US car rental company Hertz made a big bet on electric vehicles in 2021, purchasing 100,000 Tesla Model 3s for $4.2 billion, along with other electric vehicles. That bet didn’t pay off for the company, but it could still pay off big for potential electric vehicle customers, as Hertz has now become one of the leading resellers of used electric vehicles. Net worth reported.
Browsing Hertz website in June, buyers were able to find a You’re here 2022 or 2023 model for as little as $19,500, as well as a 2023 Chevrolet Bolt SUV for less than $17,000, among others. These prices are great deals for the US EV market, especially since one of the reasons Hertz is selling these cars is that they’ve had trouble leasing them at the expected prices, because reported by Forbes. This means that many vehicles are barely used.
Some of the vehicles for sale will even be eligible for an amount of up to $4,000 in federal tax credit for used electric vehicles, making them even cheaper (although it’s important to check IRS updates and information on qualifying models carefully).
Hertz primarily blames Tesla for its missteps here. The rental company said Tesla’s price cuts in 2023 undermined its own business plan around cars by hurting their resale value and that electric vehicles could be twice as expensive. expensive for collision repairs like their traditional gas-powered rental cars.
As The reader As we’ve pointed out, this sequence of events inadvertently allowed the legendary $25,000 Tesla to come to fruition (in a way). Tesla CEO Elon Musk has long hinted at it – and, sometimes, definitely promised – a $25,000 model, but by all appearances it shifted the company’s focus on that project to other things, like Electrek reported earlier this year.
While some might criticize the company for building arguably the world’s least attractive truck, Tesla has also been working on developing a more affordable battery cell and has sparked intrigue with an updated, weather-resistant version. water from the Powerwall home energy storage system.
Watch now: Leading yogurt producer reveals how the company is evolving to meet new consumer demands
Hertz and Tesla apparently made a few blunders here, but the end result could be great news for an American car buyer looking to get started with electric vehicle ownership.
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Electric vehicles create significantly less air pollution that causes the planet to overheat than traditional gasoline cars, and could save you a lot of money on gasoline and maintenance in the long run. And now that electric vehicle prices are falling, that long term isn’t so long at all.
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