The Expert Podcast

In this episode we're going to talk about some tragic battery cost examples and also how the used ev market and the new ev market might be jumping by 30 40 just in the next couple years more than people thought so first a couple of very sad stories about battery cost where this is something that well both of these could have been avoided this one in the 20 000 repair bill here's a ford mustang machi that was incorrectly towed by a towing company and the hookup for the tow hooks damaged the battery and so the battery had to be replaced for 28 000.

A couple takeaways from this first of all make sure that if you're towing an ev that the tone company knows where to hook up the vehicle where the the attachment points are where the hard points are right second of all it shows how much batteries cost right if that battery failed for some other reason besides the towing it still shows you how much a battery cost so make sure if you're buying a used electric vehicle you have the battery checked out before you buy it because some of these aren't covered under insurance or warranty.

And here's another example here's a guy with a tesla 2013 not even 10 years old and he found out that his battery was no good and he was facing a 22 000 repair bill so what he did instead and he probably saw this article is he put dynamite in and blew up the tesla for a publicity stunt on a youtube channel to try to get some money for his vehicle he actually got more money by blowing up his tesla than he would for the salvage value with a dead battery so here's two good examples showing you how much batteries cost in electric vehicles so make sure that you're checking out the battery of the electric vehicle before you buy it.

So what's happening with the market here's a hidden statistic about evs from an industry executive this ceo of cox automotive which is a very large dealer group retail dealer group and they own dealerships all over the country and he talks about the used car news car market new car market the supply chain issues but there's a very kind of small detail about how eevee manufacturing is going up but it says 97 of america is still driving internal combustion vehicles so let's take a look at that this is a big deal that means ev is only three percent hundred minus 97 is three.

What if electric vehicle use only went up one percent one percentage point next year so it went from 97 percent internal combustion to 96 internal combustion seems like a small amount one percent but what would that mean for the number of evs well evs would go from three percent to four percent that's a 33 percent increase in the number of evs and in reality internal combustion could go down more than one percent could go down to 95. that would be two percentage points so that would be like 66 percent and which is why it's happening toyota hyundai kia super nissan all bring out vehicles that are fully electric.

Here's why finally detroit is making its move according to the wall street journal auto executives spent the past few years talking about ambitions allocating millions of dollars to new investment but there hasn't been much is obviously every manufacturer has evs but it's not really front and center in the dealerships in the coming year car buyers will see those efforts show up on dealership lots automakers plan to launch dozens of new electric vehicles over the next two years in a range of different styles and varying price points so this shifts the pressure on car companies from developing them to convincing customers to buy them.

That's going to be the big question what's the adaptation rate well as long as these are nice vehicles price well perform well and there's charging available which we talked about in other videos 2023 and 24 could be the big years for the switch over to electric vehicles and it could also make a big difference in the used ev market where look if 97 of america is driving internal combustion there's three percent on the road that are used evs all of those are now used cars and they're going to have to get sold they may be at auction they may be at dealerships so the used ev market could also heat up.

So the takeaway is make sure that you protect your battery don't let somebody tow it that doesn't know what they're doing don't buy one with a dead battery because it's going to cost you and keep your eyes open for the market whether you're looking for a new one or used one the stakes are going up in the next couple years and electric vehicles will be more ubiquitous in the marketplace on dealerships and on the road you.