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Still, when they consider a "low priced" EV to be $30K, it's still out of most peoplels reach...
by johnea 3y ago
Still, when they consider a "low priced" EV to be $30K, it's still out of most peoplels reach...
- pcurve 3y ago30k is significantly less than avg priced internal combustion engine cars.
- margalabargala 3y agoDepends how you measure. If you enumerate the ICE cars for sale, the mean and median is much higher than 30k, yes. If you enumerate the cars purchased in a given year (and ESPECIALLY if you include used cars), the median price paid for a car may be well under 30k.
- pcurve 3y agoATP for a new car in July was $48,334. For used cars, it was $29,5k last quarter. $30k is a lot of money for sure. But it does not get you much car these days, new or used.
- margalabargala 3y agoAgain, that's skewed upwards because there's no upper bound on the price of an expensive new car, but the lower bound of a cheap new car is 0. The mean price of a car, like the mean price of a house, is much less meaningful than the median.
- sb057 3y agoA barebones Toyota Camry is $26,420.
- emodendroket 3y agoYeah the only sub-20k options are like a Nissan Sentra or Chevy Spark (do they still make those?) or something like that.
- tonyedgecombe 3y agoEven in Europe the small car options are disappearing. Ford discontinued the Fiesta recently, what had been the best selling car in the UK for years. VW have just announced they are stopping the Up. I do wonder if the manufacturers are leaving the door open for Chinese manufacturers. They may come to regret this policy.
- emodendroket 3y agoBased on the political environment I think there is pretty much zero chance Chinese manufacturers are going to be allowed to take over a significant portion of the Western auto market.
- ramraj07 3y agoWhat’s the price of a low priced regular car though?
- bobobob420 3y agoa nisaan versa is 16k msrp. a 30k toyota or honda will last you 20 years
- jzig 3y agoI will laugh my way to the bank with my ten year old Toyota that has only required oil changes!
- bobobob420 3y agothat's great. and it has good resale value. the engine will always be solid which we can't say for degrading batteries.
- belltaco 3y agoSource?
- Schiendelman 3y agoIt hasn't just required oil changes. It also requires fuel, which is increasingly much, much more expensive than electricity. Gas systems also degrade over time - MPG drops with the life of a vehicle, and it's not actually clear that behavior is much different from battery range loss...
- PaulDavisThe1st 3y agoI would like an EV. But I have a 14 year old Honda Fit. Its MPG has not dropped at all over time. It has needed nothing but wear-and-tear maintanance and new spark plug coil things. 190k miles. Gas prices vary, but I have a car already, and it seems at least questionable that it is more environmentally sound that this vehicle remains in use till its true end of life. I am not particularly motivated by money, but I can buy a lot of gas for the cost of a new vehicle, so the cost argument feels weak.
- alsodumb 3y agoI am not sure how it's out of reach for most people when the average price of new car in USA is like $48,000. Sure, you might say the average price is skewed by people buying expensive trucks. But even Camry costs like $35-36k after dealer markups - you can get Tesla model 3 for like 32k now after federal rebate.
- giantg2 3y agoWhat is the median new car cost?
- aodin 3y agoIf you're looking to remove outliers, Kelley Blue Book also tracks the average (likely mean) of new non-luxury vehicle sales, which was $44,626 in September. Non-luxury is about 80% of sales. Also, concerning the lower end of sales: "But the news isn’t all good. Only one car sold for an average price under $20,000 last month. The Mitsubishi Mirage’s average transaction price in July was $19,205. Every other car with a list price under $20,000 sold for over $20,000 on average. It’s not a large group. Automakers increasingly focus on building more expensive cars, trimming affordable models from their lineups. In December 2017, automakers produced 36 models priced at $25,000 or less. Five years later, they built just 10." [1] [1] https://www.kbb.com/car-news/average-new-car-price-sees-smallest-increase-in-a-decade/ https://www.kbb.com/car-news/average-new-car-price-sees-smal...
- giantg2 3y agoThat's somewhat helpful, especially the last two quoted sentences. But for the other part they track luxury at the model level. If you get a jeep or truck that cost $50k-80k because you wanted heated/vented seats, a panoramic sunroof, etc then it's not included in luxury. I think part of this is also inflation (seems like some sensational journalism dor modt of the articles I found - using average instead of mean and not using inflation). Inflation from December 2017 to December 2022 would mean a $20k car in 2017 would cost $24k in 2022 adjusted for inflation. That's a huge jump.
- 3y ago
- _ea1k 3y agoThe best selling vehicle in the US is the F-150 and most of them sell for well over $30k new.
- latency-guy2 3y agoMost Americans can absolutely afford a $30k car. Certainly not all at once, but definitely on a standard 60 month loan. Do not mistake the word "most" for "all", unless you want to muddy the waters.
- kemiller 3y agoNot disagreeing but the phrase “standard 60 month loan” makes me cringe. 20 years ago more than 36 would have raised eyebrows.
- keep_reading 3y ago72 is the new standard or so I'm told, and I've seen 84 listed as an option.
- majormajor 3y agoI don't think 4+ year loans were as uncommon in 2003 as you do. 1993 or 1983 maybe... 7-year loans, now... that's new. But cars also last longer as well as costing more so... eh. I don't know what to make of it.
- andrewmcwatters 3y agoPst, they can only afford it because of the 60 month loan, where you pay an astronomical amount in interest on top of the sticker price. So no, they cannot. "Most" Americans are paying for a car based on what monthly payment they can afford, and never thinking about how much they actually owe.
- latency-guy2 3y agoAstronomical in the APR sense would be roughly +20%-40% over the lifetime of the loan in this scenario, meaning $36k - $42k. Over 5 years. So yes. Most Americans can afford this. Easily.
- jjav 3y ago> standard 60 month loan That's.... crazy! Car loans should be no more than 3 years. But really, to be responsible, only ever buy a car with cash on hand. If you need a loan, find a cheaper car until you don't need a loan. Once I bought a car with a loan but only because the manufacturer had a 0% interest offer.
- JoshTko 3y agoA base model 3 would cost me $25k in my state after IRA rebate.
- pornel 3y agoThey're brand new cars. There aren't many brand new cars cheaper than that. A new Toyota Corolla costs more than $30K. In the UK there's MG4 that is a surprisingly decent BEV for £27K (that's a price without grants/incentives), but it probably won't be available in the US, since it's a Chinese-owned brand.