this post was submitted on 16 Aug 2024
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[Dormant] Electric Vehicles

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Used EV Values Are In Freefall (insideevs.com)
submitted 3 months ago by MyOpinion@lemm.ee to c/evs@lemmy.world
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It's a brutal time to sell and a helluva time to buy. The used EV market is in freefall, and it's current owners that are holding the bag. But if you've been looking for the time to get into a modern, long-range EV, it may be now.

New data from Edmunds shows that EV values have fallen 20.5% year over year. That's a seismic shift. The overall used car market, for reference, has cooled by 6.8% over the same time period. That's a big swing for the market as a whole, but the EV swing is gargantuan. Compared to average used vehicle values during the second quarter of 2022, EV values in Q2 2024 are down a whopping 38.5%.

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[–] j4k3@lemmy.world 2 points 3 months ago (1 children)

People lack an objective understanding of how the used car market works, the margins, repairs, etc. I'll block the community fanboy club now so that I don't intrude with any perspective reality. What I am saying will be clearly seen in due time. I don't like it, but this is reality.

[–] Spiralvortexisalie@lemmy.world -1 points 3 months ago

While not the best news, most car models from before 2018 that are connected only have 3g modems (and no 2g/1g fallbacks to save money), 3G has essentially been off in North America for a few years so most of the connected cars from that era can not connect to anything (at least not without new modems/adapters).

Although this ofc says nothing of facts like Mercedes charging $50+ a day to use their diagnostics/repair software thats required for just about anything from 2010+ and has many functions locked to their tools that cost a few thousand each.MB diagnostics price list