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The Hidden Truth: Why Used EV Prices Are a Secret
Manage episode 448888375 series 2911349
Innehåll tillhandahållet av David Pelligrinelli. Allt poddinnehåll inklusive avsnitt, grafik och podcastbeskrivningar laddas upp och tillhandahålls direkt av David Pelligrinelli eller deras podcastplattformspartner. Om du tror att någon använder ditt upphovsrättsskyddade verk utan din tillåtelse kan du följa processen som beskrivs här https://sv.player.fm/legal.
Introduction: The used EV market is facing major challenges, with electric vehicle prices plummeting by 33% and longer selling times. EVs are growing in popularity year over year, but recent trends in the used market are concerning.
Key Topic Highlights:
- Price Drops: While all used car prices have fallen around 5% (normal depreciation), used electric vehicles have seen a drastic 33% decrease, creating a tough market for sellers.
- Dealer Challenges: Many dealers struggle to sell used EVs, especially in the $30,000 to $35,000 range. As units lose value daily, dealers are feeling the pressure.
- Media & Forecasts: Some media outlets and forecasts may paint a positive picture of EV growth, but there are underlying issues, especially for the used EV sector.
Consumer Behavior: The used EV market suffers partly because buyers of new EVs are typically early adopters, while used car buyers tend to prioritize affordability over innovation or status.
Dealer Strategies:
- "Sell it Twice" Approach: Some dealers attempt to turn used EVs into lease options, selling the vehicle first to an in-house company and then to consumers, to maximize rebates and benefits.
- Floor Plan Costs: When cars sit on dealer lots too long, they incur additional costs known as floor plan expenses, which further cut into dealer profits.
Conclusion: The backup of EVs on dealer lots is creating financial strain. Have an opinion on this topic? Let us know in the comments.
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