EV Market CRASH
What’s going on YouTube family welcome to Automotive life my name is lucky and today we’re going to be talking about how the EV Market is crashing now if you bought an e in the last few years or you thinking about buying one make sure you watch the whole video the whole way
Through we’re going to talk about vehicle values some of the new programs that are coming out and manufactures are actually admitting that they’re going to be lowering prices on all EVS across the board now it’s no secret that the EV agenda is being pushed very very hard by
The government and by also manufacturers that have to follow these guidelines and don’t get me wrong I know eventually we’re all going to be driving EVS but I think they’re pushing too hard and too quick and now they’re starting to see their planed backfire so we’re going to
Go over vehicle values first let me grab my computer so the first car we’re going to be talking about is actually one that I really really like it is an Audi rron RS now these things are beautiful the build quality is amazing if I had to buy
An e today it would probably be an rron so let’s go ahead and take a look at this thing now I remember these things were selling over MSRP at the actual dealership when I bought my Audi R8 these things were there and they wanted 10 to 20 grand over MSRP so you’re
Looking about maybe a buck 40 Buck 50 is what people are paying for these things so right now we’re going to be looking at a thing called MMR which is auction wholesale pricing what US dealers pay and what banks will lend up to coming in the future so these numbers are very
Important so if we look back to last year if you were to buy an Audi rron you’re looking at somewhere on $124,000 in value which kind of lines up with our numbers and if you fast forward 6 months you’re looking at $92,000 so almost $20,000 in value just
Disappeared in 6 months but even worse if you look in the last 30 days it’s dropped all the way down to $69,000 so you lost more than half of the vehicle value just within one year which is crazy and this is the nicest fully loaded model that they have just
Imagine if you had a base model how much the values have dropped oh I forgot to add that Ed from vinwiki just made a video talking about the Audi rron they’re doing some crazy stuff with lease options to get people into these things we’re going to talk about lease
Options and price dropping and all these crazy things that dealerships are doing to drop prices towards the end of the video next we’re going to be talking about everybody’s favorite Eevee the Tesla Model S plaid the only thing faster than its 0 to 60 is how fast it
Drops in vehicle value so these things were about 120 Grand fully loaded brand new I remember my buddy bought one I think it was 120 something out the door 19,000 and so if we look right here last year they were averaging at auctions somewhere around $91,000 seems to line up 6 months ago
You’re looking at $81,000 so they lost 10 grand but if we look in the last 30 days it dropped all the way to $67,000 so I remember when my friend tried to trade in his one-year-old 10,000 mile Tesla Model S plaid they offered him $60,000 at Tesla which was
Crazy and then on top of that that remember they lowered the prices of all their vehicles when he paid 119 or 120 grand for it the new fully loaded Model S plaid is only $96,000 so they pretty much cut him off at the knees and he lost all that value
Because they dropped the prices which I’ll go into here in a minute now the next we’re going to be talking about is a very popular EV truck the rivan R1 now when these things came out I remember people paying I think it was like $140 $130,000 all over bring a trailer I’ve
Seen some go for more but that’s kind of the average so if you look right here last doesn’t show anything I think it’s cuz there was enough of them going through the auction but you just figure around $110,000 just as what the average asking price was now 6 months ago it
Dropped all the way to $70,000 so I’m sure that alarmed a lot of people but if you look right here in the last 30 days they’re averaging somewhere around $644,000 at auction so I’ve seen a few of these go for like the mid 55 thousands which is actually a great deal
For this truck the build quality is very very nice I actually love the interior I think it’s nice so if this thing gets in the high 40s low 50s maybe I might consider this being my first EV but great trucks but unfortunately I don’t know why these ones are just not holding
Their value now we’ve talked about all these nice luxury cars what about something affordable that regular people drive now one of my favorite affordable uh electric cars is the Kia ev6 I think the styling is great the interior is very very sharp and the build quality is
Actually very very good I rented one for a few days and I was very impressed with how operated but let’s go ahead and take a look here now those things here in Las Vegas were selling for about 20 grand over MSRP so you’re looking around 60-ish th000 is what people are buying
These things for about a year ago so this is saying that at auction last year they were selling for somewhere around $43,000 fast forward 6 months the price has dropped all the way to $32,000 so they lost $10,000 in value in just 6 months but at insult injury if you look
In the last 30 days they nose dived all the way to $27,000 now I thought that since it was a more affordable EV that it would keep its price up because of the price barrier but as you can see here the projected average for next month is somewhere around
$26,000 which is just letting you know that the market is just not there for these EVS I know they’re pushing it I know they they want people to really get into these things but I don’t think people want them now the next we’re going to be talking about is an epic
Fail now I’m a huge fan of Ford and this break my heart to read this one now one of my buddies here in Vegas picked up a plaid and he paid I think it was either $ 35 or $50,000 over MSRP to be one of the first people to get a Ford Lightning
Platinum now I think all in all was around $150,000 for this truck out the door which is crazy but if we look at last year they’re averaging somewhere around $72,000 at auction and if you fast forward 6 months the price drops all the way down to
$56,000 and in the last 30 days these things were trading for somewhere around $48,000 at auction now unfortunately when the Ford Lightning was put out I think they rushed it just to get on that Eevee craze CU people are losing their minds this thing had so many problems
The literally the automotive uh YouTuber section destroyed this car they were testing it the battery sucked the cars would brick they’d break down all kinds of issues and people really threw it out there and it just destroyed the credibility of the Ford Lightning a lot of these cars called they actually put
Out a thing where they’re stopping the sales of new Lightnings because of so many problems they’ve had with the old ones and then on top of that there’s still brand new 2023 is still sitting on the lot in some dealerships because nobody wants to buy them so this was an
