I was looking at used Evs and I keep seeing 1 or 2 yr old VW id4s with very little miles for like $25-30k. Is there a reason why they lose their value so quickly? I even saw a 2022 Pro S with 2k miles for $28k. Someone basically lost $20k driving it off the lot 😓

  • MacBook_Fan@alien.topBEnglish
    1·
    11 months ago

    Multiple factors all at once

    • Supply issues - Two years ago car manufacturers couldn’t get some required components and it took months or years to get a car (I waited 15 months to from order to delivery on my 2022 ID.4, ordered as a 2021 model.) For the most part, these supply chain issues have eased.
    • Demand issue - Gas prices went up fast and ended up higher than recent history. Tesla had made EVs a popular choice. Traditional car manufactures entered the market and many people bought EVs to get away from gas. Now that gas prices are much more reasonable, less people feel the need to buy an EV. (Bonus, some people who bought an EV are realizing their lifestyle doesn’t suit an EV so they are going back to an ICE or PHEV)
    • Tax rebates - Tax rebates, especially federal, were much easier to get a couple of years ago, so dealers could charge MSRP+ and buyers could still get a reasonable after rebate price. Now, the rebate requirements are harder to meet, so dealers are having to be more aggressive.