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Why EV Leases Are So Cheap Right Now In The U.S.
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- čas přidán 12. 07. 2024
- Automakers are offering steep discounts on electric vehicles, and especially on leases. In the first three months of 2024, less than a quarter of car buyers leased vehicles, but more than a third of EV buyers did. By May, nearly 70% of customers getting EVs through dealerships were leased. But EV leasing is problematic for carmakers. While the discounts suggest automakers could be offsetting losses in their EV businesses, the resale values are especially low for them.
Chapters:
00:57 Title card: Why EVs have a leasing problem
01:04 Chapter 1: Leasing and EVs
02:54 Chapter 2: Consumers and leasing
06:10 Chapter 3: Automakers and leasing
10:02 Chapter 4: Future of EV leasing
Producer: Robert Ferris
Editor: Darren Geeter
Animation: Christina Locopo
Senior Managing Producer: Tala Hadavi
Additional footage: Getty Images, Rivian, Tesla, Ford, GM, Hyundai, Polestar
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Why EV Leases Are So Cheap Right Now In The U.S.
Oh no... car dealers are losing money. So sad.
Can someone please think of the multimillion dollar corporations?😢
@@salmonyu3024 Actually it’s multi-billion with a B. Yes so so sad, I will pray for them 😔 🙏
If you think they're losing money you should rethink that. The media is being paid to lead you to believe it's a good time to buy a car. In many ways they're right but if you think manufacturers or dealers are losing money they're wrong.
Poor people are annoying.
@@toddswenson I'm looking at the many nice luxury cars being sold for way less as used cars. I've got 20k cash to drop. Loving all this. Let others pay the depreciation and I get a luxury car half off that I drive to death.
It’s not a 30% discount if the car is marked up by 50% at the dealership 😂
Exactly. Manufacturer is upcharging for the new hotness. The dealer is upcharging for scarcity. The consumers are finally wising up and voting with their wallets.
@@anthonysayers2734@anthonysayers2734 Manufacturers aren't charging that much; they are actually incentivized not overcharging; there are records of executives upset at how much dealers upcharge and the manufacturers are forced to offer direct discounts to offset it hurting their bottom line.
Previously working at a Dealership, EV's are the only car that dealers take a loss on. The manufacturers sell at the retail price but its so high that dealers have to take a loss on it in order for any to get sold.
💯🤣
Reported for misinformaton.
The 1% of rich people think of how to invest their money to increase their wealth during the recession. While 99% of struggling hard-luck people think of how to survive without food and daily necessities in the recession and the coming hyperinflation
Good comment, Non traditional assets can definitely help. Look at international stocks since some global markets are showing resilience despite the FED’s gloomy outlook.
@@Angelavaldess Just search for dividend aristocrats and choose six to ten companies with over 25 years of dividend payments. Consider working with a financial advisor to build a strong portfolio.
@@Angelavaldess Investing Is more than reading quarterly reports. Learnt this from reading Peter Lynch's book. I believe there are people who do this for a living, and I just delegate the task to these professionals. That's how I make money from the market to be honest.
Investing Is more than reading quarterly reports. Learnt this from reading Peter Lynch's book. I believe there are people who do this for a living, and I just delegate the task to these professionals. That's how I make money from the market to be honest.
@@Jaymilnere Well, I and My partner use one but He isn't very proficient so we've been looking to switch fund manager for a while now. Any help pointing me to who your advisor is?
Omg how horrifying….used car prices are going down…sounds great for the consumer….but we certainly don’t want that 😂😂😂😂
No. Not cheaper cars!!! 😱
ehh, it’s coming to light that ev are kinda disposable after 5y making leasing more appealing. and they seem more like a niche product. More bad news for the environment i guess.
@@MrMadvillan what makes them disposable….they just came out with
a 1 million Kilometer battery …??…they meaning MG a Chinese car maker …it will outlast a gas car by orders of magnitude
@@SuperMachead1 just because a battery can last for 1m km doesnt mean its good. as battery degrade it wont hold as much charge. Meaning if you started with a 500km full battery by maybe 5 years you'll have 300km instead. By the time you use up your 1mil km battery you'll get what 100km lol. But these are all wild guesses, but you get my point.
@@MuiKaHo they are very wild guesses…even batteries now don’t degrade like that….imagine the battery technology 5 years from now…that can travel 500 miles on one charge and can be recharged in 10 minutes….battery technology is going a thousand times faster than gas car technology ….100 years ago Henry ford made cars not so different from cars today ….🤓
They are not cheap now. They simply had wildly unrealistic MSRP.
Limited Supply during the pandemic related supply shortages and other things like ships stuck in Suez Canal, etc. Led to way higher prices.
Just now are volumes getting to the level where they have true economies of scale with EV automakers like Tesla and BYD. Others like KIA and Hyundai are doing well and most of the rest are just lighting money on fire and won’t commit to the volume they need to be profitable.
It’s getting ugly for Legacy Automakers, especially in China where ICE Vehicles are going away fast.
Telsas are down like 8-10K AUD here in Australia, and I reckon they still make big profits on the Model 3s and Ys
32k USD for a Tesla Model 3 after tax rebates is very cheap. A Honda Civic with comparable features is that price
hertz is selling tesla for very cheap. There is no reason to buy a new one.
it’s crazing seeing ppl drive those ev mercs around like 2yo and they’ve already lost like $30k on it. Ev are a niche product - second car, home owner, kinda wealthy, new car every 5y.
Video: This is a big problem.
Comments: It's good for customers. I see no problem.
Cars are priced high (media reports bad news); Car prices dropping (media reports bad news).
Its all bs
Negativity bias grabs attention, which grabs advertising. That constantly intensifying mass media information stream explains why there's such a huge disconnect between popular sentiments and dispassionate statistics, especially historical ones that show the trend from the not-so "good old days".
Because the main revenue of the media comes from commercial ads... If the companies don't sell, there's no money for advertising (so no money for the media)
because they are taking views from different perspective. Cars priced high = bad for consumers, cars priced low = bad for car manufacturers. its not a hard concept to grasp
Here’s why I leased my EV6, my car payment on a good rate for a 2020 Niro was $429 a month and the value of the car was doing nothing but depreciating, the lease on the EV6 was $255 with no cash down and they take the hit on the depreciation. Saved almost $200 a month, charge at work for free and never have to do any maintenance, the savings are insane and the cars are stylish, fun to drive and are worry free.
