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 ...
>If you want to drive one, just lease it
Ha; came back to the thread ‘cause it occurred to me that this is how the stealerships are getting hosed.
Driver 1 leases, has fun with the EV, drives it hard, charges it fast, maybe leaves it out in cold or hot, turns it in. Or maybe he’s a super gentle driver and keeps it safe in the garage charging overnight. Who knows?
Still a lease on a $50k, $80k, $100k *anything* seems dumb to me whether EV or Porsche.
Prejudicial is right. Same way they use “gas-guzzling.” Heard someone on radio point this out and say we should start calling EVs “electricity-guzzling.”
I don’t buy an over priced or used battery drill so I’ll never buy one on wheels either. It’s funny they call them Electric cars when they are really Battery Cars.
YOU COULD NOT GIVE ME A NEW ONE.
That is absolutely hilarious!
LOL...in their fevered delirium! Then they got a cold, wet slap of reality upside the head. "Vanguard" my arse.
You're right! It's been a whole month. Last seen wandering the halls on November 25.
With computers, it's largely a perception problem. It used to be true, that newer computers were a lot more powerful than computers that were only a few years old. Most people with even an older I7 would see a massive improvement in perceived speed my replacing the hard disk with an SSD, or just replacing MS-Windoze with a real operating system.
When I build a new computer, I fully expect to use it for a decade. In the past, I might end up upgrading to a bigger disk, but these days, I don't even have to do that. A modern CPU has boatloads more raw computing power then the average person will ever use. Heck, I've got 16 cores on mine and the only time I really max out the CPU is when I rip DVDs, so I can copy the file to my media player. It really is cool seeing my load average go to 11 or 12, but that really doesn't happen much.
With electric cars, the batteries really do degrade over time even if they are not used much. So while the comparison might have once been true, it is not so much anymore.
I think I could tolerate some noise if I was going to be getting power when others are not.
Then they’ll haul it to YOUR house and place it out front!
If you don't mind a little bulk...
I’d take it!
The neighbors may not like it. I suspect HOAs can dictate what kind of generators can be used.
I’m 2.5 miles away from the nearest HOA.
(Cue Green Acres theme song)
When your whole subdivision is dark; let them bitch about YOUR generator!
That would be my take as well. Beg for forgiveness later if the subject comes up.
Or so that you can’t remove them to avoid being tracked _or_ to sell more Faraday bags lol
I did just see an ad showing an ev pick-up(ford?) powering a house after a black out.
Thank you. I stand corrected. Apparently, yes, the Ford “F-150 Lightning” can power a home with some add-on equipment that costs about $5,000.
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