Electric CarSluggish sales spilled over, causing resale prices to fall, further weakening buying sentiment.
According to car search engine iSeeCars, the price of second-hand electric vehicles in the United States has fallen faster than that of gasoline vehicles last year, with the average price of second-hand electric vehicles falling 32% compared to gasoline vehicles. Much greater than the 3.6% decline.
Declining resale prices have made people less willing to buy, with consumers worried that electric vehicles are not worth the high prices they pay. Besides the difficulty in charging, lack of options, and not having to worry about driving range, I now also worry about not being able to resell the vehicle at a good price in the future.
Pat Ryan, CEO of Copilot, a free ride-hailing service, said consumers were not originally concerned about the resale value of electric vehicles, butTeslaChief Executive Elon Musk’s price cut is making people feel like the value of their Tesla has gone down and it is now only worth $40,000.
In order to maintain market share in the highly competitive electric vehicle market, Musk cut the price of new Tesla cars by more than 20%, which put pressure on the used electric vehicle market and caused serious losses to Tesla.used carCitation. iSeeCars said that between 2023 and 2024, the top four largest price declines in the US used car market are all Tesla models.
iSeeCars executive analyst Karl Brauer said that Musk hopes to maintain Tesla sales by cutting prices, but this will have a devastating impact on the brand’s residual value; currently in the second-hand market, the discount status of Tesla vehicles is higher. Compared with other brands, its value declined by 28.9%, more than double that of Alfa Romeo, which ranked second in decline.
Experts say the price of electric vehicles is stabilizing, and their unit price may not be more expensive than fuel vehicles.
Cox Automotive data shows that by the end of 2023, the average transaction price of new electric vehicles is US$50,798, only US$2,040 higher than US$48,759 for gasoline vehicles.
In the used car market, the average price of electric vehicles is slightly lower than that of gasoline vehicles, and may decline slightly in the coming months. iSeeCars said the average selling price of used electric vehicles in February was $30,904, while the average selling price of gasoline vehicles was $31,153.
Brauer said a used car buyer with a budget of $31,000 can purchase most vehicles, including electric and gasoline vehicles.
Kelley Blue Book reported in January that when it comes to electric vehicles, people still worry about running out of power without a charging station as much as they did five years ago.
focus(tagstotranslate)electric cars