General Category > Science, Technology and Knowledge

'A dire spiral': Used EV prices are cratering amid sinking consumer demand

(1/1)

Elderberry:
WND By Owen Klinsky, Daily Caller News Foundation October 14, 2024

Resale values for electric vehicles (EVs) have cratered as a slackening of consumer demand has weighed down prices.

Automakers have offered a flood of price cuts on new models in a bid to prop up sales amid lower-than-expected demand, according to The Wall Street Journal. The discounts have caused EV resale values to plummet, with the average selling price of a three-year-old EV falling to $28,400, a 25% decrease from the start of 2023 and a lower price than that of a internal combustion vehicle of the same age.

As a result, as of August EV owners owed roughly $10,000 more on their car loans than their vehicle was worth, up from $8,000 at the beginning of 2023, the WSJ reported.

"They kept reducing the price of the cars, which killed the used-EV market," Christian Lange, a former 2018 Tesla Model 3 owner, told the WSJ. Lange saw his vehicle's value decline by $10,000 relative to what he owed on his loan following the 2023 price cuts.

More: https://www.wnd.com/2024/10/a-dire-spiral-used-ev-prices-are-cratering-amid-sinking-consumer-demand/

Wingnut:
So sad. Too bad.

Navigation

[0] Message Index