Note to rental car agencies and auto manufacturers: Don’t do foolish things. 
After Big Tesla Bet, Hertz Selling One-Third of EV Fleet
Hertz is selling a third of its EVs globally, with 20,000 in the US and will use some of the money to buy more Internal Combustion Engine (ICE) gasoline-powered cars.
Please consider After Big Tesla Bet, Hertz Selling One-Third of EV Fleet
Hertz said Thursday that it would sell about 20,000 EVs in the U.S., and use some of the proceeds to purchase internal-combustion-engine vehicles. The company in a regulatory filing cited weaker demand for electrics, and their higher operating costs.
The move is the latest example of a swift retrenchment by the car business on EVs. After years spent outlining aggressive expansion plans, automakers in recent months have put some EV projects on ice and dialed back production forecasts, citing signs that U.S. consumers aren’t ready to move to cars powered exclusively by batteries as quickly as once thought.
The car industry’s effort to sell consumers more broadly on EVs has run into some resistance lately as automakers have largely exhausted the pool of early adopters who tend to be willing to take a chance on new technology.
The company said it would log a $245 million incremental net depreciation expense related to the sale of the 20,000 electric vehicles. Hertz sells its used rental vehicles directly on its website.
Hertz Was Foolish
- The infrastructure was not in place.
- There is only a small pool of people familiar with the nuances of EVs, especially braking.
- No one in their right mind would want to figure out where and how to charge an EV on the road, in an unfamiliar location.
So, why the rush?
Hertz wanted 25 percent of its fleet to be EVs by the end of the year. That just went out the window.
Front-End Collision Hoot of the Day
Reuters noted “Hertz even limited the torque and speed on the EVs and offered it to experienced users on the platform to make them easier to adapt after certain users had front-end collisions.“
Hertz has to limit the speed to prevent crashes. What a hoot.
EV Expectations
Morgan Stanley analyst Adam Jonas said in a note Hertz’s move was another sign that EV expectations need to be “reset downward”.
While consumers enjoy the driving experience and fuel savings (per mile) of an EV, Jonas said there are other “hidden costs to EV ownership“.
“Expenses related to collision and damage, primarily associated with EVs, remained high in the quarter,” Hertz said in a regulatory filing on Thursday.
The company, which had earlier planned to order 100,000 Tesla vehicles by 2022 end and 65,000 units from Polestar over five years, said it would focus on improving profitability for the rest of its EV fleet.
Switched From Hertz
Hertz Deals
Want a used Tesla? You can find them at Hertz Car Sales.
Hertz is selling some Tesla Model 3 for as low as about $20,000, about half the purchase price for the cheapest variant of the compact sedan.
Despite Huge Incentives, Supply of EVs on Dealer Lots Soars to 92 Days
On July 13, 2023, I noted Despite Huge Incentives, Supply of EVs on Dealer Lots Soars to 92 Days
EV inventory is piling up on dealer lots. Hello car manufacturers, what are you going to do with all that inventory?
Firm Answer to My July 13 Question
- October 24, 2023: GM Scraps EV Target, Ford Scales Back Electric Trucks, Musk Warns of Challenges
- To Shore Up Share Price, GM Decreases EV Investment in Favor of Buybacks
Wake Up Mr. President, Consumers Don’t Want EVs
On October 16, 2023 I commented Wake Up Mr. President, Consumers Want Hybrids, Not EVs
In retrospect, a better titled would have been “consumers don’t want EVs”
Well, Biden learned nothing. But it seems GM, Ford, and Hertz sure did.
High mileage cars are very likely Uber driven. Hertz basically subsidized the Uber ecosystem and will loose money on these. Only the Tesla obsessed dull-wits will be the potential buyers .
For people that drive a lot, an EV may make more financial sense. But then the miles on the car go up so quickly, that maintenance is eventually required (especially on brakes). In the end, the car is still electromechanical. I think the winner will eventually be Toyota with their next generation hybrid come 2026.
Are these Electric cars going push Insurance Rates Up?
link to vancouver.citynews.ca
Wake Up Mr. President, Consumers Don’t Want EVs….send the same message to Gavin Newsome
Hmm, In your own photo:
90,000 miles on a 2022 Model 3,
51,000 on a 2022 Model Y,
77,000 on another ’22 Model 3,
82,000 on a ’21 Model 3,
71,000 on a ’21 Model 3,
28,000 on a ’23 Model 3.
