You Can Now Drive Home A Tesla Model 3 For As Low As $14K - Here's How

Rental company Hertz Global Holdings Inc HTZ has put its fleet of Tesla Inc‘s TSLA Model 3 vehicles on sale for prices starting at $14,000.

What Happened: Hertz is selling some of its Tesla Model 3 vehicles at appealing prices. After making a significant acquisition of 100,000 Model 3 vehicles in 2021, the company has been steadily expanding its Tesla fleet, recently integrating Model Y vehicles into its inventory, according to a report by Electrek on Wednesday.

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The used vehicles are being sold directly on Hertz’s website. Several of the Model 3s are listed for as low as $17,700. With the U.S. tax credit of $4,000 for used EVs, some of these vehicles could be purchased for as little as $14,000. Potential buyers are encouraged to consult their local Hertz representative for tax credit eligibility.

Due to high mileage and wear from rental usage, these vehicles are priced low. Although the lowest-priced cars have already been sold, several are still available in the $20,000-$25,000 range, which would still qualify for the tax credit. For those interested in transitioning to electric on a budget, this presents a unique opportunity to acquire vehicles that could last for several years and save thousands in fuel costs.

Why It Matters: This came after Hertz CEO Stephen Scherr last quarter reflected on Tesla's impact on its business during the company’s Q3 earnings call. The company reported that the high cost of collision and damage repair for electric vehicles, primarily Tesla, impacted their results negatively.

The trend of phasing out Teslas from rental fleets was also seen in Europe’s largest car rental company, Sixt SE, owing to the higher repair costs of electric cars as compared to combustion engine vehicles coupled with lower resale values.

Despite this trend, Tesla and its CEO Elon Musk continued to promote renting Teslas through Hertz as a great opportunity for customers to test the vehicles before purchasing.

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Photo by Grzegorz Czapski Via Shutterstock