EV resale values are falling..........fast
#3229428
04/27/24 08:27 AM
04/27/24 08:27 AM
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Joined: Jan 2003
Posts: 12,244 Benton, IL.
DaveRS23
OP
Special needs idiot
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OP
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Posts: 12,244
Benton, IL.
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' 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-complicatedI 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.
Master, again and still
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Re: EV resale values are falling..........fast
[Re: DaveRS23]
#3229430
04/27/24 08:43 AM
04/27/24 08:43 AM
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Joined: Jan 2003
Posts: 11,438 NJ
rdrnr6970
Your #1 source for current events
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Your #1 source for current events
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Posts: 11,438
NJ
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Well written Dave, couldn't agree more!
Last edited by rdrnr6970; 04/27/24 08:44 AM.
OWNER OF EVERYTHING FROM 1956 300 B,IMPERIAL,NEW YORKER HEMIS,AND NEW HEMI TRUCKS.....5TH GENRAMS.COM... 1969/70 ROADRUNNERS ,DARTS/CORONETS, NORTHEAST HEMI OWNERS ASSOCIATION.....WWW.PHANTASMCUDAS.COM....MOPAR FAMILY FOR 50 YEARS AND STILL GOING!MOPAR OWNER COAST TO COAST!!!!
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Re: EV resale values are falling..........fast
[Re: BDW]
#3229439
04/27/24 09:08 AM
04/27/24 09:08 AM
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Joined: Jan 2003
Posts: 12,244 Benton, IL.
DaveRS23
OP
Special needs idiot
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OP
Special needs idiot
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Benton, IL.
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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.
Master, again and still
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Re: EV resale values are falling..........fast
[Re: DaveRS23]
#3229440
04/27/24 09:12 AM
04/27/24 09:12 AM
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Joined: Jan 2003
Posts: 12,244 Benton, IL.
DaveRS23
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Special needs idiot
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OP
Special needs idiot
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Benton, IL.
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Tesla Cybertruck owners have complained that their electric pickup truck broke down after going through a car wash. After driving the $80,000 (Rs 66 lakh approximately) Cybertruck for just two months, and with less than 3,400 miles (5,500 km) on the clock, an owner claimed the truck broke down after washing off some sand after going to the beach, as per a report in the Independent.
The user @captain.ad on TikTok posted a video of his malfunctioning Cybertruck and explained that he tried to reset it but was unable to get it to function. The vehicle was called a "tin can," a "lemon," and a "paperweight" by internet users, who also made fun of the fact that although it seems bulletproof, it is not waterproof.
Two buttons on the steering wheel caused a five-hour computer reset, which eventually got the broken-down Cybertruck operating again. The user said, "What (Tesla) said was, 'It is a known issue in the Cybertruck that when you do a screen reset, instead of resetting in the standard two minutes, it takes five hours'."
Notably, the electric car manufacturer lists several warnings and risks involved with washing the vehicle in the owner's manual of the Cybertruck. It includes a warning not to wash it in direct sunlight and tips on how to avoid damaging it while having your car washed. As per the outlet, the manual states, "Failure to put Cybertruck in Car Wash Mode may result in damage (for example, to the charge port or windshield wipers). Damage caused by car washes is not covered by the warranty." www.ndtv.com/world-news/tesla-cyber...hicle-not-working-after-car-wash-5505843
Master, again and still
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Re: EV resale values are falling..........fast
[Re: DaveRS23]
#3229450
04/27/24 10:34 AM
04/27/24 10:34 AM
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Joined: Jul 2003
Posts: 4,788 Holland MI Ottawa
2boltmain
master
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master
Joined: Jul 2003
Posts: 4,788
Holland MI Ottawa
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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.
Keep old mopars alive.
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Re: EV resale values are falling..........fast
[Re: Sniper]
#3229475
04/27/24 11:49 AM
04/27/24 11:49 AM
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Joined: Feb 2007
Posts: 5,478 Michigan
oldjonny
Don't argue with me.
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Don't argue with me.
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Posts: 5,478
Michigan
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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?
