this post was submitted on 16 Aug 2024
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Electric Vehicles

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Used EV Values Are In Freefall (insideevs.com)
submitted 1 month 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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[–] RamblingPanda@lemmynsfw.com 6 points 1 month ago (1 children)

And please, make them swappable. I'm afraid to buy used because the battery is a gamble. If I could just go to the shop and have them pop a new one in in about half an hour, I'd be really interested.

[–] Nomecks@lemmy.ca 17 points 1 month ago (1 children)

It's not a gamble, just EV haters keeping that myth alive. You don't worry about the replacement engine cost of an ICE, do you?

[–] RamblingPanda@lemmynsfw.com 0 points 1 month ago (1 children)

No, because I know I'll get at least thrive the mileage out of them I typically use them. I have no experience on EVs though.

[–] ebc@lemmy.ca 8 points 1 month ago (4 children)

The fact that the battery is usually the part that has the longest warranty should tell you everything. I have never seen a warranty on an engine longer than 5 years and 100 000 km, but batteries are routinely 10+ years.

[–] lemming741@lemmy.world 2 points 1 month ago (1 children)

They're still shitboxes but 10 year 100k mile power train coverage is out there.

[–] ebc@lemmy.ca 1 points 1 month ago (1 children)

Is that the default warranty though? My PHEV has a 10-year warranty on the battery, 3 years on the rest by default, I didn't pay for any extra coverage (Chrysler).

[–] lemming741@lemmy.world 5 points 1 month ago

https://www.hyundaiusa.com/us/en/assurance/america-best-warranty

With that said- Do not, under any circumstances, buy a Hyundai.

[–] barsquid@lemmy.world 2 points 1 month ago (1 children)

What percentage of capacity does the warranty cover? I had batteries covered under phone plans before and it turns out even a significantly lower capacity counts as "working like normal."

[–] ebc@lemmy.ca 2 points 1 month ago

Tesla's covers 70% if I remember correctly

[–] BastingChemina 1 points 1 month ago

Recently in Thailand MG have started to offer lifetime, unlimited mileage warranty for the battery !

The battery wear was an issue for the first EV with bad thermal but more it is not really a problem anymore.

[–] RamblingPanda@lemmynsfw.com 1 points 1 month ago

Good to know, thanks. Next car might have a charging socket