The Expert Podcast

So we've been talking about this for a couple of years, the difference between the demand and the supply for electric vehicles and between the demand and the push for electric vehicles. Here's one major auto group: they say the used vehicle EV market is just not there. Even new EVs are hard to sell, but used ones are very, very difficult to sell. We're starting to see some big discounts. In fact, the new Mustang Mach-E, which was $60,000 to $70,000 new, is now selling for around $20,000, just one or two years old. Nobody wants them. At one point, they were selling for way over sticker in the $60,000 to $70,000 range. Now they're roughly a third or less than a third of what they were two years ago.

So if you're in the market for a used electric vehicle, you might be able to leverage the lack of demand, if it fits your lifestyle, to get a deal. Now, is this always going to work? No, because the reason that nobody else wants them, you might not want them either. And you're not the only one that thinks that way. They're starting to realize the first big batch of used EVs will hit the market in a year. No one knows what's going to happen. Well, they kind of do know what's going to happen, because the new market is soft. So no one's going to really buy something in the used market that isn't that popular in the new market. This is going to be a huge test of the electric vehicle appetite for consumers.

Most people buy used vehicles. Most of the vehicles that are sold every year are used. New cars are having a tough time moving. Electric vehicles, new car dealerships, used cars are going to be even more difficult. And when this flood of cars hits the marketplace, it'll be interesting to see what happens when they don't sell. How low are prices going to go?

If you're in the market for even a gasoline used car, and it's for a second car and just for around town, you might find that instead of spending $35,000 or $40,000 for a nice clean, late-model used gasoline car, what if you could get a used electric vehicle, low mileage, same year, for like $20,000 or $25,000? If it was half price, would you be interested? You still might have to worry about insurance and the cost of electricity, but at that point, does it make it more appetizing?

I know you have an opinion about that. Let us know in the comments.