this post was submitted on 16 Jun 2024
45 points (95.9% liked)

[Dormant] Electric Vehicles

3191 readers
1 users here now

We have moved to:

[email protected]

A community for the sharing of links, news, and discussion related to Electric Vehicles.

Rules

  1. No bigotry - including racism, sexism, ableism, casteism, speciesism, homophobia, transphobia, or xenophobia.
  2. Be respectful, especially when disagreeing. Everyone should feel welcome here.
  3. No self-promotion.
  4. No irrelevant content. All posts must be relevant and related to plug-in electric vehicles — BEVs or PHEVs.
  5. No trolling.
  6. Policy, not politics. Submissions and comments about effective policymaking are allowed and encouraged in the community, however conversations and submissions about parties, politicians, and those devolving into general tribalism will be removed.

founded 1 year ago
MODERATORS
[email protected]
Ceres
45
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?

you are viewing a single comment's thread
view the rest of the comments
[–] guacupado 7 points 5 months ago (1 children)

Another point people aren't bringing up is the fear of how soon a battery goes out. There are still a lot of fear mongering articles out there and no one wants to pay 30k for a car if they have to pay another 15k in three years. Until the lifetime of batteries becomes common knowledge people will only look for new EVs where the warranty is just starting for them.

[–] root 2 points 5 months ago

Yeah, I've heard that's a concern. I also heard that there hasn't been enough failures to know when you should expect batteries to fail. I've heard numbers like 300k-500k miles, since the cells inside the batteries are rated for thousands and thousands of cycles. I guess one way to hedge your bets would be to buy one that has modular battery replacements, so you only pay 4k vs 20k