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Used EV price crash keeps getting deeper with ‘premium’ brand idea history



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 1 month ago '11        #1
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Sin  topics gone triple plat - Number 1 spot x73
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@ 02:57 AM 06-17-2024 [emoji] Used EV price crash keeps getting deeper with ‘premium’ brand idea history
 

 
KEY POINTS
Used EVs are now selling for thousands of dollars less, on average, than comparable gas-powered vehicles.
The difference between the price of a used Tesla Model 3 and BMW 3 Series shows how a “premium” associated with EVs in the initial boom has been erased, according to an analysis from iSeeCars.
As more EVs enter the used market at lower prices, there is a wider market of potential first-time EV owners.


Back in February, used electric vehicle prices dipped below used gasoline-powered vehicle prices for the first time ever, and the pricing cliff keeps getting steeper as car buyers reject any “premium” tag formerly associated with EVs.

The decline has been dramatic over the past year. In June 2023, average used EV prices were over 25% higher than used gas car prices, but by May, used EVs were on average 8% lower than the average price for a used gasoline-powered car in U.S. In dollar terms, the gap widened from $265 in February to $2,657 in May, according to an analysis of 2.2 million one to five year-old used cars conducted by iSeeCars. Over the past year, gasoline-powered used vehicle prices have declined between 3-7%, while electric vehicle prices have decreased 30-39%.


“It’s clear used car shoppers will no longer pay a premium for electric vehicles,” iSeeCars executive analyst Karl Brauer stated in an iSeeCars report published last week. Electric power is now a detractor in the consumer’s mind, with EVs “less desirable” and therefore less valuable than traditional cars, he said.

The gap between used luxury brands and EVs has widened, too. Used BMW prices exceed prices for comparable, all-electric, Tesla vehicles by a significant amount, according to iSeeCars. A Tesla Model 3 cost $2,635 more than a BMW 3 Series in May 2023, but by May of this year, was priced over $4,800 less than the 3 Series.

More people are selling their used EVs today than ever before, at least partially because the market is bigger than every before. In 2022, 176,918 used EVs were purchased in the U.S. In May alone, that number increased to over 45,000. There are many more vehicles in the used market than new car market, and used vehicle value does rapidly depreciate as a rule. A one-year-old used car is, on average, priced at 80% of the same car sold new. As more EVs enter the used market at lower prices, the EV market does become available to a wider market of potential first-time EV owners.

The South Point pre-owned car lot on June 07, 2023 in Austin, Texas.
Why experts say falling EV prices could actually hinder widespread adoption
There are reasons why EV premiums are more likely to decline in the used market regardless of the recent consumer perception shift: battery technology is continually getting better, increasing range on new models, and consumers also worry about batteries degrading over time. Newer models have longer ranges and improved battery life with temperature control for charging. Between 30-50% of the value embedded in an EV is the battery. But offsetting that is the fact that EVs have lower overall owner costs, from fuel to maintenance, and owners of used EVs can qualify for federal tax credits.

A key factor in the recent decline in used EV prices has been Tesla CEO Elon Musk, who began an industry price war as demand slumped by cutting prices in 2023, with price cuts on Model X, Y and S vehicles continuing into 2024. Scott Case, the CEO of Recurrent, a startup that measures EV battery performance for auto consumers, recently told CNBC that declining used Tesla prices correspond to new Tesla price drops, followed by decreasing prices across used EV competitors.

In January, Hertz also shifted its aggressive EV strategy to sell off 20,000 EVs at Hertz Car Sales locations, roughly one-third of its EV fleet, selling used Teslas at a “no haggle” $25,000 average price across the country.

Declining market demand for EVs and a lack of infrastructure have pushed many auto companies to step back from aggressive EV rollouts, and put more promotion behind hybrid models, which are experiencing a boom. General Motors recently cut its expected sales and production of EVs from a 200,000–300,000 range to 200,000-250,000. EVs made up less than 3% of GM’s Q1 sales. Ford has faced losses from its Model E electric vehicle rollout, even as combined hybrid and EV sales rose in May. Ford has now made the decision to rescind a program announced during the initial EV boom that required Ford dealers to make significant investments in EV infrastructure to be able to sell electric vehicles.

