Tesla CEO Elon Musk recently nixed hopes of a regular Tesla model ever selling for $25,000.
But he was talking about new models. For car rental company Hertz, the race to sell used Teslas and other EVs at ever-lower prices is not only still on but accelerating.
Hertz had kicked off 2024 by announcing it was trying to get rid of 20,000 previously rented, used electric vehicles at “no-haggle prices” before the end of the year. By the end of April, that figure had risen to 30,000 EVs, with average selling prices of around $25,000.
Now, with less than two months to finish the year, prices are reaching new lows. Up high on the sales page of the car rental company’s website, you can find used Teslas going for less than $20,000, Chevrolet Bolt EVs under $14,000, and Hyundai Kona electric SUVs under $13,000.
And for car buyers ready to act fast, those vehicles are still eligible for the Biden administration’s $4,000 tax incentive for used EVs. It was recently reported that the incoming Trump administration intends to end federal tax credits upon the purchase or lease of EVs.
Hertz-certified EVs are given a 115-point inspection and include a 12-month or 12,000-mile limited powertrain warranty. The car rental company also sells vehicle protection plans that last beyond the warranty.
Buyers can also return a vehicle within seven days or 250 miles after their purchase, whichever comes first.
Hertz decided to electrify its fleet of rental vehicles back in 2021, ordering hundreds of thousands of Teslas, Polestars, and GM models. The move initially made sense, as maintenance costs for EVs are much lower than for gas-powered vehicles.
But the car-rental company got blindsided by Tesla’s moves to slash the price of new models, which drastically reduced the value of used vehicles. By 2023, Hertz’ EV fleet faced an accelerating rate of depreciation it could no longer handle, triggering the fire sale.
BYD has launched the third-generation Qin Plus DM-i in China, and the first thing that caught my eye is its price. According to CarNewsChina, the plug-in hybrid sedan starts at 79,900 yuan, which is about $11,980. That’s an incredibly low price for a brand-new car, especially by US standards.
What’s even more impressive is the range. The Qin Plus DM-i can drive up to 137 miles on electricity alone, which should cover most people’s daily commutes without using a drop of gas. Once the battery runs out, the 1.5-liter engine takes over. Thanks to its 17-gallon tank and roughly 91 mpg with a drained battery, the combined range reaches up to 1,423 miles.
Apple won the PC market’s worst quarter, but that’s not the entire story. It won the race by stumbling less than everyone else.
PC makers shipped just 57 million computers worldwide in Q3, which might look good, but it’s a 21% year-over-year plunge (via Counterpoint Research). And despite Apple’s Mac shipments falling by 11%, to 5.6 million, its market share rose from 8.7% to 9.8%. How did that happen?
Update (October 22 23:54 PT): In response to our query, GM clarified that offline recording support is already available on eligible vehicles. Like Tesla's Sentry Mode, it requires owners to connect a USB drive to save incident recordings, which can be viewed on the vehicle's infotainment screen. The upcoming Connected Cameras feature will build on this by giving owners remote access to these recordings via the revamped OnStar app, allowing them to check footage without walking out to their car.
General Motors has announced plans to add a new Connected Cameras feature to its OnStar service starting next year, giving drivers a way to monitor parked vehicles remotely and capture footage of certain incidents.