The Imminent Collapse Of The Electric Car Market!

Today I talk about the decline in interest for electric vehicles in the USA market!

[Beef_Supreeeme]

Remember their goal is not to get you into an electric car, it's to get you out of your ICE car. There's a very big difference.

[magsteel]

EV's make an odd choice for a car rental agency. You pay more up front to avoid the cost of gasoline. But rental firms don't pay for the gas, the customer does. They also want fast turnover so they can send a car out with a new customer as fast as possible. How are they supposed to charge many vehicles fast simultaneously? A rental customer isn't going to want a car with a low charge that needs to sit for a long time to be useful. They are on vacation or on business travel and have limited time.

[MikesCarInfo]

It is amazing how much sway the media has on the average mind.

[patrickchubey]

I wonder what the " Frozen Tesla " incident in Chicago did to enhance the sales of EVs in 2024? I live in Canada where it's a lot colder than it is in Chicago. Having your vehicle fail here in the winter presents legitimate safety concerns. I don't make anywhere near $100, 000, I live in the country where having a reliable vehicle is essential. I've done a lot of online research based on what I have and what I need and I've decided that my next car is going to be a Toyota Corolla ice car because it's inexpensive to buy, inexpensive to repair and maintain, inexpensive to insure, notoriously reliable and will easily last 20 years with no expensive battery pack to replace and no potential spontaneous combustion issues.

[sarge]

I live in Canada, I know of 2 people with Teslas. They both rave about them. However, one detail they don't mention is they also own ICE cars. So when it gets too cold, they simply use the ice car. So I asked, why don't you use the EV when it's Uber cold? "RANGE Well this week end we saw Chicago and Alberta displaying the full glory of EVs in cold weather!!
They cost more to buy, to repair, have more fragile underbelly, don't like cold or heat, Tesla is being investigated for lying about range, the fire risks, insurance companies refusing to cover cars in the UK and Australia, (THAT is coming to our shores!!) Insurers telling people NOT to park inside in case of fire, yeah the list of benefits keeps growing. ICE ICE Baby!!!

[triodekt]

Sadly earning $100, 000 a year is not all that much in 2024.

[simonscofield]

Take no notice - if you like electric vehicles then buy one, if you prefer a diesel or petrol then get one of those - its only a vehicle and all have their pluses and minuses... just enjoy what you drive people!!

[stevenmitchell]

EVs are fantastic!
Apart from the poor range, charging infrastructure nightmare, range anxiety, chance of battery fires, poor towing capacity, inability to know what your range is on hot or cold days or on the freeway, high initial purchase cost, high battery replacement costs, poor build quality, high collision repair costs, poor reliability and that the depreciation takes off faster than a dingo with a baby....
they are fantastic!

[isotope]

I think the biggest issue for EV for car Rental is anyone that has had previous experience doesn’t want one. My son travels for work and has had multiple issues when they stuck him with an EV. It doesn’t matter what brand they are all inconveniencing for work and vacation travelers. If the hotel he is staying at does have a charger it’s likely only one and more often than not it’s in use or blocked or broken. This is in Silicon Valley and Los Angeles

[synthystation]

The next thing coming is insurance companies demanding huge increases to insure EVs.

[Lifeisapartydresslikeit]

I agree my Porsche Taycan dropped $60, 000 Canadian dollars - in one calendar year- then I bought it!!!!

[LGM]

EVs are just a way of virtue signaling. They simply don't work at scale in the real world. There's a use case for them. Especially in warm climate, metro/suburban areas. But anyone who drives or plans to potentially drive more than 100 miles a day in cold climates its just not viable. Especially considering the never ending desire to stuff more people into smaller spaces. Without a garage, EV ownership simply isn't possible.

[Scotty_in_Ohio]

I seriously considered an IONIQ 5 that I would have taken delivery around Christmas time 2022 - while I wasn't going to have to pay anything above MSRP there weren't that many other discounts. For us an EV would have been fine - mostly around town trips - occasionally 40-50 miles in a day on a weekend but no longer trips. We don't own any EVs today and while they are still somewhat interesting to me the "novelty" has mostly worn off. I now (a year later) feel that I really "dodged a bullet" financially.

[BradKwfc]

Resale value: Just two months ago a Tesla Model S85 that was 80k new sold on eBay for $8, 100 because the battery failed.

[isaachunt]

it's been minus 25c here in sweden this winter. our leaf is not usable in this cold. utter waste of time owning in a cold climate.

[mikldude]

The thing about EVs is for the most part, EVs have not been around long enough to see all the cons that come with owning an Ev. And those marketing them will only tell the public their good points, but people are slowly starting to find out EVs are not the be all they are being made out to be.
Not to mention, imagine paying good money for a vehicle that the longer you own it, the more they deteriorate in range which is not particularly good to start with, and imagine having to pay huge dollars for a new battery after the vehicles warranty runs out when it’s only 8 to ten years old.
EVs in my view are very poor value and full of compromises.

[LossyLossnitzer]

I find that most people that buy an EV are virtual signaling and have a normal ICE car

[chrissmith]

A new term was coined to cover EV depreciation, 'vertical depreciation' is now used.... and no second hand market for EV

[dreddy_g]

Maybe someone here can answer this:

"If electric vehicles are so good, why does the government provide a subsidy for it?"

Thank you in advance for your sensible and courteous reply.

[yt]

Interesting stuff, thanks.

I bought my EV Hyundai Ioniq5 at the top of the market in 2022 and that’s because it was when I needed a car. Yes, they like the Teslas have come down in price. But taking into account gas cost savings we’re still very happy to be in an EV, and content we are doing a part to lessen use of oil products.
Here’s my advice. You’ll probably not be happy w an EV if you live in a cold climate and can’t charge at home. Road trips in the cold regions will be a challenge.
If you can charge at home, especially if you can have solar panels, if you can plan your road trips for when weather won’t happen then you’ll be thrilled with your EV. In family situations it’s nice to have a second vehicle that’s gas for the alternative. Yes I would love to have a Ford F150 or Chevy Silverado EV, but wouldn’t buy one till the towing range is better and they offer in basic trim models that aren’t 100k.