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It's been just a year since I got my 2019 LT in March 2019. I remember at the time looking hard for secondhand Bolts on autotrader and craigslist, and finding nothing under $20,000. That was a big part of the reason I ended up buying new (price of ~$22k after incentives at the time).

I just took a look today and the cheapest ones I can find with reasonable mileages (<50k) start at $19k.

I guess this should make me feel good about my purchase, but I'm a little puzzled - shouldn't there be a bunch of 2017 Bolts coming off lease now on the market? And shouldn't that be pushing prices down?

My main point of comparison is the Tesla Model 3 which seems to have no discernable depreciation whatsoever. Of course the price of a new 240 mile Model 3 has effectively gone up by $6,000 in that same period (expiration of the federal rebate and various price 'adjustments'), so I guess that shouldn't be a huge surprise either.
 

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It's been just a year since I got my 2019 LT in March 2019. I remember at the time looking hard for secondhand Bolts on autotrader and craigslist, and finding nothing under $20,000. That was a big part of the reason I ended up buying new (price of ~$22k after incentives at the time).

I just took a look today and the cheapest ones I can find with reasonable mileages (<50k) start at $19k.

I guess this should make me feel good about my purchase, but I'm a little puzzled - shouldn't there be a bunch of 2017 Bolts coming off lease now on the market? And shouldn't that be pushing prices down?

My main point of comparison is the Tesla Model 3 which seems to have no discernable depreciation whatsoever. Of course the price of a new 240 mile Model 3 has effectively gone up by $6,000 in that same period (expiration of the federal rebate and various price 'adjustments'), so I guess that shouldn't be a huge surprise either.
The residual on a lease is based off of MSRP of the vehicle, not the price after factory rebates or other discounts. So for the 2017s that are end-of-lease returns, you'll probably see around 23k (+/- 2k) , which represents roughly 50% depreciation in 3 years... But I also don't understand why their value is still so high. Might be because 2020 model was not a dramatic improvement, so 2017s are still quite appealing.
Could also be that EVs are still in high demand, especially here in the bay area, and even lower range cars like the egolf are hard to find under 25k...
For the Model 3 I think the very long wait times on new Model 3 deliveries are artificially increasing what people are willing to pay to have a used one without the wait.
But overall, as baffled as you are.
 

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The residual on a lease is based off of MSRP of the vehicle, not the price after factory rebates or other discounts. So for the 2017s that are end-of-lease returns, you'll probably see around 23k (+/- 2k) , which represents roughly 50% depreciation in 3 years... But I also don't understand why their value is still so high. Might be because 2020 model was not a dramatic improvement, so 2017s are still quite appealing.
Could also be that EVs are still in high demand, especially here in the bay area, and even lower range cars like the egolf are hard to find under 25k...
For the Model 3 I think the very long wait times on new Model 3 deliveries are artificially increasing what people are willing to pay to have a used one without the wait.
But overall, as baffled as you are.
I am hopeful that a bunch of Model 3 owners jump over to the model Y and cause prices on used 3's to become more reasonable. Personally I am not paying the same price for a car with 25,000 mile as I would for a new one with zero miles. Elon can talk about his cars being immune to depreciation all he wants... but in my opinion that is a strategy to sell new cars. If he convinces those who have drank the kool-aid that their car is as valuable now as it was the day they purchased it... they will not sell it at a reasonable price on the used market... so people with a choice of new or used at the same price point will purchase new from Tesla rather than used from a delusional current owner trying to sell their used 3.

Keith

PS: I bet you Telsa is NOT paying full new retail on used 3's coming in on trade for a Y.

PPS: Technically the Bolt has horrible depreciation, because they measure current sale price on the used market to the MSRP without any discounts or tax credit. My Bolt MSRP was 45,500 I actually purchased it for 37,500 after discounts, and then got 7,500 income tax rebate. So to me with 55,000 miles it has a clean retail price of around 23,500. That would seem to be around 22% depreciation. But in the fantasy land of finance that would be 48% depreciation.
 

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I paid $30,627 (after Fed tax credit and local/state rebates) for my Premier in April 2017
I have 44K miles on it now.

I got an offer from Carvana two weeks ago for $20,750.

It lost $9,877 in three years/44K miles.


People who purchased the last of the 2019 models will do much better... my friend got his Premier in late Dec for $24K before credits/rebates.
 

