What's going on with used prices?

[Shelbeast]

I see GTPE with less than 1K miles on it and for sale in 50s! What's going on with values falling more than 25K?

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[AKgrampy]

I see GTPE with less than 1K miles on it and for sale in 50s! What's going on with values falling more than 25K?

All used car prices are dropping but my understanding is used EV priced dropped significantly due to drop in new car pricing for Tesla. Of course it could also be a lack of demand issue too.

 

[PedroDaGr8]

I see GTPE with less than 1K miles on it and for sale in 50s! What's going on with values falling more than 25K?

I just recently picked up a 2021 First Edition in the red metallic with only 1200 miles on it for just bit over$45k. That was my trigger point to get the car and I have loved it so far.

Prices have dropped a lot for used cars in general for several reasons:

1. High interest rates have really impacted demand
2. The parts shortage has significantly abated meaning most dealers have new car inventory on the lot
3. Tesla's price cuts impacting the general EV market pricing.

 

[azerik]

Doesn't help the economy is in the toilet currently and those that were out revenge spending have rung up big debt on high interest or drained the covid cash jar in '23.

When I went to buy my MME in January I knew prices would come down at some point, but they've fallen hard here as well, finally. It looks like the MME's dropped in price in AZ just the last month or so. Previously you couldn't touch a GT for less than $60k, $50k was my ceiling in Jan. Now I have GTPE's under $50k. But the dealers are still playing the add on game for accessories and taggin in lojacks for $2k to bury money you can't take out of the price. So at the end of the day the dealer still makes out and you still pay for it.
My FFE in January had offers on it for $7500. KBB was even around $10k. Now KBB is saying $1200 a short 6 months later. BUT you'd be hard pressed to actually find one for $3000 let alone $1000.

 

[RickMachE]

My FFE in January had offers on it for $7500. KBB was even around $10k. Now KBB is saying $1200 a short 6 months later. BUT you'd be hard pressed to actually find one for $3000 let alone $1000.

 

[johndenver]

Just picked up a new SuperDuty, and was chatting with the dealer about the E. Yes, the dealers now have tons of stock of the cars, so used prices have fallen for that reason...

Simple supply and demand.

--John

 

[voxel]

EV sales are still booming in the US to my surprise and it's basically supply along with price cuts.

A year ago, Tesla Austin wasn't even building many Model Ys and now are cranking out 5K/week. 20K/month is the same sales figures for the Korean EVs last year. This year, ever carmaker has increased production and flooded the US market.

 

[Maquis]

I see GTPE with less than 1K miles on it and for sale in 50s! What's going on with values falling more than 25K?

Run the VIN, it could be a buyback.

 

[Shelbeast]

Will be interesting how Ford keeps up selling @ 70K while slightly used is 50K.

 

[jay1122]

I feel MME gets hit the hardest. Used Tesla are not getting hit this hard. I guess Ford is just Ford at the end of the day. You would never see a Porsche Taycan with this kind of depreciation.

 

[azerik]

Why get the slower MME with less charging infrastructure for more when you can get a 3/y for a LOT less at this point in time. I'm assuming a ton of other people looking for cars right now arn't having to weigh that thought very long.

 

[TheSteelRider]

Why get the slower MME with less charging infrastructure for more when you can get a 3/y for a LOT less at this point in time. I'm assuming a ton of other people looking for cars right now arn't having to weigh that thought very long.

Because it's a great looking, well-built car vs. a bloated ugly catfish that rattles and squeaks

 

[azerik]

Well yeah, I know that. Great looking is why I bought it. But for those who have only heard 'Tesla Tesla Tesla" for the last 10 years might not even look for anything other than a white moodle whY like 10,000 of their Instagram friends have.

 

[TheSteelRider]

Well yeah, I know that. I have one. But those who have only heard 'Tesla Tesla Tesla" for the last 10 years...

.... are sheeple? I guess I disagree with the supposition. There are many, many people who for some unknown reason flock to buy Jaguar branded vehicles for the last several decades when it is commonly known those are consistently the least well-built vehicles on the planet and are consistently priced similarly to other vehicles which, on paper, are clearly more fully-featured.

My point here is, for ICE vehicles not every single human drives a Toyota Corrolla. Yes, a lot do, and yes it is one of the most popular vehicles, but still there are literally MILLIONS of other cars on the road. Price will only drive a certain portion of the population to a product. And, if price is your only draw, market history shows those companies usually go bankrupt.

I think Ford should not attempt to go toe-to-toe on price with Tesla. They should definitely remain in spitting difference, but not match them 1-1. Personally, I think you get more with a Ford vehicle than with a Tesla.

 

[phil]

What's going on with used prices?

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