this post was submitted on 16 Jun 2024
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[Dormant] Electric Vehicles

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Why do used electrics drop so quickly in price? (self.evs)
submitted 5 months ago by root to c/evs
35 comments fedilink hide all child comments
 

It's been years since I've checked the used electric market, but I'm seeing cars like the Hyundai Ionic 6 or Polestar 2 for low 30s, where as they were in the high 40s or mid 50s new a year ago.

My suspicion is that:

  1. Normal car depreciation when driven off the lot
  2. General fear of batteries wearing down prematurely, even if the car has ~10k miles
  3. Any applicable federal rebates or otherwise have already been claimed and can't be claimed on used vehicles(?)

Is there any other reason why these drop so quickly? Would buying one be considered foolish in anyway?

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[โ€“] [email protected] 3 points 5 months ago

Only one comment barely touched on it, but the price of gas is a huge factor. 2 years ago, gas prices were generally higher and very unstable. This drove the demand for EVs up. Because of supply chain issues, no one could make any cars fast enough. This scarcity combined with the gas prices drive demand while restricting supply.

Come to today and you have the gas prices being stabilized in the US by tapping into the strategic reserve. Once the election cycle is over expect that to stop and gas prices will again rise and become unstable again. EV demand will jump, so we should see the used market adjust accordingly. If you want to go with a used EV in the next couple years, now till November is the time.