And yet here we go again;
Manufacturers are now heavily discounting new vehicles in an effort to get them off the showroom floor.
A brand new Tesla Model Y is now $11,400 cheaper. The Peugeot e2008 has been given a massive cut from $63,000 to $39,990. On the lower end of the market, a GWM Ora is down 20 per cent to $35,990.
This is partially indicative of more competition naturally putting downward pressure on the market, which is generally a good thing for consumers.
But it’s not much good for someone who bought an EV a year ago, now watching the resale value of their car plummet overnight.
Do they simply not understand they were massively overpriced to begin with? Mass manufacturing entered the market with the Chinese entry as opposed to a few odd EV makers here and there, and once that happened the price was sure to drop. EV's are simpler to make than ICE cars, they have less moving parts, they need less servicing, in reality the only really expensive part is the battery and that will change as price drops.
Cars, like houses, are some of the biggest assets most people will ever own. And thus they are treated like investments – some vehicles hold their value better than others.
No, no they aren't like houses. The economic structure is entirely different and cars will eventually decrease to zero value as they get older, except of course for a few odd exceptional stand outs, but 99.9% of cars will be worth nothing eventually, the only value is scrap for the materials. There's a reason there is a housing market ladder and not a used car market ladder, because houses appreciate in value, they don't instantly lose 10% of their value as you take possession. This may rank as the stupidest comment on the EV market I have ever seen! Cars in general are not investments, they are money sinks.
https://www.news.com.au/technology/moto ... f692f137c5