Yea that’s a no-brainer for sure, glad you’re enjoying it! I’m considering an ioniq 6 myself.
"cars are stylish, fun to drive and are worry free." sure :-)
How the heck did you get that deal?
@@danielbenner7583 use Edmonds lease forum to get the rates in you are on specific vehicles, it helped me negotiate with little hassle.
@@evanetter advertise special of $4500 off MSRP plus applied $7500 ev rebate towards the lease and my state had a $2500 rebate that Kia matched, we also have a long range wind which is not the top model but the only difference is a auto lift gate and sunroof. You can find them for under $300 a month by looking at dealer specials in your area and just getting quotes and having the dealers compete against each other, it’s not fun or easy but the end result is worth it.
I don't see the problem. Market gets flooded by cheap EVs, second hand EV's become more price competetive to ICE vehicles, people buy more EVs and less ICE.
Where is the problem exactly?
profit margins for the fat cats on top lol
totally agree. I got my couple year old EV for a song. love it!
stop making sense while cnbc is trying to be dramatic!!!
@@pezpengy9308lol
the problem is that the rich people wont be making as much money as they usually do 😢
How are these documentaries leave out the fact that prices dramatically dropped is due to the supply chain getting balanced after Covid?
Old news
Also because most people already got a new vehicle during that over reaction to covid that permanently crippled the US.
Yeah that is trivial at this point.
@@samsonsoturian6013Nah Bruh,
That and stuff having to be shipped around the entire continent of Africa because of problems in the Red Sea, plus Panama Canal and Suez Canal having problems with drought and ships getting stuck means supply chain issues are really just getting fixed over the last year or so.
There’s huge parking lots full of ICE vehicles, especially expensive SUVs and Trucks with crappy mileage piling up on Dealerships Lots. The next two years will be bad for Dealerships and Legacy Automakers because the costs of auto loans has skyrocketed.
It's the year 2100, earthlings still blame Covid 2019.
40% of vehicle owners do not own garages. We need more charging stations at least 130 kw level 3’s
This is the other issue, they are not committed
I'm still shocked that federal govt isn't upgrading every street parking with a 11kw charger & every apartment. Just do it & charge customer for electricity
We don't really need that many level 3s. We need a lot of level 2s or perhaps small, slower level 3s. Chargers that are cheap (less than 1k), don't require male rewiring, and are more efficient. Everywhere. And then level 3 smattered about for road trips. That's the ideal for me.
@@Cyrribrae 100%. "spamming level 2 chargers everywhere" is MUCH more cost effective than overdoing it on a much smaller number of unnecessary level 3 chargers. Most cars sit 8 hours untouched every day either at work, home, or both. Ideal time to charge. We should be making sure workplaces have sufficient level 2 charging, since it's actually easier than convincing every apartment complex and quadplex landlord to add charging.
A lot of new complexes are doing just that.
It's also the car dealerships fought for being greedy with markups. Car manufacturers are a fault for increased prices. Both sides are price gouging. Sucks for them consumers aren't buying.
It’s the consumers fault. They were not forced to buy. If you can make a payment why not save a payment then pay cash? Drive a beater till you have enough to pay cash?
@@Bonsai-Miata2020 thats thinking like a aged boomer. get with the program.. most beaters require more maintenance then newer cars are more unsafe then todays models
It a catch 22, its either you spend the money to keep your beater going or you spend the money and make monthly payments on a new vehicle, many factors too as imports cars compared to domestic cars are different in price for replacement parts, different manufactures build better reliable vehicles than others. As for safety its really not in our control of other drivers with bad driving habits, and cause more accidents, regardless of how good of a driver you are. And if I buy a small car for fuel economy or ease of driving like EVs, a big SUV or truck will crush me, regardless of any safety features.
In 2022 I went to every kia and Hyundai dealer in my city and the minimum markup on either the EV6 or Ioniq 5 was 8k. Average was 12k.
I turned around and bought a model 3. More range, better tech, better supercharger accessibility and reliability, and a usable frunk for less money.
Easiest choice of my life.
Or, you could check and see that lower priced EVs were selling well in this time where people were having a harder and harder time saving for a home or even paying rent, but higher priced EVs weren't selling as well as automakers hoped. And neither have sales of higher priced non-EVs.
Kia and Bolt EV sales have been good. Higher priced EV sales have had issues.
That actually makes sense to me in this market...
And the thought that used EV prices could be a bad thing? Used prices of any car doing down is a good thing for people buying.
As long as you didn't buy your car as an investment, it doesn't really matter much if the used price goes down. And the fact that it means it will be more affordable for someone needing to buy used is a good thing...
As for long term loyalty, I've have my Bolt for almost 7 years now. Just about 150k on it. Love this car. No plans on selling it in the near future, but when I do, whatever the new Bolt is at the time will be high on my list. Yes, I expect to not get much trade in value by then, but I'm fine with that. I've really enjoyed this car and it wasn't too expensive to buy in the first place.
Our 2015 Tesla Model S was purchased as a 3yo EV for $55k. Our 2014 Toyota RAV4 EV was purchased as a 7yo EV for $16k. We still own both vehicles, and have no issues with them. I think the issue is that people in general aren’t buying NEW cars, or even leasing NEW cars, and that has absolutely nothing to do with if it’s gas powered or electric. If the price is right, it will sell. BOTH our cars were purchased from dealerships, or rather, whatever method Tesla is calling it, since they legally can’t sell cars in my state. So these weren’t private sales. They were just affordable.
If manufacturers could go and make new cars that are affordable, then maybe things will change. They couldn’t do that with our EVs because one was a novelty from a new tech start up, while the other was a compliance vehicle made for the sole purpose of being able to sell regular gas vehicles in CA. But if say Chevy, had continued producing their 2nd generation Chevy Volt, by now, the technology and tooling would have well paid for itself. But they didn’t, because they make more money selling gas powered trucks and SUV. Who buys a car anyway?
Sales are way down on evs. Nobody wants them or the liability
@@thomasjgour4678 Sales are way up for EVs and climbing. Many people want them because they're reliable.
