Quick climate round-up

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Another swing and miss

EVs & Buyers’ Remorse

Yes, there have been reports of people experiencing buyer’s remorse with electric vehicles (EVs) and facing difficulties in reselling them. Some of the key issues mentioned in the search results and tweets include:

1. Rapid depreciation: EVs are depreciating at a much faster rate compared to internal combustion engine (ICE) vehicles. The average price of a used EV fell by up to 32% in 2023, while the average for a gas model slipped by just 3.6%.

2. High initial cost: EVs often have a higher price premium compared to their ICE counterparts, but this premium is not carried through to the used market, making them less appealing to potential buyers.

3. Charging infrastructure: The charging infrastructure for EVs is still developing, and many people cite “dissatisfaction with the convenience of charging” as a reason to return to gasoline vehicles.

4. Limited range: EVs typically have a lower range compared to ICE vehicles, which can be a concern for long trips or areas with limited charging stations.

5. Changing market conditions: The EV market has seen significant growth in recent years, but this has also led to an oversupply of new EVs and a decline in used EV prices. This has made it more difficult for EV owners to sell their vehicles at a reasonable price.

6. Government incentives: In some cases, government incentives for purchasing new EVs have artificially lowered the prices of used EVs, making them less attractive to buyers.

7. Consumer sentiment: There is a growing sentiment among some consumers that EVs are not as practical or convenient as ICE vehicles, leading to a decrease in demand and resale value.

Overall, the combination of rapid depreciation, high initial cost, charging infrastructure challenges, and changing market conditions has made it difficult for EV owners to resell their vehicles at a reasonable price.

And Elon? While Tesla vehicles still retain their value better than most EVs, the rapid depreciation and the drop in resale value have been a concern for Tesla owners looking to sell their vehicles.

Record breaking weather?

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