Most people don’t want to lose tens of thousands of dollars in value to progress for progress sake… I just bought a car and went ICE in no small part to resale value.
In this sense, EVs depreciating faster than ICEVs is exciting, since if my current Tacoma prematurely gives up the ghost (or I buy a second car) I can add “snag an EV for cheap” to my list of available options.
How many years/miles does the average new ice cost and how much does it cost to own/operate.
I tend to buy the bottom of the market. My last cost £1100 and has lasted 3 years/9k miles so far and seems reasonable.
I didn’t buy electric because they are far more expensive. That’s seems to be at odds with the claim they deprecate more.
There are 57 electric cars under 3k for sale and 30,000 petrol ones on auto trader.
At any price the ratio is about 10:1 rather than 600:1.
Second hand EVs are more expensive than second hand petrol cars.
More and more people buy things for the purpose of reselling them. Houses are now more investments than places to actually live in. Rubbing alcohol was bought up during Covid so people could resell. Cryptocurrency is bought with the goal of selling for double a few months later and nobody really believes in the "currency" aspect of it. Pokémon cards, originally made for kids and to play in a card game, are now all scooped up by cart load by adults so they can resell them on eBay, and those buyers hope to resell later. The 2020s has people trying to sell used cars for equal or more than their new value. Strange times.
Not wanting to eat 50% of a car’s value in depreciation in 2-3 years is a sane decision.
Expecting to sell a used car for a profit without a shortage of used cars is not sane.
I bought a Toyota RAV4 in 2021 and it’s depreciated about 20-25% in 4 years. I could’ve saved a couple thousand bucks and got a Nissan Rogue instead, but that model has depreciated about 50% by now, and I’d be worse off.
Just drive it till it's no longer operational or gift it away to a family member at some point and you get full value of what you paid for without a care in the world about second hand market.
That's what I meant by stops working - stops working for you.
No longer operational meant broken and not worth repairing.