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

[Dormant] Electric Vehicles

3192 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 โ€” 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
[โ€“] dogslayeggs 4 points 5 months ago

While we don't know the top end yet, we know the average is at least 100,000 miles or every EV manufacturer wouldn't warranty for that much. And that is just for when the batteries hit 30% degradation, not total failure.

Long term surveys are showing as little as 10% degradation after over 150,000 miles. After over 12 years on the road, less than 5% of old Teslas Model S's have needed battery replacements. The average lifespan of an ICE car is around 12 years, but less than 8% of EVs built in 2011 have needed a battery replacement and less than 4% of EVs built in 2012 have.