I ran across Recurrent a while back doing research on our 2016 VW eGolf. If you don’t know, they provide lots of data on EVs and how to maintain and monitor their batteries (among other things). They published their latest report and it includes some great info on used EVs, something all of us should be looking at with new car prices still high and overall inventories still low. (see chart)
They summarized the report with four takeaways. (see below) Perhaps most importantly is the prediction that used EV prices will remain high. As a real estate guy, that reminds me of what I tell my clients. “The best time to buy a house was yesterday. The next best time is today.”
The biggest thing left for us before trading in our Outlander PHEV and going full EV for both cars is more nationwide chargers. We still visit a few places every year that require longer road trips. So until we can easily map chargers along the way we’ll likely be a “one pure EV” family for a while. That said, the Teslarati would quickly remind me their supercharger network is ready and waiting. No to mention it’ll be available for other EVs soon. Whatever your plan, it’s clear we’re reaching a tipping point with EVs.
- “Car flipping” of like-new EVs is out of control. Some used Rivian and Hummer EV models are selling for $50,000+ over MSRP. People don’t want to wait in long reservation lines.
- Your EV got $10,000 to $20,000 more valuable if you own some Tesla and Ford Mustang models. A combination of supply shortages and price hikes for new models is causing this rise in value.
- Used EV prices will remain high. The supply chain constraints, rising gas prices and equipment shortages all factor into this, and it might take over a year until production backlogs clear and new facilities come online.
- Electric trucks and SUVs are converting drivers. More people have preordered the all-electric Ford F-150 Lightning than all Nissan LEAFs ever sold in the US, and the Tesla Model Y crossover SUV is the best-selling EV.