Hard times often yield big bargains: Right now, rental car agency Hertz is selling its vehicles for a relative song.
The coronavirus-related economic slowdown pushed Hertz to file for bankruptcy protection. As the agency sells off its rental car fleet, it is cutting prices significantly, according to an analysis by iSeeCars.
The website looked at more than 20,000 used cars from model years 2017 to 2019 listed through Hertz Car Sales during May. It found that the vehicles could be purchased at an average of $1,389 below market value.
That is 43.3% more than the average discount for Hertz vehicles in April, iSeeCars notes. And other cars are selling at “savings far greater than average,” according to iSeeCars.
A total of 25 vehicles can be purchased at prices at least 10% below market value, it said. They include:
- BMW 7 Series: average price of $42,680 (13.7% below market value)
- Chevrolet Trax: $11,196 (13.4%)
- Mercedes-Benz A-Class: $28,555 (13%)
- Infiniti QX50: $27,760 (12.7%)
- Toyota Tundra: $31,383 (12.6%)
- Nissan Versa Note: $9,533 (12.4%)
- Buick Cascada: $15,564 (12.4%)
- Kia Forte: $10,851 (12.3%)
- Volkswagen Golf: $14,434 (12.3%)
- Nissan Quest: $13,874 (12%)
- Lincoln Continental: $24,313 (11.8%)
- Nissan Versa: $9,219 (11.8%)
- Cadillac CTS: $23,384 (11.6%)
- Chevrolet Silverado 1500: $24,265 (11.4%)
- Nissan Sentra: $9,887 (11.3%)
- Ford Fiesta: $9,737 (11.1%)
- Cadillac XT5: $29,647 (10.9%)
- Ford Taurus: $16,176 (10.7%)
- BMW 5 Series: $35,973 (10.7%)
- Volkswagen Jetta: $10,634 (10.7%)
- Mitsubishi Outlander Sport: $13,528 (10.6%)
- Hyundai Santa Fe Sport : $13,647 (10.6%)
- BMW X3: $29,073 (10.5%)
- Chevrolet Impala: $15,766 (10.4%)
- Ford Focus: $11,157 (10.2%)
Before jumping in and grabbing one of these deals, remember that buying a rental car comes with both pros and cons. According to iSeeCars CEO Phong Ly.
“Consumers might not consider used rental cars because they typically have higher mileage than late-model used cars that are often off-lease, but there are benefits to buying from a rental company including the fact that they are well-maintained and follow a regular maintenance schedule.”
Some types of vehicles might be better deals than others.
The average rental car sold in May had 31% higher mileage than most used cars from typical dealerships, iSeeCars notes. However, some types of cars — such as luxury cars — are not rented as often as other vehicles and may have substantially lower mileage counts.
In addition, rental cars can have advantages in other ways. For example, drivers who rent pickup trucks are unlikely to put them through the type of abuse that a truck might experience when used at a construction site, iSeeCars notes.
Do your homework before you buy any used car. For more tips, check out “5 Steps You Must Take Before Buying a Used Car.”