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> new EVs are selling for about twice as much as a 2-year-old used vehicle of the same make and model There's a saying that a new car loses 50% when you leave
by ceejayoz 1y ago
> new EVs are selling for about twice as much as a 2-year-old used vehicle of the same make and model
There's a saying that a new car loses 50% when you leave the lot. It's presumably still true for EVs.
- ianferrel 1y agoThat saying has always been a huge exaggeration, though. The price of a barely-used car is usually single-digit percentage points lower than an actually new one.
- deleted 1y ago[deleted]
- bhelkey 1y ago> There's a saying that a new car loses 50% when you leave the lot. New cars in no way lose half of their value when you drive them off the lot. The saying is that a new car loses ~10% of it's value when you drive it off the lot [1]. [1] https://www.carfax.com/buying/car-depreciation https://www.carfax.com/buying/car-depreciation
- dessimus 1y agoRight or wrong, the _saying_ is that "a new car loses half its value as soon as you drive off the lot." I've heard that repeated from many people across multiple regions in regards to buying a new vehicle. I've always heard half, never 10%, even if 10% is the more demonstrable amount.
- deleted 1y ago[deleted]
- bombcar 1y agoThe 50% off the lot was always exaggerated, but it is nearly not true now at all - used prices for all cars have skyrocketed such that buying used is not nearly the deal it used to be. In fact, buying new is almost always the way to go now over lightly used (e.g., less than 5 or even 10 years old).
- jonbiggums22 1y agoEven 20 years ago after I got out of college the advice to "buy a couple year old Honda Civic for cheap" had stopped working because everyone knew those cars were solid so the lightly used ones already barely cost less than new and the new ones often had cheap financing deals.
- supportengineer 1y agoA brand new 2026 Corolla is $25k (asking price!)
- vel0city 1y ago2024 Corollas around me are like $20k. If you need financing, the rates can often be worse for a used car than a new one. You then also have less warranty time left.
- Consultant32452 1y agoCash for clunkers destroyed mountains of cars which increased pollution and forced a bunch of people up the food chain with regard to competition for used cars.
- bombcar 1y agoA big part of it began there, and Covid just made it even worse by constraining new car supply for a while.
- cameron_b 1y agoThe higher cost of financing making people hold the cars they have has further reduced the supply.
- supportengineer 1y agoNot to mention, all the excess dollars means that almost any older car has increased value for nostalgia seekers and enthusiasts.
- Rebelgecko 1y agoUntil recently, for EVs it was more like 50%+$7k