rental in. I am a "top tier" Avis customer, but their business model doesn't change based on how frequent a customer is.

Avis claims to have the ability to know the exact level of fuel the vehicle left agency with, and the exact level of fuel I returned the vehicle with. All a fraud processed by AI. But, Avis knows guys like me have limited options, and the time it takes to dispute the charges is not worth it. Just like Hertz liquidating Teslas, not worth the time in their assessment to try and get at or near retail.

Numerous issues as another contributor to this thread pointed out. What is a like Tesla selling for non-Hertz, what diminished value does a car being a prior rental have on used EV prices, what happens to prices when a fleet manager wants to sell 50k used EV vehicles in under ten days, etc.
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I agree 100% with the first two paragraphs, and will add rental car companies suck imo. The third paragraph however is something their upper level management has to decide. Bottom line is they screwed up, and I have a feeling they might not care what happens to the used EV market in the short term. Short term meaning how they get out of their mistake without sinking their ship. HTZ track record in all of this sucks, so I would expect them to make more mistakes in trying to get out of this mess, and not care about collateral damage. Time will tell.
 
Hertz is not giving away EVs for any less money than they can sell them for. The consumer (marketplace) determines the price. Hertz is desperately trying to cut their loses and get back to the ICE
They keep reducing their prices because no one wants them (slow sales) at the higher prices they tried for.
 
Invisible said:
It seems that the initial hype around EVs isn't holding up as strongly as expected. The challenges with sales might indicate that consumers are still cautious or unsure about fully transitioning to electric vehicles. This situation with Hertz reflects the broader market's hesitation and highlights some of the hurdles EVs still face in gaining widespread acceptance.

or...

I guess that the "green washing" of EV's isn't working out, at all.

.
.
.

Take your pick.
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Both
 
GON said:
I think one would have to identify the reason for HTZ selling their electric vehicles at a implied discount to used retail prices.

My garage is filled with Mobil 1 Annual Mileage, Shell Rotella Gas Truck Oil, Pentosin Euro 0w40 oil, etc. I paid about a $1 USD per quart/ liter for this oil that was being dumped by AutoZone, Tractor Supply, etc..

The "dumping" of the above high-quality oils didn't equate to the oil being of ill quality- simply the retailers wanted to make room for other products, and apparently found selling the above oil at fire sale prices was the best way to quickly free up shelf space for other products.
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This is why I love BITOG. A post gives us the sorry status of rental car companies liquidating their ill-thought-through EV fleets, and an illustrious responder quickly pivots to his oil stash, brands, and the bargain prices scored on the stash.

Thank you, thank you, thank you.
 
alarmguy said:
I dont know anything about an agreement. Hertz was giving the reason for the massive losses they were hit with.

"Moreover, not long after it started purchasing Teslas, price cuts as well as the reintroduction of the $7,500 new EV tax credit meant the Model 3 and Model Y became dramatically cheaper. Sometimes literally overnight. Those cars settled down in the mid-$30,000 range and low $40,000 range, respectively. That may be good for consumers in search of a deal, but it had the effect of hurting resale value. Hertz had effectively overpaid for vehicles that it would not be able to get anywhere near as much of a return on when it was time for them to be sold, and resales are a huge source of revenue for rental companies."

Source -
https://insideevs.com/news/704275/hertz-ice-tesla-2024/
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I was referring to your post. "It fact Hertz CEO slammed Musk and broken promises which included(lack of better word) the reduced price of new Tesla's was killing them on resale value" If they had an agreement to price fix it was illegal.

Also no honor amongst thieves :ROFLMAO: :ROFLMAO: :ROFLMAO: :ROFLMAO: :ROFLMAO:
 
People are known for abusing vehicles. Running engines low on oil and driving on underinflated tires defines many of 'us'..

How in heck could any mass rental company think providing "super-cars" which require an insane level of societal interaction to recharge was a good idea?

And yes, requiring customers to go to unknown places for hours to recharge a car is insane.

edit: How many Teslas did Hertz buy? How many Ford Shelby GT350's did they buy back then...when they featured them in commercials.
 
SC Maintenance said:
I was referring to your post. "It fact Hertz CEO slammed Musk and broken promises which included(lack of better word) the reduced price of new Tesla's was killing them on resale value" If they had an agreement to price fix it was illegal.

Also no honor amongst thieves :ROFLMAO: :ROFLMAO: :ROFLMAO: :ROFLMAO: :ROFLMAO:
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Ahhhh .. yes I worded that very poorly. No surprise there!
How about like this :unsure:

In fact Hertz CEO slammed Musk for misrepresenting things to Hertz. Then came along the price reductions Tesla needed to make in order to keep cars selling which further was killing Hertz on resale value. Then throw in the renewed taxpayer rebate which further killed them.
 
alarmguy said:
Battery operated EVs are the equal (if you're old enough to know) of the Bic disposable lighter. Im not sure the public will mind too much as they will last a long time, I think.
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This is something I see a lot of in the firearm world. A whole boatload of people demanding 20,000 round barrel life when they shot less than a case of ammo last year. Once expectation = actual use case, BEV makes a TON of sense for a vast majority of users with the infrastructure to appreciate them.
 
Ws6 said:
This is something I see a lot of in the firearm world. A whole boatload of people demanding 20,000 round barrel life when they shot less than a case of ammo last year. Once expectation = actual use case, BEV makes a TON of sense for a vast majority of users with the infrastructure to appreciate them.
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Hey, I own 3 Taurus (38sp, 9mm & 380) so know what you are talking about, though, they carry a lifetime guarantee I doubt I will ever use it. Been years now, hundreds of rounds at the range, CWP both wife and I, though we dont go often anymore, none of them ever gave us any trouble. I could maybe count on one hand the FTF on the 38 or jam on the 380, the 9 flawless. The 9 shoots like a luxury car rides, its my wife's gun and she just shy blew out the center star on a target in our CWP test,
 
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To Hertz C-Level: "Blame yourself!"
They paid full price just like you and me, no fleet deals.
Teslas operate differently, from unlocking the door to one pedal driving. My guess is the majority of renters struggled with the differences and became frustrated.
I rent to use the vehicle, not to sit on a Supercharger. And not every area enjoys the number of Superchargers as Silicon Valley...

It never made any zero business sense, except for someone who wants a sweet deal on a used Hertz Tesla.
 
alarmguy said:
Hertz is not giving away EVs for any less money than they can sell them for. The consumer (marketplace) determines the price. Hertz is desperately trying to cut their loses and get back to the ICE
They keep reducing their prices because no one wants them (slow sales) at the higher prices they tried for.
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And as has been stated Hertz only sold Teslas at reasonable prices for about a week, now most are priced above market rates as compared to other sources.

I and some others noted this month’s ago, so they must not be all that desperate to sell when they price them above competitors
 
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