Hertz Offers EV Renters Chance to Buy Their Rented Cars at Discounted Prices

Elliot Kim

Elliot Kim

December 27, 2024 · 3 min read
Hertz Offers EV Renters Chance to Buy Their Rented Cars at Discounted Prices

Hertz, the car rental company, has started contacting its electric vehicle renters with an unexpected offer: the chance to buy their rented cars at discounted prices. According to reports, renters of Teslas and Polestars have received emails from Hertz with low-cost offers to purchase their rental vehicles, which could be a win-win for both parties.

The offers, which appear to be limited to electric vehicles, come with prices similar to those listed on the Hertz Car Sales site. One renter of a 2023 Model 3, for example, was offered a price of $17,913, which is comparable to current listings on the site. Another renter was offered a 2023 Chevy Bolt for $18,442, while a Polestar 2 renter was quoted a price of $28,500. The used cars come with a limited 12-month, 12,000-mile powertrain warranty and a buy-back offer within 7 days.

When asked about the strategy, Hertz's communications director, Jamie Line, confirmed that it's not a new offer, but rather an extension of the company's existing sales channels. By connecting rental customers who opt into their emails to their sales channels, Hertz aims to build awareness of its car sales business and offer a unique opportunity to customers who may be in the market for the same car they have on rent.

The move comes as a surprise, given Hertz's recent scaling back of its ambitions to electrify its rental fleet due to low customer demand and repair difficulties on some models, including the Tesla Model 3. In February, the company announced that it would no longer purchase Polestar 2 vehicles, and marked 30,000 Teslas to sell off from its rental fleet.

Despite this, the offer could be a smart move for Hertz, allowing it to clear out inventory and generate revenue from its existing fleet. For renters, the opportunity to buy their rental car at a discounted price could be an attractive option, especially given the current market conditions. As the electric vehicle market continues to grow, it will be interesting to see how Hertz's strategy evolves and whether other car rental companies follow suit.

The development also raises questions about the future of electric vehicle adoption and the role that car rental companies can play in promoting sustainable transportation. As more people become familiar with electric vehicles through rentals, it's possible that we'll see an increase in demand for these cars, driving growth in the market. With Hertz's offer, we may be seeing the beginning of a new trend in the electric vehicle industry.

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