Hertz Asking EV Customers to Buy the Vehicle They Just Rented

At one time, Hertz wanted to be known as the leader in renting electric vehicles to travelers, ride-share drivers, and anyone else needing a temporary car. Now, however, the car rental company seems to be on a mission to unload its fleet of EVs.

Hertz reached out via email to numerous EV renters, asking them if they would rather purchase the vehicle in lieu of returning it. One Reddit user, who had rented a 2023 Tesla Model 3, posted that the company offered to sell the EV for $17,913. A 2023 Chevy Bolt was purportedly offered to another customer for $18,442. A Polestar renter said Hertz attempted to sell the EV to them for $28,500.

Hertz trying to sell you the car you’re currently renting now?
byu/mkzio92 inHertzRentals

“By connecting our rental customers who opt into our emails to our sales channels, we’re not only building awareness of the fact that we sell cars but also offering a unique opportunity to someone who may be in the market for the same car they have on rent,” the company’s used cars communications director Jamie Line told The Verge.

Hertz Backtracks on EV Commitment

In 2022, Hertz announced a plan to buy 100,000 EVs from Tesla. That same year, the car rental company made a deal with GM to purchase 175,000 EVs over five years. It then opened an order with Polestar, a Swedish EV maker, for 65,000 vehicles to be delivered over five years as well.

However, renting EVs was not as lucrative as expected. The company soon found customers weren’t that excited about them, plus the upkeep of an EV fleet became somewhat of a challenge.

By the end of October 2023, Hertz only owned 35,000 of the original 100,000 Teslas ordered. In addition, the car rental giant backtracked on the Polestar deal, canceling the delivery of additional EVs beyond what it already had. It remains unclear the current status of the GM partnership.

In January 2024, the company announced it was selling 20,000 EVs to make room for gas-powered cars. In a filing with the Securities and Exchange Commission, it reported “approximately $245 million of incremental net depreciation expense related to the sale.”

With an expanding charging infrastructure and growing consumer acceptance of EVs, Hertz will likely look for ways to improve the profitability of its existing electric vehicle fleet. For now, though, asking current EV renters to buy could be another sign the car rental company is pausing its initial push to be the king of electric vehicle rentals.