Hertz's liquidated assets may be the key to getting a good deal on a used car
Without Americans traveling for work and pleasure due to the COVID-19 pandemic, many businesses in the travel and auto industry are suffering. From airlines to automakers to dealerships and rental car services, the impact has been great.
As rental car companies look to remain solvent, CNN Business reports that industry experts expect rental car companies to unload 1.5 million cars from their U.S. fleets in the coming year. Hertz Global Holdings Inc., one of the nation's largest car-rental companies, filed for bankruptcy protection on May 20.
The company is selling its used cars at a steep discount according to the newest iSeeCars study. Analysis of over 20,000 used cars from model years 2017 to 2019 listed by Hertz Car Sales found that the company's vehicles can currently be found, on average, for $1,389 below market value, which is 43.3 percent more than the average discount for Hertz vehicles in April at $969.
Below are the best deals based on percent below market value.
No. 10. - Nissan Quest
Photo courtesy of Nissan North America
Hertz has listed the car at an average price of $13,874. That amounts to an average savings of $1,810 because its price is 12 percent below market value.
No. 9 (tie) - Volkswagen Golf
Photo courtesy of Volkswagen AG
The average Volkswagen Golf listed for sale is priced 12.3% below market value for a savings of $2,023. The Golf, on average, however, costs more than the Nissan Quest with its average price of $14,434.
No. 9 (tie) - Kia FortePhoto courtesy of Kia Motors
The Kia Forte is one of the cheapest models on this list, and a good car. It is listed on average for $10,851, which represents a savings of $2,023. That's 12.3 percent below market value.
No. 7 (tie) - Buck Cacada
Photo courtesy of Buick
The Buck Cascada came and went from the U.S. market with America barely batting an eye. Still, it's a decent convertible (albeit with a dated infotainment system). Buyers will pay an average list price of $15,564 for one, which is a $2,241 savings over the usual price. That's 12.4 percent below market value.
No. 7 (tie) - Nissan Versa Note
Photo courtesy of Nissan North America
The subcompact Nissan Versa Note is a good commuter hatchback. It's listed for just $9.533 on average representing a savings of $1,375 - 12.4 percent below market value.
No. 5 - Toyota Tundra
Photo courtesy of Toyota Motor Sales U.S.A., Inc.
The Tundra is the only truck on this list. Its average asking price is $31,383, which is 12.6 percent below market value. The average savings on the model is $4,714.
No. 4 - Infiniti QX50
Photo courtesy of Infiniti Motors
The Infiniti QX50 is a comfortable cruiser. Its average list price of $27,760 is one of the higher on the list, but that price represents a $4,145 average savings. The SUV is listed for an average of 12.7 percent below market value.
No. 3 - Mercedes-Benz A-Class
Photo courtesy of Mercedes-Benz
Hertz has listed the Mercedes-Benz A-Class car for an average of $28.555. That's $4,252 an average savings of $4,252 representing 13 percent below market value.
No. 2 - Chevrolet Trax
Photo courtesy of Chevrolet
The Chevrolet Trax fits the bill of what people most often think of when they think about a rental SUV. Current listings have the Trax with an average price of $11,196, an average savings of $1,714. That amount is 13.4 percent below market value.
No. 1 - BMW 7 Series
Photo courtesy of BMW
Donald Osborne is famous for, among other things, being teased by Jay Leno about how he cares more about percentage gained or lost on the value of a car rather than the dollars and cents side of the equation on Leno's popular TV show "Jay Leno's Garage".
The BMW 7 Series is a classic example of the type of car Osborne would appreciate while Leno would roll his eyes. It is listed for an average price of $42,680 - easily the highest number on this list. However, that cost represents an average savings of $6,877, making the car 13.7 percent below market value.
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