@@thomasjgour4678 Well that is verifiably not true. I want and have an EV. :-)
@@thomasjgour4678Please quit lying. EV Sales are up both Globally at close to 17 MILLION EVs this year alone and in the US total. There was well over 1 MILLION EVs sold in the US last year and the will be even more sold here this year. ICE vehicle sales are crashing in China and Europe and will begin crashing in the US as more and more ICE Vehicles sit on dealers lots for longer and longer. Legacy auto has been increasing prices and production of expensive Vehicles each year and now those are filling up dealers lots.
Tesla nd several other EV manufacturers keep slowly lowering the prices of EVs as Economies of Scale continue growing.
This silliness won’t even be a discussion point in a few years as EVs take over in all the Major Markets.
Leasing eliminates battery replacement worries
Those buyers are smart. They know that these cars devaluate like crazy. Might as well get rid of them after 3-5 years. Car makers will have to rethink about how they will do business and earn moving forward, but the old way of selling cars with these EVs might not work.
I think EV leasing is a good way to try it out. I got my reliable corolla paid off and can get me anywhere I need. EV leasing allows me to try it out and also get a feel for it without feeling like I have to commit. I’m essentially wasting money but like I said, I don’t really need a new car to own. I do see leasing as a luxury rather than that financial decision.
This is one of the few exceptions where it makes sense to lease. There are only a few financially viable reasons to lease. I might do this too. I'm 29, earn $120k, no debt and drive a used 2016 Nissan Altima. I've never driven a luxury EV and am curious to try it out for a few years.
If you get a good enough deal on a lease, because of all the incentives, it can actually work out better. Especially if you live in a State or Local jurisdiction where they have matching offers.
@@djm2189hold onto that Altima.
My exact thoughts. I have suv for long distance traveling and lease a Tesla to try it out.
Yeah $3500 due at signing for 36 months adds another $100/month to the payment.
Plus tax is extra and some states tax the incentives. The one pay leases from Kia/Hyundai and Chevy offer the best deals. They can be under $300 a month all-in for a $50k car.
Your math is a bit backward. Adding a $3500- down payment makes the monthly price LESS, not MORE. If a buyer chooses a “no money down” option only THEN will their monthly payment go up (substantially). 😮
@@alexanderg117 You must be joking lol. I am dividing the $3500 over the 36 months, because that is the effect it has. People like you are who car salemen long for.
@@alexanderg117you misunderstand the point. A $300/month payment plan isn't $300/month if you have to pay $3600 up front. That puts it at $400/month for 3 years.
@@vdinh143 40 thumbs up so far from people who understand MY POINT. Get some help with it maybe?
Payment prices are still high imo, $300 - 500 in monthly price is expensive to me, add to the fact you don't own the car at the end of the day and you can only drive a certain amount of mileage.
@@darrendent8288 depends…. $300 x 3yrs about $10k. If you were to buy a new car in 3yrs, you don’t think you will lose at least $10k on you 3 yr old car?
Why do you want to own an asset that's constantly losing value?
@@aplantebecause we want to get from point a to b in a timely manner
You can't own a car when you pass away like you'll never own anything. Everything is rented🤷🏾♂️
@@moonguyrt This isn’t accounting for the fact that a downpayment / inital payment is required on most leases, can usually range from $3,000 or more.
EV prices are down because Tesla used dynamic pricing and quickly dropped their prices to move sales…..Tesla is going to be the winner here. Traditional automakers are playing catch-up.
I think this is necessary for the EV market to mature. It is bringing about a glut in used vehicles which brings in younger buyers. The lease prices also allow other people who typically cannot afford an EV to the market. The problem for EV profitability is volume and dedicated production. Tesla has the volume. Most of the legacy automakers do not.
I can attest, I am the younger buyer lol. I had an older gas-engine car that passed down to me from family. It lasted three years, but not without constant maintenance. Once it died, I saved money for a few months, looked at the crazy used car prices, and did not want to deal with the maintenance for some 15 year old car that was selling for $10,000. I researched all about EV's and saw that my local dealer were leasing them for pretty cheap. All I do is drive to campus, get coffee, and go to work, so not many miles per year. Now I can do it all without stressing about an engine or repairs.
I completely agree
@@mitch.ricoooWhat did you end up leasing? And what are you paying for it?
What about the battery pack. Are the second buyers going to be stuck with batteries practically at the end of their life and need to pay the battery replacement costs? That might end up being a huge financial shock for someone who is in their first job or a single mother who needs to get to their job. A used electric vehicle that's 5 years old need a new battery since lithium batteries develop charge memory
@@ph11p3540Modern EV batteries, generally speaking, actually degrade pretty slowly/gracefully. Chemistries and cooling/management systems have improved dramatically since the early days. Most 2017 Chevy Bolts for example, now 7 years old, still have the majority of their capacity.
Most manufacturers also offer a 6-8 year warranty on batteries, so if a buyer ends up with a disproportionately degraded battery, it can actually be advantageous since it qualifies them for a free replacement.
Prices have to go down. This is a good thing. They know that once people try them, they are going to like them.
I rented a few electric cars and my city had a test drive demo on mamy different types/models. Great way to experience ev's
We have a super duty we use to travel long distances. I am thinking of getting a couple of teslas as Dayly daily drivers. I am a fleet mechanic and the evs in the fleet have held up well.
Yea, this makes sense. Covers all your bases. And eventually maybe get more comfortable with taking the EVs long distance too
This is great for EV adoption. So many skeptical buyers will be able to try a lease, or an even cheaper post leased used EV.
Got a leased Mach E , and I am saving a lot with gas - around 1300/year in gas only, but add oil and maintenance and I’ll save around 1800/year. I know it’ll depreciate more than ICE, but my idea is to drive it until it dies for good. I was never a fan of EVs, but can’t complain about my deal now!
But your insurance is higher, and you need to change tires more often both winter and summer tires.
And.also annoying to wait to be charged.
Just enough troubles after troubles.
@@bedbath9056 I had a Mustang so insurance on a sports car was 250 dollars/year more expensive. I live in Florida, so Winter wont be an issue, and so far mileage per charge is being pretty accurate, actually, a little better than the car predicts. I drive 30 miles a day back and forth to work, but use only around 20 miles from the battery. You're right about the tires, but let's see how that goes. Charging is no issue, I charge at home between 9pm and 6am to save even more, enough for 12~14 miles. Also having a second car that’s ICE helps as I am not ready to take the EV to long trips! I made a little risky move, and so far good.
EVs are throw away cars
When you return a leased EV they Add the depreciation cost of the batteries. You will get billed !!
