The depressing reality of buying an EV: Especially bad resale [ADMIN WARNING: NO POLITICS]

[Mustangor]

Cars are a terrible purchase, but EVs are even worse.

I bought a 2022 MME Premium for what I thought was a good price, patting myself on the back for buying CPO. The MSRP on the 2022 MME Premium was roughly $51k, and I bought mine with 6k miles for $37k. Roughly 27% off of MSRP for an 18-month-old car seemed pretty good, and I knew more feature enhancements through software updates were coming. Well, 10 months later, I realized I way overpaid. Prices for CPO MMEs keep plummeting. A 2023 MME Premium can be had for $3k less than what I paid.

After paying for tax, title, licensing fees, etc., I owe way more than the car is worth. Worse, had I waited until early 2024 to buy the car, I could have at least gotten a $4500 tax credit for two-year-old used EVs.

I love my MME, but most EVs are bad for the manufacturer—Ford loses roughly $60k for every EV it sells—and bad for the buyer. I plan on keeping this car long-term, but it's worth noting that buying EVs is potentially financially ruinous for both parties. I also own a 2016 Chevy Volt Premium, which I gave to my teenage son, and Chevy lost money on every one it sold. I bought that CPO, too. I think hybrids are the way to go, and Toyota stated publicly that they'll never build a fully electric vehicle.

Then don't buy and just lease ! My MME costs me 350€/month and I'm perfectly happy with that.

Sponsored

 

[rreddy3]

Now just hang on a cotton pickin’ moment here, cowboy!

You just overstepped the mark and wakened the tinternet troll in me, rest of the world may drive on the rights side if the road but WE are the ones who drive on the correct side of the road?

?. I believe I read somewhere that the left side thing arose in horse/wagon days. The story is allegedly that by navigating on the left it allowed a person to more easily pull out the sword or later, a pistol. I’ve not driven in England but have a few times in Ireland. Curiously, surface car parks gave me the most problem keeping to the left. The roads and higways, the roundabouts, and even parking structures were ok. Just those pesky surface car parks confounded me?. Not to mention the occasional curb or kerb…that, however, is why Yanks and Canadians are well advised to take the tire and wheel insurance rider!! It came in handy, I know.

 

[Teslaeata]

?. I believe I read somewhere that the left side thing arose in horse/wagon days. The story is allegedly that by navigating on the left it allowed a person to more easily pull out the sword or later, a pistol. I’ve not driven in England but have a few times in Ireland. Curiously, surface car parks gave me the most problem keeping to the left. The roads and higways, the roundabouts, and even parking structures were ok. Just those pesky surface car parks confounded me?. Not to mention the occasional curb or kerb…that, however, is why Yanks and Canadians are well advised to take the tire and wheel insurance rider!! It came in handy, I know.

Have you never had to draw your sword whilst driving on the highway??‍

And tire insurance? Can you actually insure against getting weary?

Now, tyre insurance is another matter.

And our roads go back to the Romans who used to wield their weapons with their right hands ?

I bet those Romans got bad-assed about chariot depreciation ?

 

[rreddy3]

Have you never had to draw your sword whilst driving in the highway??‍

And tire insurance? Can you actually insure against getting weary?

Now, tyre insurance is another matter.

And our roads go back to the Romans who used to wield their weapons with their right hands ?

I bet those Romans got bad-assed about chariot depreciation ?

Ah, yes, tyres, boots, hoods, and bonnets. Language is a curious thing. The sword while driving…fortunately, no! Roman era roads! Hah, we’ve got roads that go as far back as King George III. Take that!

 

[MachEJoe]

Cars are a terrible purchase, but EVs are even worse.

I bought a 2022 MME Premium for what I thought was a good price, patting myself on the back for buying CPO. The MSRP on the 2022 MME Premium was roughly $51k, and I bought mine with 6k miles for $37k. Roughly 27% off of MSRP for an 18-month-old car seemed pretty good, and I knew more feature enhancements through software updates were coming. Well, 10 months later, I realized I way overpaid. Prices for CPO MMEs keep plummeting. A 2023 MME Premium can be had for $3k less than what I paid.

After paying for tax, title, licensing fees, etc., I owe way more than the car is worth. Worse, had I waited until early 2024 to buy the car, I could have at least gotten a $4500 tax credit for two-year-old used EVs.

I love my MME, but most EVs are bad for the manufacturer—Ford loses roughly $60k for every EV it sells—and bad for the buyer. I plan on keeping this car long-term, but it's worth noting that buying EVs is potentially financially ruinous for both parties. I also own a 2016 Chevy Volt Premium, which I gave to my teenage son, and Chevy lost money on every one it sold. I bought that CPO, too. I think hybrids are the way to go, and Toyota stated publicly that they'll never build a fully electric vehicle.

My turn...
Tried DCFC for the 1st time before a big 1st trip

Had to sign up for evgo
1st stall didn't lock in or deliver power
Start getting anxious, my car doesn't DC?
Get to second station, plug in another car, Not charging
Take his plug out, plug in my car, pray.
It works.
Holy Crap 14 bucks for 22 kwh?
At least it worked

 

[Teslaeata]

Ah, yes, tyres, boots, hoods, and bonnets. Language is a curious thing. The sword while driving…fortunately, no! Roman era roads! Hah, we’ve got roads that go as far back as King George III. Take that!

Ouch!

 

[rreddy3]

Ouch!

?

 

[zvez]

Ouch!

further back than that, you've got roads still existing from the roman occupation.

