Posted on 01/04/2024 11:01:51 AM PST by Red Badger
“The electric things have their life too. Paltry as those lives are.” – Do Androids Dream of Electric Sheep?
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Just as President Joe Biden starts showering hundreds of billions more of taxpayers’ money to “electrify” the nation’s fleet of automobiles, the bottom is falling out of the EV market.
The latest indication is the sharp drop in prices for used EVs.
A report from iSeeCars.com, a search engine for auto buyers, found that the average price for all cars declined 5% in 2023 compared with 2022.
But the resale price EVs plunged 33%.
While a used EV sold for an average of $52,821 in 2022, it went for less than $35,000 in 2023, which means they can be had for just slightly more than the average price for all cars.
Even with this dramatic decline in prices, it took 40% longer to sell an EV in 2023 than it did the year before. Used gas-powered cars, in contrast, sold 10% faster than they did in 2022.
“This combination of lower prices and slower sales suggests EVs have hit a market demand threshold that will be difficult to break through,” said Karl Brauer, iSeeCars executive analyst.
Why is the used EV market in trouble? Bloomberg speculates that “Buyers are shunning them due to a lack of subsidies, a desire to wait for better technology, and continued shortfalls in charging infrastructures.”
But it’s not just the used EV market that is cratering. iSeeCars found the same trends with new EV sales. The time it took to get an EV off a dealer’s lot more than doubled in 2023. It now takes roughly three times as long to see an EV than a conventional car, despite price cuts and Biden’s huge EV tax credit.
Nearly half of EV owners buy a gas-powered one for their next vehicle, according to a study from S&P Global, titled “Does the auto industry have an EV loyalty problem?”
The collapse in used EV prices is hurting the sale of new ones. Why plunk down big money for a car that will lose value faster and be harder to sell down the road?
Rental car companies are deciding not to. Hertz scaled back its plans to add more EVs to its rental fleet, citing high repair costs and declining resale value. German-based rental car company Sixt said it’s phasing out Tesla rentals from its fleets because of reduced resale value.
And that’s on top of the fact that EVs are more prone to need (more expensive) repairs, lose significant range in bad weather, and are a pain to recharge. The NBC affiliate in Philadelphia recently filed this story:
On a cold fall day, several electric vehicle drivers were waiting for a turn to plug into one of the public chargers at a strip mall parking lot in South Philly.
‘It’s like, man, you got to be here 40 minutes, 50 minutes, and then you got to spend another hour here to charge,’ said Kevin Taylor, an Uber driver who two months into using an electric vehicle was already considering switching back to gas.
So, let’s sum up: New EVs aren’t selling, despite massive government subsidies. Used EVs aren’t selling. People who own EVs often give up on them and switch back to gas-powered cars.
You’d think the Biden administration would respect the wants and needs of the car-buying public. Instead, it’s kowtowing to radical eco-leftists and is spending billions upon billions to build charging stations, massively subsidize the EV manufacturing business, and hand out lucrative tax credits to EV buyers.
Do leftists dream of electric cars? Yes. But for everyone else, the EV mania is turning into a costly nightmare.
— Written by the I&I Editorial Board
Unexpected.
The issue is not the failure. It’s the intent. You know-the common good. The seed has been planted. EV’s are good for the environment and we only need to spend effort either perfecting them or moving on to another related issue like mandating solar. Very smart on their end. Wrong? That’s irrelevant.
I wonder if you can retrofit an ICE into a worthless EV?
I bet ya can.
I remember all those diesel GM junkers back in the 80’s. When the engine crapped out, people simply replaced them with normal engines.
Extremely difficult. Different chassis layout.............
You make a great point. The EV debacle is designed to fail as surely as Obama’s 30 Billion Dollar Green Energy SNAFU.
The point is to make personal transportation unaffordable for the masses, thus forcing them into “15-Minute Cities”.
Reassignments coming.
The War on Cars started with Cash For Clunkers.
As I understand it, the battery is actually integrated into the chassis......at least I’m pretty sure that’s how teslas are designed.
Teslagator should be along directly to confirm.
Yep. But they used to shoehorn in Chevy 350’s into little Vegas.
And the Ford Lightning is simply a regular 350 that now has a ‘frunk’ where an ICE should be.
Others have thought about this. I think that as more EV owners face a $30,000 battery replacement bill, they might wonder.
https://www.quora.com/Has-anyone-fitted-a-gas-engine-into-an-electric-vehicle
They cannot even made the train to nowhere in CA!
bingo!
they dont care
the goal is to destroy personal transportation
“regular F150”
The people in charge knew, from the beginning, electric vehicles were not going to work for the mass market. They were hoping to outlaw our gasoline and diesel vehicles before people realized the truth and the tyranny behind it.
They were ALWAYS going to outlaw electric vehicles as impractical AFTER they took away our internal combustion vehicles.
The objective is to severely limit us peasants and our freedom of movement. They want us to be restricted to ONLY a distance we can walk or ride a bicycle.
Of course, the elites will always have gas guzzlers and jets to take them anywhere their hearts’ desire at a moment’s notice.
Typical EVs have no drive train. The electric motors turn the wheel(s) directly.
No place for a transmission, and no fuel tanks........
I’m getting damn sick of communism forcing it’s way into our society more and more. Less choice, more government force.
If people have no personal vehicles in which to travel great distances, they cannot be a threat to the tyrants by an ability for thousands to gather in central locations to engage in an uprising against the scoundrels.
Kinda like The Hunger Games....................
They sold kits to swap out Jaguar motors with Chevy 350’s and Turbo 400 trans, I’m sure there will be an EV swap soon
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