Keep it or get out now

[TheSteelRider]

Hello,

I bought my 2023 Mach-e premium AWD extended at the end of November. My intention was to keep it for 4 years max and use it for solid trade in value. Clearly the trade in value for used EV's has fallen big time. I'm paying monthly for it still. I'm curious if I should take the L now and trade it in (assuming the trade in value is the highest it will ever get) and roll the negative equity into a new ICE or keep the MME for the next 3.5 yrs and use it for whatever trade in value its worth then?

Warren Buffett is a very rich man. I tend to follow his advice on cars.

...from a financial perspective, it’s probably best to keep a car for as long as you can before selling it. This means you should think long and hard before buying a car. you’d best compare different options from different dealers...The real saving starts after you have paid off the car payments. Assuming that you paid it off over 5 years, at minimum, you should sell your car after you have used it for at least 7 years.

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[AwesomeJay]

Warren Buffett is a very rich man. I tend to follow his advice on cars.

​

He makes a good point

 

[Monke]

I would keep it even longer than 4 years just to offset the loss. Also in TX, people can get free electricity plan (nights, weekends, or 8 days). We don't drive much to see the saving and the rate per kWh is high during pay time. Some people drive 500 - 1500 miles per week but they don't drive EV. Imagine how much those people will save if they drive EV with a free night plan.

 

[ack154]

Getting rid of it now would be an absolutely horrible idea. You'd basically have bought a car for the sole purpose of losing money on depreciation and then getting rid of it. And not only that but you'd then turn around and dump the negative equity into another loan? Pretty clear case of two wrongs don't make a right.

Rolling ANY negative equity into a new loan is always going to be a terrible idea.

If you planned to keep the car for 4 years, keep the car for 4 years. There's nothing wrong with it.

 

[Keeperofthe7keys]

Wait until gas prices head up again. It'll happen, and the EV market will recover some

Probably soon too the way Russian refineries have been getting hit, exports to India and China falling off a cliff which means they need to buy elsewhere, meaning it gets more expensive for everyone.

There are a few minor minor annoyances with owning an EV during the winter here in Canada, for example having to go outside when its freezing cold and blowing snow to plug in the car to charge lol. I would like to get back into an ICE with a manual transmission also.

What, aside from range loss, which only matters on long trips and with sufficient infrastructure isn't a major problem, EV's are more coinvent to own. I don't get this complaint about having to clear snow, you'd have to do that with your driveway for a gas car anyways?

 

[AliRafiee]

I would own it fully at the end of the 4 years

If you’re happy with the car itself, keep it.
I bought a Mustang GT new in 2011 for $31K. Sold it right before I bought the Mach E in 2022 for $20K at a dealer. It was in like new condition with 48K miles on it. That’s $1K per year.
I know, it was a good time to sell, but the point is you will never know what will happen.

 

[BigMach-E]

Do you like the car or is it a source of frustration for you?

 

[devmach-e]

There are a few minor minor annoyances with owning an EV during the winter here in Canada, for example having to go outside when its freezing cold and blowing snow to plug in the car to charge lol. I would like to get back into an ICE with a manual transmission also.

You do know you can plug the car in before it gets cold and snowy, and have it automatically charge when you want, right?

 

[AwesomeJay]

Do you like the car or is it a source of frustration for you?

I like the car, no real issues with it, just my petty quality of life issues lol. I'll just keep it for now, pay it off as quickly as possible and see what's what when I fully own it.

 

[AwesomeJay]

You do know you can plug the car in before it gets cold and snowy, and have it automatically charge when you want, right?

I do, however I dont like plugging it in while its light out. I live in a town house and have many nosey neighbours/kids I'd rather not see the car plugged in and come over to touch things they shouldnt. I dont have the patience to deal with them nicely so I'd rather avoid the situation. I'm fully aware this is a ME issue but it is what it is.

 

[AKgrampy]

I do, however I dont like plugging it in while its light out. I live in a town house and have many nosey neighbours/kids I'd rather not see the car plugged in and come over to touch things they shouldnt. I dont have the patience to deal with them nicely so I'd rather avoid the situation. I'm fully aware this is a ME issue but it is what it is.

The reality is what difference does it make what we think? It really comes down to what you want and prefer. If you can take the loss and prefer ICE then move on. Summer is coming so maybe enjoy the Mach a bit longer. All up to you and your finances.

 

[vortix]

Only reason I am selling my '22 Select is to get a great deal on a '23 GT. My loss on the '22 will be nearly covered by the deal I am getting on the '23. If you can't make up that loss by getting a fantastic deal on your next car - don't sell. You've only had it for a few months - drive it, and enjoy it.

 

[RickMachE]

Hello,

I bought my 2023 Mach-e premium AWD extended at the end of November. My intention was to keep it for 4 years max and use it for solid trade in value. Clearly the trade in value for used EV's has fallen big time. I'm paying monthly for it still. I'm curious if I should take the L now and trade it in (assuming the trade in value is the highest it will ever get) and roll the negative equity into a new ICE or keep the MME for the next 3.5 yrs and use it for whatever trade in value its worth then?

I'm scratching my head. You bought it 3.5 months ago. When you bought, prices for EVs had been dropping for quite some time. Nothing has changed in the last 3.5 months.

Selling would be an awful financial decision.

I do, however I dont like plugging it in while its light out. I live in a town house and have many nosey neighbours/kids I'd rather not see the car plugged in and come over to touch things they shouldnt. I dont have the patience to deal with them nicely so I'd rather avoid the situation. I'm fully aware this is a ME issue but it is what it is.

Buying an EV was a mistake given this. You seemed to have not through your purchase decision before buying.

 

[AwesomeJay]

I'm scratching my head. You bought it 3.5 months ago. When you bought, prices for EVs had been dropping for quite some time. Nothing has changed in the last 3.5 months.

Selling would be an awful financial decision.



Buying an EV was a mistake given this. You seemed to have not through your purchase decision before buying.

I would agree with you 100%. Definitely some things I missed/didnt think of prior to purchasing

 

[Mach1E]

There are a few minor minor annoyances with owning an EV during the winter here in Canada, for example having to go outside when its freezing cold and blowing snow to plug in the car to charge lol. I would like to get back into an ICE with a manual transmission also.

If you want a different car, get a different car. Just know it may cost you a fair amount of money to make that change.

We are back closer to a “somewhat normal” car market. Where if you buy new and try to trade it in 6 months later, you get crushed.

If you go back to ICE manual transmission, buy used though.

What manual transmission car are you even looking at though? I’m not aware of ANY crossover or something similar to the Mach E that comes in a manual. So it would have to be a vehicle style change as well.

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