- Car search engine and automotive research firm iSeeCars has compiled a list of the best used cars to buy from car rental agencies based on potential savings.
- On average, car rental agencies like Hertz — which recently filed for bankruptcy and is now selling off some of its inventory — offer better deals than online and local dealerships, according to data compiled by iSeeCars.
- The Chevrolet Silverado 1500 pickup truck has the greatest savings opportunities of any model at car rental companies, with an average of 6.6% in savings, or about $2,016.
- Visit Business Insider’s homepage for more stories.
Car search engine and automotive research firm iSeeCars has compiled a list of the 8 best used cars to buy from car rental agencies based on potential savings opportunities.
Used car prices have skyrocketed amid the pandemic as new car inventories have decreased while demand for cars has increased, according to a previous iSeeCars study. As a result, the average used car price has surged 4.1% — about $941 — from July to August.
There are several marketplace options for potential buyers who are also looking to purchase a used car for a good deal right now, such as checking local traditional brick and mortar dealerships, perusing online options, or going to rental car companies like Hertz, which recently filed for bankruptcy.
Of these three options, on average, rental car agencies offer better deals on used cars than the other retailers: shoppers can save an average of $334 and $747 by purchasing through a rental car company instead of a local dealership or online shop, respectively, according to the study.
“Because rental car companies buy their cars at a high volume and at a discounted rate, they’re able to sell these vehicles for less to consumers, and they price the vehicles to sell in order to move their inventory quickly,” iSeeCars’ executive analyst Karl Brauer said in a statement. “Additionally, rental car companies are also more likely to discount their vehicles given the financial hardships they are facing from the COVID-19 pandemic.”
Hertz has until December 31 to dispose of 182,521 cars, according to a filing with the United States Securities and Exchange Commission as a part of a $650 million deal with the rental company and its lenders. As a result, some of its used cars are being sold to the public, and it’s no secret that the vehicles Hertz has been selling are going for good prices.
iSeeCars analyzed over 8.5 million used cars sold this year by online dealerships, rental car companies, and other used car sellers, and compared the vehicles’ price tags, mileages, respective market values, and popularity this year. However, low-volume cars were not included in the study.
Keep scrolling to see the 8 popular cars that come with good savings when purchased from a rental car company:
8. Nissan Rogue — 1.9% in savings
The average 1.9% in savings is equivalent to around $315.
7. Ford Escape — 2.8% in savings
Rental agencies can save potential buyers an average of $523 on a used Escape.
6. Chevrolet Equinox — 3.1% in savings
Rental agencies’ average of 3.1% in savings for the Equinox is equal to about $593.
5. Jeep Grand Cherokee — 3.4% in savings
Potential Jeep owners can save an average of $1,021 buy purchasing the Grand Cherokee from car rental companies.
4. Ford Explorer — 3.8% in savings
The average 3.8% in savings through car rental agencies amounts to around $1,106.
3. Nissan Altima — 6.2% in savings
The Altima is the first of two sedans on this list, and its average of 6.2% in savings is equivalent to $870.
2. Honda Civic — 6.3% in savings
The Civic — which offers an average of $1,006 in savings when purchased from a car rental company — is the second and last sedan on the list.
“Despite sedans’ overall decline in market share, [the Civic and Altima] have remained popular rental options, and consumers can save money on these vehicles through a rental car dealer,” said Brauer.
1. Chevrolet Silverado 1500 — 6.6% in savings
According to Brauer, pickup trucks have been in high demand during the pandemic. The Silverado 1500’s 6.6% average in savings equates to $2,016, which is the highest on the list by $910.
Get the latest Ford stock pricehere.
CT Visual Features