Nope, don't know where you got that info, but it doesn't apply to Ford's Mustang Mach E.
CNBC got it all wrong again. The dealer will not lease to lose money. Cars of any type have been holding their value better than before. The dealer will get the car back in 3 years and be able to sell it for a nice price. Found a 2021 Honda Civic with +30k miles for $27k! This car market is still insane!
Just supply not matching demand. As more EVs are produced, and last longer on the roads, the overall supply of EVs for sale will be higher, and reduce prices, overall a good trend for EV buyers. The intrinsic value of EVs being simpler and cheaper to produce will be passed to buyers as lower prices, just through a bit of convoluted process.
Not true just about every new vehicle is overpriced by 20% to 30%. I promise you they ain’t trying help us save money we’re nothing but numbers to them.
Why does it matter if they are simpler if they are more difficult to repair and more expensive?
@@wastedpotentiel That's only true of Tesla EVs, other EVs are not harder to repair, battery are the most expensive, but coming down in price & comparable to engine replacement, which is rare for both.
@@tgenesis8784 In the US yes, because of greedy profits, prioritize expensive & heavy EVs, but we're just going thru temporary transition period where affordable EVs are coming, the rest of the world is already ahead in having these available.
@@jayziac the roads get chewed up much faster. Damn multi ton bricks …
Sounds like I should buy a used EV in 2-3 years. I’m betting there might be some good deals.
If the lease is cheap, the payment leftover is going to be high. So it might not be as good as you imagine. The Lease is probably a better deal.
They gotta stop overcharging
@@supreme5998 The amount they sell the used EVs for is not based on the leftover payment. If the lease was cheap and no one's buying the used cars after the lease, then the used cars will also be cheap. Everyone in this video is talking about how they're just punting the demand to 2-3 years in the future and that there could be a reckoning when the cars get off lease.
@@youtubewatcher4603 I sold cars for a living. The balance on the lease after it’s up is the dealer cost without incentives. If the dealer wants to sell the car without a loss, they will sell the EV at remaining balance + a mark up in most cases.
Who would've thought greedily overcharging customers would backfire?
EV adoption is growing, the market ebbs and flows as usual.
In my neighborhood, many neighbors that typically wouldn't be interested in EVs are now starting to pay attention - asking questions, showing interest, and making purchases.
As Jim Farley described, it's ultimately about the experience of ownership.
My family started with a PHEV (plug-in hybrid electric vehicle) and completely finished our transition away from ICE (internal combustion engine) this year.
The performance, comfort, and convenience are the major factors for us.
Car affordability crisis is officially over. New EV lease and used EV are dirt cheap right now
I bought my 2023 Ioniq 5 for a pretty good price and my wife leased her 2024 Ioniq 6 at a very low monthly payment. After a year of ownership I believe the Ioniq 5 is the best car I have ever owned. I love it! I plan on keeping it till the wheels fall off. My wife likes the latest and greatest so she’s happy with her car but also excited about how EV technology will evolve once her lease is up. One thing is sure, we will never go back to ICE. Once the truth gets out about how great EVs really are, more and more people will make the switch.
EVs are awesome but I worry on how much will it cost to replace the batteries and how long will take until it needs replacement, did they give you any estimates at the dealer ?
@@Ed-bj5eq in the US Hyundai warranty on the battery is 10 years or 100k miles whichever comes first. The consensus is todays battery will outlast the car.
Good you both like the cars. IMO, some people may not be going full EV because it's not for them. I for one, do not own an EV, although I did have a plug-in which I loved for the really short trips. Taking a mid/full-size EV SUV (since in Merica we love SUVs) for a family trip in the winter (ski trip) that consists of mountainous roads, isn't the most satisfying. But using an EV for local trips, I can see having its pros.
We were signing a lease on an Ioniq 5 and I almost walked away from the deal over the "I'm paying $350 a month and won't have anything to show for it in two years?" question. What clinched the deal was that Hyundai is/was offering free charging through Electrify America. So now my $200/month gasoline bill is shifted into my lease payment, net payment $150 a month. That was an easier pill to swallow and we can decide in two years if we want to stay in an EV. I think we will. The thing drives like a rocket.
You will have headache at the time of closing your lease. I had really experienced while closing lease deal with toyota. Hope, Hyundai treats you nice.
Please don’t rely on public charging to enjoy this car. It will be a pain in the ass. Charge at home. Public charging is for road trips. it will cost you like $6 to fill up that car each time at home. So cheap.
@@justinstewart3248he said he got free charging
They mention demand for EVs stalling but not the lack of investment in our EV infrastructure. You still see WAY more gas stations than you do places to charge and you can’t have mass adoption without fixing this too.
11:49 11:49
Amazing video, you work for 40yrs to have $1M in your retirement, meanwhile some people are putting just $10K into trading from just few months ago and now they are multimillionaires
bitcoin does not pay any yield but will reward you with growth that you can't find in any other asset class
look at the charts, bitcoin has outperformed every stock and banking product ever developed even after multiple pullbacks over the last decade. not a financial advisor but I know what i'm saying
The key is diversification. Personally, I delegate my investing to an advisor, cos my job doesn't permit the time to perform market analysis myself. Thankfully, my once ago stagnant portfolio has now 5X in barely 4 years, summing up almost 7 figure as of today.
i'm blown away! more info please? i am a young adult living in Miami where i've encountered several millionaires, and my goal is to become one... they all seem to be involved in either real estate, stocks, or crypto
Can't share much here, I take guidance from ‘Sophia E Haney’ a renowned figure in her industry with over two decades of work experience. I'd suggest you research her further on the web.
Bought a 2023 q5 plug in hybrid and didn’t get the tax credit. I spent 2 hrs on the phone with the IRS and they couldn’t tell me why I was rejected. Needless to say, I’ll never buy into another government sponsored program.
It’s so crazy that the media keeps saying “look at how much money the manufacturer lost” the combustion engine factories and infrastructure have been built out and paid off for decades and they have to completely rebuild and retool their facilities to make EV’S and build the supply chain. Tesla almost went bankrupt numerous times and only achieved revenue after scaling over years. In the next decade the supply chain will become more built out and the cost of these companies will start to make revenue. Also the foreign manufacturers are super smart for leasing vehicles to get the tarps credit loophole. They will then be able to potentially double dip on the used tax credit if the cars values drop below $25k. You also will convert someone to your brand that would otherwise shop elsewhere. I would easily lease an Ioniq 5 if I was in the market for a vehicle right now.
