Electric cars resale value

[Mixup7071]

I've been reading more about electric cars, most warranties are 8 years 100 thousand miles and the replacement batteries are 5 thousand and up and like the ford lightning truck 26 thousand, now lets say your wanting a different car after 6 years, if you paid 50 thousand for the car it might be hard to sell, if the buyer knows about electric cars , I talked to a man who bought a older Prius, I'm sorry I can't remember the year of the car, he paid 5 thousand he got 2 years out of it before battery died, he wasn't mad or anything, he took it to the dealer and they told him it would cost way to much to fix, dealer said the frame are built around the battery I don't know if all cars are built that way, he asked the dealer what they do with the old batteries, the dealer told him there's a warehouse stacked full of batteries that nobody knows what to do with.

[worthywads]

There may be better forums to get informed answers to your questions.

https://electricvehicleforums.com/forums/

https://www.insideevsforum.com/community/index.php

[70Challenger440]

Thats's a good question, but this is not the forum for it. Since I also own a modern Hellcat and Dodge is going electric, it does affect me  because of any new Dodges I buy (or better said don't buy). Some forums will give rose colored glasses opinions on it. Being the state I live, I will probably have no choice to go electric for a daily driver at some point. My plan when that time comes is move to the mid-west or do a 3yr lease on an electric car and let the dealer worry about the battery and and car resale as they are basically 'throw-away' appliances. The downsides on EVs are greater than some wish to admit. My 2015 Hellcat Challenger which is still perfect and low mile would be needing a $35k battery soon if it was an EV.

[YYZ]

IMHO leasing an EV, if the numbers work, may not be a bad strategy.

Generally, the batteries for hybrids and PHEVs were overbuilt.  So even though most manufacturers offered 8 year warranties, reports of total battery failures are rare.  In many cases, the individual bad cells can be replaced.

A bigger issue is the nature of some of the EV or hybrid specific components.  If the model is uncommon, you may be at the mercy of the dealer or even just the availability of the part.

As to the first post about the Prius, that mechanic doesn't seem to be informed.  There are so many Prius' out there and they have a huge following and aftermarket.  It's kind of like the small block Chevy of the hybrid world.  At most it's a few K to deal with the battery via a quality aftermarket source, and by all reports, the original batteries last a long time.

As for an older and/or more specialized EV -- that's a different story. IMHO they should be a lot more depreciated than they are.

[chargerdon]

I know this.   5 years ago i bought a used Chrysler Sebring convertible with the 2.7 V6 and 60,000 miles on it.    I paid $5200 for it at a used car lot and with taxes and registration fees i paid a total of $5,700 for it.   It has been mostly reliable with a few small issues i was able to fix myself.   It got around 25 MPG over the 5 years and 45,000 miles i put on it.    I bought a newer 2012 Chrysler 200 convertible with only 39,000 miles on it 3 weeks ago and i put up for sale my 2008.

Yesterday i sold it to a nice older woman here in NC.   I asked for $5,000 for it and got it.    So, i had that car for 5 years and 45,000 miles and sold it for only $200 less than i paid for it.    Try that with a Tesla !!!!     

[RUNCHARGER]

I too am thinking about leasing one for my wife for a city car. My neighbor had an electric Hyundai for a year and just sold it and upgraded to a bigger one. He didn't lose that much money on the original but put the second one into his name rather than his wife's to benefit from the one time govt. grants to buy one.
I've never leased a car in my life and don't really believe it is beneficial but it may be in the case of an EV.
I'm still wrestling with the lasting effects of mining and disposing of battery materials vs harvesting and cleaning up the oil sands and leaving them in parklike condition rather than the gooey mess that nature left them in. But that's another discussion.

[moparroy]

he asked the dealer what they do with the old batteries, the dealer told him there's a warehouse stacked full of batteries that nobody knows what to do with.

There is a company in Quebec that has a full recycling process for lithium batteries - specs were impressive - forget the exact but it was in the high 90% of recovery. Still early for this tech so things will get put in place and designs will become more sustainable. But yes when I buy my first hybrid or EV I will only plan to keep it for 3 years and I'll look at leasing for the first time too (though leasing is not connected with EV for me)

[Mixup7071]

Leasing sounds like the best bet, just wonder what the monthly payment will be, I have a friend who just bought a 2023 Chevrolet Silverado 4x4 he paid 52 thousand put down 6 thousand he didn't want to go over five years his payment is 950 a month, sounds like a lot to me but I haven't bought a new car in a while

[tparker]

I'm mixed on the whole EV thing. They have a place but I have serious reservations about the up coming mandates. So I often look at the negative side of EVs. I understood the Batteries only lasted x amount of years (10?, I forget now). Well, My neighbors and a good friend's wife has had one beyond that limit and not a problem with the battery. I think my wife knew someone that the battery went after a year or two they got the car, but can't remember. I agree with the above post that the longevity of batteries are over engineered and may not be the thing to talk smack about. I'm sure everyone has a story of batteries not lasting. Batteries are impacted by their enviornment typically so each your mileage might vary. LOL.

