Uh Oh

[Old_Norm]

My Mach E is worth half of what I paid for it in January of 2023. Hertz is selling 20,000 EVs. When I first joined the forum I posted a history of my EV ownership. I said I had owned a Chevrolet Volt and it was cancelled. I also said I owned a Honda Clarity and it was cancelled. Then in jest, I said that I had just bought a Mach E and I apologized to fellow Mach E owners. Although it seems unlikely, I hope I'm not blamed for the demise of the Mach E.

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[AliRafiee]

?

 

[Mache_Nor]

I tend to complain on this forum quite a bit, but when it comes to value of cars, that can’t be held against Ford. The second you drive your car of the parking lot it’s about +-30% reduction in value. Then factors such as market, known errors and whatnot drive the price further down.

For sanity it’s best to think of a car as exclusive a cost. Sure, there are some models out there that does not experience this, but if buying a new car and selling it a couple of years later you should seek a financial advisor hehe ? If you on the other hand manage to get a car that is somewhat reliable there is a value proposition in doing cradle to grave. But each to their own, just an advice opposed to trying to “game” the ownership in gaining / not loosing so much money.

 

[Old_Norm]

I tend to complain on this forum quite a bit, but when it comes to value of cars, that can’t be held against Ford. The second you drive your car of the parking lot it’s about +-30% reduction in value. Then factors such as market, known errors and whatnot drive the price further down.

For sanity it’s best to think of a car as exclusive a cost. Sure, there are some models out there that does not experience this, but if buying a new car and selling it a couple of years later you should seek a financial advisor hehe ? If you on the other hand manage to get a car that is somewhat reliable there is a value proposition in doing cradle to grave. But each to their own, just an advice opposed to trying to “game” the ownership in gaining / not loosing so much money.

I was really referring to the cars I owned being cancelled. If I was buying an investment, it certainly wouldn't be a new car. I only mentioned the current price to illustrate the declining interest in EVs.

 

[Shayne]

I was really referring to the cars I owned being cancelled. If I was buying an investment, it certainly wouldn't be a new car. I only mentioned the current price to illustrate the declining interest in EVs.

I do not think it is a declining interest as much as problems with EV's that some manufactures let boil until the government forces them to do the right thing. My MME is working better than when I bought it but still has a glaring problem with home charging that has been ignored for over half a year. There is a reason Fords EV's are having resell and sale problems and I do not think it has anything to do with EV adoption or the curse of Norm . Them dropping out and running away would not be out of character it appears.

Our car was purchased to fulfil a job and it is doing that for us so the personnel value has remained fairly stable. If you flip your stuff for the latest and greatest every 3 years this may be an eye opener. They all depreciate unless you keep them in a garage not used until they become classic/antique. I have never had one have much of a trade in value when it is time to replace it. Them dropping out, pushing gas all to ensure a buck would not make me any more loyal to Ford or my guess anymore profitable to them in the long run.

 

[RickMachE]

I was really referring to the cars I owned being cancelled. If I was buying an investment, it certainly wouldn't be a new car. I only mentioned the current price to illustrate the declining interest in EVs.

There is no "declining interest in EVs."

2023 was a record year for EV sales.

 

[Old_Norm]

There is no "declining interest in EVs."

2023 was a record year for EV sales.

Really?

According to Ivan Drury, Edmunds' director of insights, automakers -- Tesla included -- are selling EVs at a loss. The move by Hertz and other rental car companies to stop adding EVs to their fleets has contributed to sluggish sales, he argued.

"EVs are getting harder to move," Drury told ABC News. "Earlier in the year they were still going for above MSRP. Once the average interest rate hit 7% EVs began to linger on the lot and now require a lot more work from automakers and dealers to sell."
https://abcnews.go.com/Business/ele...etting harder to,estimated 361 miles of range.

 

[Old_Norm]

There is a reason Fords EV's are having resell and sale problems and I do not think it has anything to do with EV adoption or the curse of Norm .

