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Old 05-28-2020, 05:24 PM
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Default Rental-cars-may-be-about-to-flood-the-used-car-market



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It seems possible.

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Old 05-28-2020, 06:31 PM
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They already are.....just look a FB marketplace and see what Hertz has for sale.
Prices are very very low to move inventory......plus they turn a huge profit on vehicles.

The Hertz Company will shrink, restructure but will not go away.

HK
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Old 05-28-2020, 06:39 PM
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Rentals and leased vehicles are always a good way to go.
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Old 05-28-2020, 06:45 PM
old disturbed guy old disturbed guy is offline
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Quote:
Originally Posted by NCalHippie View Post
Rentals and leased vehicles are always a good way to go.
My son is a mechanic at a car dealership and he says every rental vehicle they get in is a beat up piece of junk not worth fixing
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Old 05-28-2020, 06:52 PM
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Most rental cars are still under factory bumper to bumper warranty. Not as beat up as you think.
HK
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Old 05-28-2020, 07:52 PM
rriley rriley is offline
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Hertz declared bankruptcy today so that may add to the supply.
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Old 05-28-2020, 09:09 PM
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Probably will at some point, but it's going to be a while. Maybe August - October, 2020

Here's why

Much of the Hertz auto 'inventory' has been 'securitized' (CLO's or equivalent). The cars have been offered as collateral when offered up to investors. Once non payment/default occurs (or Chapter 11, or similar) they're still like a 60 day grace period before the collateral can be sized by the holders of the debt. That's mid July at the earliest.

So it's going to be a while. Hang in there.

For more info., here's the story

Wolf Street.com - Hertz bankruptcy threatens to make mess in the used vehicle market with burst of pent up supply/

BTW, the 4th largest auto rental company (Advantage) just went TU:

Wolf Street.com - 4th-largest-us-rental-car-company-advantage-files-for-bankruptcy-3rd-time-in-decade-Hertz-private-equity-written-all-over-it/

Last edited by small.business.guy.1; 05-28-2020 at 09:11 PM.. Reason: Added 2nd link.
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Old 05-29-2020, 12:52 AM
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Quote:
Originally Posted by old disturbed guy View Post
My son is a mechanic at a car dealership and he says every rental vehicle they get in is a beat up piece of junk not worth fixing
"drive it like you stole it" - rental cars
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Old 05-29-2020, 11:42 AM
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We began looking to replace our pickup the first week of January. With seeing the virus spread, we just watched and are glad we did.
We aren't looking for new, the cost is too high. Now with the used market dropping we'll wait a bit and figure to start serious shopping again mid summer. And that will include the rental car market, will inspect those the same as any other used vehicle.
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Old 05-29-2020, 11:52 AM
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Quote:
Originally Posted by old disturbed guy View Post
My son is a mechanic at a car dealership and he says every rental vehicle they get in is a beat up piece of junk not worth fixing
Not around here, most are under 4 years old with less than 80K on them and half the price of a new one.

I guess your mileage may vary.
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Old 05-29-2020, 11:57 AM
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You might investigate new trucks as well, as the huge lack of sales could have them on super clearance deals.
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Old 05-29-2020, 12:04 PM
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You might investigate new trucks as well, as the huge lack of sales could have them on super clearance deals.
Was looking for a new Silverado to replace my Ď08 Z71. $45-$50k new.

Ended up with a 2020 custom 4x4 not loaded to the gills, $31k. This was back in February.
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Old 05-29-2020, 12:13 PM
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Maybe that will restock the huge amounts of cars taken off the second hand market in 2009 due to cash for clunkers and bring used car prices down. I personally have noticed used car prices have gone way up in the last 3 months and I assume it is somehow related to covid 19.
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Old 05-29-2020, 02:24 PM
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This is what we're looking for. Though our ours is an '01 with 340k on it, we cringed at the new 45-50k price tags. Our '01 was bought new and has been the best truck we've had. We need a 4x4 also, so perhaps we'll find deals like yours.
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Old 05-29-2020, 02:35 PM
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Quote:
Originally Posted by fistfulladirt View Post
Was looking for a new Silverado to replace my Ď08 Z71. $45-$50k new.

