Could the decline in EV prices hinder widespread adoption, according to experts?
According to market research studies using data from September and October, the prices of used electric vehicles have decreased by approximately 30% year over year.
The lower prices of electric vehicles may benefit consumers, but there are concerns that their low resale values could negatively impact EV adoption among mainstream consumers. Additionally, the decline in prices contributes to a discussion about whether EV demand is declining.
According to Karl Brauer, executive analyst for iSeeCars, the mainstream appeal of these cars is still lacking due to their high cost and numerous limitations in usage.
Despite concerns of a slowdown, EVs have surpassed 8% of total new car sales through October, as per J.D. Power.
The affordability of EVs is the issue, as people are broke and interest rates are high, according to Scott Case, CEO of Recurrent, who specializes in vehicle history reports that emphasize battery life.
Numerous research findings suggest that EV owners can save money on fuel and maintenance, as EVs eliminate the need for gasoline and have fewer moving parts.
The resale value of a car is a significant factor in determining the total cost of owning it. According to Edmunds, the low resale values of used electric vehicles (EVs) could discourage new EV purchases and hinder the broader adoption of EVs.
Watch the video to learn more.
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