EVs Are ROTTING AWAY! Dealers Lots Are OVERFLOWING in 2024!
The days of shortages are behind us and you may think it’s great to see dealer Lots full again well the problem is that things go in the opposite direction now at least when it comes to electric cars while dealers have a close to Ideal 71 day supply of the inventory for IC cars
Things are anything but good in the case of electric cars because the latest survey showed that dealers have a nearly 120-day supply of new electric vehicles in other words dealer lots are overflowing in 2024 and EVS are rotting away why is that let’s check the top seven reasons number seven high prices things
Are pretty clear here both manufacturers and the government miscalculated the growth of the EV segment the last several years were pretty impressive but the last two quarters were something different for the first time in a while we have a big slowdown of EV growth it’s because our so-called early adopters
Already got their EVS as for common consumers there are so many deal breakers when it comes to purchasing electric vehicles and and price might be the biggest one if we look at the data the average car purchase is somewhere between $45,000 and $55,000 on the other hand the average EV
Purchase is much higher even though EVS have become way more affordable compared to just a few years ago on average it goes between $555,000 and $60,000 depending on which source you’re referring to but in any case the Gap is still too big for average buyers with
That in mind as well as the supply chain issues that are behind us it doesn’t surprise that Supply is much higher compared to the actual demand to put it in simple words an average car buyer is looking for something that pays out and with current prices EVS don’t at least
Compared to traditional gas powered cars it’s not just about the MSRP there are many other expenses to consider starting from higher Insurance costs as well as the cost of potential repairs moreover there’s still the resale value issue considering that the appreciation rate is much higher in the case of electric
Cars which lose half of their value over 5 years on average number six Tesla’s price War the ongoing slowdown affects all EV makers including the industry leader Tesla which now practices a new strategy in order to meet projected sales figures namely the Austin based company decided to go with a massive
Price cut to boost sales but also to make Transition much harder for legacy car makers over the last year the average price paid for a Tesla went down between 133% and 21% depending on the model for example the model S was priced at around $105,000 back in early 2023 while
Today’s price goes for around $75,000 the model X went from $120,000 to less than $80,000 over the same period some companies decided to follow this example and participate in this price War even though they’ve been losing money even with the old prices Ford for example ended up losing around
$40,000 on every F-150 Lightning with the most recent discount still most car makers didn’t want to participate in this war and lose even more money instead they revised their sales targets and slowed down production leaving dealers who’ already filled their inventories to suffer as a result we have established and relatively
Affordable EVS like the Nissan Leaf that take over 90 days on the market to sell on average other notable slow seller models are the Mercedes-Benz eqe and eqs sitting on the market for about 65 days on average while the hindai Kona sits around 61 days at the dealer with before
It finds an owner on average to give a clearer picture let’s just say that it takes no more than 10 days to sell a new Toyota Grand Islander so it’s obvious white dealers aren’t happy with selling EVS number five horror stories about EV reliability many people hesitate with
Purchasing an EV and it’s not just about the lack of familiarity with the new technology many of them are afraid because the latest reports clearly show that electric cars are anything but reliable if you want precise numbers Consumer Reports survey showed that electric cars cause 80% more problems than internal combustion cars while
Consumers often have a chance to read so many reports that sound way more like horror stories than typical car reviews just take the Chevy Blazer eeve as an example GM had to stop its sales because of so many complaints the problems were constant particularly in terms of the company’s new software that definitely
Doesn’t work properly then there are battery issues things like charging failures and many more other EVS aren’t much better either and experts are often pointing out that their overreliance on touchscreens and high-tech features as well as problems with charging are the main reasons why you should think twice before purchasing certain EV models
Number Four dealers need more time to sell an EV as mentioned reasons why EV sit at dealer Lots much longer than gasped cars are various some of them are related to people’s resistance to the transition While others refer to reliability in user experience issues but there are some practical reasons as