Is that evidence of “lack of demand”. I’ve purchased a couple of cars from Hertz these are higher miles for their age than the gas cars I purchased which were 3 years old and in the 40-50,000 mile range.
Checking the Hertz Used Car site for local EVs (I encourage everyone reading this to do the same,) I’m seeing 21 and 22 model year Model 3 sedans with 40k – high 70k miles. Again, not out of line with the gas cars.
the EV fad is ending fast.
batteries are sh*t technology & this fact will not change in my lifetime.
EVs have a 6-7 year lifespan, period. Good luck selling a used EV. Good luck replacing (& recycling) the battery.
Tesla = glorified golf cart for virtue-signaling low-IQ NPCs
What are you talking about? The only time I ever got in a rental car that had 40K miles on it was in early 2020 when there was a chip crisis and rental car companies had to hold on to their cars extra long because there were no new ones to replace them
When I rent (always at major airports), it’s typically a 0-2 year old car with <20K miles.
This article says Hertz was renting those Tesla’s to Uber drivers so they could use them as taxi’s. That’s why they have crazy high mileage.
link to driving.ca
“Front-End Collision Hoot of the Day”
Ironically, i was driving on Colorado in Glendale (street of the Rose Parade in Pasadena), when i came across a collision in the median lane. One of the cars was a Tesla. Couldn’t tell extent of damage. The previous day, i saw one of the white, official cars of the Rose Parade sitting in a parking lot.
It is difficult to take decisions about these things when you have never seen your driver refueling the vehicle.
Wow! Looks like Teslas lose their value much faster than a good old internal combustion engine car!
I doubt Hertz pays list price for them. Just like gas cars or candy bars, if you buy 20,000 you get a better price than if you buy one. Also note these are higher mile vehicles, see the miles in the photo in the article or go on the Hertz used car site and see for yourself, 70,000 – 90,000 (and one 28,000mile) vehicles. Go search for Model 3 on Craigslist. Prices in the $29,000 range for 2019 Model 3 from dealers is common.
Hertz pay list price, then apply for fat Fed. subsidies.
Tesla sells @ list price, and they apply for fat Fed. subsidies, too.
EV “demand” is largely compelled… it’s a mirage.
Biden never learns anything of value. I hope the voters have, over the past 3 years.
This comment, like the article itself., seems narrative driven. Hertz offered EVs because, well, Tesla has sold over 1.3 million vehicles for the last two years, and some portion of those buyers travel and rent cars. The article has a quote from Hertz saying the EVs have a higher operating cost, possibly related to repairs from accidents which is more likely the bigger driver behind this decision. Looking at the miles on the used EVs they don’t appear to be being rejected by the Hertz customer base.
Not really clear what role Biden played in this but, hey, if it makes you feel better, go ahead and mention his name, it’s on brand for your narrative.
Don’t tell Wolfstreet. He has a thing for EVs and cherry picks data to prove his bias.
Wolfstreet has become one of the most censored sites I visit. Every one of my EV comments is “moderated”. Then they seem to vanish. He also calls anyone who thinks differently on the Fed pivot “morons” and “idiots”. It’s a shame , because it used to be a very good site for discussion and expression of free opinions.
Perhaps they have hired some gen-Z writers?
Wolf gets mad at those who don’t actually read his articles, and he gets extremely pissed at people who come in spouting nonsense they heard on CNBC. Which of these groups are you in?
Wolf, palgramism from Germany in the 1930’s. If u “abuse” his baby, if don’t kiss his mass and praise him in public, this jerk collapses in rage and bite his carpet.
Maybe your impenetrable syntax bothers Wolf, who knows?
Yeah, that’s bull. He drives a hybrid, not a full EV. He also says that EVs should NOT receive federal subsidies, but that the free market should decide sales.
Idiots.
Nobody wants Tesla : 90K miles for $30K, 82K miles for $22K, great prices…
When car mfg sell large portions of their products to rental and leasing co used car prices are down. Rental co buy wholesale and dump wholesale in Manheim.
MFG sells excess inventory in auction co like Manheim. Herz sold at retail prices when it declared BK in Aug 2020. Mark Fields, ex Ford ceo, jump started Ilan for a huge discount. Herz is selling retail at their locations, loaded with batteries near their Ex-date, before going to Manheim, to squeeze another 10%/20% from the little guys.If u want to deal with Mark Fields offer him a 15%/20% discount to save him money.
