Hertz’s bankruptcy could result in thousands of vehicles flooding the used car market, but is buying a rental car a good idea?
It can be, in certain cases, as CNN found they typically cost significantly less than other used vehicles.
Even before the coronavirus pandemic, rental car companies would sell former fleet vehicles to the public. These models are typical just one or two years old and can be purchased with haggle-free pricing.
Also Read: Hertz Bankruptcy Could Lead To Rental Fire Sale Dealing Massive Blow To Used Car Market
If that wasn’t temping enough, the publication notes a study conducted by Edmunds found rental car companies typically sell their vehicles for 5-15% less than used car dealers. This can result in significant savings, but your options will be relatively limited.
Besides discount pricing, rental car companies offer some interesting perks to entice buyers. In the case of Hertz, they’ll bring the car to you for a test drive if you live within 75 miles (121 km) of one of their locations. Hertz customers can also get a complimentary two-hour test drive or rent the vehicle for up to three days. If they decide to purchase the vehicle after renting it, the rental fees will be waived.
Of course, Hertz isn’t the only game in town and customers who buy from Enterprise can return their vehicle if they don’t like it within seven days. If this happens, they’ll be refunded the purchase price minus a $200 restocking fee.
Despite a number of benefits, there are some drawbacks. In particular, rental cars typically have higher mileage and renters might not treat them with tender loving care.
That being said, rental cars are typically well maintained. However, it’s always a good idea to do your homework and have the vehicle inspected – regardless of where you buy a used car from.
If you’re interested, you can check out used cars from Hertz and Enterprise at these links.