Never, ever argue with an IDIOT. They will drag you to their level and then beat you with their years of experience
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Re: EV resale values are falling..........fast
[Re: oldjonny]
#3229486
04/27/24 12:54 PM
04/27/24 12:54 PM
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Joined: Feb 2022
Posts: 1,242 Nor here, Nor there
Dart 500
pro stock
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pro stock
Joined: Feb 2022
Posts: 1,242
Nor here, Nor there
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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
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Re: EV resale values are falling..........fast
[Re: moparx]
#3229577
04/27/24 08:34 PM
04/27/24 08:34 PM
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Joined: Nov 2003
Posts: 1,120 Rochester NY
Jer
super stock
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super stock
Joined: Nov 2003
Posts: 1,120
Rochester NY
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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."
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Re: EV resale values are falling..........fast
[Re: DaveRS23]
#3229638
04/28/24 07:45 AM
04/28/24 07:45 AM
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Joined: Jan 2003
Posts: 10,631 Freeport IL USA
poorboy
I Live Here
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I Live Here
Joined: Jan 2003
Posts: 10,631
Freeport IL USA
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Tesla Cybertruck owners have complained that their electric pickup truck broke down after going through a car wash. After driving the $80,000 (Rs 66 lakh approximately) Cybertruck for just two months, and with less than 3,400 miles (5,500 km) on the clock, an owner claimed the truck broke down after washing off some sand after going to the beach, as per a report in the Independent.
The user @captain.ad on TikTok posted a video of his malfunctioning Cybertruck and explained that he tried to reset it but was unable to get it to function. The vehicle was called a "tin can," a "lemon," and a "paperweight" by internet users, who also made fun of the fact that although it seems bulletproof, it is not waterproof.
Two buttons on the steering wheel caused a five-hour computer reset, which eventually got the broken-down Cybertruck operating again. The user said, "What (Tesla) said was, 'It is a known issue in the Cybertruck that when you do a screen reset, instead of resetting in the standard two minutes, it takes five hours'."
Notably, the electric car manufacturer lists several warnings and risks involved with washing the vehicle in the owner's manual of the Cybertruck. It includes a warning not to wash it in direct sunlight and tips on how to avoid damaging it while having your car washed. As per the outlet, the manual states, "Failure to put Cybertruck in Car Wash Mode may result in damage (for example, to the charge port or windshield wipers). Damage caused by car washes is not covered by the warranty." www.ndtv.com/world-news/tesla-cyber...hicle-not-working-after-car-wash-5505843 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.
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Re: EV resale values are falling..........fast
[Re: moparx]
#3229653
04/28/24 08:49 AM
04/28/24 08:49 AM
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Joined: Jul 2003
Posts: 4,788 Holland MI Ottawa
2boltmain
master
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master
Joined: Jul 2003
Posts: 4,788
Holland MI Ottawa
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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.
Keep old mopars alive.
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Re: EV resale values are falling..........fast
[Re: 2boltmain]
#3229686
04/28/24 10:43 AM
04/28/24 10:43 AM
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Joined: Jan 2003
Posts: 8,403 Highland, MI.
Sunroofcuda
master
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master
Joined: Jan 2003
Posts: 8,403
Highland, MI.
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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.
No Man With A Good Car Needs To Be Justified
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Re: EV resale values are falling..........fast
[Re: 2boltmain]
#3229693
04/28/24 11:08 AM
04/28/24 11:08 AM
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Joined: Sep 2003
Posts: 19,589 north of coder
moparx
"Butt Crack Bob"
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"Butt Crack Bob"
Joined: Sep 2003
Posts: 19,589
north of coder
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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. 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.
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Re: EV resale values are falling..........fast
[Re: moparx]
#3229949
04/29/24 12:14 PM
04/29/24 12:14 PM
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Joined: Jun 2004
Posts: 3,391 St. Charles, MO
wingman
Uncreative Title
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Uncreative Title
Joined: Jun 2004
Posts: 3,391
St. Charles, MO
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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
Last edited by wingman; 04/29/24 12:15 PM.
1969 Dodge Coronet Super Bee 383 A4 1970 Plymouth Road Runner 440 FC7 (sold)
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Re: EV resale values are falling..........fast
[Re: moparx]
#3230640
05/02/24 12:36 PM
05/02/24 12:36 PM
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Joined: Jan 2003
Posts: 8,941 Holly/MI
Dean_Kuzluzski
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master
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Posts: 8,941
Holly/MI
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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.
R.I.P.- Gary "Coop" Davis 02/09/68-05/13/04
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