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If you’re in the market for an EV….
Posted on 5/11/24 at 10:01 am
Posted on 5/11/24 at 10:01 am
Hertz is selling off its fleet for a song….
Yahoo Finance
quote:
Hertz loses another $200 million from its EVs Hertz i
quote:
Hertz is increasing the number of EVs it will sell from its fleet — and will take a loss on those sales.
Car rental operator Hertz (HTZ) reported it lost another $200 million due to its EV gamble.
In its first quarter earnings report, Hertz said it “upsized” its prior EV fleet drawdown plans by an additional 10,000 EVs, which led to the company incurring a $195 million charge to vehicle depreciation for writing down the value of EVs held for sale.
The company previously said it would sell off 20,000 EVs from its fleet, meaning it will now dispose of 30,000 EVs in its fleet through the end of 2024. Add today’s charge to the $245 million write-down taken in Q4, and the company has now lost $440 million on its EV gambit.
Yahoo Finance
11
Posted on 5/11/24 at 10:02 am to Darth_Vader
EV sucks so much it's comical 
Posted on 5/11/24 at 10:03 am to Darth_Vader
Guess all those stupid Tom Brady commercials aren't working
Posted on 5/11/24 at 10:03 am to Darth_Vader
Anyone seriously considering that needs to run a storage health check. Those things have been supercharged more than most and I was expect higher than normal degradation along with the jizz that’s in most former rentals cars.
Posted on 5/11/24 at 10:03 am to Darth_Vader
There is a dealership here selling Subaru Solterra's at 10k off, with a 4k refund.
All have less than 5k miles.
All have less than 5k miles.
Posted on 5/11/24 at 10:05 am to RogerTheShrubber
I can't imagine the lack of chargers in Alaska 
Posted on 5/11/24 at 10:09 am to Darth_Vader
EV rental cars never made any logical sense. The entire value is being able to charge at home overnight.
Posted on 5/11/24 at 10:11 am to Bama and Beer
quote:
I can't imagine the lack of chargers in Alaska
Juneau has a lot, but you cant drive out of here either.
In fact, Juneau has more EVs per capita than any other town/city.
Cheap, local hydro grid.
Posted on 5/11/24 at 10:12 am to Darth_Vader
Why would someone want the inconvenience of a rental EV at this point in time? That seems like such an insanely dumb move by hertz.
This post was edited on 5/11/24 at 10:14 am
Posted on 5/11/24 at 10:12 am to Darth_Vader
"incurring a $195 million charge to vehicle depreciation"
Depreciation isn't an actual cash flow charge. You add it back in the cash flow statement. Like say you own a business and buy a car and depreciate it over 10 years at $4,000 a year. No one is actually coming to you and making you pay $4,000 a year. It's a non-cash item and gets added back in cash flow statement to find total cash flow for a year.
Depreciation isn't an actual cash flow charge. You add it back in the cash flow statement. Like say you own a business and buy a car and depreciate it over 10 years at $4,000 a year. No one is actually coming to you and making you pay $4,000 a year. It's a non-cash item and gets added back in cash flow statement to find total cash flow for a year.
Posted on 5/11/24 at 10:12 am to Darth_Vader
I rented a car once from the airport and was “upgraded” to an EV. I didn’t know much about them. Never again. A weekend trip and I had to roam the city looking for a rapid charger in order to make it back to the airport in time for my flight. Completely impractical if you’re going somewhere without a charger you can plug into overnight.
Posted on 5/11/24 at 10:16 am to Tiger in Gatorland
quote:
I rented a car once from the airport and was “upgraded” to an EV. I didn’t know much about them. Never again. A weekend trip and I had to roam the city looking for a rapid charger in order to make it back to the airport in time for my flight.
I park on the street, dont want to pay my building $500/mo for the garage with chargers. So that knocks me out of the conversation.
Posted on 5/11/24 at 10:29 am to Darth_Vader
I’m not even 100% against EVs but who tf would want to get an EV as a rental
Posted on 5/11/24 at 10:31 am to Pelican fan99
Y’all are missing the intent. Rental car companies were trying to appeal to travelers who were ESG conscious…they wanted an option for drivers who demanded “alternatives”.
Turns out people don’t really care that much.
Turns out people don’t really care that much.
Posted on 5/11/24 at 10:32 am to Darth_Vader
Renting an EV absolutely SUCKS... it was fun to drive the Tesla, and it's a cool car and all, but having to start every fricking day driving to a charging station across town, sitting there in a fricking parking lot for an hour with the wife and kids before we could actually even get to start our day, absolutely was retarded....
it was easily one of the worst experiences of my life... for rental EVs to make sense, a shite ton of infrastructure would have to be put in to make it much more convenient vs. having to do what i described
it was easily one of the worst experiences of my life... for rental EVs to make sense, a shite ton of infrastructure would have to be put in to make it much more convenient vs. having to do what i described
Posted on 5/11/24 at 10:35 am to chRxis
Why the Hybrid should have been the route vs full EV. I have rented a Hybrid and actually enjoyed it. I would consider buying a Hybrid on my next purchase because I still like the ICE option.
Posted on 5/11/24 at 10:38 am to TulaneUVA
quote:
Y’all are missing the intent. Rental car companies were trying to appeal to travelers who were ESG conscious…they wanted an option for drivers who demanded “alternatives”.
The value for the rental companies was in lower maintenance costs and what they hoped would be stronger resale values… didn’t turn out that way.
Posted on 5/11/24 at 11:01 am to LSUDAN1
I bought two hybrids. Getting 54.5mpg
Posted on 5/11/24 at 11:24 am to Darth_Vader
Buying a used EV.
Posted on 5/11/24 at 11:33 am to LSUDAN1
quote:
Why the Hybrid should have been the route vs full EV. I have rented a Hybrid and actually enjoyed it. I would consider buying a Hybrid on my next purchase because I still like the ICE option.
I would highly recommend it. I’ve had mine for about two years and love it. Can’t imagine going back to full ICE for a normal passenger vehicle.
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