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The switch to electric vehicles is still hampered by the high cost compared to gas cars. The higher upfront costs don't consider several less obvious costs that can hit after buying an EV. AdvertisementAdvertisementThose premiums are driven by higher repair costs. According to Mitchell, a collision repair software company, the average repair cost for a non-Tesla EV is $269 higher than the average for all vehicles. If people interested in used EVs are worried about replacing an expensive battery, the resale value will take a big hit.
Persons: , Johnny Bacigalupo, Sandy Munro, Bankrate, Mitchell, Mark Matousek, Kevin Tynan, Davis, Power Organizations: Service, Edinburgh, EV, Washington Post, Insurance, Anderson Economic Group, Ford, Bloomberg, Toyota, University of California Locations: Scotland, skyrocket, Canada, Edmunds
Vivek Wadhwa once called himself a friend of Musk and a Tesla fan, but he sees things differently now. Wadhwa loves his Tesla, but he says he'll never buy another one again. Before that, we had drinks and I said, "Tell me the craziest thing you're going to do." He said, "I'm going to retire on Mars." I've been waiting for six years for this car to drive itself and I know it's never going to happen.
At first glance, today's product pipeline might not paint a good picture for the future of the used EV market. "If what we've produced in the last couple of years has been a rich mix, when that goes into the used market, that keeps used prices elevated as well," Dziczek said. Overall declines for used vehicle prices also generally apply to used EVs. Used EVs remain more expensive than used gas-cars, and many might not yet qualify for the used EV tax credit based on its price cap. Dealers are starting to feel incentivized to drop used EVs priced close to the cap to just below it.
Many world leaders travel in luxury vehicles. US President Joe Biden, for example, rides in a $1.5 million Cadillac nicknamed "the Beast." NEW LOOK Sign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. AdvertisementMany world leaders travel in style, using armored luxury vehicles to get around. These are eight of the limousines used by world leaders:
Persons: Joe Biden, , Charles III, Bentley, Queen Elizabeth II, England Organizations: Service
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