(Photo courtesy insider.com)
Bad news for Hertz, good news for you!: Looking to buy a car? I’ve got great news. Rental car company Hertz has filed for bankruptcy, and now they’re selling their low-mileage used vehicles at bargain prices.
Hertz (or Hertz Global Holdings Inc. when they’re in trouble with their mom) filed for Chapter 11 bankruptcy on May 22. According to its bankruptcy filing, the company had racked up more than $24 billion in debt by the end of March, with only $1 billion in available cash. Yikes!
As a result, Hertz is selling more than 23,000 cars of various makes, models, and prices from their fleet. Many of the cars are selling for below market value due to the drop in used car prices caused by the decline in auto sales during the pandemic.
Hertz has listed the available cars on their website. The volume of cars for sale in an area depends on the location used in the search.
But wait, here’s the best part: you don’t even have to leave your home. Vehicles are delivered free up to 75 miles, and if you live within that radius, Hertz will bring the car to you for a test drive.
Of course, the idea of buying a used rental car makes some people nervous. Renters generally have little incentive to treat a car gently. However, rental car companies maintain the cars well to preserve as much value in them as possible and to make sure their customers don’t have issues with them.
Hertz is offering some good prices, but as with any large purchase, it’s important to do your research beforehand.