Rental car company Hertz filed for bankruptcy amid the coronavirus pandemic in May and is now selling its inventory of used cars online.
The cars on Hertz Car Sales are being sold at an average of 8% below the vehicle’s average market value, according to car search engine and automotive research firm iSeeCars.
The list is topped by the BMW 7 Series, which is currently being sold at a 14.7% discount.
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Rental car company Hertz has filed for bankruptcy amid the coronavirus pandemic and is now selling its inventory of used cars online at a discount price.
There are several ways to purchase used rental vehicles, but now may be the best time to take advantage of the rental car company’s sale: Hertz is currently selling its cars at an average of 8% below the car’s market value, according to car search engine and automotive research firm iSeeCars. This translates to an average of $1,389 in savings, which is a 43.3% increase from April’s average of $969.
iSeeCars also compiled a list of 25 vehicles posted by Hertz Car Sales that are currently being sold for the highest percentage below market value, therefore offering the greatest discounts.
The list is topped by the BMW 7 Series, which is currently being sold at 14.7% below its average market value with Hertz. This translates to about $6,877 in savings at an average price of $42,680.
To compare, a new 2020 BMW 740i sedan currently has an MSRP of $86,800.
“The vehicles with the greatest discounts are a mix of vehicle types across a wide range of price points, so shoppers in the market for a late-model used vehicle should consider these cars,” iSeeCars CEO Phong Ly said.
According to the iSeeCars study, rental cars sold in May had logged 31% more miles than used cars from the average dealership. However, cars under specific segments that aren’t popular as rental vehicles, such as luxury cars, can often have a lower mileage, according to Ly.
iSeeCars analyzed over 20,000 used cars from the 2017 to 2019 model year that were listed by Hertz Car Sales in May 2020 for the study. The prices and mileages of the cars were then compared to other used car dealerships to establish the change in market value.
Purchasing a used rental car may be a wise financial investment despite stigmas around the vehicles. Here are the 25 vehicles that are most likely to stretch the wallets of prospective used car buyers who plan to shop with Hertz:
25. Ford Focus — 10.2% below market value
The 10.2% results in an average of $1,206 in savings.
24. Chevrolet Impala — 10.4% below market value
The Impala has been discontinued by Chevy but can be an affordable option for customers looking for a roomy vehicle, according to Ly. Its 10.4% average drop in market value with Hertz is equivalent to about $1,880 in savings.
23. BMW X3 —10.5% below market value
Hertz’s 10.5% discount on the BMW X3 translates to an average of $3,502 in savings.
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