5 HUGE Reasons Why EVs Depreciate Extremely FAST!
Eves are a bad investment and we’re not saying that because of the lack of convenience range anxiety or similar things no we actually mean it because the latest study shows that an average EV is going to lose half of its value over 5 years if you wonder why make sure
To stay with us because we bring you five huge reasons why EVS depreciate extremely fast number five battery concerns of course the battery is the first thing that comes to mind this precious component is of worth as much as 50% of an electric vehicle at the same time
It’s the most vulnerable part of the vehicle in terms of the fact that it degrades over time and loses its capacity so from the perspective of someone who’s looking for a used EV this means that the time for battery replacement will eventually come at some point of exploitation leading to
Investment that could easily cost $10,000 $20,000 or maybe even more the main issue here is the fact that the battery is mostly a bunch of chemicals that tend to degrade over time for various reasons with a limited lifespan in mind most manufacturers give an 8 to 10 year warranty in the batteries but
You never know when the time for replacement is going to come it could take much longer but it could also come sooner than you would expect which is quite problematic when purchasing a used EV in other words assessing EVS is very tricky with gasped cars it’s relatively
Easy to check the state of a used car you check the engine for some leaks check the suspension brakes and body work then if everything is okay during the test ride you can be pretty sure that you’re buying a used car in good condition after all there’s the service
Book to check for oil changes and other services with EVS there’s no way you could check the battery the battery management system doesn’t tell much and it’s also quite unreliable an OBD reader won’t help you much either so it’s pretty much impossible to know the actual state of the battery especially
If we consider that there are so many outside factors that impact the degradation just think of outside temperatures high or low and not to mention High charging and discharging current finally don’t forget about things like overcharge and over discharge none of these things can be checked like you can check oil change
Intervals and similar things on gas powered cars simply said there are too many question marks so it doesn’t surprise that there aren’t many potential buyers ready to accept the fact that they’ll probably have to invest thousands of dollars in a used car just to install a new battery
Consequently this also imposes as one of the key factors for high depreciation rate number four massive discounts on new EVS prices of new cars always determine the used car market and things are no different with EVS the only problem is that EVS are getting cheaper every year due to massive discounts just
Take a look at the recent price war that started in the third quarter of last year Tesla Ford and other manufacturers are giving massive discounts on their new EVS which can now be bought for 10 20 or even 30% less money compared to just a year ago simply dealers have no
Other option because the supply exceeds demand significantly dealer lots are full and it takes 117 days on average to sell out the current inventory which is way over the industry average ratings all this oses say new EVS is a way better choice than used ones and in such
A set of circumstances it doesn’t surprise that used EVS depreciate even quicker due to the obvious lack of interested buyers once paid they now correlate to these updated prices which only increase the depreciation rate even more in some extreme cases we can see EVS losing 50% of their value in just 3
Years and luxury models are particularly affected just take a few Porsche tyon models advertised for sale as an example one of them a 2020 Turbo with just under 15,000 mi comes with a current asking price of $89,999 even though it had an original MSRP of $179,600 that’s a drop of
$89,300 or you could check a 2020 Turbo S with $2,635 Mi at a current asking price of $105,900 that model was paid nearly $27,000 back in 2020 meaning that it already lost more than $100,000 of its original value value just in 4 years today the average depreciation rate of
EVS in a 5-year period is around 50% while models like the Tesla Model S have a depreciation rate that goes up to 55% which is notably higher compared to gas powered cars which tend to lose around 38% of their value after 5 years number three High running costs for years we’ve
Been listening about the key Advantage EVS have over internal combustion cars lower running costs in theory electric cars should be cheaper to run than gas powered cars first of all the electricity should be cheaper than gas then there’s the matter of Maintenance as EVS don’t require classic maintenance
Services such as oil changes for example finally EV should be more reliable due to the fact that they feature fewer Parts than internal combustion cars however reality says that things are quite the opposite first of all electric car charging cost could be lower compared to gasoline but only if you
Always charge your EV at home and that’s pretty much impossible EV owners need to visit public stations occasionally and there the electricity is anything but cheap especially if you’re willing to cut the charging time and use a DC unit in that case the cost is pretty much the
Same and sometimes even higher compared to gas refueling as for maintenance there are no fluid changes but on the other hand repairs are way more expensive especially when it comes to body parts after collisions both because of the lack of trained personnel and the specific design of electric vehicles for
That reason insurance premiums are also notably higher which also adds to running costs and contributes to the overall price depreciation and we almost forgot about tires EVS are much heavier which leads to quicker tire wear so be prepared to change the rubber more frequently on your EV number two low
Reliability scores when people buy used cars they primarily look for a vehicle that’s durable and reliable that’s why models from car makers like Toyota hold their value extremely well EVS were also expected to feature High reliability ratings but it turned out that things were quite the opposite despite the
Fewer Parts EVS are less reliable according to a recent survey from Consumer Reports they cause 80% more problems compared to traditional gasp powered cars for various reasons of course most complaints are about the battery and its performance charging issues are common for pretty much every EV model around well there’s also the
Matter of battery performance in many cases batteries tend to lose their capacity much quicker moreover batteries tend to underperform for several reasons including cold weather heavy exploitation Etc then there’s the matter of overheating as well as underperforming electric motors something we saw on the Mustang Mach e
For example but that’s only one part of the problem although simpler in terms of the overall design electric cars are advertised as vehicles of the future and pretty much every car maker likes to point out those futuristic aspects of its models in the way that they over
Rely on Tech features especially when it comes to the infotainment system physical buttons and controls pretty much don’t exist in EVs and such complex infotainment systems are extremely prone to errors and malfunctions so much so that even the tiniest problem can stop the car from running all in all battery
And infotainment issues are the most common but they aren’t the only ones many consumers also complain about the build quality simply car makers are doing everything to cut production costs including the neglected quality control badly assembled body panels and faulty interior components are just some of the
Things that come to mind number one EES get outdated soon the eveve industry has been on a swing in the last few years not in terms of sales numbers but in terms of technological leap if you look at certain models from just a few years ago they already look outdated every now
And then we see a different automaker introducing a new revolutionary technology this particularly refers to the Battery Technology just a few years from now what’s competitive today will look outdated car makers are constantly breaking barriers when it comes to max range not to mention the charging speed
Which is currently one of the major deal breakers for many potential EV buyers in such a set of circumstances EVS naturally depreciate at an extreme rate many wonder if it makes any sense to purchase an EV that’s already a few years old and relatively outdated and
Could look like an Antiquity just a few years from now that’s one of the main reasons why eeve depreciate and will depreciate even more as technology advances just a few years from now super luxurious EVS that cost hundreds of thousands will most likely be worth nothing and therefore no one wants to
Buy them the used EV Market almost doesn’t exist for obvious reasons and with all those new EVS coming things can only get worse in the future thanks for watching and see you next time
5 HUGE Reasons Why EVs Depreciate Extremely FAST! Discover the shocking truth behind why EV cars depreciate faster than you can imagine. In a world where Electric cars are hailed as the future of transportation, there are five major reasons why they plummet in value at an alarming rate. There is no wonder why GM & Ford can’t sell EVs! As a result many EV owners are considering a switch back to gas cars. Are you ready to uncover the mysteries behind the rapid depreciation of EVs and what it means for the future of electric vehicles? From technological advancements to market dynamics, the reasons behind EV car depreciation are as complex as they are fascinating.
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