Who are these people that just go out and buy a car because gas prices went up? Does going into debt and paying interest on a loan make sense just to save a few bucks on gas?
My best friend is running around in a 2004 Chevy gas guzzler because its what hes got. Hes been thinking about getting a hybrid or electric. Now that gas is $5 a gallon and his work commute is 30 minutes both ways hes getting pushed to change vehicles. He doesnt even like his SUV
People whose car died at the worst time (because my personal situation) but also at the best time (because of the Iran war / oil situation). We really needed a new car fast and before our old car really broke down we were looking at either a hybrid or EV version of a certain car. The attack on Iran and its ripple effects simply tipped the balance towards the EV. I knew this bs wasn’t going to go away in a few days but we were fast enough to get one for the price it was before the war. I was already really looking forward to driving oil-free, so I think it’s been a good decision. No debt either.
We had been waiting for a while just because there was no reason to replace our car-payment-free household with a car payment before one of the vehicles crapped out…
…But to be honest we’d wanted an EV for almost a decade at this point.
I test drove my first EV back in maybe 2015… but couldn’t justify the price tag at the time to buy a new one, so we went with a cheap used car with high MPG and relatively low mileage overall.
It’s just now that for the first time, it makes sense - not just from a “gas is expensive” standpoint, but from a “this might be cheaper than maintaining an older car (100k+ miles, 15+ years old)…” and also a “gas might not just be expensive but unavailable at some point given the supply shock currently wreaking havoc in other places besides the US” standpoint…
We like to plan for contingencies whenever it makes sense to do so.
We just bought our first ever EV - a used 2021 model with <50k miles for less than half the price of a brand new model… and it’s amazing.
Already calculated that just in the few times we’ve charged it since buying - with gas being almost $4/gal… we have spent <$5 in electricity with just a little 12v wall adapter (level 1) at only 70% efficiency to add roughly 250 miles of range.
That equates to roughly $40 in gas… even with the high-MPG car.
On top of that, being able to start it in a parking lot or even an indoor garage to cool it down in the summer or warm it in the winter before having to get in or worry about filling an enclosed space with carbon monoxide, a quieter drive, and just more modern conveniences and safety features thanks to it just being a decade newer than our last vehicle made it seem like a somewhat sensible purchase for us, if not perhaps a little “overly pro-active.”
Doesn’t take much research to conclude the used EV market values are driven by ignorance and are a bargain right now.
A 3 year old Ioniq5 is less than half the price of new, $28,000 go poof. Buying new EVs at >$50,000 makes no sense , but buying slightly used EVs at $12K-$24K makes total sense.
And even if the battery is degraded with maybe 5%, it’s still an amazing car.
Lets say you needed to replace the battery one day anyway. You’ll have saved on every other reparation, because EVs dont have moving parts that breaks all the time like in old cars.
just goes to show how people overreact to gas prices. they could have bought a <$25k used EV last year and saved $4k with the EV tax rebate. $4k is equivalent to $33/month over 10 years.
Maybe. The average driver is spending just under $200 per month now on gas (14000 miles per year at 20mpg, gas $3/gallon - you can adjust numbers as you want, these are reasonable but some cars better fuel ecconomy) if you drive more than average it is possible to make payments on fuel savings in some cases.
or in my case the old car was going to be replaced anyway. Paymets were a given, so saving over $100 a month in fuel was a nice bonus. There are a lot of people who are buying something different anyway who care about their budget.
The EV demand changes reflect the population that is currently looking for a new car (have the money and are willing to buy) and people were previously “on the margin”, those who weren’t looking to buy a car immediately (more like sometime in the next 6-18 months), but due to fuel price changes they have now moved into the first group.
I just got a used ev. I needed something else because my car was having issues that would be expensive to fix, and wanted an ev anyway, so the decision wasn’t at all motivated by gas prices, even though the timing was. I didn’t want to wait and have used car prices skyrocket to the point i couldn’t afford one.
Who are these people that just go out and buy a car because gas prices went up? Does going into debt and paying interest on a loan make sense just to save a few bucks on gas?
