Start a Bidding War and Sell Your Car for More

April 29, 2022May 12, 2022 by andrewin Green Light, Tips & TricksLeave a Comment

April 29, 2022

Start a Bidding War and Sell Your Car for More

What the Poseidon Bidding War Tells Us About Selling Cars

This is the story of how a Hollywood producer used auctions to start a bidding war, and what that has to do with selling your car?

The producers of The Poseidon Adventure (1972) decided to auction the TV rights to the movie. Instead of setting a flat price, or negotiating with one network, they made every network duke it out for the first TV showing of the movie.

It’s a bit of a wild ride, but we promise we’ll tell you what this has to do with cars and your money. Buckle up.

How a Sinking Ship Movie Sunk ABC

So in the 1970s ABC paid $3.3 million for 1 airing of The Poseidon Adventure and lost $1 million in the process.

It’s because the movie’s producer, Irwin Allen, started a bidding war for the movie, and they made so much money doing it.

Which is what Carmigo does for cars, but more on that later.

Back to the 70s.

ABC came out hot, with $2 million. It was a competition after all. Then CBS said $2.4 million.

ABC: $2.8 million.

CBS: $3.2.

CBS’s then-President Robert Wood has said he knew this was too much, even when he made the bid.

Lucky for him, ABC’s Barry Diller made one more bid — $3.3 million. They bid $3.3 million, knowing that the airing was projected to make closer to $2 million.

Diller immediately vowed, “never again,” when it comes to auctions.

How You Can Start a Bidding War for Your Car

Want to start your own little bidding war for your car? We can help.

Here are the basic reasons why you get more money when you auction your car instead of selling traditionally.

Social proof: A car is only worth what someone will pay for it. But in an auction setting, each bid redefines what the car is worth. The more dealerships bidding, the greater the social proof that your car is actually worth more.

Scarcity: Human beings instinctively value scarcity. The less of something there is, the more we value it. In a Carmigo auction, only one of our many potential bidders can drive away in your car.

Multiple Buyers: A trade-in offer is based on the needs of one dealership. Making the car available to multiple car dealerships with differing inventory needs creates a fairer market price.

Competition: The dealerships bidding on your car are essentially competing for your car. And each bidder is from a different car dealership, so they’re competing in that arena as well.

Time Restriction: Restricting time means that the bidders have less time to process, meaning they rely on faster reaction instincts instead of processing more deeply. In humans, the rational brain is the slower processing part of the brain. Carmigo’s shortened timeline is not only more convenient for sellers, but could serve to increase the money made on their car.

The Carmigo Bidding War

Economics and communications researchers have found that auctions trigger a number of natural human responses that can generate fair-market values for the seller. And sometimes those conditions can benefit the seller by driving the price up.

This doesn’t mean bidders are making bad decisions, it simply means they’re using a different set of problem-solving skills, specifically the ones above. The dealerships bidding on the Carmigo marketplace have been doing this for a long time, so they understand these mental processes too.

But our goal is to make sure the playing field is level. That’s why we built an auction platform where you can get your car in front of lots of dealerships all at once, without ever having to leave home.

We want dealerships to have access to quality cars for their customers.

And we want you to get a fair price for your car without having to drive from one dealership to the other. Or worse, without having to talk to strangers on the Internet.

10 Easy Tips to Get More Money For Your Used Car

April 27, 2022October 17, 2022 by andrewin Green Light, Tips & TricksLeave a Comment

April 27, 2022

10 Easy Tips to Get More Money For Your Used Car

Easy Fixes and Quick Upgrades Can Be Worth It When You Sell Your Used Car

Your car’s value is based mostly on age and mileage, but what are some other ways to get more money for your used car?

Assuming everything under the hood is working properly, you may be able to squeeze a couple thousand more dollars out of your used car.

1. Lights, Filters, Action: Start With Some Easy Fixes

If you want to get more money for your used car, these fixes are cheap, easy, and some can even be done yourself.

Lights: Crank your car, turn on the headlights, and take a lap around the vehicle. Are your blinkers, headlights, fog lights, tail lights, reverse lights, tag lights, and high beams working? This is an inexpensive fix. Tag lights start at a few dollars and headlights are typically $35 each.

Oil: You can change your own oil in about 30 minutes for about $40, but with places like Take 5, you’re better off paying them to do it in less than 10 minutes for the same price.

Having a fresh oil filter and oil in your car shows that it’s been cared for, and it also keeps your engine running smooth.