Charging infrastructure is still in an early stage and without increased infrastructure, switching to electric vehicles is an accessibility issue for many Americans. But access to EV chargers is growing. There are over 64,000 publicly accessible electric vehicle charging stations in the United States, with over 176,000 total EV charging ports, according to the Department of Energy. EV charging infrastructure has grown by 29% since the Inflation Reduction Act of 2022, which included tax incentives to adopt EVs. There are roughly 145,000 gas stations in the U.S.

A Pew Research analysis using Department of Energy data found that roughly six in 10 Americans now live within two miles of a public charger, though only 7% of people who live within two miles of a charger will consider buying an EV, Pew found. Most EV charging still occurs at home, while there are also rural EV “deserts.”

A Gallup poll of Americans in April found ownership of EVs increasing by 3% annually, but an equal percentage decline in consumers who indicated serious interest in buying an EV, down from 12% to 9%. Overall, 35% of Americans said they might consider buying an EV in the future, down from 43% last year.

 https://www.cnbc.com/2024 .. a-history.html
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174 comments

 1 month ago '04        #2
jaynat603  topics gone triple plat - Number 1 spot x1
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Can't do Cross country in a EV and if you do, it'll damage the battery long term. The prices to repair EVs is about the same amount or higher as purchasing another vehicle even with a warranty. It makes sense just to stick with gas due to the economical back and fourth in general
+49   

 1 month ago '04        #3
deziking  topics gone triple plat - Number 1 spot x13
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them sh1ts are trash that's why.


Making EV batteries is energy intensive and uses mostly unclean energy. The lithium used in batteries is often mined from salt flats in Argentina, Bolivia, and Chile, which requires large amounts of groundwater. Rare earth deposits used in batteries are often located in China, which gets most of its energy from coal.


Last edited by deziking; 06-17-2024 at 08:57 AM..
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 1 month ago '17        #4
dubsax  topics gone triple plat - Number 1 spot x2
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been saying for years not to touch EV's until solid state ceramic batteries are mass produced.
+31   

 1 month ago '19        #5
Bxswaggerjacker 
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 jaynat603 said
Can't do Cross country in a EV and if you do, it'll damage the battery long term. The prices to repair EVs is about the same amount or higher as purchasing another vehicle even with a warranty. It makes sense just to stick with gas due to the economical back and fourth in general
Y would it damage the battery?
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 1 month ago '04        #6
Tikyle2 
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 jaynat603 said
Can't do Cross country in a EV and if you do, it'll damage the battery long term. The prices to repair EVs is about the same amount or higher as purchasing another vehicle even with a warranty. It makes sense just to stick with gas due to the economical back and fourth in general
Who drives cross country a lot?

C'mon man some of you just want to sh1t on stuff just because it's different. 99% of people use their car to go to work or school and back and to run errands around town. Most people aren't driving across country and if they do it's once a year tops.

EVs are perfect commuter vehicles but if you live in an apartment or townhouse with no access to power then they are not for you right now. I've driven "across country" in a Model Y and it was fine. Super charge from 20 to 80 percent in like 20 minutes. By the time you p1ss and grab a energy drink you have like another 5 minutes.
+49   

 1 month ago '21        #7
NUF  topics gone triple plat - Number 1 spot x16
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EVs aint for everyone, but I love my Model 3 LR.
+18   

 1 month ago '18        #8
shooter  topics gone triple plat - Number 1 spot x36
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As a person that's owned both, a used model 3 or Model S is by far the best values on the US auto market right now.

The only problem is that the value fluctuates based on demand more than most cars. So sometimes it's good for the owner and sometimes it's good for the buyer.

