It’s been years since I’ve checked the used electric market, but I’m seeing cars like the Hyundai Ionic 6 or Polestar 2 for low 30s, where as they were in the high 40s or mid 50s new a year ago.
My suspicion is that:
- Normal car depreciation when driven off the lot
- General fear of batteries wearing down prematurely, even if the car has ~10k miles
- Any applicable federal rebates or otherwise have already been claimed and can’t be claimed on used vehicles(?)
Is there any other reason why these drop so quickly? Would buying one be considered foolish in anyway?
As others have said, the tech is evolving rapidly. Batteries are the biggest cost of a new EV and they are getting cheaper and better every year. There’s reasonable estimates we’ll see EVs with 500mi of range on a charge by 2026 for example.
Another thing that hasn’t been mentioned yet was how absolutely bonkers the car market was coming out of the pandemic with the “chip shortage”. There were months to years long wait lists for any type of new car, so if you wanted a car immediately it had to be used. Those wait lists are becoming resolved and the market is stabilizing.
When we went to buy our Ioniq 5 about a year ago, the comparable used EVs were scares and $35-40k compared to $45k for a brand new Ioniq. And our rusty 11 year old ICE car traded in for $6k, way more than it was worth.