Want a cheap EV? Hertz distributes discounts to renters

Hertz has recently reached out to people renting electric vehicles, offering them the option to buy the vehicle instead of returning it. The Verge. According to some renters who shared the offers on Reddit, the offers are pretty sweet.

One renter was reportedly offered a 2023 Chevy Bolt for $18,442, another a 2023 Tesla Model 3 with just 30,000 miles for $17,913, and another a Polestar 2 for $28,500. In addition, Hertz offers a limited 12-month, 12,000-mile powertrain warranty and a seven-day buy-back offer.

The move to shed its fleet of EVs, most of which are Teslas, comes about a year after Hertz said it would. It sells a third of its EV fleetciting lower demand and higher-than-expected maintenance costs.

Hertz reported $937 million in vehicle obsolescence, due in part to brisk sales of new EVs. third quartera significant increase over the previous year and depreciation per unit of $537. The company said it expects depreciation per unit to fall below $300 by the end of 2025.