Has anyone noticed the price of used Bolts dropping dramatically? Used car prices in general have been dropping but it seems like Bolts have been particularly hard hit. I was hoping to buyout my lease and trade-in or sell for net positive equity. But looking at the trends and some initial trade-in values it seems like I might as well just return the Bolt when the lease is over in a few months.
Used Bolt EV prices dropping like a rock
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I got $28,600 from Tesla for my 2022 Bolt EUV Premier Launch Edition with 30K miles. That's $2K more than from the same Chevy dealer I bought my Bolt. This dealer has no new or used Bolt on the lot to sell and they don't even want to buy it. Apparently Tesla is certain they can sell it easily at an auction since they're not in the business to retail used Chevys.
Agreed, used Bolts are still on the high side price wise.
Mostly to do with supply and demand, people have more demand for those than what there is around so they pay alot for them. For a long time Tesla was the same way when they had shortages of model 3's used ones were often going for more than or close to new one prices it was dumb.
Kind of, that initial hit is real. Quad motor
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579 Posts
I've said it before, there is a limit to the size of the market for $100K (ok $98K) vehicles. So far the number of vehicles sold by Rivian has been relatively small but can they really sell 500,000 vehicles a year? Guess I'm old but I tend to think of folks buying $100K vehicles as doing so with cash, if buying with credit or leasing it has gotten more expensive with the rise in interest rates. I do live in an affluent suburb in Alabama but Rivians are around as well as the Mercedes EVs and Tesla Model S's. There appear to be lots of folks around who seem to be able to drive $100K vehicles I still think the market is quite limited and with everyone striving to sell the high margin vehicles seems there will be more availability than demand. i.e. someone will eventually loose money.
For me I have no interest in a large and heavy SUV or pickup no matter what the power train and am but a disinterested observer in that market. Love my Bolt particularly for the $21,322 it cost me new almost 3 years ago. I'm a car person and watch the market, 3 years ago when I saw what the Bolts were selling for I was astonished and wound up buying one because it was too good to pass up. Told my wife that I did not expect to see a car for that little for a very long time if ever again. At the time I did not know how prophetic my words were but just WOW. The deals were so good I bought a Premier instead of the base model. It has been perfect except for the battery recall and the seat belt tensioner recall. It's the Costco trip car, the car that fades into the background a wonderful tool that drives well and is very smooth and quiet. Doesn't stand out and doesn't call attention to itself just always there and ready to go.
I'm really surprised the used car market has held up as well as it has. I keep hearing that the auction prices are dropping but the dealers are very resistant to dropping prices on there inventory but the inventory is not selling. I think the dip or trough in the car market due to the pandemic is still passing away and the effects are lingering but fading. Getting lots of emails about $5,000 off offers on new pickups. Will be interesting to watch the market in the coming months.
For me I have no interest in a large and heavy SUV or pickup no matter what the power train and am but a disinterested observer in that market. Love my Bolt particularly for the $21,322 it cost me new almost 3 years ago. I'm a car person and watch the market, 3 years ago when I saw what the Bolts were selling for I was astonished and wound up buying one because it was too good to pass up. Told my wife that I did not expect to see a car for that little for a very long time if ever again. At the time I did not know how prophetic my words were but just WOW. The deals were so good I bought a Premier instead of the base model. It has been perfect except for the battery recall and the seat belt tensioner recall. It's the Costco trip car, the car that fades into the background a wonderful tool that drives well and is very smooth and quiet. Doesn't stand out and doesn't call attention to itself just always there and ready to go.
I'm really surprised the used car market has held up as well as it has. I keep hearing that the auction prices are dropping but the dealers are very resistant to dropping prices on there inventory but the inventory is not selling. I think the dip or trough in the car market due to the pandemic is still passing away and the effects are lingering but fading. Getting lots of emails about $5,000 off offers on new pickups. Will be interesting to watch the market in the coming months.
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167 Posts
I too live in a well-to-do suburb in Alabama and agree that there are a lot of high-end vehicles in my neighborhood, but most of them are high-end F150s and Silverados, plus a lot of Mercedes and a few EVs, Teslas mostly. I bought my Bolt from a local Chevy dealer only because our friend is the F&I guy at the dealership and we trust him. He told me stories about selling high-end Silverados where folks car payments are $1200-$1500/month! That is crazy to me! But I guess everyone has their own priorities. My priority is to save as much as possible and lean faster into my upcoming retirement, which was planning for 7-8 years away but now I'd like it to be in 2-3 years.
Americas best selling big truck and SUVs last time I cruised through the web most of those were $60-90k pretty close to a Rivian area of prices. I have no idea how thousands of people can afford that price of car, that’s nuts to me. I’m complaining about cheap cars being $30k nowadays. I saw a 2024 Expedition limited that was a eye watering $84k
I work at Toyota and occasionally view back end screens when validating DueBills requests and I’ve seen quite a few people paying over $1000 car notes for 72 months. One guy was paying $1338 a month for a 23’ Tundra Platinum for 72 months @ 13% APR even after putting down $15k. Some people need to reevaluate life choices I think.
