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 ...
Well, in EVs defense (and I can't believe I'm doing so) the motors on an EV are stone simple and are unlikely to ever need repair. It's the batteries. There is just no way to pack enough power into current battery designs in a way that is efficient, safe, and dependable.
Maybe one day when they discover Unobtanium batteries and have nuke plants in every metropolitan area, they'll start to make a little bit of sense. That or Mr. Fusion.
A 2018 model EV is more like a five year-old computer than a five year-old car — in that functional obsolescence plays a bigger role than physical deterioration in the loss of value. And anyone in the business world who used to donate old computers to schools will tell you that you can’t even give a five year-old computer away these days.
We have a 1998 SUV. Five years ago the blue book value was $1200. Two years ago, the value was up to $1500. Today, the 1998 SUV value is $2000.
You’re the niche buyer.
Good for you.
L
ok sparky, we get it. Got solar panels to?
$6 per month? Subsidized electricity.
It is not just the ongoing cost of en ev for a 10 to 15 yr lifecycles. What is staggering is the tutcurrent up front cost. 50k to 80k depending on the model
Whoever is buying these things must have disposable income. The cars are also on the small side imho.
Interesting stats at this link...
https://ampo.org/electric-vehicles-are-out-of-reach-for-most-u-s-consumers/
Paid 2k to replace a tranny in a 09 chevy I got for free. Still driving it.
Dnb battery tech. Dynamic nuclear battery, never needs to be charged.
On an EV related note...
https://insideevs.com/news/681712/general-motors-bev-rollout-plan-2023h2/
Be sure to read the comments.
Used EVs price go down but repair cost have skyrocketed on these POS.
At some point, you will have to replace the battery. It won’t be cheap.
Yes.
I had an old Chevy with many miles on it. I paid like $6000 for it new (do not remember, but it was pretty basic and cheap)? Five years ago, I could get maybe $500 for it.
I was hit recently, they totaled the car, and I got $4000 for it.
The comment section tells it all. As an electronic tech by trade, i can only say to those buying EV good luck, none for me.
Your car still has brake pads and they need to get changed out. They run off electricity but have hydraulic back up. The transmission,though different, i.e gearbox with single gear although some have 2 or 3 still uses a transmission fluid. You also have a cooling system for your battery. Any mechanical moving parts require lubrication. They maybe sealed but require lubrication.
Only $6.00 a month to charge your EV is pure BS.
Your battery warranty is not lifetime either it’s 10 years 100k and requires you do a lot in order for that to warrantied.
https://caredge.com/guides/ev-battery-warranties
44 miles ????? What a joke.
“Plus the mild weather in California means I don’t have the extreme weather issues.”
Good for you. Parachutes work well for paratroopers, not so much for submariners. Your ideal situation is not shared by everyone and EV’s don’t make sense for a large section of the population yet somehow they are being really pushed like they do.
At 10-15 cents/KV-Hr and assumming 220v charger, it probably costs $6/hr to charge your toy. No way a one hour charge per month gives your toy a 1,000 mile range!! LOL....
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