Thank you. I guess I can remove the garlic necklace and rabbit's foot. ?

 

[RickMachE]

Really?

According to Ivan Drury, Edmunds' director of insights, automakers -- Tesla included -- are selling EVs at a loss. The move by Hertz and other rental car companies to stop adding EVs to their fleets has contributed to sluggish sales, he argued.

"EVs are getting harder to move," Drury told ABC News. "Earlier in the year they were still going for above MSRP. Once the average interest rate hit 7% EVs began to linger on the lot and now require a lot more work from automakers and dealers to sell."
https://abcnews.go.com/Business/electric-vehicle-sales-slowing-panic-insiders/story?id=105842727#:~:text="EVs are getting harder to,estimated 361 miles of range.

That is pricing. Over estimating demand.

2023 EV sales were expected to have finished over 1 million units, a record year. Selling more than in the past would not be defined as "declining interest", would it?

 

[Ghost Ryder]

Really?

According to Ivan Drury, Edmunds' director of insights, automakers -- Tesla included -- are selling EVs at a loss. The move by Hertz and other rental car companies to stop adding EVs to their fleets has contributed to sluggish sales, he argued.

"EVs are getting harder to move," Drury told ABC News. "Earlier in the year they were still going for above MSRP. Once the average interest rate hit 7% EVs began to linger on the lot and now require a lot more work from automakers and dealers to sell."
https://abcnews.go.com/Business/electric-vehicle-sales-slowing-panic-insiders/story?id=105842727#:~:text="EVs are getting harder to,estimated 361 miles of range.

Until our infrastructure improves, I think EVs have saturated the market. Those that want EVs for the most part have bought them.

Most people can not charge at home. Whether it's because they're renting, or it's cost prohibitive to upgrade their electrical system, EV ownership does not make sense for their situation.

 

[Ghost Ryder]

That is pricing. Over estimating demand.

2023 EV sales were expected to have finished over 1 million units, a record year. Selling more than in the past would not be defined as "declining interest", would it?

I could be. Here's a scenario. (just making up numbers).
Let's say in 2020, 50% of the population had interest in buying an EV, but could not afford it due to cost. So only 500k sold.
in 2023, the interest in EV is down to 40%, but because cost is down, they sold 1 Million EVs.

So Both can be correct at the same time, interest in EV is down, but sales is up. The point of the article is that EVs sales has not kept up with projected expectations.

 

[RickMachE]

Until our infrastructure improves, I think EVs have saturated the market. Those that want EVs for the most part have bought them.

Most people can not charge at home. Whether it's because they're renting, or it's cost prohibitive to upgrade their electrical system, EV ownership does not make sense for their situation.

Interesting opinions.

Some other information:

"saturated the market" seems to be right out of Reddit.

EV sales have slowed because among other things:

- interest rates
- early adopter segment has become more saturated
- prices need to drop some more
- tax credit required tax liability up to now, in 2024 it doesn't.

Approximately 80% of EV owners charge at home, per Department of Energy as of 2022. So "most people can not" seems to be off the mark.

 

[RickMachE]

The point of the article is that EVs sales has not kept up with projected expectations.

Bingo.

Projected sales by automakers were too high.

Sales growth will be lower in 2024 than 2023. Actual sales will be higher (units).

 

[Ghost Ryder]

Interesting opinions.

Some other information:

"saturated the market" seems to be right out of Reddit.

EV sales have slowed because among other things:

- interest rates
- early adopter segment has become more saturated
- prices need to drop some more
- tax credit required tax liability up to now, in 2024 it doesn't.

Approximately 80% of EV owners charge at home, per Department of Energy as of 2022. So "most people can not" seems to be off the mark.

Exactly 80% of current owners. But how many prospective owners can charge at home? My point is that a lot of people that have not bought EVs, can not charge at home.

 

[RickMachE]

Exactly 80% of current owners. But how many prospective owners can charge at home? My point is that a lot of people that have not bought EVs, can not charge at home.

Source?

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