I figured, with that headline — “lack of customer demand”— I could get a deal on a 1 year old Hertz EV with low mileage. No such luck. Most of these 2022 cars have over 70K miles on them. That would come to around 200 miles per day, give or take. And these prices aren’t cheap either. Hertz isn’t dumb in its pricing, so someone IS going to buy these cars. The “market” seems to prove your headline is just plain wrong, Mish.
A better headline would be “Hertz sells hi-mileage rental EVs due to high demand and strong used EV market.”
The crazy high miles (ICE vehicles never get that kind of mileage on them after 1 year) makes me think that people are renting these cheaply and then driving them as UBER vehicles because they don’t need to be gassed up (esp if you get free charge from Hertz + local malls etc). It’s the only way you can be realistically putting 200 miles a day on a car.
I was right. They are renting them specifically for UBER use. No wonder they have such high miles and why I see so many UBER vehicles as Tesla’s.
link to driving.ca
Hertz announced repair costs were too high. The title of this article appears to be a lie.
Nah. Can’t be. I believe you have repeatedly said that the maintenance on EVs will be much lower because of fewer parts.
Nope, he’s right. It’s repair costs, not maintenance costs that are the issue.
link to driving.ca
It’s possible some people with no EV experience, are renting these and being unfamiliar with the power of an EV are getting in accidents at a higher rate than gas vehicles. Thus the higher repair costs.
LULZ… cognitive dissonance
“sells” ???
“someone IS going to buy these (used) cars”… riiiiiiiight – show me someone buying a 2yo Tesla w/ 70k+ miles… I’ll wait.
trying to sell these used golf carts is one thing… actually selling them is something completely different.
Telsa batteries need to be replaced after 6-7 years… good luck with that.
a 5yo Tesla w/ 100k+ miles = practically worthless, but yeah EVs are saving the planet… LULZ
No surprise here at all. Just more of the same, and it will continue. All these companies, that took the bait and switch (GV to EV) gig, the Governments were going to hoist upon us all, have collapsed.
The Government helped get it off of the ground once again (EV’s, GV’s & Steam, of course, all were around and available at the same time), and once again batteries, cost, charging access, and dependability are all still a problem. They got the MSM (Useful Idiots) to chirp like birds about it. They got the big Manufacturers to switch over to a roughly 50%/50% split of EV‘s & GV’s being planned for and produced now. They got other Countries to go right along beside them in these efforts.
Makes you wonder how that was even remotely possible now, but then you take a look at your taxes, inflation, gas and electric cost, Union deals, etc. and you understand quite quickly.
A ruse, like Climate Change, like Cloth Mask, like Our Borders are Closed, like Solar Power and Windmills to Power The World, like a lot of BS were fed by our Government of late, and their cohorts involved.
EV’s are still not nearly as viable and cheap as GV’s are. We are gas independent if we choose to be, so we control the cost of Gas in Our Country if we so choose (ie. Cheapest). The common Woman & Man can fix a GV with ease in many cases, but not even a consideration with EV’s. GV’s have Infrastructure All Around The World, and EV’s don’t have it nearly anywhere throughout The World…
The GV’s built 100 years ago, can still be purchased, repaired, and run nearly anywhere in the World. EV’s build since their inception until today, won’t be technologically Viable Vehicles even before the infrastructure is even remotely in place. Forget repairing them, as it would be way too costly, and not last very long again if you did.
Talk to me in 2045 or so and we shall see after our worldwide recession is over, and things have gotten more sorted out. Oh, and Technology has advanced, and new batteries charge in 20 minutes with a 1,000 mile range, and electric pumps are everywhere like gas pumps today, and I will consider buying…
Papa your on it baby! Up 4+% on my trial pick!!
Virtually all of what you said is BS
“The Market Has Spoken”
US EV sales up about 50% in 2023 versus 2022
non-fleet sales? *crickets*
non-subsidized sales? *crickets*
I’m actively looking to buy a new car before summer, and there is a 0% chance I’ll buy an EV. The charging infrastructure stinks!
It looks like most of the EVs for sale have 80000+ miles on them. It looks more like Hertz is trying to dump these vehicles before a battery replacement cost, more so than a lack of interest. I’m sure the maximum available mileage on those batteries is already heavily degraded after all the supercharging cycles.
