It’s a brutal time to sell and a helluva time to buy. The used EV market is in freefall, and it’s current owners that are holding the bag. But if you’ve been looking for the time to get into a modern, long-range EV, it may be now.
New data from Edmunds shows that EV values have fallen 20.5% year over year. That’s a seismic shift. The overall used car market, for reference, has cooled by 6.8% over the same time period. That’s a big swing for the market as a whole, but the EV swing is gargantuan. Compared to average used vehicle values during the second quarter of 2022, EV values in Q2 2024 are down a whopping 38.5%.
The fact that the battery is usually the part that has the longest warranty should tell you everything. I have never seen a warranty on an engine longer than 5 years and 100 000 km, but batteries are routinely 10+ years.
What percentage of capacity does the warranty cover? I had batteries covered under phone plans before and it turns out even a significantly lower capacity counts as “working like normal.”
Tesla’s covers 70% if I remember correctly
They’re still shitboxes but 10 year 100k mile power train coverage is out there.
Is that the default warranty though? My PHEV has a 10-year warranty on the battery, 3 years on the rest by default, I didn’t pay for any extra coverage (Chrysler).
With that said- Do not, under any circumstances, buy a Hyundai.
Good to know, thanks. Next car might have a charging socket
Recently in Thailand MG have started to offer lifetime, unlimited mileage warranty for the battery !
The battery wear was an issue for the first EV with bad thermal but more it is not really a problem anymore.