Car rental Hertz Global Holdings HTZ is selling used electric vehicles for just under $12,000 to remove them from its fleet.

What happened: A used 2023 Chevrolet Bolt EV in Denver is listed for sale on the company’s website for $11,985. While most of the budget EVs are Chevrolet Bolts, the company has also listed EVs from rival brands like Tesla and Subaru.

For example, a base 2022 model year Tesla Model 3 sedan costs $17,921 in Oklahoma on the Hertz website. The 2023 Subaru Solterra Premium SUV price in Denver is $20,581.

There are 199 electric vehicles for sale on the site, the most expensive of which is a Ford Mustang Mach-E GT SUV in Phoenix that has barely covered 4,000 miles. The price of the vehicle is $65,000 on the Hertz website.

In fact, the Mach-E accounts for more than half of the electric vehicles listed for sale on the company’s website. The premium variant of the vehicle has a starting price of around $59,000.

Hertz is also reportedly sending favorable buyback options to rental customers, as reported by a Reddit user. The screenshot shared by the user shows Hertz offering the renter the 2023 Model 3 for $17,913. The vehicle reportedly had less than 30,000 miles on it, making the deal a bargain. A brand new Model 3 costs $42,490 in the US without offers.

Why it matters: Earlier this year, Hertz announced it would reduce its electric vehicle fleet by 20,000 units by 2024, citing high repair costs and depreciation as driving factors. However, on the first quarter earnings conference call in April was the company’s then-COO Justin Keppy announced that the electric vehicle disposal plan has been increased by an additional 10,000 units, bringing the total number of electric vehicles to be removed to 30,000.

“Upon completion, we expect the remaining electric vehicle fleet to be better aligned with attractive electric vehicle demand, with our ride-sharing business at the forefront,” Keppy said afterwards.

The company then also said that it expects the reduction of electric vehicles from its fleet to be beneficial in the second half of the year and that electric vehicles used outside of ride-sharing services will only make up about 5% of its global fleet by the end of 2024.

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