Batteries will easily last 200,000 miles with a 10% to 20% loss of range, which does not make a 200,000 mike EV worthless
200,000 miles on a Tesla battery = 25-30% battery degradation MINIMUM.
the battery will have to be replaced after 6-7 years REGARDLESS.
how much does it cost to replace a Tesla battery? LULZ
EVs are practically worthless after 4-5 years… that’s mathematics, not narrative.
Mish,
While you often make good observations…this is yet another (continually) bad one. The OIL sotted angle of this thread would be funny…if it weren’t sooooo sad.
The number of EVs sold in the US grew FIFTY PERCENT in 2023 vs 2022.
Tesla grew almost 40% Globally in 2023 vs 2022. By an increase of 500,000 EVs.
Does 20K EVs sold from Hertz make ANY difference to those totals…Of COURSE NOT.
EV Sales are up Tremendously ALL over the World in 2023 vs 2022, including the ONLY markets that matter…China, the EU and the US in that order.
There will be MILLIONS MORE EVs sold Globally in 2024 than in 2023. Just like EVERY year this decade.
China the LARGEST Vehicle Market by FAR, will be close to FIFTY PERCENT EV New Vehicle Sales in 2024.
The EU sales of EVs will also be up AGAIN tremendously in 2024.
The US will likely grow by a similar percentage THIS year as it did last year.
Tesla will get MOST of that gain…although KIA / Hyundai and some others will gain too.
Tesla, Kia, Hyundai, BYD, (plus a bunch of smaller Chinese makers), etc. will CONTINUE to TAKE Overall Market Share from Legacy Auto.
You / the US Gov’t are going to end up Bailing Out Ford and GM (AGAIN) and other Legacy Automakers because they just stink at making profitable EVs.
AND because they keep buying back stock for TEMPORARY stock bumps to pad the CEO’s pockets and bank accounts. Instead of actually making good / affordable vehicles that are what the US consumer will need during the next downturn or OIL Crisis.
The numbers of jobs LOST in the US will accelerate from Legacy Auto…meaning either BK or shrinkage, etc.
Less OIL / Gasoline needed in the US, etc. as nearly TWO MILLION EVs are sold this year in the US alone. Probably 19 MILLION EVs sold Globally, with prices getting closer and closer to ICE vehicles.
This is like arguing against the adoption of Laptops or Smartphones. The Tech is already there…at a 50% growth rate, it does NOT take long to double and triple in size.
Best of luck on continuing the “Denial Train” to Legacy Auto BK-ville.
There is no doubt that EV sales will keep increasing. The question will be: how fast.
As usual, there are different opinions on this.
Optimists, like you, expect EVs to replace ICE vehicles very quickly.
I am less optimistic. Let me explain.
In 2023, out of every 7 vehicles sold, 6 were ICE and 1 was EV or PHEV.
“ China the LARGEST Vehicle Market by FAR, will be close to FIFTY PERCENT EV New Vehicle Sales in 2024.”
Not likely anywhere near 50% in 2024.
In 2023, only 24% of Chinese vehicle sales were EVs. Which was 4.4 million EVs. EV sales growth is actually slowing in China. PHEV sales (2 million, 12%) are growing much faster than EV sales now because the charging infrastructure isn’t good enough yet for straight EVs. And because those who can afford EVs, have already bought one. The rest cannot afford them. Remember, the GDP per capita of Chinese people is one sixth of the US. Just stop and think about that.
For the entire world, battery electric vehicles (BEVs) accounted for 9.5 million out of the 13.6 million EVs sold around the world in 2023, with PHEVs accounting for the rest. And worldwide sales growth of EVs is slowing, while sales of PHEVs is accelerating. For the same reasons as in China.
By comparison, there were 62 million ICE vehicles sold worldwide. Not counting the 4.1 million PHEVs which still have an engine.
I suspect that by 2030, annual worldwide ICE sales will be down to 50 million, PHEV sales up to 15 million and EV sales up to 15 million.
There are 1.5 billion ICE vehicles on roads in the world today. In 2030, there will still be 1.5 billion Vehicles with engines (ICE and PHEV).
???
demand for USED ICE vehicles is out-pacing both EV & new ICE demand… it’s not even close.
non-fleet unsubsidized EV sales = ZERO
you live inside a fictional narrative.