Well namely it takes way more time to sell an e than a gas powerered car and by that we think literally this time we’re talking about salesmen who need to invest way more effort to sell electric vehicles just listen to the words of Buzz Smith the former salesman now
Someone who trains EV dealers clearly pointed out that buyers usually take four visits before they decide to get an EV in the case of gasped vehicles one visit is usually enough and it’s typically completed within an hour in the case of electric cars buyers visit dealers multiple times because they want
To learn about the new technology and have to be completely sure that they’re doing the right thing by purchasing an EV consequently this doesn’t just mean that salesmen are volunteering to take a 75% pay cut it’s also a pretty obvious reason why electric cars sit much longer at dealer Lots number three Biden’s
Administration is pushing EVS too hard one of the biggest reasons why EVS are sitting at dealer lots for too long is because Biden’s Administration wants to Electrify the American Automotive Market rapidly according to EPA initial proposal the plan was to make 67% of all new vehicles all electric by 2032 simply
The government was encouraged by the impressive market growth in the last few years but things started to cool down we’re not talking about 90% year-over-year growth these days are gone as the era of early adopters ended with the current growth rate and the fact that eeve currently take less than
8% of the new car market in the US it’s pretty obvious that we won’t be seeing 2/3 of new cars all electric anytime soon the only problem is that many car makers already planned their EV production in accordance with the government strategy and as a result the offer now exceeds demand significantly
In such a set of circumstances EES are trapped at dealer Lots manufacturers are scaling down their production while Biden’s Administration is now forced to do some revision to the plan according to the latest reports the new idea is to loosen up emissions rules a bit and
Project 50% of the market share to be taken by electrified cars by 2032 number two EV Tech still needs to improve early adopters may be impressed with the fact that they now own a new piece of tech but if we look from the perspective of a common consumer things are nowhere
Like that for them owning an electric vehicle brings a lot of compromises in other words they’re still not good enough to replace internal combustion counterparts and as a result even those interested in purchasing an EV are hesitating which again leads us to overflow dealer Lots the reasons for
Such a stance on EVS are numerous starting from the fact that a new technology is nowhere near as convenient as the old One charging takes too much time while the autonomy is still insufficient for longer trips which only makes the ownership even more complicated practically other than Superior acceleration there aren’t many
Things we could say EVS are better at the charging at public stations isn’t cheap and there are also additional expenses coming from higher Insurance costs and higher repair costs finally car makers still haven’t figured out how to make a battery that can perform well enough in demanding conditions such as
Cold weather Towing hauling off-roading ETC number one too many question marks with all the things we just talked about it’s pretty legal to say that an average consumer is still unsure about the decision to purchase an EV higher prices and more complex ownership come to mind
First but there’s also a big question of what the future is about to bring buyers hesitate to buy an EV for many reasons one of them is the fact that EVS are still a new technology a technology that is still expensive and advances at a pretty fast pace so many wonder why pay
A premium price for something that could become outdated in just a few years that’s definitely one of the main reasons for the lack of demand which consequently leads to full dealer Lots some even raised the question about EV sustainability with so many ecological issues related to their production as
Well as the possibility of seeing alternative sources of green mobility in the future all of this contributes to the current EV growth slowdown which could potentially lead to thousands of new EVS never finding their owners thanks for watching and see you next time
EVs Are ROTTING AWAY! Dealers Lots Are OVERFLOWING in 2024! The EV market is shaking, and people are about to see the biggest auto crash to date. In the tumult of the automotive landscape, EV carmakers find themselves at a crossroads in 2024. In this video we talk about EV cars sitting on dealer car lots for long periods of time and analyze why it happens with EVs. The year 2024 marks a pivotal moment in the evolution of electric vehicles, and the challenges they face are as stark as they are surprising. Are you ready to uncover the untold stories lurking beneath the surface of the Electric Vehicle industry? From the bustling lots to the silent struggles, witness the unfolding drama of EV revolution.
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