But I think older cars are gonna have a tough time with resale. I checked a while back and used Tesla prices don't hold up and drop quite a bit depending on the year.

[Mixup7071]

Looks like lawn mowers are trying to go electric, my 19 horse power Briggs and Stratton engine finely quit after 23 years, went looking for a new rider salesman try to sell me a cub cadet all electric , 5000 dollars, he said battery should last 8 years but had a 3 year bumper to bumper warranty, I asked if the battery had a longer warranty he didn't know or how much a replacement battery was, I think I'll stick with gas

[71GranCoupe]

Looks like lawn mowers are trying to go electric, my 19 horse power Briggs and Stratton engine finely quit after 23 years, went looking for a new rider salesman try to sell me a cub cadet all electric , 5000 dollars, he said battery should last 8 years but had a 3 year bumper to bumper warranty, I asked if the battery had a longer warranty he didn't know or how much a replacement battery was, I think I'll stick with gas

Be careful on the Cadets, as some of the early ones used lead acid batteries. I had looked into one and backed away when I seen some were lead acid battery mowers. It has been a while so maybe they have moved the older ones out. My ICE is still going strong, so I am safe for the time being.

[torredcuda]

I`m sure like any vehicle it depends on make, model, etc. for trade in values. I`ve herd the stories of $5-10k battery replacements but I think that an exageration for most models.

[chargerdon]

Thought id do some rumbling about electric vehicles.   

1) Self Driving is NOT legal yet, and is NOT built in.   On a Tesla for an example i believe its around a $5,000 option.
 
2) The cost of a battery pack replacement is claimed to be between $5,000 - $15,000  NOT $35,000 and most EV carry a 10 year 100,000 mile warranty.   Many are reported to be lasting 200,000 or more, albeit with some percentage of degradation meaning the expected range will drop.   Usually no more than 30%.   That having been said, what is the average cost of replacing an automatic transmission or engine on a conventional electric car.   At least that !!

3) They will catch on fire !!   Rubbish, im sure that some have, but then so have gasoline cars.   Your worried about a fire in an EV, but feel perfectly safe driving a gas car with 18 gallons of gasoline waiting to explode ?????   Ever hear of a Pinto ?

4) They arent practical because the Electric charging stations are too far apart.   Gee...wiz...ever hear about the law of supply and demand...when Ford starting producing the Model T, gas stations werent on every corner either...but...build it and they will come...

5) Our Electric Grid cant handle it.   See, 4 above...as EV become more popular the Power companies WILL expand...its inevitable.

6) They depreciate about the same as gas engined cars.    One of the things hurting EV resale value, is that the automobile industry for electric cars is improving, rapidly...   as the Price for NEW EV's drop so does the resale value for used EV...    With competition car companies are no longer only making TOP OF THE LINE EV's but value EV's as well...result is much lower prices...

7) Electricity isnt free.   Ive done some math and basically the average cost for FUEL only in a gas vehicle is between 10-15 cents per mile.   I.e... I get 25 MPG with my Chrysler 200 convertible...   So, at $3.25 per gallon here in NC i can go 25 miles or that works out to :   $3.25 / 25 or 13 cents per mile.    Motor trend states that the average EV can add 29 miles of range in an hour of charging at level 2 rate of 9.6 KW...   Here in NC a kilowat is 14.5 cents.   doing the math that works out to about 5 cents per mile.   Or in other words Electric operation is about 2.5 times cheaper than gasoline.   NOT FREE...and in other states its far worse, and the cost of charging at Electrify America charging stations is $.41 per kilowatt making it about the same cost if not more than gasoline !!!! 

Lastly, the biggest obstacle to EV's being accepted is the fact that were Americans !!!l   We pride ourselves on our independence and so with it being obvious that the government is GUIDING us towards EV only we rebell !!    They cant force me to buy an EV...   and make up ridiculous untruths about them.     Heck i play golf with a guy who has a sticker on his gas sucking Tahoe that says...I love global warming...   

[torredcuda]

Thought id do some rumbling about electric vehicles.   