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579 Posts
I've lived in the same house for 35 years, we always lived below our means and have been careful about expenses. I'm astounded what some are paying in car payments.
I retired at 63 and it has been wonderful! We have twin grandchildren, twins are really fun but really work also! I was able to help by doing things like taking them to mother-day-out which gave me a little time with them but also meant their mother didn't have to get the twins ready and then get herself ready plus saving the time taking them and returning. I have a Ford Transit connect wagon but it doesn't have power sliding doors (the horrors!). In the car pool lines it always fooled the folks who stood there waiting for the doors to automatically open LOL. Spending time helping my family and living life at a slower pace was worth way more than having an expensive vehicle. Now I'm enjoying the rewards of driving many old and used cars - something I really appreciate about the Bolt is the reliability. Too many memories of working on a vehicle that needed to be running the next day for the school run. It's also nice to be able to do errands when it's not rush hour.
Another benefit of the Bolt is picking the grandkids up from school. Sitting in the car pool line I'm not generating any exhaust gases and with the regenerative braking no brake dust either.
I retired at 63 and it has been wonderful! We have twin grandchildren, twins are really fun but really work also! I was able to help by doing things like taking them to mother-day-out which gave me a little time with them but also meant their mother didn't have to get the twins ready and then get herself ready plus saving the time taking them and returning. I have a Ford Transit connect wagon but it doesn't have power sliding doors (the horrors!). In the car pool lines it always fooled the folks who stood there waiting for the doors to automatically open LOL. Spending time helping my family and living life at a slower pace was worth way more than having an expensive vehicle. Now I'm enjoying the rewards of driving many old and used cars - something I really appreciate about the Bolt is the reliability. Too many memories of working on a vehicle that needed to be running the next day for the school run. It's also nice to be able to do errands when it's not rush hour.
Another benefit of the Bolt is picking the grandkids up from school. Sitting in the car pool line I'm not generating any exhaust gases and with the regenerative braking no brake dust either.
They're shamelessly ripping off the Tesla model. The goal is to start at the high end and work down. Just like Tesla started off with the Roadster and Model S then went to the 3, Rivian is starting with their R1x line. The R2 line is expected to be competitive with a Wrangler and will be announced in a few months.
You're also missing their EDV, which they're already fulfilling 100,000 orders for Amazon. The plant they're just getting started on in Georgia is going to be able to output hundreds of thousands of vehicles. They also just opened up the EDV to private fleet sales.
You also need to understand the R1T starts at $73,000 which after Fed rebate is the same as an F150 Platinum (and nicer, faster, cheaper to run). Not $100,000. $100k is what the R1S Quad motor ends at out the door before taxes (want to go into what a Tahoe gets up to?).
Start at the high margin vehicles, work your way down to the volume low margin vehicles is the formula.
Rivian is going to make it and some of these older companies won't.
I bought my 2020 LT in July 2020 new, for $26,850. A year later was offered $40,000 for it online. Now it's worth $14,000, online. MSRP was $34,650 when I bought it. I would not pay over MSRP for ANY car, and I'd have to want one very bad to pay that.
Remember this 12 months from now.
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Yeah I would only see Bolt prices going up from here or just staying flat. That backlog of buybacks is clearing from dealers and people might finally be grasping the tax credit. The fact that the used credit only applies once to a car will make values interesting, you would think dealers would factor that knowing they could charge more for a car eligible for the credit, or at least it should sell faster.
We're at roughly the same place we were in 2021 on stupid low pricing below where it should be based on public perceptions.
Part of this is easy, population collapse or we're right. So we're right or it doesn't matter.
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12,205 Posts
My family of 3 at the time, moved into a wealthy neighborhood with 5 bedrooms in 2019. We're working on being a family of 5, so the extra bedrooms and bathrooms are beginning to be very useful. The house appreciated $250,000 since purchasing it, I refied the 95% LTV loan into a new 2.5% 30 year, and the appreciated value meant I no longer had to pay the extra loan insurance.
Low-interest, fixed rate, tax deductible debt is a hedge against inflation. That's why I bought the most house lenders were willing to back. If somehow both of us lost jobs, renting out rooms would cover the mortgage cost.
I don't want to retire, I want to work for myself, which basically requires the same financial security.
As an aside, most everyone in the neighborhood drives inexpensive vehicles. Pontiacs, Honda and Toyota crossovers, half-ton older pickups, Chevy Bolts... my most expensive vehicle is a 2006 Acura TSX.
Oregon culture never valued vanity as highly as places like LA or NY. You can tell because we dress more frumpy too. Everyone in NY looks great, while everyone in Oregon looks like they just got back from living in the woods a few weeks.
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