I was looking at used Evs and I keep seeing 1 or 2 yr old VW id4s with very little miles for like $25-30k. Is there a reason why they lose their value so quickly? I even saw a 2022 Pro S with 2k miles for $28k. Someone basically lost $20k driving it off the lot 😓
It’s most EVs.
EVs are more “technology” than any other car, people aren’t into current gen battery tech, battery degradation is a way bigger deal than ICE engine maintenance/repairs, EVs while a viable option of transportation for a lot of people are still somewhat a novelty in early adopter phases, a very narrow secondary market.
It’s a perfect storm for cliff like depression.
It is not a narrow market. All cars have seen a demand slowdown because the price increases of the last 4 years are not being tolerated and the rebate credits automatically drop the price of used EVs.
“The poll shows 55 percent of adults under 30 say they are at least somewhat likely they will get an electric vehicle next time, as do 49 percent of adults ages 30 to 44, compared with just 31 percent of those 45 and older.”
Your battery degradation comment is ridiculous. There are Teslas on the road with 500k miles and 10-15% degradation. The average user is never going to deal with battery problems.
Isn’t Tesla under scrutiny for their battery health “readings” and then “allegedly artificially” plummeting outside of warranty?
Plus EVs aren’t tenable as an only car solution for like most the geographical US due to climate impact on range, use cases like towing, infrastructure etc. the market for EVs is just a smaller segment. I’m not sure who they’re polling, but I’m pretty sure it’s not people cross shopping and making decisions.
I’m not anti EV, I like cars in general and having a somewhat interest in cars like the Taycan and some Fiskers as questionable as they are. Having said that, die hard EV people seem to live in a bubble. They’re not there yet for a lot of the population, at least in the US where it’s not densely populated and we have lacking infrastructure.
Enjoy being an early adopter, man. Theyre neat. I wouldn’t touch a used market EV outside of warranty, and I’d probably by 10 other cars first for the money. The used market on specialty vehicles is indeed seeing some “deals” again, but they’re retaining value better than EVs still. Check out closed auctions on cars and bids or BaT.