But if you need a safe, reliable fast EV that requires very little maintenance, I recommend.

All you need to do is make sure you

- review the maintenance records
- make sure interior, screens/electronics are straight
- have seller do a battery health test in service mode (or you can use the ScanMyTesla app if you want to get the most detailed info)
- test drive & check tire tread for alignment issues

That's like 4 checkpoints instead of the list of 25+ things (hoses, belts, engine, transmission, fluids...) you'd need to pay attention to in a gas car.
+36   

 1 month ago '18        #9
Therkiteckt 
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 Tikyle2 said
Who drives cross country a lot?

C'mon man some of you just want to sh1t on stuff just because it's different. 99% of people use their car to go to work or school and back and to run errands around town. Most people aren't driving across country and if they do it's once a year tops.

EVs are perfect commuter vehicles but if you live in an apartment or townhouse with no access to power then they are not for you right now. I've driven "across country" in a Model Y and it was fine. Super charge from 20 to 80 percent in like 20 minutes. By the time you p1ss and grab a energy drink you have like another 5 minutes.
If I need to get to Cali from nyc I fly
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 1 month ago '04        #10
infam0uskills 
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my coworker got an electric mini cooper some days her max range on a full charge is 96 miles

emoji
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 1 month ago '08        #11
J_Clarity13 
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sh1ts are trash
+5   

 1 month ago '06        #12
acAWN 
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Been on the fence for weeks on trading in my x3 for a model y
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 1 month ago '07        #13
PurpleKush 
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 jaynat603 said
Can't do Cross country in a EV and if you do, it'll damage the battery long term. The prices to repair EVs is about the same amount or higher as purchasing another vehicle even with a warranty. It makes sense just to stick with gas due to the economical back and fourth in general
who the fu#k drives cross country
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 1 month ago '04        #14
NAKHI ALLAH 
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 PurpleKush said
who the fu#k drives cross country
I've done it twice will not again ever
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 1 month ago '18        #15
shooter  topics gone triple plat - Number 1 spot x36
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 jaynat603 said
Can't do Cross country in a EV and if you do, it'll damage the battery long term. The prices to repair EVs is about the same amount or higher as purchasing another vehicle even with a warranty. It makes sense just to stick with gas due to the economical back and fourth in general
This isn't true.

Been cross country. Your battery is fine. The only problem is the trip takes longer because you're plotting a path across the superchargers.

I don't recommend it if you're pressed for time but if you don't mind the slower travel, it feels great letting the car do it's thing, handling all highway driving, exits and lane changes. Basically a passenger sitting in the driver seat.

Only thing I'll say is if you don't have a garage or work/ live in a building with a free charger, you really aren't gonna save much because most the gas savings will go to supercharger fees. Still worth it but not as compelling.
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 1 month ago '16        #16
B86 
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Yall can follow these articles and other posters if you want to... I've been following the car price trends graph and EV reliability for years. If Teslas drop another 5-10% in pulling the trigger on a Model 3
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 1 month ago '19        #17
Big Gurthy  topics gone triple plat - Number 1 spot x3
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I don’t trust the infrastructure or electrical grid to support a whole bunch of Evs.
+10   

 1 month ago '18        #18
shooter  topics gone triple plat - Number 1 spot x36
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 B86 said
Yall can follow these articles and other posters if you want to... I've been following the car price trends graph and EV reliability for years. If Teslas drop another 5-10% in pulling the trigger on a Model 3
You won't regret it. Granted there are always some bad people passing off their problems to the next owner but with a Tesla its so much easier to tell where with ford or chevy, bmw or benz id need to bring a mechanic with me to do a 25 point inspection to feel safe.


Last edited by shooter; 06-17-2024 at 10:42 AM..
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 1 month ago '04        #19
jaynat603  topics gone triple plat - Number 1 spot x1
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 Bxswaggerjacker said
Y would it damage the battery?
That's an easy answer, common sense aint so common. Todays drivers don't know how to change a tire let alone know how their vehicle works just long as it drives and functions. Teslas don't have a proper protective surge which can either wear down or short out a battery within a set of batteries that would alter the algorithm of the vehicle altogether.

