They can thank the democratic party. Millions of idiots.
https://justthenews.com/politics-po...-hit-negative-equity-depreciation-brings-down
Between safety and reliability issues, as well as a dearth of charging stations, electric vehicle owners have been having quite a bit of buyer’s remorse, and now they may have another reason to go back to gas cars — EVs are rapidly depreciating.
Rental company Hertz announced in 2021 it would buy 100,000 EVs from Tesla, only to find lackluster interest from renters. In January, the Hertz announced it was selling off 20,000 of the vehicles, with prices as low as $25,000. Vehicle depreciation cost the company $588 million in the first quarter of this year compared to the last quarter of 2023.
Zach Shefska, chief executive officer for CarEdge, explains in a video that depreciation of Teslas are sometimes double that of gas-powered vehicles, based on CarEdge’s latest figures. The data shows that a Tesla Model 3 will depreciate 45% after three years. A gas-powered Toyota RAV4, for comparison, will depreciate 22% after three years. The resale value of the Tesla Model 3 after one year of ownership, according to CarEdge, is only 64.38% of its purchase price.
It’s not much better for other Tesla models. The Tesla Model Y, Model S, and Model X will depreciate 57% after five years. For the RAV4, it’s 28% after five years.
https://justthenews.com/politics-po...-hit-negative-equity-depreciation-brings-down
Between safety and reliability issues, as well as a dearth of charging stations, electric vehicle owners have been having quite a bit of buyer’s remorse, and now they may have another reason to go back to gas cars — EVs are rapidly depreciating.
Rental company Hertz announced in 2021 it would buy 100,000 EVs from Tesla, only to find lackluster interest from renters. In January, the Hertz announced it was selling off 20,000 of the vehicles, with prices as low as $25,000. Vehicle depreciation cost the company $588 million in the first quarter of this year compared to the last quarter of 2023.
Zach Shefska, chief executive officer for CarEdge, explains in a video that depreciation of Teslas are sometimes double that of gas-powered vehicles, based on CarEdge’s latest figures. The data shows that a Tesla Model 3 will depreciate 45% after three years. A gas-powered Toyota RAV4, for comparison, will depreciate 22% after three years. The resale value of the Tesla Model 3 after one year of ownership, according to CarEdge, is only 64.38% of its purchase price.
It’s not much better for other Tesla models. The Tesla Model Y, Model S, and Model X will depreciate 57% after five years. For the RAV4, it’s 28% after five years.
