Nora Naughton is spreading more lies about EVs with her article titled “Polestar’s CEO just hinted at a looming problem in the EV market: Tanking used values”

Why? Because the entitle car market is impacted, not just EVs. Just ask my friend, AI. Nora Naughton might want to try considering how we are going to save this planet with truth instead of looking for quick money from Big Oil by pushing lies.

Let’s delve into the fascinating world of used car resale values in 2024, covering not only electric vehicles but also other segments. Let’s explore the trends, fluctuations, and insights that shape the automotive market:

Navigating the 2024 Used Car Market: Insights and Trends

The used car market is a dynamic landscape, influenced by economic shifts, consumer preferences, and technological advancements. As we step into 2024, let’s dissect the data, analyze the numbers, and understand how various car segments are faring in terms of resale value.

The Car Bubble: Is It Bursting?

Wholesale Used Car Prices

According to the latest data from Black Book, wholesale used car prices are experiencing a gradual decline. The overall wholesale used car market saw prices decrease by 0.33% last week, following a 0.49% drop the week before. While this trend is evident across the board, some segments are feeling the pinch more than others.

Segment-Specific Insights

1. Compact Cars: These nimble vehicles have seen a significant decline, with prices falling by 20% at wholesale auctions over the past few months. Sub-compact cars, in particular, experienced the most substantial drop, plummeting by 1.30% recently.
2. Trucks and SUVs: The truck segment is also witnessing a downward trend. Last week, truck prices decreased by 0.36%, with crossovers leading the charge in price drops. Interestingly, full-size vans have appreciated by over 60% since the onset of the pandemic.

Retail Used Car Prices: A Steady Descent

While wholesale prices are declining, retail used car prices are following suit, albeit at a slower pace. Dealers are cautious about purchasing overpriced cars at auction, leading to a gradual fall in retail values. Here’s what you need to know:

1. Older Cars Appreciate: Surprisingly, older used cars have appreciated the most. Their scarcity and nostalgic appeal contribute to their steady climb in value.
2. Tracking Your Car’s Value: With prices remaining volatile, it’s crucial to stay informed. Regularly monitor the value of your car to make informed decisions about trading in, selling, or buying.

What About Electric Cars?

While the original article focused on Hertz’s Polestar EV, let’s broaden our perspective to include all car types:

1. Electric Vehicles (EVs): EVs continue to gain traction, especially as environmental consciousness grows. Their resale values are relatively stable, with some models appreciating due to increased demand.
2. Gasoline-Powered Cars: Gas-powered vehicles face varying fortunes. Compact cars are struggling, while larger SUVs and trucks maintain better resale values.
3. Hybrids: Hybrids occupy a middle ground. Their fuel efficiency appeals to buyers, but the market remains cautious.

Conclusion

As we navigate the twists and turns of the 2024 used car market, remember that knowledge is power. Whether you’re eyeing an electric car, a trusty sedan, or a rugged truck, stay informed, track the trends, and make savvy decisions. The automotive world awaits, and your next ride might just be a smart investment.