Fluids & Filters: While we’re talking about oil and oil filters, get your other fluids topped off and filters replaced. This is another quick fix at your local dealership or garage.

You can also go to your local auto parts store and have them help you find all the right fluids and filters for your particular make and model. Most of the filters and fluid reservoirs can be easily accessible from the hood.

Belts: Most of the belts under your hood need to be changed every 50,000 miles. So, chances are you should think about swapping these out if you’re selling your car. If you hear squealing, chirping, or knocking when you drive, it’s probably a belt.

The good news is this isn’t an expensive fix at the auto shop. And it’s something you can probably do yourself. Especially with this helpful guide from the Family Handyman.

2. Remove After-Market Customization

“Sorry mom!” (CC BY 2.0) by Fenixn

The carbon-fiber spoiler on your totally blacked-out Honda Civic looks awesome (we mean it!). However, most dealerships and private buyers are just trying to get to work and not planning to take it to the next level.

It’s also more difficult to service a vehicle that isn’t in stock condition. So dealerships buying cars through auctions or trade-ins are wary of after-market upgrades.

3. A Good Detail

Look around town for an old gas station that’s been converted to a detail shop. You’ll know you’ve found the right one when you see a couple of luxury cars parked off to the side shining in the sun.

The folks in that detail shop can make your car look as good as it can, inside and out.

Or you can grab a bucket and a sponge and do it yourself. Invite your friends over. Spray each other with hoses. It’ll be fun!

Basically, you get more money for your used car when it looks its best.

4. Polish the Scratches and Dents

Once your car is totally clean, you’ll be able to see the scratches, dents, and paint chips. Your local auto parts store can help you find a touch-up paint kit that matches your car.

5. Replace Your Cracked Windshield

How long have you been looking past that crack in your windshield? Yeah, us too.

The good news is this only costs a few hundred dollars and your insurance might (🤞 ) pay for (some of) it. You’ll be upset you didn’t do it years ago. But you won’t be that’ bummed, because you’ll probably get more money for your used car.

6. Replace Floor Mats

Your floor mats take a beating, there’s no way around it. After giving the interior a good vacuum (or taking it to the detail shop), check for large worn areas, holes, and stains. If you see a couple, consider purchasing replacements. Factory Interiors sells replacements for nearly every car made, and most come in well under $100.

7. Dash Lights

That check engine light is intimidating, but it may not be as bad as you think. Seriously, it could be as simple as a spark plug or gas cap issues.

You can even order your own code scanner and diagnose the issue from your phone.

Face those dash lights head-on, it may be easier than you think.

8. Proper Documentation

When it comes time to finalize the sale of your car, you’re going to need to make sure you have your documents in order. We even put together a helpful list of the seven documents that will ensure a smooth transfer of ownership.

Shameless plug: If you sell your car with Carmigo, we’ll handle most of this for you.

9. Keep Good Maintenance Records

If you’ve kept maintenance logs and invoices from any work you’ve had done on your car, it can go a long way in proving the condition of your car.

This is especially true for an older vehicle. As the odometer ticks up, buyers get nervous. But being able to show that your car has had regular maintenance will show that it’s in tip-top shape.

10. Now What?

Now that you’ve gotten your car all fixed up, it’s driving better and shining brighter. Take it on one last right down easy street, and then put it on the market. List your car on the Carmigo marketplace to get multiple offers from our network of buyers in as little as a day.

Be Easy: A Coffee Subscription that Lets You Decide

April 26, 2022May 10, 2022 by andrewin Easy, Green LightLeave a Comment

April 26, 2022

Be Easy: A Coffee Subscription that Lets You Decide

Fellow Drops Makes It Easy To Sign Up, Easy To Quit, Just Easy

Do you have more Dollar Shave Club razors than you need? Have you finished Ted Lasso but still have an Apply TV+ subscription (or is that just us)? Fellow Drops is here to change that.

Unsubscribe options are hidden in tiny text in the darkest corners of subscription websites. But Fellow Drops works to make it easy to opt in, easy to opt out, and easy to press pause.

We like easy.

What Makes Fellow Drops So Easy

Fellow is a boutique coffee brand that curates the coolest and best coffee beans and brewing gear. As a part of that, they offer a subscription of sorts.

Anyone interested in having the company’s latest and greatest roasts regularly shipped to their door can sign up by sharing a phone number.

Instead of automatically shipping and billing your credit card every week or month, Fellow Drops sends a text, “You want this great new coffee?” (or something like that). And the subscriber responds, “Nah, money’s tight this month,” or “Two bags, please.”