The one thing that CNBC forgot to mention, is that Tesla is the only company in the world who makes a profit on EVs. Hence the price cuts will hit other manufacturers wayy harder than Tesla
Exactly they are some woke fake news outlet 💩
The Model Y is the best selling car EV or Not in the world so CNBC doesn’t know jack or jill.
Not in USA but BYD is putting immense pressure on TLSA in foriegn market
They didn't mention it because it's not true, they did mention "most" legacy makers lose money, which is true. Other than Chinese brands (including Volvo now), Hyundai/Kia do make a small profit on EV's...while making a killing on their ICE products for the highest margins in the industry.
BYD may also. But your point is valid. Until Legacy Automakers determine to make Enough EVs, they won’t be profitable on them. And that means that they will be less likely to want to make more EVs.
Vicious cycle for the Legacy Automakers. Self Inflicted, of course, they’ve had more than a Decade to adapt but fought EVs most of the way.
Dealership Mark ups are still insane
I am leasing a 24 Nissan Ariya, AWD maxed out trim, for $275, 18 months, $1000 down and 10k miles, annual limit. I can purchase additional miles at 10c, which I am going to need as I love driving this car. Even paying for the additional miles is cheaper than paying for gas in my ICE vehicles. This deal is THE reason I switched, the experience is the reason I'll stay with EVs.
Would leasing a good option for someone not qualified for $7,500 tax rebate? If income is over $150K or $300K, then leasing become attractive because the leasing can have rebate regardless of income level.
@@feng443 The income limits don’t apply to the $7500 tax credit if you lease.
It seems that Tesla does "take off" $7,500 for a lease of a vehicle. I just leased one and it factored in the $7,500 credit.
Didn't expect to see Kyle making a cameo appearance.
Good catch! Briefly at 4:39!
Hi Tom! Big fan.
I remember when Tesla model 3 used to retail for around $25,000 for based model! That’s when the Ev market was booming. These dealers saw that and start mark up all the prices on EV’s. I’m so happy these dealers starts to feel the pain we feel as a buyer feels.
What are you talking about? That’s right now, after Tesla has lowered prices a ton. They don’t have dealers.
@@jpq21 other EV DEALERS! Tesla not the only company that sell Ev’s Tesla don’t have dealers bro.
@@gravityent9943 Right. So when was this time so long ago when Model 3’s used to retail for $25k for the base model? Keep in mind that they currently retail for that much in some states with significant EV credits.
If I had to drive an EV, I'd go with a lease. Those things change way too much way too fast and their expensive, proprietary, monolithic batteries are far too much of a liability for my liking.
If you buy an EV in Washington state just wait until you have to renew your license tabs. All the money you "saved" will be paid to the government in the form of taxes.
I am so happy this is happening ❤❤
If you are putting thousands of dollars down on a lease, all you are doing is prepaying your monthly payment and if that car gets wrecked, that money is gone.
Wow no body knew.this !!!!
Wow !!
😂 😂 😂 😂 @@bedbath9056
Why not? Lease for cheap, save on gas and return the car to the dealer after 3 years. Let them worry about the resale, which will be their headache, not mine. Sounds like a great deal to me!
I am in a very desirable market, and in the last half an hour I saw 10 lease deals on TV for $200. if you go to the lots of people who make and sell EV’s they don’t even have room to park them anymore. There is a huge backlog of cars coming and nobody wants them. Add that to the fact that China is trying to bring 1 million electric cars already made and sitting in the field. And they will do anything to sell them here, even if they’re 10 thousand dollars, and the pressure on electric manufactures is immense. Prices are going off the cliff and that will take regular cars with them.
leasing a car is the dumbest thing anyone can do
I agree leasing is dumb if you are poor but can be very strategic if you are a high earner with a business.
You clearly don't make a lot of money then. There are a LOT of advantages to leasing for high income individuals.
Not with the correct incentives.
leasing is only for people who want to have a car payment for the rest of their life. I pay cash for used cars that are 5 years old, letting the original buying take the depreciation hit.
I own both my 2 shitboxes, paid cash
Rental fleets notorious for dumping large amount common vehicles on the market really affecting all car values. Remember cars are depreciating liabilities not assets. Robotaxi could be an asset if you owned it making money for you while your sletpimgb
I drive a 2005 GMC EVONY that's a V8 & has "OVER 328 THOUSAND MILES" on it & it's paid off.
NO CAR/TRUCK PAYMENT FOR ME, BABY! I will drive it till it won't go in 4x4 mode NO MORE.
Then I'll have the dang transmission rebuilt before I go into debt again!!
Same with my 2007 Chevy Silverado 4x4!! I refuse to go back into debt on another car/truck. 😊
Tesla cars leased only amount to 3% of total sales. This video implies Tesla has a problem. In fact, the opposite is true for Tesla.
Leasing is a brand-value killer, just look at the used prices of European cars, a huge ratio of them are leased instead of bought. There are other variable which play into that value loss but leasing is a big one.
Because they are expensive to repair
Leases in Europe often work differently than in the US. As does car ownership, for that matter. Hard to compare directly
Biggest reason why they push people to lease is because they all use Chinese batteries to get that loop hole. Tesla gets the 7,500 through all options, cash/loan/lease
Trying to charge my rented EV is a total nightmare! It’s a good car locally but a 170 mile road trip uses double the electric energy! I got stuck in a rural town after driving 77 miles to Victor, NY then an additional 81 miles to Wellsville, NY! I had started with a “full charge” of 342 miles and got down to 31 miles of charge before I even reached my destination. The only charger I found before I would run out of miles was 20 miles away and I got there with 6 miles of charge. When I plugged in it was TEN HOURS and FIFTY MINUTES to full charge! Yes you read that right! It was a slow charger (only one available) at the University of Rochester Hospital in Hornell, NY. Needless to say that car stayed there all night long! Around where I live most of the chargers are those slow chargers. You go to EV chargers shown on the EV map and it’s either broken or doesn’t exist, or it’s one of those slow chargers! Last week I waited at my local AAA for three hours to use the one and only fast charger that someone else was charging their car on. They had left their car to charge and didn’t come back for three hours. I didn’t have enough miles to drive across town or to another town to charge! I then had to sit to charge my car for an hour and fifty minutes, that’s what they call a fast charger! I cannot wait until my personal car is repaired from a hit and run! I will never rent nor buy an EV, I take frequent long road trips and our infrastructure across this country is not ready to handle travelers in EV! I recommend anyone wanting to buy an EV rent one and take a few road trips of at least 2 hours and see for yourself.
