Brutal depreciation… but also a really great market for used EV buyers.
Yea. The article didn’t mention that the car has over 97,000 miles on it. The battery + electric drive train warranty ends at 100,000 miles, and the ICCU units in those cars are a ticking time bomb. I don’t think that I would pay the $14,000 asking price.
Not to say that the article is wrong about EV depreciation, but the example given isn’t great.
ICCU issue would be covered by recall if this unit was impacted. Recalls are listed on the Carfax, along with a repaired-already/not-repaired flag.
It has a single unrepaired recall… for a loose charging cap cover :)
I’m not a great automotive journalist, but I do try!
If you wouldn’t pay 1/3rd of MSRP for a car with about 1/2 the lifetime mileage left in it, you’re sort of proving why it’s newsworthy. A used ICE vehicle in the same condition would be snapped up with that pricing. Depreciation like that matters to folks when the product costs ~$40-50K new.
I want an all-wheel drive electric vehicle that isn’t a hatchback and I don’t know where the fuck else I’m going to get it besides an ioniq 6 lol.
I might have to budge on the hatchback thing God I fucking hate those things. I miss when we had what I traditionally think of as a car.
Just curious why you are so against a hatchback. After living with my Rav4 for ten years, I love the cargo capability. I also want a smaller, AWD EV that’s reasonably priced, but I would actually prefer another hatchback. I’d budge on that preference if it were significantly cheaper to, but it wouldn’t be, so I’m happy to take the extra cubic feet.
Respectfully, it is purely aesthetic, I think they look stupid.
Fair. I find the function sufficient to outshine the form, but that’s my opinion and yours is just as valid. Cheers!
I imagine that is what the market will bear. The big problem is likely other cars available in that market. At least in my market, there are many EVs with lower than average mileage and this one is the opposite end of the spectrum. Also, the Ioniq 6 has polarizing styling which limits the potential buyer pool further.
A better analysis would probably be a sample of a bunch of EVs in multiple markets rather than cherry picking a particularly egregious example. I have bought two different used EVs to take advantage of the depreciation, so I don’t think the thesis is incorrect. Some of the depreciation was due to the tax credit being claimed and unavailable for the second owner.
I’m quite happy with my decision to lease (Ioniq 5). Leaves me with a win win decision at the end of the term.
This is an odd example to write an article on though. “We can’t find a catch,” they say. Mate, 95,000 mi is like 8x the typical mileage on a car by year. It might as well be 8 years old, which makes the pricing much more reasonable.
If the car will make it to 200,000 miles, you’d expect a used one with 95,000 miles to be worth ~50% of original sales price.
And that’s just the baseline. Some vehicles hold value exceptionally well, like my Toyota Tacoma, the used prices are absurd, it’s worth something crazy like 75%+ what we paid for it in 2021.
Not so for a lot of EVs. I threw 3 examples into the article (Audi e-Tron, Dodge Charger Daytona, and then I guess the Ioniq 6 itself, the sporty ones with a speed markup). It’s newsworthy just because it’s unusual, it’s like the used market is saying something about the vehicle is not worth what the manufacturer thought it was worth on day one.