Watched a recent tube video about 2 incidents where these almost new Electric cars from a Korean manufacturer were written off by the Insurance companies for damages that would seem insignificant in a gas powered vehicle. One of the cars was damaged slightly underneath when a small piece of tailpipe that broke off the car in front of it bounced under the electric vehicle. It made a short bang as it bounced under the Electric car. The owner was concerned and later in the week took it to the dealer for checking. The bouncing muffler part had caused a small scrape under the Electric car. The car was running fine and their were no warning codes. But the dealers of both cars said the cars needed new batteries which was over $50,000 for each repair and that was more than the vehicles were even worth. The batteries which are mounted at the bottom of these vehicles is very vulnerable obviously to road debris. The small dents supposedly made the batteries unsafe to use even though the cars ran fine. A gas vehicle under those circumstances in most cases would need probably no repairs. Both cars became salvage vehicles even though they looked and ran fine? I know what vehicles to avoid after seeing that.
Saw the same or similar thing on the news in Canada. Brand new vehicles written off because they ran over a minor object and it somehow scraped the battery pack so that means write off because possible car fire. It’s nuts.
Same is happening with minor fender benders too because they are making the whole car out of one big piece so you can’t just replace a quarter panel if you get a dent.
Insurance costs gonna rise rapidly for EVs.
Some insurance brokers are already reporting some underwriters are refusing to issue policies for E.V’s
Before I retried I worked as the electrical and communications engineer for a very large property trust who owned and managed large office buildings and retail shopping centres. In one of the office buildings we installed a large bicycle shed for office tenants to secure their commuter. Of course that then extended to electric scooters. Some of the scooter owners took advantage of the power outlets which were normally provided for the cleaning staff. One owner had installed on his scooter an extra battery pack – very cheap batteries.
The pack exploded and caught fire. The resulting inferno destroying many expensive road bikes and damage to the surround.
The bike parking garage was park at your own risk. The owners of the destroyed bicycles were indignant so relationships between the tenants and management became strained.
Our insurance company later assessed the situation. Banned electric scooters. When they found out that management had installed parking bays to charge EV’s in the under ground garage these were ordered to be turned off.
Netx there was talk about banning EV’s altogether from the underground carpark – a potential conflagration could possibly cause millions of dollars worth of damage. This ban is still under review.
There are AC power outlets scattered around the shopping centre for cleaners and maintenance staff use. Kids were coming in and charging their cheap electric scooters from the outlets. Now the outlets are under lock and key
HAAR HAAR HAAR… cut to CNN/CBC/BBC/ABC interviewing a Climate Cult troll….
People are infected mentally with EVs just like covid distancing and masks. Nothing can be done about it other than reality striking them in the face. The distancing was made up just like Fauci said this week. No science behind it. Same for EVs. It’s not a solution to anything. Just a scam perpetrated on the feeble minded. They can own they got duped now or later. Doesn’t matter and nobody cares. ICE are not going anywhere. Only EVs in the trash heap.
Rentals of dedicated electric vehicles without a BIG training session beforehand is just plain stupid. Or better yet, dont rent them at all.
That’s the issue. There shouldn’t be a need for a BIG training session.
Driving a vehicle that operates 100% of the time on batteries when you cant fast-charge batteries much less cant find a charging station means Teslas etc require a LOT of advance planning to make it work, if it works at all.
I rented a car over Xmas when I was visiting my family in Canada.
You know what requires a big training session these days? The damn car infotainment systems. Every manufacturer seems to have done away with knob and button controls in favor of these touch screens. And of course they all have their own idiosyncratic way of designing menus and other things so that it takes 10-15 minutes before you can figure out radio and climate control. Drives me nuts.
…and don’t forget to charge your phone up for when it breaks down!… oh wait…
Golfcart experience? Qualified!!!
When BMW first introduced their IDrive system there was training required before you could take one for a test drive. Later on, courses were run for carpark attendants.
When the first IDrive 7 series was introduced there was a 45 minute video required to be watched by a buyer before they were allowed to drive their new car off the forecourt.
Some of my guys setup the theatre for the main BMW dealer in my city. B&O TV and soundsytem, theater seats, refreshments.
That’s because Ford, GM and Hertz are for profit businesses or they go out of business. Whereas Buden and all politician spend our money or print our great great great great grandchildren money
Uncle Joe Walter O’Biden Mitty used to be a union man building EVs for Hertz, back when he was a black lesbian gospel singer in Ukraine in the 1940s, just before he flew bombers for the RAF against the Taliban, won the world series, and invented AI.
