Hertz and Tom Brady went all in in 2021 when the NFL legend signed a deal with the major car rental company. The idea was to promote the company’s electric vehicle rentals with Brady being featured in a marketing campaign called “Hertz Let’s Go!” But fast forward to 2024, the whole Hertz rental thing is about to dissolve. 

Recently, Hertz has come up with the proposition that it would be selling 20,000 EVs so they can focus more on gas-powered cars. For a leading company to decide this, there must be a serious underlying reason for it. And the reason has something to do with the cost and maintenance issues of rental EVs.  

Hertz to sell off EVs for gas-powered cars

In what is a drastic blow to EV rental users, Hertz has officially announced its decision to set 20,000 EVs in the market. In the past, Tom Brady, who was an actual Hertz customer, ran the Hertz EV campaign in a video where he was seen recharging at a Hertz location. The deal which was to remain active through 2024 suddenly saw a U-turn on Thursday. 

According to Hertz executives, the once promising Hertz-Tesla plan came crumbling down with a lack of EV renters and high repair costs. Hertz stated, “The company expects this action to better balance supply against expected demand of EVs. This will position the company to eliminate a disproportionate number of lower margin rentals and reduce damage expense associated with EVs.” The 20,000 EVs are expected to sell out by 2025. 

Should EV owners be concerned about Hertz’s recent decision?

Hertz’s recent verdict to dump rental EVs could spell trouble for people who own electric cars. High repair and maintenance costs could eat ordinary people alive as Hertz CEO Stephen Scherr said, “Collision and damage repairs on an EV can often run about twice that associated with a comparable combustion engine vehicle.” 

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With even leading car companies like Hertz finding trouble keeping the high-maintenance electric cars, it could be problematic for common people to pay for EV car insurance and other repair and maintenance costs. As of Thursday, Hertz and Tesla shares dropped to around 4% and 3% in trading, respectively. Perhaps used EVs might come with a cheaper price tag in 2024, but would it be worth buying them if you think about the long run?

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