'The adoption of electric vehicles in the United States has hit a pothole.

While the overall percentage of EVs on the road continues to climb — sales reached a record of 7.6% of the U.S. vehicle market in 2023 — resale values are going in the opposite direction.

“Prices for used EVs have been falling in recent months, especially compared to what we saw just a year or so ago when not only were used EV prices high, but some vehicles were also selling for close to new prices or even more,” says KTLA 5 technology reporter Rich DeMuro.

In 2023, prices for the top 10 best-selling battery cars in the U.S. fell an average of 28%, according to data from CarGurus compiled by HSBC.

On the surface, this might seem like good news for those waiting for the right moment to purchase their first electric vehicle. Unfortunately, this sharp decline in resale value points to several problems inherent to EVs that can’t be overcome in the short term.'

https://ktla.com/news/california/why-are-used-ev-prices-cratering-right-now-its-complicated

I must disagree. It's NOT complicated. They are too expensive, too complicated, too limited in range, have too few charging options, have no tolerance for cold weather, have too many unknowns as to longevity, and are just plain not ready for prime time for most of us.

Well written Dave, couldn't agree more!

Prices for used EVs have been falling in recent months, especially compared to what we saw just a year or so ago when not only were used EV prices high, but some vehicles were also selling for close to new prices or even more,” says KTLA 5 technology reporter Rich DeMuro.

In 2023, prices for the top 10 best-selling battery cars in the U.S. fell an average of 28%, according to data from CarGurus compiled by HSBC.


Isn't the above following the resale values of gas cars for the last 50yrs?
Drops 30% once you drive it off the lot?
Now EVs are doing the same, and not holding value?

Twenty five percent or more for initial depreciation is all too typical for many automobiles. What the article does not specify is whether their depreciation numbers are only for initial depreciation or do they include continued depreciation.

One thing that has been constant though, is that about 25% of EV buyers return to petrol powered vehicles for their next vehicle. And that is for the 'initial adopters' who tend to be the most ardent supporters.

The masses were never wanting an EV. The government mandated it and incentivized their production, the politicians, paid youtubers and media from local to Nationwide hyped it and the MFGRS were only too happy to rush design/manufacture them. Fanboys of all ages bragged them up and even argue intensely the superiority of Battery over ICE. Yet ironically- just like the politicians- fanboys do not own or utilize an EV themselves.

Hertz dumping a bunch of EV's on the used car market didn't help.

Look up Fisker Auto. They dropped their prices on cars that are sitting on lots BIG TIME to try and raise enough cash to pay loan interest in the short term. Their stock traded yesterday at ......ready for this......$0.055 per share. That's right. 5.5 CENTS per share. They have cars sitting on lots and nobody wants them. On the plus side, they are also currently being investigated for faulty door locks that will not let you OUT of the car. What's not to like, right?

His second phony pump and dump "car company" to go bankrupt

all i can say is : BOOOFARGIN"HOOOO FOR YOU !
there are only limited applications where electric vehicles can work for the public, and if the stupid among us think electric vehicles are the "cure", then they deserve all the bad experiences they endure.

Ford losing a zillion dollars on them doesn't help, either.

https://edition.cnn.com/2024/04/24/business/ford-earnings-ev-losses/index.html

" Ford’s electric vehicle unit reported that losses soared in the first quarter to $1.3 billion, or $132,000 for each of the 10,000 vehicles it sold in the first three months of the year, helping to drag down earnings for the company overall.

Ford, like most automakers, has announced plans to shift from traditional gas-powered vehicles to EVs in coming years. But it is the only traditional automaker to break out results of its retail EV sales. And the results it reported Wednesday show another sign of the profit pressures on the EV business at Ford and other automakers.

The EV unit, which Ford calls Model e, sold 10,000 vehicles in the quarter, down 20% from the number it sold a year earlier. And its revenue plunged 84% to about $100 million, which Ford attributed mostly to price cuts for EVs across the industry. That resulted in the $1.3 billion loss before interest and taxes (EBIT), and the massive per-vehicle loss in the Model e unit."

Let's not forget some states wanting to invent road taxes for them. An eventuality for everything but right out of the gate puts a damper on it.

if the E trucks can't handle a car wash, how will it work out in places where it has to sit outside in the rain? Many thunderstorms have more wind driven water then any car wash could ever dream of.

I have no sympathy for someone who bought an EV and then has regrets. Saving the planet from evil fossil fuel powered combustion engines takes sacrifice. If one bought into the lies and hype and ignored the facts then too bad. Deal with the nonexistent infrastructure, slow charging, unreliability and high expense of the farce EV.

There's a Tesla that's been parked FOR SALE in front of a produce store near me - probably the store owners' car - been there for a month now. Let's see - a used Tesla. Wanna buy it? Does it have any problems? Owner says "it runs great - no problems!" Do you believe him? Hmm, let's pop the hood & take a look - let's hear the engine. Oh wait - it's an EV. Let's look at the battery - can't see it - it's underneath the floor pan of the car. Does the battery look OK?

So, you take a flyer & buy it for what - $25-grand?. A week later, the car won't move - it just bricked-up. WTH? Needs to go in for repairs. Will your local repair shop look at it? Nope. Gotta go to a Tesla dealer. Where the heck IS a Tesla dealer near me? 25 miles away - OK. Call a flatbed & it gets towed in. Two days later, dealer calls - no warranty on the car - bought it used. Cost to repair $25,000.

Yep - let's go EV.

it wouldn't be quite so bad if if the EV crowd would acknowledge what it REALLY takes to manufacture, then run, those type[s] of vehicles.
of course that won't happen any time soon [if ever]..............
we all know battery replacement [and disposal] ain't like changing the D-cells in your flashlight, and a home charge station that works properly to charge the battery and not destroy it or shorten it's life span dramatically, ain't done by plugging in a dollar store extension cord into any old 110v receptacle that's close to the vehicle.

Anybody who buys a Tesla should have psych eval because something is not right. UGLY bubble top 4 door
It will be interesting when these things get to be around 15 years old and the battery need to be replaced. See how well they sell then.

i may wager the battery needs replaced way before 15 years, due to bad charging practices.

The biggest barrier for me is real-world battery replacement life.

My daily driver is a Subaru with a shade under 300,000 miles, my son's daily driver is a 2000 model-year. So obviously I like to run my vehicles a long time. Doing my part to keep my carbon footprint low.

I know what happens to the Lithium Ion batteries in personal electronics after the charging cycles start to add up. The capacity gets lower and lower until they are virtually unusable. I'm waiting to see how long/how many miles the car batteries really last before they need to be replaced. On some models the cost of battery replacement could be much more than the car is worth--and won't be a DIY job... Buying a new electric car every 8 years because its battery is worn out is not my idea of sustainability

It's a niche market. And a very small one.
Americans love their freedom to fill the gas tank and roll anywhere they want.
It's not going away.