Electric Vehicle Resale Values Collapsing Faster Than Gas Cars
By
belter
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Summary
Electric vehicles are experiencing rapid depreciation worldwide, with resale values collapsing much faster than traditional gas-powered cars. The crisis is highlighted by the collapse of BluSmart, India's all-electric ride-hailing service, whose fleet of thousands of cars originally worth over $12,000 each flooded the market at about $3,000. In the U.S., Tesla Model Ys from 2023 have depreciated 42% in two years, while comparable Ford F-150 trucks only lost 20% of their value. This rapid depreciation is hurting both private owners and fleet operators globally.
Key quotes
· 4 pulledThe resale value of electric vehicles is collapsing worldwide, hurting private owners and fleet operators.
BluSmart, India's pioneering all-electric ride-hailing service, collapsed in April amid financial fraud allegations.
The Delhi-based company's fleet of thousands of cars, originally worth over $12,000 each, suddenly flooded the market at about $3,000.
For Tesla owners in the U.S., their 2023 Model Ys are worth 42% less than what they paid two years ago, while a Ford F-150 truck bought the same year depreciated just 20%.
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