Hertz has filed for bankruptcy under the protection offered by Chapter 11 Bankruptcy code. Since its filing in the end of last month, the rental car company has announced that it will be liquidating most of its assets as pandemic has affected its operations across the country and there are next none chances of the demand springing back up in the near future.
The rental car company has used its platform to list almost 50 thousand vehicles for sale. These cards range from economy sector cars to luxury cars and therefore their prices range from a few hundred to thousands of dollars. The interesting thing to note is that an overview of these listings show that most of these cars are listed at a below average price as compared to the market.
The catch is that for any buyer who is in the 75 mile radius of the location of car, Hertz will provide free delivery of the car if the buyer chooses to complete the documentation process online. Given this condition, the cars located in Florida become favorable because that is the largest pool of Hertz cars in the country owing to the tourism demand of that State.
With this news, auto experts have advised to exercise caution while buying these cars as not all the cars are listed with low prices. For example, the economy sector fast selling cars such as Yaris and Rio are listed at a price similar to what a buyer would get in the market because these cars are not hard to sell.
But there are luxury cars which are harder to sell because of their high price tag and maintenance cost and this is where Hertz stands true to its word that they are letting go of this pool at bargain prices. Luxury cars such as infiniti SUVs, Mercedes, and BMW are included such vehicles which are going for a bargain price.
It is important to note that if a Toyota Camry is listed at $7000 it is not really what a buyer is going to pay. Hertz will charge for the documentation filing and other fees. This practice is widely acceptable across the vehicle resellers across the country so the actual cost is going to be a bit higher.
Market analysts are however suggesting to wait for Hertz to offer greater discounts on these cars as it is expected that Hertz is going to liquidate more of its assets in the coming days with greater discounts on the already listed cars. It is also expected that more cars from their pool will be listed in the coming days. This will result in buyers having more options to choose from and at better prices than before.
It is up to the buyers now that they have diversity of Hertz cars with the low to high mileage and a price bargain. Low mileage cars are costly as compared to the high mileage cars are a bargain but their parts will soon require replacement as these cars have seen better days.