EV Sales are Up
What’s going on YouTube family welcome to Automotive life my name is lucky and today we’re going to be talking about did EV sales actually increase for the month of March so last week I went to an auto conference talking about all the things that were plaguing dealerships in
The automotive industry whether it was um defaulting subprime loans Rising interest rates and a big thing lack of sales but most of all the lack of EV sales now for the first time ever in the month of March in 2024 EV sales went up so since this happened I’ve seen Cox
Automotive a few other news companies talk about it and the dealers and the bankers there were really excited because okay the trend is over EV sales are going to go up so once it was finally my time to ask questions and talk about it I kind of explained what I
Was thinking and why the sales actually picked up and a lot of people were brought back down to earth and I wanted to share this with you guys I’d love to get your take on the actual situation now the reason why I believe that EV sales actually picked up for March is
Because the fact that the resale value is absolutely plummeted on a lot of vehicles and because of this it’s made them more affordable if you were sitting on the sideline waiting for you know a Tesla and they were $60 $70,000 but now you can purchase one for $40 or
$50,000 now you’re able to jump into that Arena and actually buy these cars another reason why EV sales are going up is because of the tax credit on used cars a lot of people are taking advantage of that and actually using that as a down payment to buy their next
EV now the last reason is because of tax season now tax season is a very good time for the automotive industry we get customers with very big down payments to come in and buy cars and that’s exactly what the banks want to see in today’s economy now that we’re facing record
High defaults record high delinquencies Banks want to see those big down payments and on top of that they’re financing even less because of the tax credit and the lower prices so all those things culminate into more sales so I don’t think this will be the trend moving forward unfortunately there are a
Lot of things that are still blocking the EV Market especially when it comes to new EVS they’re giving out record high incentives they’re offering 0% with some makes some models and they’re just not moving the big reason why is because people are worried about resale value so
As I told some of these Bankers that like yeah they’re buying a lot of used EVs and it’s skewing the numbers it’s not brand new EVS because after that depreciation hit now they’re actually worth what they’re really worth so I want to share with you some of the cars
That I’m seeing right now and how much of a price decrease we’ve seen now I did a video like this last year going over all the EV prices and showing what they go for at auction retail and then what they’re currently going for now so all
This stuff I’m going to be showing you is from Manheim which is Cox Automotive which is MMR this is wholesale prices of what US dealers pay at auction for these vehicles and all these vehicles I’m going to show you today are 2023 is with uh low miles and on top of that the
Top-of-the-line trim level so first we’re going to start off with a good economy car which I actually like is the Kia ev6 now when this car was sold brand new it was selling for around $48,000 now if you look right here it says last year there’s no numbers there
Because obviously it was brand new there’s not a lot of them there so there’s not enough data but if we look 6 months ago with 11,000 miles these things dropped all the way to $35,000 that is a very fast fall third in the last 30 days they dropped all the
Way to 25,4 500 so just in the last 30 days they’ve lost $10,000 in value now if we look over here projected average is somewhere around $222,000 for next month so if you look right there that’s one of the reasons why eveve sold really well in the month of March because think about
It if somebody paid $448,000 for this ev6 and you could scoop it up for $35 to $25,000 you just save 10 to 15K right off the top that’s a good deal and now it’s manageable payment because remember interest rates are rising so that makes it more competitive I think this is one
Of the reasons why we’re starting to see that Trend but the ev6 is actually a really nice car now the next car going be talking about is a very popular one it is a long range Tesla Model 3 2023 year now these things brand new I think were somewhere around the mid-40 range
And if you look right here it says at auction last year they were selling for about $39,600 fast forward 6 months later3 ,000 so they lost $9,000 in value in 6 months but if we look in the last 30 days it’s lost over $5500 in value and dropped all the way to
$24,500 and one of the reasons why I think this value is going to drop so quickly is because these are the same make and model years of all the cars that Herz is dumping right now because remember Herz about 100,000 of these Teslas to put out there and to run out
And now they’re flopping now they’re basically fire selling them so not only can you get a car at a good price but once you add that tax credit you’re going to get a massive discount next we’re going to be talking about is a 20203 Audi rron now these cars are
Absolutely beautiful I made jokes about if I ever buy a Eevee it would probably be this one cuz I just like the way it looks now these things were extremely popular during the pandemic I remember people paying 10 to $30,000 over MSRP so the one we looked at right now MSRP for $128,000
So just imagine if somebody bought it for that or they paid $20,000 over MSRP so last year at auction they were selling for about $17,000 fast forward 6 months they drop all the way to $80,000 the last 30 days we’ve hit $6,600 now that’s been a pretty quick
Flop now if we look over here next month you’re looking at about $67,000 is what they’re projecting the average will be now this this is one of the great deals that we’ve talked about at bullan did a video about this on Vin Wiki a lot of people are talking about
How you can get amazing deals on these cars if you buy them brand new and it’s only the rron GT but what about all the used ones that are out there currently right now this is what you’re seeing now the next we’re going to be talking about
Is the rivan now this is a beautiful truck I think the build quality is much better than the Tesla cyber truck so we got one with all the bells and whistles the MSRP on this one was like $110,000 so so last year this thing would sell at auction for
$80,000 fast forward 6 months you’re looking at $71,000 so they lost about n grand in value but in the last 30 days if you could see they lost $1,000 in value just that quickly now there’s a few reasons why but I’ll explain after the last one they’re
Projecting that it’s going to be around $58,000 next month so one of the reasons why I think this particular eeve is dropping value is because there’s a lot of turmoil when it comes to the actual company people say they’re going to go broke they’re not going to be around for
The long term also a lot of the parts for the rivan are very very expensive there’s a lot of videos out there where people literally get small minor dents in Rec quarter panels and they total out the car because the whole quarter panel is $30,000 so people are starting to get
Afraid of buying these rivian and so they’re starting to walk away from them and that’s why you see the massive price drop almost 50% of its value in one year now these are the trends we’re going to be seeing moving forward with EVS so I think that the EV sales going
Uptrend is going to go as long as you get good deals like this because if you’re buying a $120,000 car for $50,000 it’s a great deal so a lot of people I think are going to gravitate to this because why buy maybe a 2020 Honda
Accord when you can buy a 2023 uh Tesla for almost the exact same price now most of you guys know I’m not a big fan of VVS but there are going to be a lot of deals coming up here and especially with tax credits it is very desirable for
People to get in there now I’m wondering what’s going to happen when Banks start losing so much money are they going to require bigger down payments are they going to require Better Credit to get these things because they know that people are going to be so upside down
Now just imagine the person that bought these cars before you paid almost $120,000 for most of these cars we talked about that’s absolutely outrageous the Kia ev6 like I said $20,000 upside down and if you bought it Tesla you’re probably another $22,000 upside down as well so I’d love to know
Your opinion on the EV Market please put it in the comment sections below what do you guys think of the vehicle values and the current state of the EV market like I said sales went up for the month of March but I don’t think that trend is
Going to continue do you guys think that way too I think Eves are just going to sit on some of these sales lots especially with the brand new ones because why buy something that’s one year newer that looks exactly the same for almost twice the price I want to
Thank you guys so much for watching in again and if you enjoyed the content please like And subscribe we’re on our move to hit 500,000 Subs on top of that follow me on Instagram at lucky Lopez and we’ll see you next Video
EV Sales are Up
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