So teslas haves a much bigger and better charging network . Other EVs deal with what you dealt with so I recommend only a Tesla right now as far EVs . Also if you charge your car at home every night or if you use your car as a daily commuter car locally then it works for you . If you drive long distances a lot and don’t have a home charger then an EV is just not for you .
For all you people saying EVs are marked up, they are not. They are sold at below MSRP all the time. I bought a Genesis GV70 EV prestige model that had an MSRP of $75K. Walked out with a lease deal with a price of $52K. Lease was only $500 a month. EVs are great for certain people
Non-EVs are accumulating at dealerships too. Some EVs are still selling strongly.
The losses car companies are making with EVs is due to the fact they slept on EV development. They could have started 15 years ago instead of 5. VW is struggling with software development because until late in the ID/MEB development, nobody thought about connecting all control units centrally and making them online updateable. It was just not feasible while buying controllers from a dozen of different suppliers.
Tesla has rather high profit margins on their sales.
95 percent of EVs sold are still on the road today. The other 5 percent made it home.
No one can outrun reality forever. I'm an electrical engineer and the way the EV-mania was bought on was nonsensical - overpriced, overweight cars with nowhere near the infrastructure to manage it. EVs are probably good cheap cars for those who have a backup car and have the charging infrastructure at home but for everyone else it is a shitshow.
I think we’re forgetting that the manufacturers captive finance arms are locking lessors in at historically high money factors and banking that profit for the whole term even after rates are eventually cut. They will have built this profit into their models to offset some of the discount. Not to mention a $7500 tax credit is worth about $225 of monthly payment which is a huge driver of the low lease payment! Big luxury sedans like the 7 series and A8 have successfully leased at sub 50% residuals for a couple decades now.
This still is good for the Lessee’s if they get a good deal and low payments on a vehicle they don’t have to eat massive depreciation on.
This doesn't change the fact that EVs are still extremely dangerous for you, me ,and our Families
It’s so “cheap” because no one wants them. Leasing = you pay the depreciation
Plug-in Hybrid is the way for me. At least right now.
I would go for them if the car makers would put larger engines and conventional auto transmission.
This is an initial thought of typical people, then you switch to an all electric vehicle, you realize how dumb it was to have a hybrid… on hybrid you still need to do maintenance on gas engine, oil change, etc. one of many big benefits of owning an ev… it’s slow, inefficient and dirty. The ONLY time hybrid may be better option on today’s technology is if you need a minivan.(no ev available on market as of 2024) I went thru gas, hybrid, then battery backed up hybrid (bmw i3), to Tesla only to realize how dumb I was before…😂
@@moonguyrtand then when your battery dies you pay 20k for a new one or let it sit there useless
Perhaps but then you realize i can keep my toyota for 30 years and by then most issues with EVs will be found and corrected by then. I still wouldn't purchase an electric vehicle especially living in California. They're going to keep lowering their price until they cost as much as a Hyundai because at this time these cars are only good in cities where you don't drive much AND the weather is consistent. Too hot or too cold will wear the car much faster than an ice.
@moonguyrt
@@ivand0007 people say this due to news/youtube they saw on Nissan leaf or the very first generation Tesla model s from 2012. Nissan leaf is a very small battery car with old tech battery which degraded very quickly. There are many teslas out there with 150k+ miles on the road today. Far more likely your ice vehicle will fail before battery will. And likely hood electric motor failing is almost nonexistent compared the a gas motor. Same as catching fire
Why are EV prices so low? Because there is no growth anymore. People that wanted EVs, already bought them. People that don't, won't, and it would be hard to convince them to switch over. And so, inventory just keeps growing.
EV manufacturers and dealers are targeting women, young and old, because their an easy sell. They don't realize the true dangers of Lithium batteries to them and their families plus the long run cost of operation is outrageous. Please, don't put your family in any EV
China sells the most EV’s and most cars in the world. Every manufacturer wants some of that market
Yep. And BYD is coming to the US. They will manufacturer in Mexico so allowed into the US under NAFTA. Starting prices will be under $20K.
1:33 a good editor would have noticed dad giving the ole bag scratch right there hahahahaa
Won't this be beneficial for the consumer, who might find the value of his leased vehicle lower at the end of his term and can buy it making it cheaper in the long run ?? Can someone explain
First 2-3 years are the WORSE depreciating periods. So if the lease holder wanted to buy the car they could. Due to the lease terms they actually are worse off now instead of if they bought it new outright. Now the best financial move is to buy a used 2-3+ year car cuz someone else paid the HUGE depreciating periods. So instead people should save a bit driving their lame cars and then buy the used car they want from the dealer where someone else already paid the largest depreciation. For me sitting in a new car is not worth an extra $15k+.
@@djm2189Again, the entire point of this is that on many vehicles you’re able to take the $7,500 up to $12,000 with some state and local of Incentives off the cost / price of the lease.
It means there’s a much better deal to lease for the next three years than not.
This may or may not be available in three years but quite a few places make it worth doing now.
@@DavidC-pg6ni first I agree with you but the average American lives way above their means. Again they can't afford a $1,000 emergency without taking out a loan. Thus they probably aren't good with their finances and even know what a good lease is. If you're educated a lease in this advice is good for you if you're not educated or have the funds then you must do your due diligence and live within your means even if that means an older not as pretty car.
EV sales growth crushes internal combustion engine vehicle (ICEV) sales trends. Comparing 2023 and 2022 totals, EVs saw 47% growth while ICEVs (gas and diesel vehicles) saw 10% growth.
Comparing 2023 and 2021 totals, EVs saw 142% growth while ICEVs saw a 3% drop in sales. EV sales were up 356% in 2023 compared to 2020, while ICEV sales were up just slightly, 1%.
I've lived in Cali for 5 years and I still don't see a need for EVs right now. It's bad enough that PG&E is the worst utility company I've ever seen, but I'm not adding to my bill by charging a car to it💯💯💯
Overall EV consumer interest is severely skewed by dealers' interest in regular maintenance visits, and other losses when compared to their profit models now. If EVs need less maintenance, and actually last longer, all residual sales by dealers, from parts and labor, to frequency of loan turnovers, get reduced with every EV sale at any price. Who thinks dealers haven't realized this? They buy from manufacturers because they have too, but they skew the market by only selling electric to demanding customers rather than directing sales of EVs at all. They won't say no to a sale, but they would rather you buy a truck or something that needs regular oil changes to bolster future profits.
