According to the latest data, there has been a decrease in the value of used electric cars on the American market. While the share of electric vehicles in the overall number of vehicles is still increasing, the prices of used electric cars are decreasing, and their resale value has dropped by 28% for the top ten models in 2023.
This seems to be good news for people planning to purchase their first electric car. However, the decrease in value of used electric cars in the market indicates several problems that cannot be quickly overcome.
One of the factors is the long-term reliability of the batteries. Consumers are concerned that used electric cars may have worn-out batteries, and currently, there is no standardized way to check this. Lithium-ion batteries, which power electric cars, degrade over time, with an average degradation rate of 2.3% per year.
In addition, electric cars have a different characteristic related to their range. Over time, the range of an electric car decreases, whereas traditional internal combustion engine vehicles do not have such an issue. Even if the efficiency of a combustion car may decrease with age, if the engine is properly maintained, it can travel even 200,000 or 300,000 miles on the odometer.
However, this does not mean that electromobility in the United States is failing. The share of electric vehicles in the market is still growing, and the state of California plans to require all newly sold cars in the state to be electric or plug-in hybrid by 2035. There is still a significant interest in electromobility, but consumers are not yet ready to purchase such vehicles.
The decrease in value of used electric cars on the market is a phenomenon that needs to be carefully analyzed, but it is also part of the maturing process of the electromobility market, which still relies heavily on research, technological development, and long-term reliability of electric cars.
Frequently Asked Questions – Electromobility
The source of the article is from the blog myshopsguide.com