Posted on 09/24/2023 10:21:05 PM PDT by fireman15
The average cost of second hand electric cars is plummeting by a “phenomenal amount” as they sit for “months on end” without any buyers. Research by online motor marketplace, AutoTrader, revealed the average price for a used EV has dropped by 21.4 per cent this month, compared to a year ago. Marc Palmer, the head of strategy and insights at AutoTrader, told MailOnline: “The used market will now be slower to mature. There will be fewer new EVs registered and fewer used cars coming to market. “There will be sections of the public, especially those who are sceptical, who will want to wait.” The expert explained that used cars are the “biggest” section of the industry, however motorists are likely to “take longer” in the switch to electric.
https://www.thesun.co.uk/motors/24099905/second-hand-ev-prices-falling-driver-lose-confidence/
According to the Mail:
Mid-month figures for September released by AutoTrader – the largest online marketplace for cars – reveal that the average price of a used EV has fallen by 21.4 per cent to £32,463.
Premium sector EVs, including Tesla, BMW, Mini and Mercedes-Benz, were hit hardest – with values falling by up to 24.1 per cent year-on-year.
The data, reported by The Times, showed that prices of second-hand premium sector EVs peaked at £51,704 last August and have since plummeted by more than £10,000 to £39,268.
https://www.dailymail.co.uk/news/article-12551439/used-electric-cars-price.html
The second hand EV is between a rock and a hard place!
Increasing numbers are now coming onto the market, corresponding to the increasing number of new sales in recent years.
Yet at the same time, there seems to be little appetite ffrom buyers. Most new EVs go either to Business/Fleet purchasers, or rich, virtue signallers. Neither sector is interested in buying second hand EVs.
(Excerpt) Read more at wattsupwiththat.com ...
Another issue is that if the batteries are stored with either too much or too little charge... they deteriorate quickly and the damage cannot be reversed. The most expensive component in an electric car is the battery. Once it is shot... in many cases the vehicle can be left with almost no value at all.
Oversized electric golf cart fanbois are not pleased.
They do not own one of the wretched things of course, just frantically boost them.
Oh wait, he go the zot, didn’t he?
Used to be brakes, water pumps, then timing chains, serpentine belts, a/c’s but it was in the 100’s for inevitable total cost of ownership. Even transmission, especially for Fords, could dependably need major rebuild or replacement at some point. But that was 3-4k.
When these electrical pig-in-a-pokes need a new battery it will be a whole new family meeting. The emergency/ car maintenance fund won’t keep up. And the Federal Climate Emergency subsidies will be gone and back to their rightful place financing liberal elites’ dwellings in the Hamptons and pedo-(va)cationing.
Things that can’tgo on forever, Don’t.
Long ago I bought a nice used car from a used car dealer who faked a limp. Nice tires on the car, very new. The car that we got came with worn out tires.
Now they’re likely doing that with batteries on EVs.
Oh yes, let me buy a used EV just in time to replace the battery which costs more than the car is worth.
The resale value of my electric car is of no concern to me. Zero. I don’t plan to sell it or trade it at any time in the foreseeable future.
Read an article about EV battery fraud. Some people are changing out good batteries for weak ones, then selling the car to unsuspecting buyers. They take the good batteries and sell for vehicles needing a battery. Twofer
I parked my car at 50% for 10 days and it was still 50%. The car is 4 years old and this was. August 8 through 18.
In the secondhand market for gasoline-powered vehicles, there’s a certain amount of rationality based on decades of experience driving such vehicles. For a gas-powered car that has say fewer than 30k miles, buyers might pay 70% of the new vehicle price. For a gas-powered car that has say more than 100k miles, buyers might pay 20% of the new vehicle price. This is all based on the buyers’ expectations of remaining useful life of the vehicle, maintenance/repair costs, etc. The EV industry is still so new that, to most buyers, estimated remaining useful life of an EV, maintenance/repair costs, etc. seem like a total wildcard. Can you get a 100k miles on an EV battery? If you can’t, how much will it cost to replace the battery? Not a ton of people thinking about these questions
Couple of good comments at the site...
1. mikelowe2013. “People are slowly waking up to the fact that resale values for EVs as mileage increases will approach zero, because everyone will refuse to pay for a new battery to be installed.” (POF - I’m surprised the article does not mention this)
2. By bnice2000. “Quite simply they have run out of virtue-seekers.”
About 30 years ago I purchased a used Dodge Pickup from a rip-off artist who had used tricks that I was not familiar with at that time to hide a bad engine knock. Within a couple days it started knocking and could not maintain oil pressure.
I went to the auto-parts store and bought $75 worth of rod and main bearings along with some new seals. I pulled the oil pan, removed the bearing caps, slid the wrecked bearings out, polished the bearing residue off the crankshaft with strips of emery cloth and put everything back together. It took most of the day; it would have been easier if I had taken auto shop in High School, instead of following along in a Chilton's manual that was about $5 back then. I didn't expect the repair to last, but 25 years and many thousands of miles later the truck was still going strong when I sold it to a Mopar collector with a full disclosure.
If you purchase a used electric car with a damaged or worn- out battery... there is no recovery from that. The cost of the battery could easily be more than the car will be worth after you replace it.
One reason I don’t plan to sell my EV is that it has a lifetime warranty on the battery which is not transferable. The other is that Hyundai recalled several thousand of them for a battery defect and I got a brand new battery at 25000 miles. I have 45000 miles on the car but only 20000 miles on the battery. Plus I drive it around town about 1000 miles a month and charge at work for 6 dollars a month. I don’t charge at home. I don’t need oil or brakes and I don’t have to pay for gas. Other than the 8 hours each week that it takes to charge I don’t need to do much of anything to the car. Plus the mild weather in California means I don’t have the extreme weather issues.
I am not sure what your point is. Lithium Ion batteries should be stored at 40% to 50% charge. Anything higher or lower we result in deterioration over time.
Yep, those were the days, when you needed to be a REAL MECHANIC to work on a car. These days working on cars is rediculously simple, as the failures are either old-school (brakes, steering linkage, shocks, etc.), or new stuff where the computer points you right to the item needing replacement. Plus you have YouTube to tell you, in 10 different ways, how to do the repair. Too damn easy now, doesn’t take any special skills to work on one’s own car.
Your numbers are no longer accurate in the current used car market... Look up the values of used vehicles on one of the valuations sites and compare them to the cost of new vehicles. Most types of vehicles make it to more than 200,000 miles these days. My wife and I are still driving our 2001 Astrovan which has 225,000 miles and has never had any major work done.
Instead of this EV and renewable energy BS, we should have been spending our money on hardening our grid against EMPs.
When that battery is NLA then you warranty will end soon enough.
I do understand what you are saying and YouTube videos can be incredibly helpful. I am not sure that could call myself a “real mechanic” but other than some minor transmission work that needed special tools... I have never had any vehicle that I own worked on by anyone else.
I have owned vehicles from the 1940s on up. And have worked on tractors and other equipment that was quite a bit older than that. I have a collection of magazines, and manuals that an old mechanic gave me when I was young.
The first cars and trucks that I owned with computer controls... you used a paperclip to get them to blink out the codes to give you a clue what the problem was then followed a manual on how to fix them. I have acquired more and more diagnostic equipment over the years but typically you still often have to use your troubleshooting abilities to fix them.
These days young people especially don't know what you are talking about when you talk about changing the springs in your distributor or adjusting your vacuum advance to get better performance.
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