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New and Used EV Prices Have Dropped - Is It Time To Buy?
Manage episode 378420109 series 3404102
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00:00 - To EV or To Not EV... That Is The Question
So is it the right time for you to buy a new or used EV or are the prices still too high? We explore that question in this episode.
00:55 - Used and New EV Prices Have Dropped, But They Are Still Expensive
The average price of a new EV has dropped 20% from June 2022 to June 2023, but new US electric vehicles are on average about $5000 more than internal combustion engine (gas and diesel powered) cars, trucks and SUVs.
03:00 - Manufacturers Are Offering Cash Incentives To Spur New EV Purchases
With less buyers available for multiple reasons, some car makers are offering cash-back incentives for purchase or lease and some offer buyers lower interest rates to get people behind the wheel of a new EV.
04:35 - More Competition = Lower Prices... Eventually
Many new EVs are coming on the market all the time, including Honda's soon-to-be-released Prologue electric SUV, which will be available in early 2024. Once all the mainstream car makers, like Ford, GM, Toyota, Honda and others get into the game, competition will increase, range and features will improve and prices will come down on EVs across the board.
07:10 - EV Prices, While Lower Today Are Still Really High - So Buying A Used EV At A Reasonable Price Might Make Sense
Lower prices on new EVs are good for buyers, but overall new EV prices are still really high compared to equivalent gas-powered cars and trucks, so buying a used EV might make more sense if you are on a budget. Unfortunately, there still aren't a lot of used EV options at the lower end of the market, so my recommendation is to wait for a year or two while prices drop and vehicle options improve. But if you really want an EV and can make a limited range work, there are a few used EVs that might fit your budget and an urban lifestyle, including the Fiat 500e covered in episode 48
10:40 - So Should You Go Electric Or Not?
If you're on a budget and need one car that can do it all, my recommendation regarding electric vehicles is to hold off on that purchase until used EV supply & model options improve and prices drop, but if you have the cash available for a new EV, and you are not willing to wait a year or two for prices to come down, then go for it.
11:35 - CLOSE
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