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Old 05-25-2020, 03:17 PM   #41
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Rental cars are the perfect cars for going off-road, practicing burnouts, and hitting speed bumps at speed. I’ve done all that or been in a rental with friends who’ve done that.
I wouldn’t buy a rental under most any foreseeable circumstance.
We used to have a saying..."only kind of car better than a four wheel drive car is a rental car. Only kind of car better than a rental car is someone else's rental car!"
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Old 05-25-2020, 03:44 PM   #42
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We used to have a saying..."only kind of car better than a four wheel drive car is a rental car. Only kind of car better than a rental car is someone else's rental car!"
Ha! I remember riding on a city street in Chicago with a co-worker. At the last minute both of us saw a big pot hole he was headed toward. Might be dangerous to swerve, might be dangerous to stop, definitely brutal on the car if he did neither. In unison we said "Rental car!" and he banged through it.
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Old 05-25-2020, 08:14 PM   #43
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Let me summarize. Many have good experience with buying cars from rental agencies. Many have personal experience with how rental cars can be treated poorly. For recent events to cause any price movement will take some time - maybe a few months.

Anything else?
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Old 05-25-2020, 08:32 PM   #44
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But why?

I don't drive a rental car any different than I do my personal vehicles... they are a way of getting from A to B.

Just because I can get away doing something stupic doesn't mean that I am so juvenille as to do it.
+1
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Old 05-25-2020, 08:45 PM   #45
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Anything else?
Wait until 70 to take SS, don’t buy a variable annuity, and LBYM.
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Old 05-25-2020, 09:15 PM   #46
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But why?

I don't drive a rental car any different than I do my personal vehicles... they are a way of getting from A to B.

Just because I can get away doing something stupic doesn't mean that I am so juvenille as to do it.
+1
I drive them better because if something goes wrong I have to pay for it. On my own car if I scratch it I don't have to pay for it.
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Old 05-26-2020, 03:34 AM   #47
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I could never buy a previous rental. The smell of the inside of a rental car makes me gag!

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Old 05-26-2020, 04:19 AM   #48
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But why?

I don't drive a rental car any different than I do my personal vehicles... they are a way of getting from A to B.

Just because I can get away doing something stupic doesn't mean that I am so juvenille as to do it.
+1 although I rarely rent a car anymore since retired. However, my experience over the years and especially the past couple of decades, is that a huge number of people mistreat their cars, drive recklessly, and don't know the rules of the road. My best guess is they don't care or don't have proper instruction (if any) when getting a driver's license, and figure insurance will take care of any damage. Concern for others on the road is not part of their thought process. Try riding a motorcycle or bicycle to get the experience driving on the road with cars these days. If you have survived and are still in one piece then you have seen and experienced how reckless people are with their cars.



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Old 05-26-2020, 04:34 AM   #49
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Interesting article in the WSJ today (I'm sure it's behind a paywall, but the headline is "Hertz Was Already in Terrible Shape. The Pandemic Finished It Off" so you may be able to google it).

The gist of the article is that Hertz has been horribly mismanaged for many years and was heavily indebted, so unlikely to survive the bankruptcy. Major investor Carl Icahn is expected to lose his entire $1.5 billion investment in it.

https://www.wsj.com/articles/hertz-w...&mod=djemITP_h
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Car prices decreasing due to Hertz unloading vast number of cars
Old 05-26-2020, 05:37 AM   #50
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Car prices decreasing due to Hertz unloading vast number of cars

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Yes. There will be a liquidation plan proposed to the court, including a plan for the ABS vehicles. Probably they will just be legally handed over as foreclosed collateral. Then the ABS security owners will participate in some kind of plan to sell them, probably in wholesale quantities. Finally those buyers will feed them into the auctions.

The fancy 'vettes and (IIRC) Camaros may be a special case and actually be owned by Hertz. If so, they can be sold to improve the company cash position. If someone can get a VIN I suppose the actual titled owner can be identified.


Here’s an out take from the Wolfstreet article summarizing what happened to them. Fortunately, it appears taxpayers apparently haven’t had to clean up after the greedy financial engineers who ruined Hertz, though I’d bet Hertz has DC lobbyists working overtime, too:

“Hertz was ripe and ready when the pandemic hit.

