Hertz wants to shift some of its all-electric inventory and, after a $1.3 billion loss in Q3 and a $1 billion impairment charge due to the lost value in its EV fleet, it can’t do it soon enough. However, Hertz’s missteps in the EV market could be a win for you (or a friend), as the rental car giant is clearing out older EVs for under $20,000—and in many cases, for less than $15,000.

More: Hertz In A Hole After EV Gamble, Will Sell 30,000 EVs By Year’s End

On the surface, these discounts might seem tempting, but as always, the devil’s in the details. As of this writing, Hertz has over a dozen Teslas on sale for under $30,000. The vast majority sit below $25,000, and four are beneath $20,000. The deals appear to be in that middle ground though.

High Mileage, High Risk

For instance, among the cars under $20k, all have over 120,000 miles on the odometer. That places them well outside Tesla’s 8-year/100,000-mile limited warranty for the battery and drive unit (for RWD models). What might look like a bargain at first glance could quickly spiral into an expensive nightmare if the battery decides to call it quits. Battery replacements for EVs and PHEVs are notoriously expensive. Proceed with extra caution, as we’ve heard that battery replacements for the RWD Model 3 typically start at $13,000.

A Question of Value

The sweet spot in Hertz’s clearance fleet seems to be Teslas priced between $20,000 and $25,000. Many of those have around 60,000 miles and some have as little as 27,583 miles. These cars should still fall within Tesla’s battery warranty, but you’ll want to verify specifics before signing on the dotted line. In addition, Hertz sells them with a 12-month, 12,000-mile powertrain warranty. Elon Musk might think that a $25,000 Tesla is “pointless” but we see some value in these used examples.

Why A New Tesla Might Be Smarter

Above that point, however, and especially when you hit the $30,000 price mark, you might be better off just getting a new one if you qualify for all federal and state tax rebates. These incentives vary based on your location, income, and vehicle choice. For instance, in Massachusetts, qualifying buyers can benefit from the $7,500 federal tax credit combined with an additional $3,500 state EV rebate (both subject to income and MSRP limits) for a total of $11,000 in savings.

On top of that, Tesla is currently offering a 0% APR financing deal for up to 60 months with a minimum down payment of 20%—and the $7,500 federal tax credit can be applied upfront, if eligible.

This means you could drive away in a brand-new Tesla Model Y Long Range for $37,000 before taxes and fees, not to mention paying most of it off with zero interest over 60 months. Compare that to Hertz’s offer of a 2022 Tesla Model Y Long Range with 46,883 miles priced at $29,364 before taxes and fees, and the decision becomes a bit more nuanced. Depending on your circumstances, the price gap may justify going for new over used—or at least give you pause before committing to Hertz’s clearance inventory.

Budget EVs Galore

Should one not love the idea of picking up a used Tesla, Hertz has a few other inexpensive EVs on offer. There are so many Chevrolet Bolts that it’s impossible to pick just one out of the crowd of over 100. The good news is that just about any trim or options are available. Most of them are on offer for under $15,000 too.

That’s not all though. For those with a taste for something a little more upscale, Hertz also has some Volvo C40 Recharge models for under $30,000 with under 20,000 miles in most cases, and several Mercedes-Benz EQBs with under 15,000 miles for less than $30,000 too.

Don’t feel convinced yet? For the true bargain hunters, how about two Hyundai Kona Electric crossovers priced under $13,000 right now? Sure, they have over 100,000 miles each but they could also qualify for tax credits too. The deals are out there right now for interested parties. 

Due Diligence Required

The bottom line? Hertz’s loss could be your gain, but it’s crucial to tread carefully and do your homework, particularly when it comes to battery warranties. These cars might save you money upfront, but as with any used vehicle—especially an EV—future maintenance and battery life should weigh heavily in your decision. Deals like these can feel like a steal, but only if you know exactly what you’re buying into.

Additional reporting by John Halas

Cadillac is killing off its smallest and cheapest SUV, the XT4, which starts at just under $38,000. Production will officially grind to a halt at GM’s Fairfax plant in Kansas come January 2025, marking the end of the line for the first – and only – generation of the crossover after seven years on sale. This decision leaves buyers with two options: upgrade to the larger, pricier XT5 – which starts at nearly $44,000 – or take their business to rival brands.

The reality is they’re already shopping elsewhere and Cadillac knows it. XT4 sales are down 12 percent this year despite the model receiving a makeover for the 2024 season that brought sharper styling and a Lyriq-style dashboard featuring a curved infotainment display and Google integration.

Related: 2025 Cadillac XT4 Drops Base Trim, Adds Safety Features

The Fairfax facility was due to build both the XT4 and Chevy’s new Bolt EV – scheduled to begin production in late 2025 – next year, but parent company GM says the plant will now only be used to make the Bolt. Fairfax currently also builds the Chevrolet Malibu sedan, but production of the mid-size sedan ends this month.