Ford and GM are busy wasting their money on TEMPORARY share price inflation by unnecessary Stock Buybacks…while padding their CEO’s pockets and bank accounts, instead of building for the future. GM goes BK (AGAIN) in the next downturn. Ford will probably go BK too. Too much debt…buying back stock instead of paying down massive debt for those companies.
There are a host of reasons why EV’s aren’t great candidates for rental fleets, at least not in huge percentages. 25% is too much!
1) Travelers will want to charge up fast on DC chargers. That charges fast, but doing it regularly prematurely wears the battery.
2) Business travelers just heading from the airport to a hotel would find it perfectly fine. Recreational travelers planning to head a few hours down the road to a resort would find it a pain the neck.
3) A lot of these are damn quick! Not everyone is prepared for that.
Premature wear + inexperienced drivers + not suited for 100% of the demand makes it a poor choice for a large slice of the rental fleet.
They’re still getting a decent (10% and growing) market share, so you can’t say consumers don’t want them. They make fantastic second cars for people with a commuting need and a garage. As a primary vehicle, not so much. EV’s are here to stay, but until charge times and distances improve significantly, they can’t be 25% of a fleet.
The learning curve on braking is definitely a problem. I had one fellow tell me his EV went through brakes as fast as his ICE car. It shouldn’t – I don’t even touch my brakes once in a 20 mile round trip commute. He’s just driving it wrong.
He’s definitely driving it wrong if he’s wearing brakes like that. Or he’s one of those jackrabbit drivers who likes to ram the accelerator on green and stop on a dime rather than gradually slow down. Likely a younger inexperienced driver.
You used to post with insight into what was going on. The recently change to post on every headline is disappointing.
The truth is sometimes disappointing – seek help…
Figuring out the braking is easy. I borrowed a friends Tesla for a couple days when my ICE vehicle was in the shop. It took about 5 minutes of driving to get familiar with the concept of 1 pedal driving (and really like it too). I don’t think that’s an issue at all for renting.
On the other hand, charging absolutely is the biggest reason. Not all hotels have chargers and when you are traveling the last thing you want to worry about is charging your vehicle. An even bigger factor is that when you travel happens to be one of the times you tend to drive the furthest (ie you are not doing daily commute but rather longer driving to see places/people) and so range matters.
still NO MENTION OF COSTS of repairs on these EV’S
buying used means repairs soon or NOW
and how about insurance???
my guess you’ll go ICE before buying used EV
My insurance actually is lowest on my EV. $100 increase annually over the 2013 Volvo it replaced. It’s definitely underpriced, but I’ll take it.
Battery wear on a rental EV would scare me given the heavy usage of DC fast charging they would have seen. A used EV wouldn’t scare me, but I wouldn’t touch a used one coming out of a rental fleet.
A used EV wouldn’t scare anyone at those firesale prices, but what do you do with a dead EV battery? Prop it up end on in a field and worship it like the bonethrowing chimps at the start of 2001: A Space Odyssey?!
Turn it in to recycling is all you can do. It’s hazardous waste otherwise.
EV battery recycling is too expensive to consider.
The hazardous waste issue is one of those three monkey conundrums.
one (used, degraded) Tesla battery is more toxic than all the waste+emissions you or I will generate in our lifetimes.
FACT.
Was there a requirement to return the car “with a full Charge”??
It was a friends car, not a rental.
That’s actually a question I wonder about too. Do you have to worry about how much charge it has when you return given the long charge times and the fact most people renting don’t have 30+ minutes to wait. I suspect you get charged a flat fee for recharging but don’t know.
Yes, there was. If not, there was an additional charge (no pun) upon return. I rent a lot from Hertz and they were offering 30% off daily charges, free days, all kinds of things. The mileage on the examples given seems unusually high compared to ICE cars I have rented from them.
Those prices for used EV’s are still too high compared to prices of a new EV’s. A dump like that is going to force new EV’s on dealer lots to depreciate even faster. This is the start of a liquidity event quickly followed by a default event.
Exactly why I gambled on leasing one. As near as I could tell, a $3k advantage versus a cash buy.
Countries like India that blindly follow all California policies are also getting the same wake up call. Hybrid car sales continue to boom
For most folks, hybrid probably makes more sense. For a second/commuter car that I don’t need for road trips, the extra engine felt like kind of a waste so I went with an EV. The fun thing is that it’s kind of a gamification of driving, which I rather enjoy.
Shocker!