No more oil filters in land fills every 5000 miles. I charge at home with solar and save $500/month on gas and electricity. A gas car averages 24 mpg vs EV 100 mpg e
That won’t last long though. Battery will die slowly, holding less and less charge to the point of then throwing that gigantic battery into the landfill. Good job! /s
Leasing a car but want me to forgive your student loans via my taxes
Aint life funny 😂
Tesla working towards No Service needed just tires. Profits could be made up for service by income coming off its supercharging network with many stations supplemented with solar and megabattery packs keeping costs/kwh charger lower than competitors. Plus charging still available certain areas if brownouts or blackouts Tesla adding megapacks to GRID to store wind/solar for night use.
The lessee isn't paying for the depreciation, they only pay the lease amount. The dealership is stuck with the loss from depreciation. For example, if a lessee pays 30% of the total finance to own amount on their 3-year lease contract, they've effectively paid off 30% the value-when-new of the car. The car lender on the other hand continues to own a vehicle that has lost up to 50% of its value-when-new. The dealer can only resell it for the remaining 50% as a 3-year old used car. So the lessee pays 30%, the used car buyer pays 50% and the dealership/manufacturer eats the 20% difference in lease term incurred depreciation that no end user pays for. Therefore customers should lease if they don't want to drive a car older than 3 years with maintenance costs, or buy a used already depreciated car and accept the maintenance bills until they no longer make financial sense.
Lololol the dealership is not stuck with the depreciation, the financial institution that bought the car and leased it out made money on you through cost of capital and your monthly payment.
@@Bonsai-Miata2020 Of course the dealer's financial lender gets paid for the lease. Historically there's always been a cost-to-capital based off of the Prime lending rate and the borrower's credit score to compensate for lending risk.
I'm simply pointing out how sometimes the total lease amount, including all the interest, is less than the dollar amount of depreciation incurred during the lease term. FYI the owner is ALWAYS saddled with the depreciation. It's the dealer/Fin.Inst.'s job to price leases accordingly on the vehicles they own.
EV's MSRPs were set way too high, markets buyers' were manyyy K lower, that simple.
So what EVs are good for leases
@@user-fz9bw8fy8n Hyundai Ioniq 5, Kia EV6, Chevy Blazer and Equinox EVs all have great lease deals right now.
Teslas and Hyundai ionics
Love my EV lease
1. Why is the US govt so irrational to provide the $7500 to the customer only if you lease and not if you buy for non US made EV's ? Makes no sense at all to encourage people to borrow and pay interest for a car. 2. Why does this video portend a future of rapidly declining EV values when every day that goes by driving an EV makes so much more sense than ICE? I would be very worried about buying an ICE the tech equivalent of a horse and buggy today: slower, harder to park without tech, less safe, have to buy gas and change oil, more brake pad wear, noisier, and on and on.
Leasing an EV? That's the worse😂😂😂
I think it is critical to include the average cost of repairs/maintenance fees in those estimates comparing the cost of leasing to buying.
Let's do the same for ICE and hybrids, which have a LOT of maintenance and issues.
Thats why leases are so popular on EVs. In a 3 year term, you usually don't need to worry about bad batteries or other mechanicals. By the time it might start to be a concern, then you give the car back. From my friends who have leased EVs, that is one of their main incentives for doing so.
I think you may be missing an important part of this equation. For EV's to be really practical, you need to charge at home - what about the cost of that equipment and the cost of installation?
$2500 is usually enough money to hire a professional to install a 50a breaker and the outlet/charging equipment and that's at the high end.
GM paid $1500 for me and my utility company picked up the balance.
EVs losing up to 50% of their value in 1 year … the solution? Scam people and have them absorb this depreciation with “low lease prices”…. I feel zero sympathy for car dealers who jacked up their prices in the last 3 years.
I don't like EVs but leasing them makes a lot of sense considering that EV batteries actually degrade at a steady rate through regular use whereas ICE cars wear out piecemeal but don't just go totally non-functional like a dead battery on an EV would. So leasing and ditching at a deep discount before that point is a pretty good deal.
Rent everything don’t have equity in anything 😊. If you lease for 3 years that money goes into the fire. if you bought it you would own the car in 2 more years.
Leasing to then buy out is not a bad option for someone getting into an expensive vehicle but I don’t recommend it
Well right now Tesla owners have no equity they lost value after buying it . Leasing it doesn’t hurt you when the car loses its value
@@Ace-xt8lv buying used is the way to go
Nobody wants to play hot potato with that drive battery. I know I don't. I just leased a Mitsubishi Outlander PHEV, have had it for about 7 months now. No I don't want to buy it, I'm waiting for the used market to calm down so I can get a gently used Toyota gas engine car and drive it for 20 years. When I took this lease the best used cars were north of $15k. Anything under $15k was a rust bucket from New England.
Meanwhile, Toyota is switching to hybrid. Good luck with gently used gas only
Hot potato?
@@leok7193 Toyota makes millions of cars, many of them are ICE. I don't think I need luck just an Internet connection and some time to look.
Toyota is going hybrid on all gas power train.
@@aaammm1033 There are still plenty of ICE cars to choose to from, new and used. Get your head out your ass.
Again, the future is autonomous robotaxi’s, ride sharing, and Uber. Uber in negotiations with Tesla 2 seater robotaxi’s. RIMAC just announced its 2 seater autonomous robotaxi Ev
USA forgot to build battery factories and charging stations. Teslas msrp helps pay for its charging station. Competition waits for public or private
"Large portion, are sales people, people making business calls..." the common trope of sales people being the most susceptible to sales tactics follows here. Leasing is financial cancer.
Not if you’re getting between $7,500 and $12,000 taken off the cost of the Lease because of EV Incentives.
Right now way better if you get the right deal. No maintenance and fully under warranty at half the monthly payment of the same vehicle purchased.
@DavidC-pg6ni At the end of those three years or so what do you get?
Leasing ! How to immediately have what you cannot afford and probably do not need.