My best friend is running around in a 2004 Chevy gas guzzler because its what hes got. Hes been thinking about getting a hybrid or electric. Now that gas is $5 a gallon and his work commute is 30 minutes both ways hes getting pushed to change vehicles. He doesnt even like his SUV
People whose car died at the worst time (because my personal situation) but also at the best time (because of the Iran war / oil situation). We really needed a new car fast and before our old car really broke down we were looking at either a hybrid or EV version of a certain car. The attack on Iran and its ripple effects simply tipped the balance towards the EV. I knew this bs wasn’t going to go away in a few days but we were fast enough to get one for the price it was before the war. I was already really looking forward to driving oil-free, so I think it’s been a good decision. No debt either.
We had been waiting for a while just because there was no reason to replace our car-payment-free household with a car payment before one of the vehicles crapped out…
…But to be honest we’d wanted an EV for almost a decade at this point.
I test drove my first EV back in maybe 2015… but couldn’t justify the price tag at the time to buy a new one, so we went with a cheap used car with high MPG and relatively low mileage overall.
It’s just now that for the first time, it makes sense - not just from a “gas is expensive” standpoint, but from a “this might be cheaper than maintaining an older car (100k+ miles, 15+ years old)…” and also a “gas might not just be expensive but unavailable at some point given the supply shock currently wreaking havoc in other places besides the US” standpoint…
We like to plan for contingencies whenever it makes sense to do so.
We just bought our first ever EV - a used 2021 model with <50k miles for less than half the price of a brand new model… and it’s amazing.
Already calculated that just in the few times we’ve charged it since buying - with gas being almost $4/gal… we have spent <$5 in electricity with just a little 12v wall adapter (level 1) at only 70% efficiency to add roughly 250 miles of range.
That equates to roughly $40 in gas… even with the high-MPG car.
On top of that, being able to start it in a parking lot or even an indoor garage to cool it down in the summer or warm it in the winter before having to get in or worry about filling an enclosed space with carbon monoxide, a quieter drive, and just more modern conveniences and safety features thanks to it just being a decade newer than our last vehicle made it seem like a somewhat sensible purchase for us, if not perhaps a little “overly pro-active.”
They are probably people that were already looking or anbout to start looking for a new car and pivoted to EV based on current conditions.
Doesn’t take much research to conclude the used EV market values are driven by ignorance and are a bargain right now.
A 3 year old Ioniq5 is less than half the price of new, $28,000 go poof. Buying new EVs at >$50,000 makes no sense , but buying slightly used EVs at $12K-$24K makes total sense.
And even if the battery is degraded with maybe 5%, it’s still an amazing car.
Lets say you needed to replace the battery one day anyway. You’ll have saved on every other reparation, because EVs dont have moving parts that breaks all the time like in old cars.
just goes to show how people overreact to gas prices. they could have bought a <$25k used EV last year and saved $4k with the EV tax rebate. $4k is equivalent to $33/month over 10 years.
I mean, they could just drive less or drive slower.
Maybe. The average driver is spending just under $200 per month now on gas (14000 miles per year at 20mpg, gas $3/gallon - you can adjust numbers as you want, these are reasonable but some cars better fuel ecconomy) if you drive more than average it is possible to make payments on fuel savings in some cases.
or in my case the old car was going to be replaced anyway. Paymets were a given, so saving over $100 a month in fuel was a nice bonus. There are a lot of people who are buying something different anyway who care about their budget.
The EV demand changes reflect the population that is currently looking for a new car (have the money and are willing to buy) and people were previously “on the margin”, those who weren’t looking to buy a car immediately (more like sometime in the next 6-18 months), but due to fuel price changes they have now moved into the first group.
I just got a used ev. I needed something else because my car was having issues that would be expensive to fix, and wanted an ev anyway, so the decision wasn’t at all motivated by gas prices, even though the timing was. I didn’t want to wait and have used car prices skyrocket to the point i couldn’t afford one.