 

[Teslaeata]

My turn...
Tried DCFC for the 1st time before a big 1st trip

Had to sign up for evgo
1st stall didn't lock in or deliver power
Start getting anxious, my car doesn't DC?
Get to second station, plug in another car, Not charging
Take his plug out, plug in my car, pray.
It works.
Holy Crap 14 bucks for 22 kwh?
At least it worked

What’s the DCFC charge like in comparison to the at-home cost/kWh?

In UK I pay £0.12/kWh at home and anywhere between £0.60 and £0.90 at DCFC chargepoints out on the road.

 

[voxel]

I’ve had 5 Corvettes over the years., C4 through C7. They are among the most dependable cars I’ve owned. I always bought them used and let the previous owner take the bulk of the depreciation for me. I bought my 22 MMEGTPE because it’s quicker, easier to get in and out of, better interior, etc.

The C8 is a different beast. It's a mid-engine monster that is quicker and more planted than my 22 GT PE was. It's supercar quick.

That new dual clutch transmission is pretty iffy. Folks blowing them before 30K.

 

[Just Lurking]

I really don’t understand the obsession about resale. Many people keep their cars for more than a few years. For them it’s a moot point.

I've always kept my cars many years, and so I hope it becomes a moot point for me. The reason I am keeping an eye on my car's valuation is because my spouse doesn't like the Mach-E, so the possibility of needing to avail myself of the car's actual market value (i.e. due to trading or selling it) has increased.

I always expected my Mach-E's depreciation to be higher than historically typical, and I expected that to be partially or mostly mitigated by the tax credit. I never expected it to be quite this bad, however - my car has lost more than 50% of its value in 18 months (per the Edmunds appraisal tool). Even after subtracting the tax credit from the car price, it's still lost about 45% in value, much more than typical for a popular car.

Anyway, I don't have any immediate plans to sell, and as others have said in this thread, there's always the possibility that the resale market for Mach-Es rebounds a little bit. It's a solid car and Ford seems to have mostly licked the HVJB issues (at least based on the big decrease in those posts).

 

[Jerrytball]

?. I believe I read somewhere that the left side thing arose in horse/wagon days. The story is allegedly that by navigating on the left it allowed a person to more easily pull out the sword or later, a pistol. I’ve not driven in England but have a few times in Ireland. Curiously, surface car parks gave me the most problem keeping to the left. The roads and higways, the roundabouts, and even parking structures were ok. Just those pesky surface car parks confounded me?. Not to mention the occasional curb or kerb…that, however, is why Yanks and Canadians are well advised to take the tire and wheel insurance rider!! It came in handy, I know.

Hey, the Japanese have a great way of reading a magazine. Do you ever notice how they read a magazine? It’s the same way you and I grab it and go to the last page and then flip through it. It makes it easier for them to read. I think it works good for them?

 

[Dear_OP]

Facts, not fiction...

Electric Vehicle Sales Surge; Ford No. 2 EV Brand

Electric vehicle sales increased 61 percent in the second quarter with 23,957 sold and are up 72 percent for the year. With 44,180 total EVs sold for the first half of the year, Ford brand electric vehicles trail only Tesla.

Mustang Mach-E and F-150 Lightning are drawing customers from other brands; 62 percent of F-150 Lightning and 54 percent of Mustang Mach-E sales are new to Ford.

Mustang Mach-E sales rose 46 percent over last year and are up 58 percent through the first half of the year. Year-to-date sales represent Mustang Mach-E’s best performance since launch.

The Ford E-Transit was America’s best-selling electric van with total first half sales of 6,301, more than double the amount sold during the first half of 2023. During Q2, E-Transit sales were up 96 percent. This represents E-Transit’s best quarterly sales since its debut in 2022.

https://media.ford.com/content/dam/fordmedia/North America/US/2024/07/q2sales/Q2 2024 Sales Final.pdf

Q1

Ford sold 20,223 EVs in Q1, making Ford America’s second best-selling EV brand behind Tesla for the quarter. Mustang Mach-E posted strong Q1 sales of 9,589 SUVs – up 77 percent over a year ago. America’s best-selling electric truck, the F-150 Lightning, had sales of 7,743 trucks, up 80 percent.

https://media.ford.com/content/ford...it-set-records--q1-sales-top-industry--u.html

During the second quarter of 2024, Ford sold almost 24,000 all-electric vehicles—61% more than a year ago. With about 2,000 more sales, it would be a new record. The share of EVs increased to 4.7% from 2.9% in Q2 2023.

https://insideevs.com/news/725448/ford-us-ev-sales-june2024/

I find information like these is misleading. Not picking on the poster, but more of Ford's spin. Here is the true context.
The difference from #1 (Tesla) to #2 (Hyundai) is staggering. Ford is some 13k units further down in 3rd. GM is coming in hot and may surpass Ford by next quarter.

Source:https://caredge.com/guides/electric-vehicle-market-share-and-sales

It's like claiming second place in a 100m dash against Husain Bolt in a field participated by high school drama students.

 

[Jerrytball]

I find information like these is misleading. Not picking on the poster, but more of Ford's spin. Here is the true context.
The difference from #1 (Tesla) to #2 (Hyundai) is staggering. Ford is some 13k units further down in 3rd. GM is coming in hot and may surpass Ford by next quarter.

Source:https://caredge.com/guides/electric-vehicle-market-share-and-sales

It's like claiming second place in a 100m dash against Husain Bolt in a field participated by high school drama students.

Well, when I was 60 years old, I ran my last 10 K and I did come in second in my age group….. there were two of us?

 

[Andy OS WA]

With a $60K loss on each car, I wonder why they keep making more and more each month. ?

My guess is that the figure includes all startup costs for producing the vehicles.

Sponsored