Who are these people that just go out and buy a car because gas prices went up? Does going into debt and paying interest on a loan make sense just to save a few bucks on gas?
just goes to show how people overreact to gas prices. they could have bought a <$25k used EV last year and saved $4k with the EV tax rebate. $4k is equivalent to $33/month over 10 years.
they could have bought a <$25k used EV last year and saved $4k with the EV tax rebate.
The people who were in the market for a car last year are by and large not the same people who are in the market today.
Plus let’s not forget, the actual EVs on the used market 12 months ago were different than today’s. Someone looking to buy a 3-year-old car today has to look for something originally sold in 2023, whereas 12 months ago they were looking at 2022 vehicles, with fewer models available and significantly fewer vehicles actually manufactured and sold.
Car are always being bought and sold. Some people jump from car to car every few years; I’ve known people who always lease precisely because they trade what they have every year or two for something new.
I’ve been an EV driver for the last few years; my brother called today to tell me he had just bought a used Bolt for his wife. As things happened one of his grown children had their car completely fail on them this week, and so he and his wife decided to buy themselves a new car so they could sell the old one for cheap to their child. With gas prices as they are they found a gently used Bolt EUV. They pick it up this weekend.
So in their case they didn’t go out and buy a car just because gas prices were up — but the decision between gas and EV was triggered by the price of gasoline.
The EV demand changes reflect the population that is currently looking for a new car (have the money and are willing to buy) and people were previously “on the margin”, those who weren’t looking to buy a car immediately (more like sometime in the next 6-18 months), but due to fuel price changes they have now moved into the first group.
You have to imagine that there’s always someone who is right in the middle of the car purchasing process and perhaps on the fence about which way to go. A sudden change in circumstances can influence which way things fall. There may also be people who’ve been thinking about switching who suddenly feel convinced it’s the right choice and go take the plunge.
Basically people are out there primed to make a choice already and this just tips them one way.
My best friend is running around in a 2004 Chevy gas guzzler because its what hes got. Hes been thinking about getting a hybrid or electric. Now that gas is $5 a gallon and his work commute is 30 minutes both ways hes getting pushed to change vehicles. He doesnt even like his SUV
I just got a used ev. I needed something else because my car was having issues that would be expensive to fix, and wanted an ev anyway, so the decision wasn’t at all motivated by gas prices, even though the timing was. I didn’t want to wait and have used car prices skyrocket to the point i couldn’t afford one.
Who are these people that just go out and buy a car because gas prices went up? Does going into debt and paying interest on a loan make sense just to save a few bucks on gas?
They are probably people that were already looking or anbout to start looking for a new car and pivoted to EV based on current conditions.
just goes to show how people overreact to gas prices. they could have bought a <$25k used EV last year and saved $4k with the EV tax rebate. $4k is equivalent to $33/month over 10 years.
The people who were in the market for a car last year are by and large not the same people who are in the market today.
Plus let’s not forget, the actual EVs on the used market 12 months ago were different than today’s. Someone looking to buy a 3-year-old car today has to look for something originally sold in 2023, whereas 12 months ago they were looking at 2022 vehicles, with fewer models available and significantly fewer vehicles actually manufactured and sold.
Car are always being bought and sold. Some people jump from car to car every few years; I’ve known people who always lease precisely because they trade what they have every year or two for something new.
I’ve been an EV driver for the last few years; my brother called today to tell me he had just bought a used Bolt for his wife. As things happened one of his grown children had their car completely fail on them this week, and so he and his wife decided to buy themselves a new car so they could sell the old one for cheap to their child. With gas prices as they are they found a gently used Bolt EUV. They pick it up this weekend.
So in their case they didn’t go out and buy a car just because gas prices were up — but the decision between gas and EV was triggered by the price of gasoline.
The EV demand changes reflect the population that is currently looking for a new car (have the money and are willing to buy) and people were previously “on the margin”, those who weren’t looking to buy a car immediately (more like sometime in the next 6-18 months), but due to fuel price changes they have now moved into the first group.
You have to imagine that there’s always someone who is right in the middle of the car purchasing process and perhaps on the fence about which way to go. A sudden change in circumstances can influence which way things fall. There may also be people who’ve been thinking about switching who suddenly feel convinced it’s the right choice and go take the plunge.
Basically people are out there primed to make a choice already and this just tips them one way.
My best friend is running around in a 2004 Chevy gas guzzler because its what hes got. Hes been thinking about getting a hybrid or electric. Now that gas is $5 a gallon and his work commute is 30 minutes both ways hes getting pushed to change vehicles. He doesnt even like his SUV
I just got a used ev. I needed something else because my car was having issues that would be expensive to fix, and wanted an ev anyway, so the decision wasn’t at all motivated by gas prices, even though the timing was. I didn’t want to wait and have used car prices skyrocket to the point i couldn’t afford one.