Of course, it gets much worse later when you are still renting, having paid a fortune yet owning nothing but the obligation to continue paying the rental...
isnt that the same with financing? You need a car but you cant afford it and thats why you need to finance it.
leasing an ev was cheaper than the gas it would cost driving my corvette for work. its a no brainer.
@@romineckok.9724 yes but at the end you don't just give up the car. So you can keep driving it and eventually sell. Very few situations is it better to lease. Financially it's better to buy a car. If you drive it to death then buy new, else buy a 1-3 year used car. Many times people should but don't, save half the used car price. Stats state 6/10 Americans can't afford a 1k emergency yet many drive luxury cars...... Uber eats drivers and kids driving Teslas meanwhile I make $120k and drive a paid off used 2016 Altima. Needs vs wants.
As stated in the video, it’s WAY less NOW to Lease EVs because of the $7,500 Incentives plus any State or Local Incentives.
Don’t pay attention well, do ya?
@@djm2189Bonus Incentives for the Leases right now make it much cheaper to Lease than buy, in more than a few cases. Saving $7,500 to $12,000 Dollars off the Lease because of Federal and State or Local Incentives means it can be REALLY cheap to drive a new vehicle with Zero maintenance costs and a full warranty. It’s very smart if you know what you’re doing.
Uber / Tesla cuts special deals for Tesla Lease / Rentals. If the car you can afford to buy doesn’t qualify for Uber, then you can get one that does on a Lease / Rental Special. I’ve chatted with some Uber Drivers about how much they make and they for well for College Students or 2nd job while working on getting a better full time role.
CNBC didn't even mention what I think are the more important aspects why EVs are not selling as much - they are more expensive than ICE and not everyone owns a garage where they can charge the EV overnight. Plus the interest rates right now (Aug 2024) is super high, as much as 9.25%.
Reason why people don't buy new EV
The high price.
Reason why people don't buy used EV
The high price to replace the old battery
Buying a used EV is the best bargain around. They are essentially forever cars.
Leasing EVs have always been affordable since 2016 when I use to be a car salesman. Don't believe these videos it was always affordable if you spent 1 hour looking at dealership websites and you're willing to go farther away.
I could lease a Fiat 500e for $1,500 drive off fees and $120 a month with Tax.
I could lease a Chevy spark ev for $2,500 drive off fees. My monthly would've been $89 a month with tax.
I could do a one time pay lease on a fully loaded Chevy Volt premier for $9,000
This is 36 months 10,000 miles a year. Their was an inspection fee at the end but it's waved if I lease another car.
What's the average cost to insure an EV for a long time driver? Like on the road for 25+ years
@@gratefulheart5454 you need full coverage until you pay off the car (new or used) so you have that factor you need to deal with. Afterwards check with your insurance.
The problem isnt they cant sell EVs; the problem is interest rates had been ~0 for a long time and people got used to buying really expensive cars with no penalty. Kind of like easy college loans allowed colleges to vastly boost their prices.
Then interest rates shot up and now dealers cant sell ANY overpriced car - regardless of whats under the hood. Combine that with GM dropping what was pretty much the USA's ONLY inexpensive EV, the Chevy Bolt.
i would never buy or even lease an EV in my lifetime. I have 4 vehicles all Toyotas that are more than 20 years old (all over 200,000 miles) but are still very reliable. I drive to work 300 miles minimum a day and get reimbursed by my company for every mileage at the Texas mileage rate. The best thing about this gas cars is that I don't get stressed getting them fixed because I don't go to the dealers for repair. Most of issues I do myself as a hobby using parts available online which I cannot do on EV's (presence of very high electric voltages on the EV cars makes it very dangerous even for technicians to work on it without specialized equipment ).There are a lot more hidden expenses on EV vehicles that people who does not have working knowledge of how cars work will have to deal with moving forward and I hope everybody do extensive research before they decide to get one.
I'm the GSM of a branded car dealership. The reason EVs lease so well is because manufacturers are subsidizing the hell out of them, as is the government. Residual values are terrible, and whenever we do equity calls, we offer customers that we pay their remaining payments and they just return the lease. We dont want those lot rotters around. Give it back to the manufacturer and let them lose their asses at auction.
That’s because “Branded Manufacturers” can’t make great profitable EVs and they’re not interested in doing so. It’s why Tesla and BYD are eating your lunch and Legacy Automakers are losing business in China and will struggle during the next downturn. Huge ICE SUVs and Super Large ICE Trucks are going the way of the Dodo 🦤 Bird because they’re too expensive and Gasoline prices are still controlled by the OPEC+ Cartel.
17 MILLION EVs will be sold Globally this year. More than the Entire US Auto Market. That means the end is coming for ICE Vehicles. The US is just lagging behind China and Europe.
I'm not sure why people still don't like leases. Do the math people. Say you buy a car and keep for 10 years and sell. Factor in maintenance, repair cost, and fuel cost if comparing petrol cars vs EVs for 10 years. Then divide by the miles you expect to drive over the 10 years. You get $/miles. Do the same for the lease. You will be surprised on some leases, it is similar or lower. Plus you get to drive a new car. Just outright saying all leases are bad in terms of financial perspective is just wrong.
You're such a bot dude. Congratulations on being able to drive a new car every few years because it satisfies your ego. Too bad you won't ever own any of your cars. Imagine paying to use a car but you can't even modify or do anything to it because you don't own it😂😂😂 you get no residual value from it why TF would anyone with a brain bigger than a pea want that? Now go pay someone else's mortgage as well.
We already own Toyota for 13 yrs, 205k miles, no repairs so far, still going strong. We don’t have car payments for a decade. Why would I want to lease and have to pay every month and not own anything?
@---md1zr EVs for one isn't something you want to own because the tech is changing so fast. OK so you say get a petrol car. I have solar and a house, so do I want to keep paying for fuel and having to stop by fueling station every so often or have to get oil changes? Even if the cost is slightly more, it is well worth the trade off. But I have seen leases where 0 down + like 200 a month. I reckon that is your fuel, oil changes, and other factors cost right there. Not to mention you get to drive a new car as oppose to the 13 years old thing which I'm sure will start costing you a bit soon to keep running.
@@larryly3613 not having payments for over 10 years allowed us to invest every month into stock market, which is up by alot. Once Toyota starts breaking we will just get another one.
@@larryly3613facts people are so use to paying over price gasoline they don't even consider what it cost. Like why drive a decade old car when you can lease a ev for only $200.