GM had already announced in September that almost 1,700 jobs would be lost at the site while it underwent a $390 million transformation into a modern EV center. The layoffs begin on November 18 when 686 full-time workers and 250 temporary staff are shown the door, followed by another 759 job cuts on January 12, Reuters reported.

The automaker does intend to get the workers back on site later in 2025 for the start of Bolt production, but that’s a long time to wait without a paycheck.

Cadillac cut like-for-like XT4 prices by between $400-700 for 2025, but it also dropped the base model, effectively bumping the minimum spend from $39,090 to $41,990. The latest versions offset that burden by coming equipped with the Active safety package – adaptive cruise, lane-keeping, surround-view camera – that was previously a $1,825 option.

The XT4 only lasted a single generation, having made its debut in 2018 as Cadillac’s take on the Chevrolet Equinox. It’s also built in Shanghai, China, where production is expected to continue.

Source: Reuters

A next-generation Chevrolet Bolt is on the horizon, but GM can’t seem to escape the shadow of its troubled past with the model. The automaker has just issued yet another recall for the older Bolt, a reminder that the headaches of its earlier EV experiment are far from over.

You’ll no doubt remember that three years ago, GM recalled more than 140,000 Bolts across the United States because there was a risk they could catch fire. The issue was traced back to a problem with the battery pack, which was sourced from LG. Now, GM has revealed that some of the 2020-2022 Bolt EV and Bolt EUV models repaired under the previous recall are still at risk of catching fire.

Read: Chevy Bolt Owners Could Be Compensated Up To $1,400 For Battery Fires

As part of a prior recall, GM dealers were instructed to install advanced diagnostic software that alerts drivers to faults within the battery. However, it’s been revealed that in some Bolts, this software was not properly installed, and the vehicle may fail to identify defective battery modules that require replacement. GM says this increases the risk of a vehicle fire.

This is bad news for GM, which has already been severely embarrassed by previous Bolt issues. Fortunately, this latest fault is not widespread and impacts just 107 vehicles in the US. These consist of 2020-2022 Bolt EV models manufactured from November 8, 2019, to May 19, 2021, and 2022 Bolt EUV models built between March 30, 2021, and July 23, 2021.

The carmaker became aware of the issue on July 23, 2024, after a brand quality manager discovered an incorrect software update had limited a customer’s Bolt EUV to 80% state of charge, despite exceeding the prescribed ~6,200 mile (~10,000 km) evaluation period.

GM will notify owners by December 16, 2024, and instruct them to take their EVs to a dealer where the diagnostic software will be installed correctly. In the interim, GM is asking owners to set a 90% charge limitation on their vehicles, encouraging them to charge more frequently and to avoid draining the battery to below 70 miles (113 km) of remaining range. Additionally, owners should park their vehicles outside immediately after charging and should not leave them charging indoors overnight.

The Chevrolet Bolt is going back into production next year as a 2026 model and GM plans to make money with it. Although it won’t be built on the now, not-called-Ultium platform, it will still offer several new features, according to GM President Mark Reuss, who shared updates during GM Investor Day.

The meeting, which took place in Spring Hill, Tennessee, and Reuss wasted no time in highlighting the Bolt. For one thing, the pricing will be “only slightly higher than the 2023 Bolt”, he said. That’s good news since the cheapest electric car on sale from Chevrolet today is the Equinox EV at $34,995. The 2023 Bolt started at $28,795.

More: Forget The Charger Daytona, Mopar Teases Hot Electric Muscle Car For SEMA

Moreover, he expects it to provide a better overall value to customers when compared to the 2023 edition. According to Autonews, he even threw in a tiny dig at Ford and its unique team tasked with developing a low-cost EV.

“The 2026 Bolt will offer the same value as the original Bolt and much more, and it will be a moneymaker for us,” Reuss said. “It’s a direct result of the investment in the next-gen EV platform, and we don’t need to create a skunkworks to create affordable electric vehicles. We know how to do this.”

We also know that it’ll be built in Kansas at GM’s Fairfax Assembly plant. Expect it to feature an updated interior not all that far from what we see in the Trax. And in what might be the biggest news for Bolt fans, charging speeds are about to get a serious boost—something long overdue for a car that’s already carved out a loyal niche in the U.S. EV market.

But here’s where things get really interesting. GM President Mark Reuss revealed that the new Bolt won’t be rolling solo. “It will just be one member of a family on the Bolt, including an even lower-cost option,” Reuss said. So, we’re looking at a Bolt family—and yes, that includes an even cheaper model.

The details? Well, they’re annoyingly sparse. No word yet on whether we’ll see a return of the original Bolt EV’s more hatchback-like form, or if GM will lean further into the crossover vibe of the EUV. Or maybe they’ll hit us with something totally new as the budget option. One thing’s for sure, GM seems to be getting serious about expanding the Bolt lineup beyond its quirky niche.