1) Self Driving is NOT legal yet, and is NOT built in.   On a Tesla for an example i believe its around a $5,000 option.
 
2) The cost of a battery pack replacement is claimed to be between $5,000 - $15,000  NOT $35,000 and most EV carry a 10 year 100,000 mile warranty.   Many are reported to be lasting 200,000 or more, albeit with some percentage of degradation meaning the expected range will drop.   Usually no more than 30%.   That having been said, what is the average cost of replacing an automatic transmission or engine on a conventional electric car.   At least that !!

3) They will catch on fire !!   Rubbish, im sure that some have, but then so have gasoline cars.   Your worried about a fire in an EV, but feel perfectly safe driving a gas car with 18 gallons of gasoline waiting to explode ?????   Ever hear of a Pinto ?

4) They arent practical because the Electric charging stations are too far apart.   Gee...wiz...ever hear about the law of supply and demand...when Ford starting producing the Model T, gas stations werent on every corner either...but...build it and they will come...

5) Our Electric Grid cant handle it.   See, 4 above...as EV become more popular the Power companies WILL expand...its inevitable.

6) They depreciate about the same as gas engined cars.    One of the things hurting EV resale value, is that the automobile industry for electric cars is improving, rapidly...   as the Price for NEW EV's drop so does the resale value for used EV...    With competition car companies are no longer only making TOP OF THE LINE EV's but value EV's as well...result is much lower prices...

7) Electricity isnt free.   Ive done some math and basically the average cost for FUEL only in a gas vehicle is between 10-15 cents per mile.   I.e... I get 25 MPG with my Chrysler 200 convertible...   So, at $3.25 per gallon here in NC i can go 25 miles or that works out to :   $3.25 / 25 or 13 cents per mile.    Motor trend states that the average EV can add 29 miles of range in an hour of charging at level 2 rate of 9.6 KW...   Here in NC a kilowat is 14.5 cents.   doing the math that works out to about 5 cents per mile.   Or in other words Electric operation is about 2.5 times cheaper than gasoline.   NOT FREE...and in other states its far worse, and the cost of charging at Electrify America charging stations is $.41 per kilowatt making it about the same cost if not more than gasoline !!!! 

Lastly, the biggest obstacle to EV's being accepted is the fact that were Americans !!!l   We pride ourselves on our independence and so with it being obvious that the government is GUIDING us towards EV only we rebell !!    They cant force me to buy an EV...   and make up ridiculous untruths about them.     Heck i play golf with a guy who has a sticker on his gas sucking Tahoe that says...I love global warming...

Many good points but I disagree about the Model T comparison. Yes the Model T was a fairly new concept, gas was not readily available everywhere but it was cheap, reliable and judging by how many they sold was thought of as a big improvement over other modes they had - horses, bicycles, walking. EVs are competing against well established, reliable, affordable ICE vehicles but they are more expensive comparitively, limited by range, payload and charging stations. Sure once they are more popular, we spend billions in new infrastructure and charging stations and the technology can evenly compete with ICE vehicles they will become more accepted, but I don`t see that happening very soon.

[JH27N0B]

I'd like to know where the electricity will come from for all the additional demands that will be put on the grid.
We've already seen a preview of the future in California where their grid is strained. 
Coal and natural gas powered plants are being phased out due to emitting carbon. Some nuclear plants are being shut down too.  A few are getting built but it seems like they get built once in a blue moon.
Solar and wind are a "feel good" but sort of a joke when you look at the numbers as far as the amount of power they generate and the fact they only work when the sun is shining or wind blowing.
Most people live in populated areas and really don't see wind turbines.  In my other life as a pilot I see them, as I often fly over farmland starting around 60 miles west of Chicago and see the wind turbines that extend as far as the eye can see, they stretch from the DeKalb area almost to Peoria.
And on hot summer days when winds are light I note all are standing still. Same usually at night.
Even when the wind is blowing the amount of electricity all those wind turbines generate is just a small fraction of the production of one of our nuke plants.
My day job is as an engineer at a truck manufacturer and the brass claims they are all in with electric for the future. I just don't see it, if anything is going to take over from diesel it will be something different, perhaps hydrogen.
We got bought out by a European company a few years ago, and given what I have seen going on in Western Europe I don't hold out much optimism for their ability to make the right decisions. But I'm retiring soon therefore it won't ruin my career, but I'm still sad as an analytical person watching wishful thinking seeming to dominate over realistic goals based on what technology can actually do.  In my 35 year engineering career I've seen more than a few times when upper management has made promises engineering can't deliver, with bad results.