My EV Journey continues and I wanted to make sure all of you future EV owners understand what could be in your future if you buy or lease an EV this year or later.
Tesla stocks are filling up, and units of those cars are moving into the company's own fleets. And they will be offered as km 0 with even lower prices. So expect the price of your used vehicle to drop quite a bit more in the next 6 months.
You bought a bottom rung EV at a premium price! Sorry. You need to look at retail, not trade in value. Negotiating in a showroom is a losing proposition. NEVER go to the wolf’s den to buy.
Good points. Actually I was able to get over $12K (includes the $7500 tax credit) off at purchase and there were no markups. The sad truth is because of Tesla and others dropping their prices, it has had a ripple effect on All EV's resell value. Just 3 months ago I was only upside down about $1800. The best bet is to always lease and do not buy an EV for now. Thanks for the comment.
This comment is spot on, I would add if EVs suffer significant depreciation in future they will bring down the price of ICE vehicles with them, after all in economic terms they are substitute goods,
Cars are the worst investment you can make. If you buy to pay off and own for as long as possible, then you're minimizing the loss. But cars are generally not an investment.
Any product launch is always at its highest selling price throughout its life cycle. Early adopters represent 5% of consumers and will rarely complain about price reductions once their product is mass produced and facing growing competition. I bought a Tesla model Y performance back in 2020 at 84K$ CAD before 15% sales tax. Can get the same vehicle for 67K$ CAD before tax now. So I will lose at least an additional 20K$ CAD tax in before depreciation when selling or exchanging my 2020 MYP. Do you realize I could have sold my Vehicle 100k$ CAD back in early 2022 during Covid!
I want to keep this as kind as possible.. the best advice you gave was do your research up front. Had you done this in the first place you would not be in the predicament you are in. You purchased the entry level model of a car made by a legacy automaker that is just not a good car. There are so many other things that should have been researched. The poor battery, the poor charging capabilities , the myriad of bad software issues, the lack of true over the air software updates , the lack of a ubiquitous and highly reliable charging network, and pricing comparisons with well known competitors (that are FAR more advanced) was clearly not done. Couple this with the fact that you purchased a model that did not possess all the features you ultimately ended up learning were important to you, you have a perfect storm of unhappiness with the vehicle, negative equity and now being in a market where inventories are high and interest rates are ridiculous. I recently decided to sell one of my 2020 Tesla model 3s and trade the other 2020 model 3 in and downsize to a single Tesla Model Y. Though I didn’t get as much as I would have liked, I was not upside down. Since buying new in 2020 so much had changed with manufacturing techniques and other cost cutting measures since 2020, I paid less for the new Model than I did in 2020 for a car that was objectively better in every way so the depreciation was pretty much a wash. Also, buying direct from the manufacturer (no dealers, no dealer mark-ups, no BS “market adjustments”, etc is a plus over buying from legacy autos/dealers is another point of research that should be considered. Also, take into account the maintenance costs. Tesla vehicles only require washer fluid, windshield wipers, and tires. We had nearly zero maintenance issues over 4 years and the tiny items we did have were solved quickly, efficiently and at no cost by the service department. And finally, all three cars were made in the US by US workers and with the highest percentage of American made parts of any car brand and by a company dedicated to passing cost savings to the consumer. We were extremely happy with our cars which is why we purchased another when we decided to upgrade. So in conclusion, yes.. as you say, research research research… It will solve most of the headaches you mentioned. Good luck with your channel and moving to a car you will be happier with.
Everything you said about his poor VW purchase back at ya. You purchased the blind man’s EV, a MY. I guess Musk’s price war didn’t teach you enough of a lesson, aside from MY, M3, and MX being collectively low grade, poorly built EVs with phantom braking issues… I give him points for exploring options; none for you… Your naïveté regarding who and what Tesla stands for is astonishing.
@@JohnCap523 not sure what you mean “blind man’s EV”. Did you have problems with your Tesla? We experienced nothing like you mention. What EV would you recommend?
@@Jdinaz Blind man’s EV refers to the EV one buys without actually looking at facts, quality, reliability, aesthetics… also known as lazy man’s EV…. It equates to buying a LCD panel TV as they’re being replaced by edge lit LED TVs because they’re in the discount bin.
If you want to keep resale value buy toyota
That's usually a safe bet. Thanks for the comment.
my 20 year old toyota tacoma is worth more than I paid for it 6 years ago lol
Toyota doesn’t make EVs. I think it’s because they want to be profitable.
Except you aren’t factoring in the massive premium Toyota’s start with…
@@JohnCap523 in Europe they're similar to European counterparts
no one is lining up to buy id4, mach e , leaf or any other ev that is not a tesla. I heard fisker is having a blow out sale.
Tesla stocks are filling up, and units of those cars are moving into the company's own fleets. And they will be offered as km 0 with even lower prices. So expect the price of your used vehicle to drop quite a bit more in the next 6 months.
You bought a bottom rung EV at a premium price! Sorry.
You need to look at retail, not trade in value.
Negotiating in a showroom is a losing proposition. NEVER go to the wolf’s den to buy.