Epic fail by Ford so I had to save the best for last this is the biggest loss leader out of the whole group now when this thing was announced it was absolutely insane people are putting down their deposits and supposedly the bill dates are out for 2 years now I
Know majority of those were were car flippers because we’ve seen what happened to the market in the last 6 months and we’re talking about the Hummer EV now I remember when the Hummer EV came out people were literally trying to sell these things for $100,000 over MSRP you could see them
All over bring a trailer um cars and bids eBay autot Trader car gurus these things were everywhere everybody realized they can punch a ticket and get a free $100,000 if they had an allocation to this and so everybody jumped on the bandwagon and I think this
Is what made the car fail now just keep in mind remember a year ago people were paying 200k for this if we look at the auction last year you’re probably paying around $167,000 for this car which is on par for that from retail but if we look in
The last 6 months it dropped all the way to $149,000 so that’s not even the worst part look at this in the last 30 days it’s dropped all the way to $104,000 which is crazy crazy that means that just from auction numbers they lost almost $667,000 in value in one year and when
It comes to retail value look at this number right here projected average for next month at auction is $98,000 so that means that if you bought one of these cars retail for $200,000 you just lost a $100,000 across the board in vehicle value so just imagine a bank that owns
This loan is probably wanting to hang themselves because they see how much money they’re going to lose if they have to REO this car and this is the problem with EVS is the resale value is falling and people said oh it’s just this car because it’s bad or whatever else I gave
You tons of makes tons of models and there is no Rhyme or Reason luxury exotic economy cars affordable cars it doesn’t matter EVS just don’t hold their value I feel it’s like a cell phone everybody wants the newest latest thing and it’s affecting the vehicle values
And I feel really bad for the people that bought these things because now I don’t know what they’re going to do next we’re going to be talking is declining sales in 2024 now the last few months every manufacturer has been trying to do whatever they can to sell more EVS last
Year Tesla dropped its price I think over four times which literally screws anybody that’s ever bought in a Tesla in the last8 years and if you don’t understand the math if they drop let’s say the new car by 5% if you have a car that’s 2 years old you got to double
That you just lost 10% of your vehicle value 3 to four years old now you lost 20% of your value and that’s what happens when new car prices come down that’s why every manufacturer will never drop the prices unless they absolutely have to they come up with some sort of
Rebates special financing where maybe they’ll give you 0% they’ll give you 84 months so you’re can afford the payment or they’ll give you a magical rebate of $5 $110,000 to help you get into this car car but the big news I want to hit you with today is this is how I know
That the EV Market is crashing just about every major manufacturer is announcing price reductions this is huge the reason why I made fun of uh Tesla and how Elon dropped the price of all these cars thinking he’s doing the right thing it screwed all the EV manufacturers across the board because
Now everybody has to lower their price which you guys are thinking that’s great you know we should lower the prices of the cars but what about all the people that bought them before so if you bought a new EV a month ago and you paid $50,000 for it and magically they drop
It to $45,000 you already have $5,000 in negative equity before you even make your first payment that’s how crazy it is and so supposedly Ford Lightnings are coming out with a massive reduction and just about every manufacturer is doing this and one thing I thought that was absolutely hilarious Automotive news
Reported the California EV sales have dropped dramatically in the last two quarters I’ll leave a link here to their uh news story which was fun fun you figured the biggest state that was pushing these things would be the biggest buyer of EVs and they’re actually pulling away so unfortunately I
Think that this is the way the market is going I don’t know if they’re going to be able to rebound it I’ve already heard major manufacturers pretty much putting the brakes on a lot of EB production and pushing it back and I guarantee you within the next six months these
Manufacturers are going to go to the government and say that hey that mandate you want everything um EV by you know 2030 or 2035 I can’t remember what it is is not going to happen now don’t get me wrong Eevees 100% are the future I know
You guys think that I don’t like Eevees but believe it or not the military has some solid state batteries in their vehicles if you guys don’t know what a solid state battery is you can Google it it doesn’t catch on fire it holds three times the charge and you can get three
Times the distance it’s an amazing feat of Technology but it is crazy expensive it uses ceramic to basically flow the electrons through the battery now if they bring this to actual EVS oh yeah I think everybody buy it because you could buy a car that could charge in an hour
That you could drive 6 700 miles why wouldn’t you do that it would basically destroy gas all the way but with all the problems that EES are having and I don’t care what manufacturer you’re picking they all have problems they all have recalls and these are just some of the
Things of the Growing Pains of an EV compared to an internal uh combustion engine because you have to remember regular cars have been on the road for over a 100 years so major manufacturers have had decades to per effect this type of Technology where think about it less
Than 5 years ago EVS were just something that people were thinking about and Tesla was putting them out there just to see what would happen so I’m sure in the next six to seven years they’re going to get much much better but they’re going to have Growing Pains every single step
Of the way and hopefully this Battery Technology picks up and like I said Google it solid state batteries something truly amazing but anyways I want to thank you guys so much for watching please leave in the comment section below what you guys think of EV values are you thinking about buying an
Eevee have you bought an EV have you checked the vehicle pricing if so definitely do that if you’re thinking about refinancing it getting a lower rate when the interest goes back down you have to make sure that you owe less than what the vehicle is worth because
If you don’t owe that you won’t be able to refinance it so there’s a lot of things coming up and also if you want to trade it in you should know your vehicle value but I want to thank you guys so much for watching uh once again please
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EV Market CRASH
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