You Can Now Buy a Used Tesla for Just $21,000

You Can Now Buy a Used Tesla for Just $21,000 Thanks to a Cheap Sale from Hertz

Hertz's sale offers an enticing opportunity for those in the market for a used electric vehicle. With prices as low as $21,000, you could drive a Tesla sooner than you think.

Hertz's strategic move to purchase a fleet of 100,000 Tesla vehicles post-bankruptcy has significantly influenced the electric vehicle market. Now, with many electric vehicles priced under $30,000, including a Tesla for up to $21,000, the market is more accessible than ever.

The sale comes at low prices after Hertz's huge bet on electric cars declined, thanks to weak demand in the United States. In the first quarter, just under 269,000 electric vehicles were sold in the United States, an increase of 2.6% yearly, according to the data analyzed by Kelly Blue Book. But last year, during the same period, sales rose 46.4% year over year. Electric vehicle sales in the first quarter of this year also decreased by 15.2% compared to the fourth quarter of 2023.

Tesla CEO Elon Musk's numerous cutbacks over the past year have also reduced the value of Hertz's Teslas. The car rental company said in January that it was looking to sell 20,000 cars, or a third of its electric vehicle fleet, by the end of the year. It raised this number to 30,000 after announcing lackluster first-quarter results and a $195 million loss in the value of its electric cars. The company also warned that its agreement to purchase 175,000 electric cars from General Motors and 65,000 from Polestar may take longer than expected.

Hertz waited to respond to Fortune's request for comment.

However, Hertz's misfortune is a dream for used car buyers looking for a good deal. On the company's website, potential buyers can find Tesla cars ranging in price from $21,000 to $36,000, most of which are 2022 and 2023 models. Hertz is also selling several 2023 Chevy Bolt SUVs for about $16,000. Vehicle prices vary in part because of the miles they have accumulated. Some vehicles have higher than average mileage for their age because they were used as rental cars.

According to data from Bloomberg Green, the long race to market a new affordable electric vehicle has become a reality in the United States due to fierce competition between Tesla, Hyundai Kia, and General Motors. Each of these companies now offers long-range electric vehicles that can travel 300 miles without stopping to charge for less than the average price of a new car in the United States. However, the cheapest model, the 2024 Hyundai Ioniq 6, costs $47,000. On the horizon are a $25,000 electric Jeep that Stellantis announced last month and a new Chevy Bolt EV that GM's North American president said will be "the least expensive car on the market by 2025."

Experts say the dominance of electric vehicles is inevitable, but gas-powered cars and plug-in hybrid electric vehicles are rising for now. However, when it comes to used cars, Hertz's deep discounts on electric cars will make it easier for potential buyers to walk away.