Ended up with a 2020 custom 4x4 not loaded to the gills, $31k. This was back in February.
I bought my last new one about 2 years ago...$36k for an XLT with 4X4. It amazed me then just how much some of the fully loaded/tricked out F-150s were going for. I see people driving around trucks that push $100K cost. Who the heck would pay 100 grand for a truck and then take it out and drive it through the woods or load it down with wood?
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Old 05-29-2020, 03:41 PM
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Quote:
Originally Posted by rriley View Post
Hertz declared bankruptcy today ..
..Oh the 'irony' of that name, eh?

Quote:
Originally Posted by neiowa View Post
"drive it like you stole it"..
Heh, last spring / summer, had to make several x-country road-trips (CA > NorCal > NY (Upstate..) and Back..) Was like 5x trips (10x across the country..) from May > Oct.. (and, no am Not a 'trucker' - this was all personal rentals, mini-van..)

One of the trips was CA > NorCal > Upstate NY > Naples, FL > Upstate NY > CA.. something like 9700 miles (!) by the time we got back. After check-in, rental-return guy was like.. Looking and re-looking, and re-looking at the 'Out/In' on his PC with this WTF??? look on his face, and Finally he 'popped' ..'Uh.. Where did you Go, man??' I just smiled and said 'Hey, I take "Unlimited Miles" at face value, ok? Had to 'move some stuff', so.. Thanks!' Lol..

..But, they more than got thier fair 'pound of flesh' outta me, so I don't feel like I 'took advantage', whatsoever.. Hell, I did 'em a favor by 'breaking in that Horse' for 'em..

.02
jd
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Old 05-29-2020, 03:42 PM
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Have a neighbor that bought a 3/4 ton new a year ago. He told me his payment was ...980.00 a month! Add insurance and well, no way! Today he's second guessing that purchase. That alone turned me away from new.
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Old 05-29-2020, 06:02 PM
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Quote:
Originally Posted by fistfulladirt View Post
Was looking for a new Silverado to replace my ‘08 Z71. $45-$50k new.

Ended up with a 2020 custom 4x4 not loaded to the gills, $31k. This was back in February.
That was a steel, great deal.

We have 2 2001 F-250 4x4 diesels, mine is a crew cab short bed (Lariat) that was to be the family cruiser and also tow my Bobcat when needed. My wife's 2001 F-250 extra cab long bed bought 4 months later to pull her 5th wheel horse trailer because she couldn't stand her '93 Dodge diesel Cummings extra cab long bed any longer (the doors were trying to fall off). I think mine was around $48K and hers around $42K.

They are both still under 200K in mileage. Our current full time driver is a 2015 Explorer Sport which we picked up used with under 40K miles and 2 years old for under $35k. We traded in our 2012 Explorer XLT (dealer demo) and picked up the difference in payments when my truck was late getting out of service and we test drove it and spontaneously combusted on the spot. It packed an extra 75 horse power and the handling package, basically the LEO package. We both loved the extra performance, but the handling is what turned the trick.

We are retired and have no need for anything more right now so even with deals we will not change out our transportation needs, we are good to go. The Explorer is great on long trips, passes on demand and we have had it to 130 mph out on the desert straight a way's with more peddle left, and it gets there quick with the twin turbos.

If we needed a new ride though now would be a real good time to shop and deal.

Back to our regular programming.
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Old 05-29-2020, 06:36 PM
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I have been watching the rental car company websites for a few weeks.

When it comes to pickup truck, they don't have many 4x4's and the prices are not anything special.
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Old 05-29-2020, 07:29 PM
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We bought a used AVIS 1992 Corolla with 28k back in 94-5. We put 190k on the car, and only put battery, oil changes. plugs, tires, and gas in it. Traded it in on a new 2002 Corolla then. Usually, they are kept clean and maintained. I know some get abused, but for most part they are just highway miles and sold off with 30-40k miles.
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