To top it off, all of the Fellow Drops communications are genuinely helpful. The weekly texts are super informative and help you make a sound buying decision. They even include a brew guide video for each coffee

No obligation. No skip fees. Just coffee and freedom.

We literally got texts (yes multiple of us are signed up) with this week’s coffee offering while writing this. I’ve still got a fresh bag from my last order, so I said no, but I’m excited to see what next week brings. See for yourself.

Make It Easy

It’s easy to overthink the idea of goodness. What does a company have to do to be good?

Donations? Community support? Great benefits? Yes.

But, a business can also simply be good at what they claim to do. And even better, do it while taking a little stress off someone’s shoulders.

Be Easy is our attempt to highlight other businesses, organizations, and everyday folks who are reducing stress and increasing the quality of life for the people around them — even if it’s just a little bit.

At What Mileage Should I Sell My Car?

April 25, 2022October 6, 2022 by andrewin Green Light, Tips & TricksLeave a Comment

April 25, 2022

At What Mileage Should I Sell My Car?

Too Low, Too High, or Just Right for the Right Price?

Have you ever found yourself staring at your odometer and asking “At what mileage should I sell my car?” Me too, that’s why I asked some of our used car experts here at Carmigo.

Finding the perfect mileage to sell your car can be a little tricky. And while there may be a number of very good answers to the question, “What’s the perfect mileage to sell my car?” there is no one universal answer.

TLDR: For those of you in a hurry, “just right” is probably somewhere between 60,000 and 80,000 miles.

Bear with me here, but it’s kind of like Goldilocks and the Three Bears. To get the most value out of your used car, you have to consider what’s “just right” for you.

So make sure you find the value that works best for you. Every car is different, and your finances are unique, so make sure you find the best value that works for you.

If you have a new loan on your car, you may not be able to pay it off with the proceeds from the sale.

Here’s what our ops manager Chris is always saying about loans and mileage, “Fees and loan charges add up, so chances are if your loan is new you might find yourself upside down, even if you’re selling a car with low mileage.”

What Do Miles Have to Do With It?

We all know that mileage is the name of the game when it comes to buying and selling used cars. But why?

The longer you drive your car, the higher the chances are that it will need costly repairs.

A car with low mileage will need new brake pads, tires, and filters (hundreds of dollars). But a car with 150,000 miles may need a new transmission or steering column (thousands of dollars). And those major repairs can end up costing more than a car is worth.

Mileage also helps paint a picture of how the car was used.

For instance, The US Department of Transportation estimates that American drivers put just under 15,000 miles on their cars each year. So mileage not only tells a buyer how far a car has driven, but how much it’s been used compared to other cars of the same age.

A three-year-old car with 80,000 miles on it may need a little more scrutiny.

This Mileage Is Too Low

Before you go thinking, “I’ll sell it now and get as much as possible,” wait a minute.

Your new car loses the most value when you drive it off the lot (often more than 10%) and then again when the warranty expires. Those things typically happen below 30,000 miles.

If you buy a car, and then immediately sell it, you’ll likely lose money without getting any use out of the car.

So don’t sell it unless you really want to or really have to.

This Mileage Is Too High

When your car has more than 100,000 miles on it, buyers are going to be a lot more critical. Something that was a small concern at 30,000 miles seems a lot more like impending repairs at 100,000 miles.

And as we discussed earlier, repairs at 100,000 miles tend to cost a lot more than repairs on a newer car.

At What Mileage Should I Sell My Car?

This is where wiggle room and personal preference come into play.

After 30,000 miles, your car is likely in great shape. But it will also steadily decline each year for the life of the vehicle.

Do you want a car that is new and cool every few years?

Or do you want to get the most out of your car while still being able to sell it?

You can probably get a higher offer for a car with 30,000 miles than for a car with 60,000 miles, but that doesn’t mean you should.

If you’re thinking about buying a new car anyway, you’ll get top dollar under 60,000 miles.

If you want to drive it until the last minute, but still get a decent offer when it’s time to sell, start shopping it around 80,000 miles.

See How Much You Can Make

If you’re still not sure what “just right” is for you, that’s ok. Not everyone can be as decisive as Goldilocks.

Check out the Carmigo marketplace to find out what kind of offers our network of buyers will give you for your car.

If the offers are right, sell it. It’s risk free since there is no commitment to sell unless someone meets or beats the bottom-dollar price (which you set).

