Why? Why are EV prices falling?

Price-cutting strategy causes the EV market in China to slump. People don't buy because they are "afraid of getting stuck on the mountain".

Electric cars have fallen in price more than any other type of car. Their value has decreased by more than 50% within 5 years.

This is just one of the many headlines about the issue of "both new and used electric cars have fallen sharply in price", reflecting that this is the number one concern for those who want to buy an EV. Therefore, this article will explain the reasons behind it and provide some good advice. If you don't want to bear the risk that the car you buy will have a chance to fall in price greatly, buying a combustion engine car is still a better choice. Finally, we will introduce 3 models with low price drops. Follow us.

Reasons why EV prices are falling so fast

Technological changes: Battery technology and electric drive systems are developing rapidly, making old EV models obsolete in a short period of time. Consumers therefore choose to wait to buy new models with higher efficiency, causing used electric cars to fall in price quickly. In addition, technological developments have also reduced production costs, allowing manufacturers to reduce their selling prices by a larger proportion than combustion engines.
Intense competition: The EV market is growing rapidly, causing more new manufacturers to enter the market. Including traditional car companies that have turned to seriously producing EVs. This increased competition has resulted in marketing strategies to reduce the price of EVs to attract customers, especially in the highly competitive Chinese market.
Government subsidies: Many countries around the world have policies to promote the use of EVs through subsidies and tax benefits. This is another reason why EV prices have fallen so quickly in a short period of time.
Lower production costs: Developments in battery and other component production technology have significantly reduced the cost of producing EVs. Manufacturers can pass on these cost savings to consumers in the form of price cuts. In addition, mass production also reduces unit costs.

Reasons why combustion cars are still a good choice for buying a car now

Short-term value: Although electric cars have fallen significantly in price, they are generally still more expensive than combustion cars in the same segment. Therefore, for those who do not drive long distances often, combustion cars still offer better value in the short term.
Better infrastructure: While the number of charging stations has increased rapidly, they are still not as comprehensive as gas stations, especially in rural areas. This makes combustion cars still more convenient for daily use.
Familiar technology: Many people are still more familiar with the use and maintenance of combustion cars. Therefore, switching to EVs may take time to adjust and learn new technologies. Inconvenient at first
Variety of models and brands: The combustion engine market has a wider variety of models and brands, giving consumers more options to find a car that suits their needs and budget.
Cheaper price and maintenance: Although the fuel cost of combustion engines is higher, the initial purchase price and general maintenance costs are still much cheaper than EVs, especially when considering the long-term cost of replacing EV batteries.
Stability of prices in the second-hand market: The prices of combustion engines in the second-hand market are more stable than EVs, especially in a situation where the price of second-hand electric cars has plummeted by hundreds of thousands of baht in a few months. Therefore, combustion engines are still a good investment for those who want to resell in the future.

The second-hand car market has many models to choose from.

Recommended 3 models with low second-hand prices
For the above reasons, if you don't want to face the situation of "getting stuck on a mountain" from the price of electric cars falling sharply almost every month, buying a combustion engine car is still a good choice at the moment. This article will end by recommending 3 models with low prices that can be sold for a good price even if used until it is worthwhile, as follows:

Honda Civic: A car that has been continuously popular for decades. With a reputation for durability, fuel efficiency, and fun driving, the Civic has maintained its value in the second-hand market well. In addition, the modern design Up to the latest advanced technology, this model is even more interesting.
Isuzu D-Max: This pickup truck is very popular in many countries, one of which is Thailand. Its strengths are its durability, multi-purpose use, ruggedness, and low maintenance costs, making the D-Max in demand in the second-hand market, especially among agricultural users.
Toyota Corolla: One of the world's best-selling cars, it stands out for its excellent fuel economy and low maintenance costs. In addition, this is a popular model for use as a taxi in Thailand. Therefore, there is always demand in the market. It is easy to sell and sells well. The price of this second-hand car model does not drop much.

No need to worry about the price of electric cars dropping by choosing to use the 3 second-hand cars that have low prices that this article has recommended, including many other models and brands, which you can choose to buy with confidence at Autovilla, a second-hand car market that accepts buying, selling, exchanging cars, and provides finance services. There are the largest selection of brands and models in the second-hand car group. All cars sold through Autovilla have passed a 344-point vehicle condition assessment by Goo Inspection, an institution certified by Japan. They are ready to help arrange car finance to facilitate all customers. There are 3 branches in Bangkok and Pathum Thani.

Srinakarin branch Tel. 097-921-9552
Romklao branch Tel. 095-906-0633
Lam Luk Ka branch Tel. 092-940-5098

References

Electric vehicle prices are tumbling. Here's how they now compare with gas-powered cars. Retrieved August 7, 2024 from https://www.cbsnews.com/news/electric-vehicle-prices-falling-2024-ev-tax-credit/
Price driven: electric cars have never been cheap