Nice find
@MichBolt 👍
Seems like any vehicle that is originally priced above ~$50,000 seem to lose value rapidly, and especially during the first year.
Resall values are determined by the secondary market. The secondary market is mostly comprised of people who generally are at much lower income levels than the original purchasers. I am basically stating the obvious. They can’t or don’t want to afford a new car extraction from their wallets. So they let other people get new car smell, and want a much lower price. They are also giving up warranty, so they expect the price to be mega-lower to possibly take someone else’s headache.
It makes sense that the used car market is just like the new car market, in that lower priced used vehicles will sell more and faster than the high prices ones. People buy according to their ability to buy.
So the basic rule of supply and demand is bringing the “demand” side to be more willing to pay for depreciated vehicles that started with a lower price anyway. A perfect example of how a basic cheaply priced new car having higher resale values are Hondas, and particularly the Civic. They retain value because they started out as a good value, and also have the reputation for having very low maintenance costs. Toyota also: low MSRP with great low maintenance reputation equals great resale price.
Now, with EVs that don’t actually have any maintenance, it only makes sense that the Bolt is going to fare well in the resale. Starting cheap, retaining more value, as people who have purchased pass their car on and buy another new car.
Starting expensive needs to cost the same as a cheaper car costs new to retain it’s high percentage of resale value. The used car buyer won’t buy it until it’s in their price bracket. So BMWs, M-Bs, and I guess Tesla is also going to have a big resale drop in order to get a budget-minded buyer to pull the trigger.
I have not seen this so far with Tesla. The demand for new and the wait time means some people will decide to go used on the car they are looking for. So the demand will move the resale price up the ladder accordingly.
So these projections appear to be a Forbes prediction that the robust used market is going to return to the normal reality of high price vehicles lose resale faster than combination lower priced and popular models do, as it typically is.
So that is what makes sense about their prediction to me. That and I really like my Bolt, so it makes perfect sense that other people will also. The first Bolt I purchased was used. I was very glad that I did, and would recommend it to anyone. That’s another reason for the popularity equaling the best resale. Word of mouth is a tremendous sale feature.
www.forbes.com