Hertz’s debt problem goes back to its leveraged buyout in 2005, when ML Global Private Equity Fund (an affiliate of Merrill Lynch) and private equity firms Carlyle Group and Clayton, Dubilier & Rice acquired the company from Ford. In November 2006, while the getting was still good, they sold the heavily indebted Hertz via IPO to the public.

But 14 years is a long time, and if the company had tried to reduce its debt load, it could have, including by raising new equity capital by selling shares in follow-on offerings when its share price was still high. But it waited to raise equity capital until June 2019, via a rights offering of $750 million, by which time its shares had already collapsed to the $16-range. Icahn loaded up.

Hertz said that it has tried to obtain a bailout from the US government and from European governments, but that such bailout for the rental car industry “did not become available.”

So Hertz was ripe and ready, and when the pandemic crushed travel in general and demand for rental cars, Hertz popped.
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Old 05-26-2020, 05:44 AM   #51
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Hmmmm, just paid for 5 more years of tabs/registration on my 10 yo GMC PU. Side note Ms.G wanted a small car cause she thought the truck was too big. So now we have the Santa Fe but she drives the PU because she feels safer, .
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Old 05-26-2020, 06:12 AM   #52
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Interesting article in the WSJ today (I'm sure it's behind a paywall, but the headline is "Hertz Was Already in Terrible Shape. The Pandemic Finished It Off" so you may be able to google it).



The gist of the article is that Hertz has been horribly mismanaged for many years and was heavily indebted, so unlikely to survive the bankruptcy. Major investor Carl Icahn is expected to lose his entire $1.5 billion investment in it.



https://www.wsj.com/articles/hertz-w...&mod=djemITP_h


Didn’t read the piece but I suspect many of the BKs due to pandemic are similar: companies that were already on the ropes when the pandemic hit. It may give them cover to blame BK on the pandemic and a few will actually benefit from the lifeline provided by BK. Many will probably go under anyway or get acquired because bad management is bad management.
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Old 05-26-2020, 06:15 AM   #53
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So I guess my Hertz points are worthless now. I had a few free rentals days worth.
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Old 05-26-2020, 06:37 AM   #54
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I used to be a loyal Avis customer -- used them for decades. But after they merged with Budget the service seemed to go downhill and in the last few years I've had much better service with Hertz, so I'm sad to see this happen.
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Old 05-26-2020, 07:16 AM   #55
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Rental cars are the perfect cars for going off-road, practicing burnouts, and hitting speed bumps at speed. I’ve done all that or been in a rental with friends who’ve done that.
I wouldn’t buy a rental under most any foreseeable circumstance.
Lots of anecdotes, not a lot of evidence that it's widespread. And anyone can get a car inspected before purchase, the rental car sales outfits give you plenty of time to do so.

I've had no issues buying multiple former rentals over the years, which is just another anecdote.
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Old 05-26-2020, 11:17 AM   #56
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I could never buy a previous rental. The smell of the inside of a rental car makes me gag!

Mike
Don't they do extensive cleaning prior to selling?
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Old 05-26-2020, 11:37 AM   #57
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The rental cars in legal cannabis states are rumoured to smell like cannabis, because that is the only place many tourists could smoke the stuff. Or so I heard.
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Old 05-26-2020, 12:25 PM   #58
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I would give it a month or two before expecting to see what the Hertz liquidations will do to prices. They are now in bankruptcy and anything they do likely requires the assent of the presiding judge.
This. It's going to take time and the BK Court is not going to let them go out and sell a bunch of assets without approval, and this will mean a lot of gnashing of teeth with creditors.

And this...

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In November 2006, while the getting was still good, they sold the heavily indebted Hertz via IPO to the public.
What?!? This *never* happens with ANY companies!!!
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Old 05-26-2020, 12:31 PM   #59
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The rental cars in legal cannabis states are rumoured to smell like cannabis, because that is the only place many tourists could smoke the stuff. Or so I heard.
You can't smoke in the cars and most of the companies have high fines for doing so. I have rented many cars where pot is legal and I have *never* "smelled" pot in the cars. So, yep...big rumor as far as I am concerned.
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Old 05-26-2020, 12:57 PM   #60
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What?!? This *never* happens with ANY companies!!!
Well, that's what private equity guys do! How else would they raise money for their "bonus".
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