Tesla CEO Elon Musk lately nixed hopes of an everyday Tesla mannequin ever promoting for $25,000.

However he was speaking about new fashions: For automobile rental firm Hertz, the race to promote used Teslas and different EVs at ever-lower costs just isn’t solely nonetheless on, however accelerating.

Hertz had kicked off 2024 by asserting it was attempting to do away with 20,000 previously-rented, used electrical autos at “no-haggle costs” earlier than the tip of the yr. By the tip of April, that determine had risen to 30,000 EVs, with common promoting costs of round $25,000.

Now, with lower than two months to complete the yr, costs are reaching new lows: Up excessive on the gross sales web page of the car-rental firm’s web site, you’ll find used Teslas going for lower than $20,000, Chevrolet Bolt EVs underneath $14,000, and Hyundai Kona electrical SUVs underneath $13,000.

And for automobile patrons able to act quick, these autos are nonetheless eligible for the Biden administration’s $4,000 tax incentive for used EVs. It was lately reported that the incoming Trump administration intends to finish federal tax credit upon the acquisition or lease of EVs.

Hertz-certified EVs are given a 115-point inspection and embody a 12-month or 12,000-miles restricted powertrain guarantee. The car-rental firm additionally sells car safety plans that final past the guarantee.

Consumers may also return a car inside 7 days or 250 miles after their buy, whichever comes first.

Hertz determined to impress its fleet of rental autos again in 2021, ordering tons of of 1000’s of Teslas, Polestars and GM fashions. The transfer initially made sense, as upkeep prices for EVs are a lot decrease than for gas-powered autos.

However the car-rental firm received blindsided by Tesla’s strikes to slash the value of recent fashions, which drastically lowered the worth of used autos. By 2023, Hertz’ EV fleet confronted an accelerating price of depreciation it may now not deal with, triggering the hearth sale.