Just as President Joe Biden starts showering hundreds of billions more of taxpayers' money to "Electrify" the nation's fleet of automobiles, the bottom is falling out of the EV market.
The resale price EVs plunged 33%. While a used EV sold for an average of $52,821 in 2022, it went for less than $35,000 in 2023, which means they can be had for just slightly more than the average price for all cars.
Why is the used EV market in trouble? Bloomberg speculates that "Buyers are shunning them due to a lack of subsidies, a desire to wait for better technology, and continued shortfalls in charging infrastructures."
It's not just the used EV market that is cratering.
Nearly half of EV owners buy a gas-powered one for their next vehicle, according to a study from S&P Global, titled "Does the auto industry have an EV loyalty problem?".
The collapse in used EV prices is hurting the sale of new ones.
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