It’s Electric: Everything You Need to Know about EVs so far in 2022

April 22, 2022May 12, 2022 by andrewin Auto, Green LightLeave a Comment

April 22, 2022

It’s Electric: Everything You Need to Know about EVs so far in 2022

Everyone seems to have announced new EVs this year, and that’s just the start.

When children of the future read about the transition from gas-powered vehicles to EVs, the first part of 2022 may be the tipping point.

Ford split in half, Tesla broke more records, everyone announced a new EVs (even DeLorean), charging infrastructure improvements are promised, the postal service is going electric, and charing is now officially cheaper than fueling.

If that sounds like a lot to you, don’t worry. We’ve got it broken down here, plus links if you’re a nerd like we are.

Everyone Announced EVs in Q1

It feels like new EVs are announced every single day. There are so many we can barely keep up.

Thankfully Car and Driver put together a list of something like 60 EVs we can expect to see in the next five years, but it doesn’t even include some of the announcements made in the last few months.

Here are the models we’re most excited about.

EV Charging Prices Are Cheaper than Gas

Soaring gas prices have a lot of us asking if EV charging prices are cheaper than gas. We break it down as gas and electric duke it out (Spoiler: Charging is WAY cheaper than fueling)!

Hopefully, this means you’ll be spending less money on transportation in the coming years. And if you can’t afford EVs now (most can’t) chances are they’ll be available in every price range soon.

It’s Easier Than Ever to Try EVs

Research shows that a major barrier to entry for EVs is that most car buyers are unfamiliar with the technology. So rental companies like Hertz and Enterprise are buying up EVs in large quantities in order to give people an opportunity to test drive electric models.

On top of that, Tesla subscriptions have made Kyte the Netflix of Teslas. That’s right, rental company Kyte is testing out short-term Tesla subscriptions in New York and California this summer.

Tesla Still Breaking Delivery Records

Speaking of Tesla, they’re absolutely on fire when it comes to production and delivery.

Tesla produced more than 305,000 cars and delivered more than 310,000 during the first quarter of 2022. And the company achieved these numbers despite COVID outbreaks forcing two extended shutdowns at its Gigafactory in Shanghai. The factory performs final assembly of Model 3 and Model Y vehicles.

EVs are Going Postal

The US Postal Service announced it’s going to order more than 10,000 electric vehicles as a part of its larger order of 50,000 “next generation” delivery vehicles.

Here’s what Postmaster General Louis DeJoy had to say:

“We owe it to our carriers and the communities we serve to provide safer, more efficient vehicles to fulfill our universal service obligation to deliver to 161 million addresses in all climates and topographies six days per week.”

Charging Stations of the Future are Unveiled

Electrify America announced new “Human-Centered” EV charging stations and the fueling stations of the future look like… well gas stations (and Apple stores).

Electrify America is calling its new EV charging stations a “customer oasis.” Quite frankly, they do seem like a nice place to spend 30 minutes while you charge up your monstrous F-150 Lightning.

F-150 Lightning Crushes Distance, Hauling, Weather Tests

It feels like just yesterday when everyone thought an electric engine was no match for good-‘ole American combustion engines. But here we are — the most capable truck on the market might soon be an EV. We can’t wait to see the Denis Leary commercials for these trucks. “Plug into your inner tough-guy, and plug into the Ford F-150 Lightning. That’s right, lightning. Because these big tough trucks can tackle any job.”

This truck hauled a 10,000 load up the steep and frigid Ike Gauntlet in the snow. And then it hauled the same load across the sweltering Davis Dam which rises 3,000 feet in 11 miles. And it can drive more than 300 miles on a single charge.

Ford is so bullish on EV production that it split its operations in two this year in an effort to grow its EV line even faster.

The Problem With Charging Your Car is a Lack of Charging Stations

April 22, 2022May 10, 2022 by andrewin Auto, Green LightLeave a Comment

April 22, 2022

The Problem With Charging Your Car is a Lack of Charging Stations

EVs, EVs everywhere, but no charging stations to be seen.

Where are all the charging stations when you’re EV is on E?

The rise in EV ownership has not quite been mirrored by the number of available charging access. And this is especially true when you get outside of metro areas.

How Many Charging Stations Are there?

While charging stations are readily available in most cities, the number of stations between metro areas makes long-distance EV travel difficult. This map shows the density of available Shell gas stations compared to the much fewer available Tesla Superchargers.

The United States has 46,000 charging stations and 113,000 charging ports. But that doesn’t mean there is a balanced distribution all over America’s highways. In fact, most all charging ports are in metro areas. So the EV road trip is still a little ways off.

