In 2024, the values of legacy auto EVs in the USA are expected to plummet, as a result of increased competition and a shift in consumer preferences. The rapid growth of electric vehicles (EVs) from both established automakers and new entrants has led to a saturated market, with consumers having a wide range of options to choose from. This increased competition has put downward pressure on prices, making it difficult for legacy automakers to maintain the high values of their EVs.
Furthermore, the growing popularity of alternative transportation options, such as autonomous vehicles and ride-sharing services, has led to a decline in the demand for personal EVs. This has further contributed to the cratering of legacy auto EV values in the USA in 2024. In addition, the rapid pace of technological advancements in the EV industry has made many of the older models from legacy automakers obsolete, further reducing their value in the eyes of consumers.
So before you rag on Elon, check out THEIR numbers as well. It AIN’T pretty and will only get WORSE as 2024 goes on.