Either coming from a charging station near a public area or coming from home, it fluctuates and mind you that you're outside among elements which plays a major factor. This past December, a lot of recalls happen due to EVs that cannot operate in certain conditions in different cities like Chicago for example or New Mexico. This includes the cybertruck that is currently dropping like a stone in a pond value wise due to so many issues (It is half off the original asking price now). If its too hot, you'll get less milage than advertised and even lesser milage with weight capacity and if it's too cold, you'll be lucky if it functions at all or even start up. Certain areas that is in Texas, Louisiana to Arizona right now are advising people not to drive due to gas shortages when truthfully the bigger cities that have plenty of these EVs the temperature there is too hot for it to operate and sometimes can just shut down while in drive even on a busy highway

Theres examples of people being locked inside thier cars and had to bust the window to get out or couldn't get in to start it up being so cold or malfunctioning due to the heat while operating. There's plenty of youtube videos of these mishaps and scams that's around these EVs that you can see for yourself
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 1 month ago '06        #20
K-Train 
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I wouldn't mind owning one. My workplace has free EV charging stations, and you don't have a whole lot of maintenance to worry about. If I want to go on a road trip, I've got a Honda Fit that I paid cash for.
emoji
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 1 month ago '18        #21
shooter  topics gone triple plat - Number 1 spot x36
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The absolute worst part of Tesla ownership is the openly racist CEO destroying the brand with his autistic hot takes.

You can almost guarantee this dude is gonna end up on the summer jam screen eventually.
+13   

 1 month ago '17        #22
Dante Haversham  topics gone triple plat - Number 1 spot x21
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 Bxswaggerjacker said
Y would it damage the battery?
It's no different than your cell phone or anything else you charge. After so many charges the batteries degrade and they begin to hold less power than they did when they were new. When they eventually have to be replaced, that's when you literally spend the same amount to replace them as you would spend buying a new car.
+3   

 1 month ago '24        #23
Stay Blessed 
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That’s cause them batteries are worn just like everything else that uses a rechargeable battery. If you gotta drop thousands on a new battery to get decent mileage that should be part of the sale price


Last edited by Stay Blessed; 06-17-2024 at 10:47 AM..
+4   

 1 month ago '24        #24
unit301  topics gone triple plat - Number 1 spot x2
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 jaynat603 said
Can't do Cross country in a EV and if you do, it'll damage the battery long term. The prices to repair EVs is about the same amount or higher as purchasing another vehicle even with a warranty. It makes sense just to stick with gas due to the economical back and fourth in general
So many people say, "Yes, you can go cross-country"... and then proceed to show you a map of the US where you can take a circuitous route that has charging stations along the way.

You can work on your gas-powered car with tools you can buy or specialty tools you can rent. You can buy parts online or at a dealership parts counter.

To do that with EVs, you need to have know-how which isn't available to the general public because they don't sell EV repair manuals; and you have to search on youtube for people who have figured out things because they have electrical engineering knowledge. Sometimes, getting parts involves finding a wrecked EV instead of buying direct from the company.
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 1 month ago '04        #25
jaynat603  topics gone triple plat - Number 1 spot x1
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 shooter said
This isn't true.

Been cross country. Your battery is fine. The only problem is the trip takes longer because you're plotting a path across the superchargers.

I don't recommend it if you're pressed for time but if you don't mind the slower travel, it feels great letting the car do it's thing, handling all highway driving, exits and lane changes. Basically a passenger sitting in the driver seat.

Only thing I'll say is if you don't have a garage or work/ live in a building with a free charger, you really aren't gonna save much because most the gas savings will go to supercharger fees. Still worth it but not as compelling.

Case in point. And that's another thing that is super dangerous not being aware letting a vehicle take control? Nah, I'm good
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