For example, the country’s most car-focused city (Los Angeles), has 2,434 charging ports, more than a third offer free charges.

But compare that with the 266 charging ports in Carmigo’s home state of Mississippi. When we say “ports,” think gas pumps. That’s not 266 “electric gas stations,” it’s 266 plugs.

This means charging is a little tricker for rural folks to make the switch to EV since electric cars still can’t drive quite as far as gas-powered vehicles.

Is This Forever?

Electrify America announced new “Human-Centered” EV charging stations and the fueling stations of the future look like… well gas stations.

Of course not.

But President Biden has outlined a plan to have 500,000 EV charging locations in the US.

And we’ve written about Electrify America’s plans to create the charging station of the future.

So while we may not be ready for the EV road trip yet, it’s close enough for us to start planning.

Seven Documents You Need to Sell Your Car (If You Sell it Yourself)

April 19, 2022May 10, 2022 by andrewin Green Light, Tips & TricksLeave a Comment

April 19, 2022

Seven Documents You Need to Sell Your Car (If You Sell it Yourself)

All the documents you need to sell your car

Here are the seven documents you need to sell your car, if you’re planning to sell it privately. But we’ll take care of most of them for you if you want to sell through us.

Shameless Sales Pitch: Carmigo handles as much of the hassle as we can, so selling with Carmigo means you only need your title. Or, if you don’t own it outright, your proof of registration and loan documents.

But you didn’t come here for a sales pitch, you came here to learn which documents you need to sell your car. So buckle up.

When you sell your car yourself, you need to collect a good bit of paperwork to make sure the whole process is above board. To find out what you need in your state, call your local county courthouse.

But no matter your state’s specific legal requirements, the following seven documents you need to sell your car without a hitch:

Title

This is the big one, the most important of all the other documents you need to sell your car.

You should have possession of your title if you’ve paid off your car loan. However, your bank may still be in possession of the title, even after the loan has been paid. Be sure to talk to your lender and your local courthouse to make sure your title is in your name.

Loan Payoff Information

This isn’t specifically required in most states when you’re selling your car privately. But it’s still something you’ll want to know. Since the vehicle is usually the collateral for the vehicle loan, your bank will want you to pay the loan down quickly.

Call your bank or look at your online banking dashboard to find out how much you owe if you pay your loan down immediately (some banks may include early-pay-off fees).

Vehicle history report (Carfax)

When you sell through Carmigo (or to a dealership) we have access to vehicle history reports. This is something most buyers will want to know, and pulling the report ahead of listing your car for sale will make your car more attractive.

Maintenance Records

Any records you’ve kept of maintenance to your car over the years can help to show potential buyers that the car has been paid for, especially reports of recent tire or part upgrades.

Warranty Documents

If your car is still under warranty and allows the warranty to be transferred, you’ve got an additional selling point. Be sure to check all warranty details and pass them along to potential buyers.

As-Is Bill of Sale

This is a legal document signed by the seller and buyer documents each party and the sale price. The document usually contains an as-is clause stating the vehicle is being sold as-is and current but unknown defects will not be covered by the seller.

Owner’s Manual

The next buyer is going to want a copy of the owner’s manual. It’s not 100% necessary, since most manuals can be accessed online. But when someone buys your car and then has a flat tire in the middle of nowhere, they’ll be happy to have an owner’s manual in the glove box.

EV Charging Prices Are Cheaper than Gas

April 18, 2022January 27, 2023 by andrewin Auto, Green LightLeave a Comment

April 18, 2022

EV Charging Prices Are Cheaper than Gas

The Fueling vs. Charging fight might be over.

In the green corner, weighing in at 49 KW-hrs per 100 miles with an incredibly unreliable network of charging stations, it’s EV CHARGING PRICES!

In the red corner, weighing in at nearly $4.50 per gallon, the reigning champion, he’s rude, he’s crude, and he’s in a mood! FUELING!

Soaring gas prices and increased EV visibility have a lot of us asking, “Are EV charging prices cheaper than gas?”

So, Are EV Charging Prices Lower?

Yes.

According to the EPA, a Ford F150 uses 4.5 gallons of gas to drive 100 miles. And the same agency clocked the F150 lightning at 49 kilowatt-hours per 100 miles.

(For the purposes of this conversation, a Kilowatt-hour is simply a way of measuring electricity. There is a real explanation for the meaning, but I don’t know it.)

