We found a 2023 Hyundai Ioniq 6 SEL sitting on a California car lot for $13,995, which is under a third of the $45,600 MSRP that Hyundai wants for a new one. We Can’t Find a Catch on the Listing So, what’s wrong with it? Honestly, not much. It shows a clean title, and the […]
Brutal depreciation… but also a really great market for used EV buyers.
I imagine that is what the market will bear. The big problem is likely other cars available in that market. At least in my market, there are many EVs with lower than average mileage and this one is the opposite end of the spectrum. Also, the Ioniq 6 has polarizing styling which limits the potential buyer pool further.
A better analysis would probably be a sample of a bunch of EVs in multiple markets rather than cherry picking a particularly egregious example. I have bought two different used EVs to take advantage of the depreciation, so I don’t think the thesis is incorrect. Some of the depreciation was due to the tax credit being claimed and unavailable for the second owner.
I imagine that is what the market will bear. The big problem is likely other cars available in that market. At least in my market, there are many EVs with lower than average mileage and this one is the opposite end of the spectrum. Also, the Ioniq 6 has polarizing styling which limits the potential buyer pool further.
A better analysis would probably be a sample of a bunch of EVs in multiple markets rather than cherry picking a particularly egregious example. I have bought two different used EVs to take advantage of the depreciation, so I don’t think the thesis is incorrect. Some of the depreciation was due to the tax credit being claimed and unavailable for the second owner.