Rental cars may be about to flood the used car market as companies like Hertz go bankrupt. (lease, car rental)
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"It's routine for rental-car companies to sell their cars after they've been in service for a year or two. Hertz offers no-haggle pricing, which saves you the trouble of negotiating for the price of a car.
For example, Hertz recently put some yellow 2019 Chevrolet Corvette Z06s on sale for nearly $20,000 lower than comparable 2019 Z06s. And the 2020 Toyota Corolla with the LE trim costs $20,208 when new on Autotrader. But used and on the Hertz website? It's $15,129 at a no-haggle price.
One thing to note, however, is that rental companies typically order the most basic of trims for their fleets. So if you're someone who likes fully loaded and well-optioned vehicles, the pickings will probably be slim for you. "
"Hertz also offers a Rent2Buy program, which is something that should definitely be taken advantage of. Basically, Hertz will let you rent one of its used rental cars for essentially a three-day test period at a low rental rate. That means you can take your time with testing it out, check and see if anything needs work, and even take it to an independent mechanic to have it looked over."
Almost makes me wish I wasn't in the middle of my 10-15 year ownership period on my V6 camry.. but I paid cash for it when it had 22K miles on it and won't be getting another car any time soon. Not a bad price, though an out of lease Camry from 2018 could probably be had for similar money. No need to pay thousands more just because the car is 2020.
"It's routine for rental-car companies to sell their cars after they've been in service for a year or two. Hertz offers no-haggle pricing, which saves you the trouble of negotiating for the price of a car.
For example, Hertz recently put some yellow 2019 Chevrolet Corvette Z06s on sale for nearly $20,000 lower than comparable 2019 Z06s. And the 2020 Toyota Corolla with the LE trim costs $20,208 when new on Autotrader. But used and on the Hertz website? It's $15,129 at a no-haggle price.
One thing to note, however, is that rental companies typically order the most basic of trims for their fleets. So if you're someone who likes fully loaded and well-optioned vehicles, the pickings will probably be slim for you. "
"Hertz also offers a Rent2Buy program, which is something that should definitely be taken advantage of. Basically, Hertz will let you rent one of its used rental cars for essentially a three-day test period at a low rental rate. That means you can take your time with testing it out, check and see if anything needs work, and even take it to an independent mechanic to have it looked over."
Really.....even if they “flood” the market you’re looking at a small amount of cars compared to the millions of cars bought and sold on the used market.
Really.....even if they “flood” the market you’re looking at a small amount of cars compared to the millions of cars bought and sold on the used market.
I agree. 9 million used cars changed hands in 2019. Hertz' entire fleet is about 500K cars. That's about 5.5% of the total sales. It's a big number but not enough to crash the used car market. Besides, Hertz isn't going anywhere and will probably only downsize a minor percentage of their cars.
I agree. 9 million used cars changed hands in 2019. Hertz' entire fleet is about 500K cars. That's about 5.5% of the total sales. It's a big number but not enough to crash the used car market. Besides, Hertz isn't going anywhere and will probably only downsize a minor percentage of their cars.
And as soon as there is a vaccine or the CV19 is kept under control people will travel and they will need cars
I agree. 9 million used cars changed hands in 2019. Hertz' entire fleet is about 500K cars. That's about 5.5% of the total sales. It's a big number but not enough to crash the used car market. Besides, Hertz isn't going anywhere and will probably only downsize a minor percentage of their cars.
Plus they probably flip their fleet every couple of years anyway so of that 500K only 250K would be over and above what would be typical. And one of the big car rental companies going under would probably increase demand for used cars anyway.
Also the market will drop ONLY on those models. If we’re looking at a Whatever LX model it may be something someone wants as a daily driver for a long commute. They keep it till it is a pass me down, give it away or worthless to sell for anything other than scrap or a better deal comes along like I do.
And in some cases it may not even make a difference. Just because I got a good deal doesn’t mean I’m gonna pass that along when I sell it. Used cars aren’t like houses when it comes to market flooding.
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