So we crunched the numbers ourselves and fueling is about three times as expensive as charging. That starts to pay for the sticker price differences.

A report from Zeta paints a fuller picture by breaking down the specific price differences for 16 states.

The report also points out that the electric grid is less volatile than the gasoline market.

Here’s what Zeta’s CEO, Joe Britton, has to say, “EV charging costs are not dependent on global oil markets—and are therefore not subject to the same price shocks, disruptions, and supply shortages.”

What About Vehicle Costs?

The other consideration in the price comparison is the cost of maintenance. And, combustion engines have WAY more moving parts than EV engines, so repairs will likely be needed more frequently.

For more on that, Consumer Reports has a great breakdown of operating and maintenance expenses. To sum it up, operating and maintenance costs can be $1,000 to $3,000 more per year for gas-powered vehicles.

And with each new EV model hitting the lot, sticker prices are going down. So much so that many industry experts predict prices to be even between EVs and gas-powered cars in the next five years.

What Do EV Charging Prices Mean for You?

Hopefully, it means you’ll be spending less money on transportation in the coming years. Even if you can’t afford an EV now (most can’t) chances are they’ll be available in every price range soon.

Tesla Subscriptions Make Kyte the Netflix of Teslas

April 14, 2022May 18, 2022 by andrewin Auto, Green LightLeave a Comment

April 14, 2022

Tesla Subscriptions Make Kyte the Netflix of Teslas

That’s right, this car rental company is offering Tesla subscriptions

Kyte is launching this month in the San Francisco and New York City areas, giving people the opportunity to sign up for monthly Tesla subscriptions.

While the “subscription” model is new to the car rental industry, the concept seems familiar. Here’s how Kyte’s website describes the service:

“All you have to do is make your monthly payment, and we take care of the hassle of owning a car.”

That sounds a lot like leasing to us. But hey, there’s nothing wrong with using a rebrand to reach a new audience.

How are Kyte’s Tesla Subscriptions Different?

Kyte is different from legacy rental and leasing options because they source vehicles from multiple sources including traditional rental companies.

And on the user-facing side, the entire process is done on mobile. As it stands, most rental companies offer online reservations but a great deal of in-person interaction is also required. No rental counter paperwork with Kyte.

In short: These cars are a happy medium between ride-sharing and car ownership. For instance, you may not need a car for the next five years. And maybe you need to drive a little farther than a ride-sharing app will take you.

Can You Rent a Tesla other Places?

Absolutely.

As we said in our story about traditional EV Rentals, a major barrier to entry for EVs is that most car buyers are unfamiliar with the technology. So rental companies like Hertz and Enterprise are buying up EVs in large quantities in order to give people an opportunity to test drive electric models.

Since rental cars are more associated with airports than luxury, Kyte may be cashing in on a perception problem in the rental car industry.

So if you’re thinking about a Tesla, but not ready to commit, consider renting one.

Rental EVs Are More Common Than Ever

April 13, 2022May 10, 2022 by andrewin Auto, Green LightLeave a Comment

April 13, 2022

Rental EVs Are More Common Than Ever

Want to try a Tesla? Rental EVs may be the way to go

Hertz’s recent commitment to purchase more EVs has us thinking about how rental EVs will affect the larger market.

Rental companies purchase about 10% of new cars in the US each year, meaning their decisions have great sway outside of their rental niche.

Hertz Is Bullish on Rental EVs

Hertz has made the biggest media splash regarding EVs. In 2021, the company announced it would purchase 100,000 more Teslas. And then last month, it announced its intention to buy 65,000 Polesar EVs.

The rental company intends to have 20% of its fleet made up of EVs by the end of 2022.

The Rest of the Industry Is Too

Enterprise Holdings, which owns Enterprise, National, and Alamo, has also committed to expanding its EV fleet to meet customer demands. The company has said customers are using the rental company to try out EVs for the first time.

What Do Rental EVs Mean for the Rest of Us?

As we said earlier, rental companies purchase a significant chunk of the US new car inventory each year.

But this isn’t necessarily a case of, “As the rental companies go, so does the marketplace.” In fact, large purchases by rental companies have typically corresponded with a devaluation of that model. Plus selling to rental companies typically brings in less revenue and dilutes the resale market.

But, since electric vehicles are an emerging trend, partnering with rental companies could be a strong strategic move for EV companies.

Research shows two major barriers to entry for new consumers are a general lack of knowledge and trust in the new technology.

So now might actually be the time for you to try out a couple of EVs without paying loads of cash for a Tesla.s