Overview:
Electric Vehicles are a key part of our tomorrow and how we get there. If we can get all the fossil fuel vehicles off our roads, out of our seas and out of our skies, we'll have a much better environment. This community is where we discuss the various different vehicles and news stories regarding electric transportation.
Related communities:
Yea. The article didn’t mention that the car has over 97,000 miles on it. The battery + electric drive train warranty ends at 100,000 miles, and the ICCU units in those cars are a ticking time bomb. I don’t think that I would pay the $14,000 asking price.
Not to say that the article is wrong about EV depreciation, but the example given isn’t great.
the ICCU units in those cars are a ticking time bomb.
Replaced under warranty, otherwise under $2000. Try fixing an ICE transmission.
ICCU issue would be covered by recall if this unit was impacted. Recalls are listed on the Carfax, along with a repaired-already/not-repaired flag.
It has a single unrepaired recall... for a loose charging cap cover :)
I'm not a great automotive journalist, but I do try!
If you wouldn't pay 1/3rd of MSRP for a car with about 1/2 the lifetime mileage left in it, you're sort of proving why it's newsworthy. A used ICE vehicle in the same condition would be snapped up with that pricing. Depreciation like that matters to folks when the product costs ~$40-50K new.
I want an all-wheel drive electric vehicle that isn't a hatchback and I don't know where the fuck else I'm going to get it besides an ioniq 6 lol.
I might have to budge on the hatchback thing God I fucking hate those things. I miss when we had what I traditionally think of as a car.
I test drove one... They're really really nice!
Personally, the used market has collapsed, but that's also sort of a good thing if you're shopping used.
I'm just mortified of every step of buying a vehicle.
I have to get rid of the old one, I have to be without car for an indeterminate amount of time (I have a vehicle I can borrow, which is a luxury most people don't have!) I have to decide on a new car and commit to paying off a fucktillion dollar loan, which, ugh. Because saving up for a car to make a purchase in cash would take over a year... If I saved every cent I made to put towards the purchase and had no bills, hobbies or interests besides C A R.
I thought most cars lost that when you drove them off the lot.
Most EVs, but average is 45-60%. 30% in first year. New cars are for suckers.
Pretty sure you're joking, but I am who I am, so I got to do the math.
Here, Edmunds has a really crisp infographic. By the Edmunds used car depreciation percentages, this Hyundai should be worth about ~65% of what it originally sold for, but instead it is being sold for half as much: https://www.edmunds.com/car-buying/how-fast-does-my-new-car-lose-value-infographic.html
Seems weird, right? My working theory is that EVs are being overvalued by the manufacturers with inflated MSRPs, and that the used market sort of reveals fair-market value in an unexpected way.
Im not joking. I swear that at one time it was common to hear a car loses a third of its value when you drive it off the lot and was down to half value in 3 years when the warranty tends to run out.
My working theory is that EVs are being overvalued by the manufacturers with inflated MSRPs, and that the used market sort of reveals fair-market value in an unexpected way.
Some of that is true, because the devaluation is based off MSRP, while most EVs get purchased with some incentives.
But the real issue is people are scared to buy an off warranty EV because there still are not a lot of shops to fix them.
Around me, you can buy a lightly used Nissan Leaf for $7K or less. It's become the new teenager car.
This is why I don't get the Lemmy hippies whining about the high cost of EVs.
I had thought about the incentive angle. New EV buyers get a doubly hard pitch, because the used stock has the rebate priced in (neither the buyer nor seller views it as a car worth the MSRP, they both deduct the rebate).
I bought a Chevy PHEV with ~150,000 miles to daily drive with, and ya know, when it dies it dies. It was a few grand, it was the cheapest I could get and shockingly decent for the price, so I am that person in the electric beater XD
I'm quite happy with my decision to lease (Ioniq 5). Leaves me with a win win decision at the end of the term.
This is an odd example to write an article on though. "We can't find a catch," they say. Mate, 95,000 mi is like 8x the typical mileage on a car by year. It might as well be 8 years old, which makes the pricing much more reasonable.
If the car will make it to 200,000 miles, you'd expect a used one with 95,000 miles to be worth ~50% of original sales price.
And that's just the baseline. Some vehicles hold value exceptionally well, like my Toyota Tacoma, the used prices are absurd, it's worth something crazy like 75%+ what we paid for it in 2021.
Not so for a lot of EVs. I threw 3 examples into the article (Audi e-Tron, Dodge Charger Daytona, and then I guess the Ioniq 6 itself, the sporty ones with a speed markup). It's newsworthy just because it's unusual, it's like the used market is saying something about the vehicle is not worth what the manufacturer thought it was worth on day one.
I took my Jeep (Grand Cherokee) to the dealer before the warranty expires because it is clicking and popping from the front. It took them 2 days to decide it must be the front CV, meanwhile sales kept calling trying to convince us we wanted to "upgrade" to a 2024 model with almost 40k miles on it... the 2023 we brought in doesn't even have 24k yet.
Edit: I don't know how they could have thought anyone would go for that.
I don’t know how they could have thought anyone would go for that.
They are used to Jeep customers.
Hyundai, monthly, emails me with offers to buy my 2020 ioniq, for more than this. 45000km on the odo.