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I am hopeful that a bunch of Model 3 owners jump over to the model Y and cause prices on used 3's to become more reasonable.
In Tesla land... they will keep their Model 3 and just add a Model Y to their stable. Don't think M3 prices will be dropping any time soon. I would be happy if they did, because my daughter is looking for one, but it just doesn't seem likely.
 

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The price of the used Bolts are in constant flux. This is a reflection of the new prices, that are constantly changing. I've seen used 2017,2018, and 2019 Bolts all priced higher than a new 2020. The better used vehicle seller have Bolts in the price range of $18900-$23000 ideally they are staying current with the monthly change in the new prices. Carmax is good example an will price Bolts the same across the US, it's a good place to check the price trends. Additionally they usually have used 2017-2020 all priced about the same based on miles.
 

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It is fascinating to watch. I was one that leased in NY in 2017. Although the Bolt was available in CA at the end of 2016 it took a while for them to be available across the country, NY was early in that wave as they are a CARB state. In the very early days of the Bolt in NY no discounts were to be had, lease prices in excess of $500/mo. By the time I leased they had started to introduce incentives and I was able to lease for $250/mo. Those vehicles are just now starting to come off lease, this summer that should be fully reflected in the used car market prices.

Fast forward to today when a 2020 can be leased for $199 to $225 / month in NY, far better deals than I could find in 2017.

All that to say, the Bolt has never sold in large numbers, and the availability of used off lease retail vehicles is still very limited. I predict that availability of used Bolts will increase shortly and prices will drop with the great deals on offer for a 2020, but who knows...

 

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Relatively few Bolts were made. Some will be purchased by the lessee, leaving even fewer. The Federal tax credit stopped, muddying the waters for calculating used value. One of the reasons we purchased our Bolts was the lack of model change, which Chevy seems to be sticking to. We plan on keeping ours until the main battery warranty expires -or beyond...
 

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The federal tax credit, is one of the causes for the price fluctuation. Before the tax credit stopped some people bought Bolts just for the tax credit, to sell unused 6 month later. These were/are the 6 month to 1 year old Bolts with under 2000 miles etc.. Dealers raised prices to sell to this segment of the ev market. This segment of the market didn't do any research into the used or new Bolt market. $7500 tax credit on a $39,000 car, with a $25,000 resale value is not a good deal. The same time these taxers were trying to sell the Bolts, some dealerships were offering $10,000-$16,000 in discounts further altering the market why buy a used Bolt for $24,000 when a new one is $26,999.
 

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It is fascinating to watch. I was one that leased in NY in 2017. Although the Bolt was available in CA at the end of 2016 it took a while for them to be available across the country, NY was early in that wave as they are a CARB state. In the very early days of the Bolt in NY no discounts were to be had, lease prices in excess of $500/mo. By the time I leased they had started to introduce incentives and I was able to lease for $250/mo. Those vehicles are just now starting to come off lease, this summer that should be fully reflected in the used car market prices.

Fast forward to today when a 2020 can be leased for $199 to $225 / month in NY, far better deals than I could find in 2017.

All that to say, the Bolt has never sold in large numbers, and the availability of used off lease retail vehicles is still very limited. I predict that availability of used Bolts will increase shortly and prices will drop with the great deals on offer for a 2020, but who knows...

It's gong to be difficult to beat the rebate deals offered in January & February,which were amazing. And since the current MY Bolts sell so quickly,I don't see them offering huge rebates before the new/updated model hits the showrooms. The only wrench that may slow things is the dirt cheap fuel prices that will be here for a while.
 

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Honestly it's still cheaper than gas. I travel 2000 miles across Texas a few times a year. The last gas run was $325 mid Sept 2019. The ev run in Dec 2019 was $162 and that was with an Audi E-tron that was getting 2.3 miles per KWh.
 

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There are so many factors in play right now that predicting the resale of a Bolt is really a crap shoot. So far, the main batteries seem to be holding up very well, which should give them a good reputation. On the other hand, there may be some killer deals coming up as dealers try to unload their inventory before the market crash. Also, manufacturers are stopping production of all cars. What a mess ! I guess the person who walks away from this with a new $20K Bolt is the winner...
 

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I believe there might be some EV development delays while the manufacturers try to recoup their losses of these virus months and ICE is their profits. So used EV prices should stay higher just from demand and fewer of them available.
 
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