Tesla Inc (TSLA)

[Scumbag Fraudsters]

Don't shoot the messenger.

Not everyone is a multi-millionaire stock trader like you, Tttr.

$15K is expensive for many people, $25K is out of the question for many more, so a new Tesla isn't even in the picture for millions of Americans.

Not everyone qualifies for tax credits!

Millions of Americans are ineligible to receive $7500 tax credits because they don't pay any taxes to begin with.

Yahoo -- Sept. 4, 2023

According to a recent survey by GoBankingRates, people are not buying electric vehicles. In fact, over 70% of car purchases in the last 12 months were gas-powered cars according to respondents of all ages.

Here’s the breakdown of who is buying electric cars (by age):

18 to 24: 20%

25 to 34: 20%

35 to 44: 18%

45 to 54: 22%

55 to 64: 11%

65 and over: 9%

Most buyers aged 55 and older are not buying electric cars.

EVs cost more, on average, than purchasing a similar gas-powered vehicle. According to 2021 data from Cox automotive, EVs can cost up to $10,000 more to purchase. This huge jump is one of the leading factors to why most Americans are still gas cars instead of EVs.

In addition, EV charging systems can add thousands to your bottom-line costs, making an EV purchase even more expensive.

Owning an EV can save money in a few areas, especially with the big tax incentives. But they depreciate faster and overall you’ll spend around $9,466 per year to operate an EV. Over a five-year period, this means you’ll spend around $47,330 to operate an eclectic vehicle.

This is over $15,000 more expensive than a comparable gas-powered compact SUV. While some areas are cheaper, the depreciation and high charging costs make EVs an expensive purchase.

Top Speed -- Aug. 23, 2023

Why You Should Wait To Buy A Used EV

The used electric vehicle (EV) market is on the brink of potential upheaval, and the warning cry of "Look behind you!" resonates through the minds of leasing companies, car dealerships, and potential buyers alike. The source of this growing concern is the impending influx of ex-fleet electric vehicles, which lease companies and businesses are poised to release into a market that is already grappling with issues of weak consumer confidence, rapid depreciation, model oversupply, and the looming shadow of technological advancements rendering even relatively new EVs obsolete.

It's also worth noting that as electric vehicles improve, older, less impressive models will lose value dramatically. Therefore, someone might be able to score a used 2021 or even 2022 Tesla for half the price of a current one with 300+ more miles in range, a more robust battery pack, better exterior/interior features, and so on. We're in uncharted territory right now: so hold off buying.

In addition to not buying new cars into 2024, we do not recommend heading to a lot for used/pre-owned EVs either. Because batteries are becoming stronger and lasting longer on the road, your 200-300 mile electric car will be pretty useless in the next half-decade.

With that unfortunate reality quickly coming, used EVs will be a sliver of their original price come time to trade in or sell to another hopeful driver. So, it's probably best to wait it out and see where these numbers go: up or down.

With many outlets reporting that fleet dumping is rampant across global dealer lots, this brings attention to the point that most large businesses and organizations are why the EV ownership numbers look good. After all, larger companies and agencies supply their workers with these green cars, trading them in for newer, better models. As this occurs, pre-owned EVs come to lots in masses, leading to value loss across the entire sector.