Posted on 12/25/2023 7:19:12 PM PST by Oldeconomybuyer
BERLIN – The shift away from cars with dirty combustion engines is running into a new hurdle: Drivers do not want to buy used electric vehicles (EVs), and that is undermining the market for new ones, too.
In the US$1.2 trillion (S$1.6 trillion) second-hand market, prices for battery-powered cars are falling faster than for their combustion-engine cousins. Buyers are shunning them due to a lack of subsidies, a desire to wait for better technology, and continued shortfalls in charging infrastructures. A fierce price war sparked by Tesla and competitive Chinese models are further depressing values of new and used cars alike, threatening earnings at rivals like Volkswagen (VW) and Stellantis.
Because most new vehicles in Europe are sold via leases, automakers and dealers who finance these transactions are trying to recover losses from plummeting valuations by raising borrowing costs. That is hitting demand in some European markets that were in the vanguard of the shift away from fossil fuel-powered propulsion. Some of the biggest buyers of new cars, including rental firms, are cutting back on EV adoption because they are losing money on resales, with Sixt dropping Tesla models from its fleet.
“When a car loses 1 per cent of its worth, I make 1 per cent less profit,” said Mr Christian Dahlheim, who heads VW’s financial services arm. The issues with second-hand EVs, he added, have the potential to destroy billions of euros in earnings for the broader industry.
The problems are expected to intensify in 2024, when many of the 1.2 million EVs sold in Europe in 2021 will come off their three-year leasing contracts and enter the second-hand market.
(Excerpt) Read more at straitstimes.com ...
Gator is a rat troll, a connected democrat party member. His EV BS is just a small part of his act
#21.
I don’t think the admission for a worn-out EV to get into a junk yard is going to be cheap.
Solyndra on wheels.
I guess they’ll need to get buried wherever all the useless old wind turbine and solar panels are sent to die.
But one of the better aspects of FR is that for the most part we are cognizant of and respectful of the FR traditions (as well as the rules), one of which is that you ping any FReeper you mention by name (even sarcastically).
Good move. Who wants the fuss and irritation one would have with this drain on the power grid?
cause whoever will buys one secondhand, is STUCK WI IT...
because nobody, and i mean NOBODY will a third owner stuck wi an unsalable lump of dead/dying batteries...
This should be applied to 2nd and longer term Democrats as well. Once they prove their incompetence/malevolence, set them free to pursue an alternative existence!
“..Imagine after a major winter storm knocking out your power for several days,..”
I got out of the Navy in 12/70, returned to college in 1/71. In 1/72, southern Illinois (I was at the Univ of ILL), experienced a 5 day period when the high temp was -20 def F. A tow truck pushed my VW bug 3 times before I got one cylinder to fire intermittently; took 5 minutes before the engine was running regularly.
Honestly, I don’t want a used car newer than 2011. It seems that most cars after 2011 started replacing simple circuits with computer modules. And they’re very expensive to diagnose and replace. I also don’t want a newer used car that has integrated LED bulbs/fixtures. Maybe a replaceable LED bulb, but if they’re manufactured into the fixture? No way.
Well, unless you had the forethought to store gasoline or diesel, you would be in the same boat as the EVs. No power, no pumps either. Some stations do have generator backup in some areas, but none around me do. At least there is nothing to indicate they do. No exhaust pipes for generators or anything other than normal looking buildings. And when the power goes out, they close down, too.
they make wonderful lawn ornaments
bit expensive though
There is no ‘second hand’ market for electrical vehicles... Period!
I wonder if an EV could be used as an energy source when power is out? A generator noise could draw attention. Just a thought.
“I wonder if an EV could be used as an energy source when power is out? A generator noise could draw attention. Just a thought.”
I’m sure that the typical EV battery holds enough kilowatt hours of ‘tricity to do that, but I don’t think a single EV is configured with the capability to output to a home electrical system. So, for now, “yes” in theory, but “no” in practice.
The F150 lightning is capable of doing it. However, the home hookup system is very expensive. For the cost, one might as well buy a natural gas generator such as a Generac..
GM to investors: “Buy our stock...Just because”
Regardless of what is being written and said here, the reason EVs are flopping is that Americans have looked at them and said NO! The reasons vary a bit but we know EVs are just another way to try to restrict our freedoms.
I like they way they start out with the “dirty combustion engines” lie. No bias there.
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