How real is car depreciation …

General Discussion Forum
1

Hi everyone!

In 2022, I purchased an Ioniq 5 right when they were released. The price tag was 60k for the sel model. Considering my job requires me to drive 220 miles daily, mostly uphill, I have to frequently charge the car to make it back home. After enduring the hassle of waiting for a 20-80% charge and witnessing a 20% battery degradation, I contemplated trading it in. Shockingly, the best trade-in offers I received were a mere 18k despite still owing 38k. This experience has been an eye-opener about electric vehicles and their suitability for long commutes.

2

You bought at the worst time possible

3

Jory said:
You bought at the worst time possible

Absolutely, high gas prices and low inventory just off Covid made it a tough time. I bought a Bolt EUV and was relieved to find one not priced over the sticker. It’s worth less than half now, but that’s the risk with bad timing.

4

And now a 2024 SEL is priced at 39k new. Buying any new release vehicle at a premium price leads to such depreciation. That’s why I’m not going for a RAV4 Prime with a 60k markup either.

5

Sounds like you paid extra too. Losing 20% battery life seems unlikely though. How many miles are on it?

6

NicholasAdams said:
Sounds like you paid extra too. Losing 20% battery life seems unlikely though. How many miles are on it?

Yes, there was a 5k markup.

7

Grayson said:

NicholasAdams said:
Sounds like you paid extra too. Losing 20% battery life seems unlikely though. How many miles are on it?

Yes, there was a 5k markup.

5k down the drain

8

@Mikel
It feels like I’m about to lose 60k total

9

Grayson said:
@Mikel
It feels like I’m about to lose 60k total

Honestly, best to cope with the charging hassle. Rolling over that negative equity into another vehicle would worsen your situation

10

@Mikel
I bought a 2012 Honda Civic for work, and now my wife uses the Ioniq for her commute, while her gas car sits unused. She saves on gas, but I’m stuck with the payments and electric bills.

11

Grayson said:
@Mikel
It feels like I’m about to lose 60k total

Just keep charging it. Why consider such a loss? Or perhaps look for a different job.

12

Grayson said:
@Mikel
It feels like I’m about to lose 60k total

Frequent DC fast charging might damage the battery over time. For my work, I’d need to use DC fast charging daily, which isn’t ideal.

13

@Grayson
Actually, DC fast charging isn’t as harmful as you think. Hyundai’s batteries are designed to handle it without significant wear.

14

NicholasAdams said:
Sounds like you paid extra too. Losing 20% battery life seems unlikely though. How many miles are on it?

It has 90k miles, and I’ve been using DC fast charging daily. I figured out the battery issue using an OBD reader.

15

@Grayson
You might have saved on gas, but that initial overpayment is steep. At the same time, high mileage also contributes to its rapid depreciation.

16

@Grayson
You need to consider relocating closer to work. That’s an intense driving routine.

17

Indeed, most people don’t have a 110-mile one-way commute. That’s an immense amount of unpaid travel time annually.

18

Skyler said:
Indeed, most people don’t have a 110-mile one-way commute. That’s an immense amount of unpaid travel time annually.

My commute increased due to a job promotion. Now, I use a Honda Civic for work and reserve the Ioniq for weekends.

19

Seems obvious

20

Leith said:
Seems obvious

:joy: