Why are used 500e so cheap?

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Thread: Why are used 500e so cheap?

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    Member atikovi's Avatar
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    Why are used 500e so cheap?

    I can pick up a few 2013's with 25-30,000 miles for under $5,000. That's wholesale but even on dealer lots there are some under $7K. Why so cheap?

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    Senior Member Tedolph's Avatar
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    Because it is an electric car.

    TEdolph

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    Member atikovi's Avatar
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    But they cost like $5,000 more when new.

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    Quote Originally Posted by atikovi View Post
    I can pick up a few 2013's with 25-30,000 miles for under $5,000. That's wholesale but even on dealer lots there are some under $7K. Why so cheap?

    1) Uncertainty about support for and costs associated with long term/out of warranty ownership
    2) Massively subsidized leases. You can drive a new one for a net cost of less than $100 per month for 3 years (mine is $78 per month)

    It is unclear how much a $7k 500e will be worth in 3 years. All it takes is one out of warranty repair for $5 or $10k to leave you with a brick in your driveway. It is a gamble. It could be a good gamble, but it is a gamble.

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    Quote Originally Posted by atikovi View Post
    But they cost like $5,000 more when new.
    They are $32k when new. Subtract State a Federal incentives and they are $22k.

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    Quote Originally Posted by DaveN007 View Post
    They are $32k when new. Subtract State a Federal incentives and they are $22k.
    Still a big difference between $22K and $7K plus not everybody qualifies for the incentive.

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    Quote Originally Posted by DaveN007 View Post
    1) Uncertainty about support for and costs associated with long term/out of warranty ownership
    2) Massively subsidized leases. You can drive a new one for a net cost of less than $100 per month for 3 years (mine is $78 per month)

    It is unclear how much a $7k 500e will be worth in 3 years. All it takes is one out of warranty repair for $5 or $10k to leave you with a brick in your driveway. It is a gamble. It could be a good gamble, but it is a gamble.
    8 year 100,000 mile battery warranty. What out of warranty repair would cost even $5,000 that you couldn't get parts from a junkyard for a lot less?

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    As long as new ones are $49/month (or even $99/month), used ones will basically be worthless.
    Who would pay more for a used car, than a brand new one?
    2016 500e
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    Lack of customers mostly. They have to sell the car for what they can get for it. First you have to appreciate and want an electric car, even with fairly cheap gasoline out there. Then, you have to have a backup gasoline powered vehicle unless you never leave your home town. Then you have to realize the car will not be ecomonical to repair in the event of anything other than a very minor accident. On top of that, it wouldn't hurt to be able to work on your own used electric vehicle, and appreciate that the electric drivetrain and motor controller alone is worth $6-8k. But the typical used car customer wouldn't fit those descriptions very often.

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    Quote Originally Posted by atikovi View Post
    Still a big difference between $22K and $7K plus not everybody qualifies for the incentive.
    The second half of this sentence makes your original statement even more incorrect.

    You said that they were $12k new.

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