Good points. Actually I was able to get over $12K (includes the $7500 tax credit) off at purchase and there were no markups. The sad truth is because of Tesla and others dropping their prices, it has had a ripple effect on All EV's resell value. Just 3 months ago I was only upside down about $1800. The best bet is to always lease and do not buy an EV for now. Thanks for the comment.
When you buy a car you gotta ask yourself how much is it worth to you... Same when you decide to sell it.
get a HELLCAT
All cars depreciate period. No whether it is a EV of internal combustion engine car or SUV. The Covid day prices are over. Let’s move on.
Both my cars and SUV and a sports car are worth far more than I purchased them for, one 8 years ago and the other 12 years ago.
This comment is spot on, I would add if EVs suffer significant depreciation in future they will bring down the price of ICE vehicles with them, after all in economic terms they are substitute goods,
Well said, Thanks for watching and commenting.
Good video and good information
Thanks for watching and I appreciate the comment.
Cars are the worst investment you can make. If you buy to pay off and own for as long as possible, then you're minimizing the loss. But cars are generally not an investment.
Relationship, ha, you loose every time with a dealership. They like you because of your money, plain and simple. They are not your buddy.
It's funny how almost nobody keeps a vehicle for more than 3 years. Nobody holds onto their vehicle for ten+ years anymore!
All vehicles are depreciating assets. If you want to retain value in a vehicle, buy something old/classic.
my 2019 tacoma is worth more than that...
Drum brakes and all…
Not to mention the $15k premium you paid new compared to comparable trucks….with disc brakes.
Taco Gang be like... "I wonder what the market will be like in 2075?" LOL EV buyers! Throw away your toy and buy a TOYOTA.
@@JohnCap523 I bought used, from market place. No mark up just paid cash.
So you didn't figure out what you really wanted for your needs . Whiner
"Hey, its your bank. we see your car is not worth the loan anymore.. so we need money from you"
Any product launch is always at its highest selling price throughout its life cycle. Early adopters represent 5% of consumers and will rarely complain about price reductions once their product is mass produced and facing growing competition. I bought a Tesla model Y performance back in 2020 at 84K$ CAD before 15% sales tax. Can get the same vehicle for 67K$ CAD before tax now. So I will lose at least an additional 20K$ CAD tax in before depreciation when selling or exchanging my 2020 MYP. Do you realize I could have sold my Vehicle 100k$ CAD back in early 2022 during Covid!
I want to keep this as kind as possible.. the best advice you gave was do your research up front. Had you done this in the first place you would not be in the predicament you are in. You purchased the entry level model of a car made by a legacy automaker that is just not a good car. There are so many other things that should have been researched. The poor battery, the poor charging capabilities , the myriad of bad software issues, the lack of true over the air software updates , the lack of a ubiquitous and highly reliable charging network, and pricing comparisons with well known competitors (that are FAR more advanced) was clearly not done. Couple this with the fact that you purchased a model that did not possess all the features you ultimately ended up learning were important to you, you have a perfect storm of unhappiness with the vehicle, negative equity and now being in a market where inventories are high and interest rates are ridiculous. I recently decided to sell one of my 2020 Tesla model 3s and trade the other 2020 model 3 in and downsize to a single Tesla Model Y. Though I didn’t get as much as I would have liked, I was not upside down. Since buying new in 2020 so much had changed with manufacturing techniques and other cost cutting measures since 2020, I paid less for the new Model than I did in 2020 for a car that was objectively better in every way so the depreciation was pretty much a wash. Also, buying direct from the manufacturer (no dealers, no dealer mark-ups, no BS “market adjustments”, etc is a plus over buying from legacy autos/dealers is another point of research that should be considered. Also, take into account the maintenance costs. Tesla vehicles only require washer fluid, windshield wipers, and tires. We had nearly zero maintenance issues over 4 years and the tiny items we did have were solved quickly, efficiently and at no cost by the service department. And finally, all three cars were made in the US by US workers and with the highest percentage of American made parts of any car brand and by a company dedicated to passing cost savings to the consumer. We were extremely happy with our cars which is why we purchased another when we decided to upgrade. So in conclusion, yes.. as you say, research research research… It will solve most of the headaches you mentioned. Good luck with your channel and moving to a car you will be happier with.
Everything you said about his poor VW purchase back at ya. You purchased the blind man’s EV, a MY. I guess Musk’s price war didn’t teach you enough of a lesson, aside from MY, M3, and MX being collectively low grade, poorly built EVs with phantom braking issues… I give him points for exploring options; none for you… Your naïveté regarding who and what Tesla stands for is astonishing.
@@JohnCap523 not sure what you mean “blind man’s EV”. Did you have problems with your Tesla? We experienced nothing like you mention. What EV would you recommend?
Thanks for the comments, no offense taken. Remember, this was just an experiment to see what the value is in today's market.
@@Jdinaz Blind man’s EV refers to the EV one buys without actually looking at facts, quality, reliability, aesthetics… also known as lazy man’s EV…. It equates to buying a LCD panel TV as they’re being replaced by edge lit LED TVs because they’re in the discount bin.
@@keylessentry2022 gotcha. Hey man, I hope you find a solution that works for you.