Hertz Rental Offering Tesla Model 3 For Cheap!

Photo By Seungho Yang (Source)

Hertz Rental Tempts Its Customers with Unbelievable Buyout Deals For Tesla Model 3

Looking to grab a fairly new, low-milage Tesla Model 3 for as low as $18,000? Well, this isn’t your typical year-end discounts scenario. Remember when Hertz made a deal with Tesla in an attempt to make EVs “mainstream” in 2021? Yes, now the same car rental giant is looking to get rid of its EV inventory at any cost. Reeling from its CEO’s recent resignation and a whopping $392 million loss in Q1 2024, Hertz had planned to unload around 30,000 EVs in 2024.

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It’s not that typical to see a Model 3 listed on Hertz’s used car listing portal, but when they do appear, they usually have high mileage. For instance, this used Model 3 is available for purchase at a price tag of nearly $20,000, but the odometer reading on this very car stands at 136,000 miles, which is quite high.

As these EVs are infamous for their high depreciation and poor build quality ( Sorry Elon! ), Hertz is working hard to cut their losses in the long run. They have been reaching out to their customers with buyout offers that seem too good to be true.

One Reddit user, who was renting a 2023 Tesla Model 3 with just 30,000 miles on it, received an unbelievable offer of $17,913 from Hertz on email! Although purchasing a used car (especially a rental) is always a risky affair, considering the low mileage on the car and the model year being fairly recent, this could be a great time for those looking to get their hands on an EV for cheap, especially if they land a deal similar to this Redditor. Just for comparison’s sake, the new 2025 Tesla Model 3 has a starting price of around $44,000.

Why Hertz is Getting Rid of Tesla Model 3 & Other EVs in Its Fleet?

Hertz’s plan to sell all their EVs (including Polestar) at such low prices is still unclear. Perhaps this Reddit user got lucky, but the plan to dump EVs has been public for a while now. Hertz is offloading its EV fleet due to unexpectedly high repair costs and significant depreciation. The company’s electrification dreams hit a snag with collision and damage expenses that can be twice as high for EVs compared to gas-powered vehicles. Plus, recent Tesla price cuts have tanked resale values even more. To better match customer demand and manage financial losses, Hertz is reverting back to gas-powered vehicles, though this change is not expected to be permanent.