Overview:
Electric Vehicles are a key part of our tomorrow and how we get there. If we can get all the fossil fuel vehicles off our roads, out of our seas and out of our skies, we'll have a much better environment. This community is where we discuss the various different vehicles and news stories regarding electric transportation.
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It likely isn't realistic for the vast majority of Americans to be able to afford a vehicle over ~$20,000 without going into significant debt. It's nice that there is a trend towards making cars (specifically EVs) more affordable, but it's not enough.
I'll just leave this here:
The average new car in the US is $50,000. A lot of Americans are going into significant debt to finance them.
I don't think the average is very helpful here. If 4 cars are sold for $20k and one for $120k, these cars have an average price of $40k.
The median sales price would be more helpful, but sadly, I couldn't find it online. It is likely lover than the average price.
But still your point about debt is valid:
According to a survey conducted by GOBankingRates, 40% of Americans report having a monthly car payment. (source)
Indeed. US automotive debt is at a record of ~$1.66 trillion and serious automotive debt delinquencies are rising at alarming rates. The situation here is unsustainable.
Jesus. That's nearly $5000 for every single person in the US.
And it not because of car prices, it's because most Americans get into debt over cars they cannot afford.
If it wasn't about car prices, how come there are cars they can't afford?
It is because of car prices. They are vastly overpriced for something so essential to participate in society. How dare American consumers not want to drive a jalopy with absolutely no features, am I right!?
Debt is a funny thing - you think you can afford it until life happens. As for me, I'm willing to forgive people who life happens to. In fact, I don't even blame them to begin with. I believe that people deserve the best - our standard of living loosely reflects the health of our society.
It is because of car prices.
No one is forcing people to buy $75000 pickup trucks and German luxury cars as status symbols they cannot afford. US is always been about faking it until you make it, but no one is actually making it. I see the cars in the lot where I work, there is an inverse correlation between income and what idiots are getting into debt for.
If it was about the price of cars, then everyone would be driving a Nissan Versa, not a Ford F150.
Your disagreement has been noted. I'm not a fan of any personal mode of transportation besides e-bikes/e-scooters, and it pains me to defend the people who convince themselves they need a Ford F-150 - new (or otherwise) unless they actually are going to use it as intended.
I just don't think Americans can be expected to think rationally and make sustainable choices. There is too much propaganda, and yes, too many people worrying about things like status symbols. Your frustration and perspective is completely valid, despite my disagreement.
I think debt as a concept is irrational and that people are being strongly coerced, in every direction, to make less than ideal choices. Of course they aren't being forced, but what advertising/etc. does to us is proven in practice and also scientifically.
Average price means nothing. The median price is the important number.
My last car was 3.5k and needed 1k in repairs to make it drivable. My first car was 5k and when totalled I recieved 4k and used that to buy the new car.
So in the past 7 years that 5.5k for a working vehicle. Obviously there have been minor repairs and maintenance, but not bad lol.
I dread the day I have to replace my current car
You're really rolling the dice in a situation like that. I had a family member that did that recently and ended up not being able to drive the car at all because it needed so many repairs that they couldn't afford to get done so they're a very not-wealthy person that just basically threw away several thousand dollars.
So far I'm happy being 2 for 2. I check vehicles for what repairs they need and avoid based on that. Generally they drive just fine, shift well, etc. The one with the expensive repair was just a catalytic converter. Which is harmful to engine performance, but didn't really effect the engine any.
That was one of the problems they had. It doesn't impact the engine but does lead to increased emissions, as well as the inability to register the vehicle where they live.
Oh yeah I budgeted it in and was aware of the problem, but it's a pricey repair if you're not prepared
Definitely if you are mechanically-inclined and know how to fix things, go for it. If you're not, a pre-purchase inspection and associated repair estimate could suffice, but in my experience, most sellers are not willing to cooperate with such demands, especially on vehicles with such small margins.
This is the norm when you purchase a home but many dealers will tell you "oh, we already took the liberty of inspecting it for you".
Yeah and for significantly longer terms. 36months loans used to be standard... but now people are doing 60 or even 72 months. Crazy af
I’ve seen 96 and 120 month loans
Somehow the average puslrchase price of a new car in the US is around $50,000 IIRC.
Americans are one of the richest people in the world. They're just about the only people who can afford ridiculously expensive vehicles (and then of course a whole bunch of people can't afford them and take out loans, but that's the same everywhere).
Price and size being what they are, this is aimed at Europeans. There's not enough market for tiny cheap vehicles in the US these days. I don't think people care much about the debt thing.
In my lived reality in the US, it's a house of cards for the vast majority of people. One accident, the development of a debilitating illness, one misstep - is all it takes to all fall down... even for the wealthiest people I know.
The truly rich are the only ones who are immune to that (in large part), and I don't know anybody or know anybody who knows anybody in their lives who is at that level of wealth. Everybody is surviving besides the very wealthy, regardless of how much abundance Americans apparently have relative to other societies (especially the societies they unknowingly exploit).
You may be right about there not currently being a market, but I think affordable EVs generally would be more popular if they appealed to an American audience. The current offerings are wholly unimpressive and the inconvenience of charging is likely a major factor for Americans.
Oh most definitely. But till people can still get loans, there's no market for this. Where I live, incomes are slightly smaller so this is about what the average person can lease new. Much better market for cheap small cars like this.
Great, now do the 6
Have they fixed the failing ICCU issue? That's what kept me from buying one of these.
This was fixed in a recall.
https://insideevs.com/features/752768/hyundai-kia-genesis-iccu-failure
Are you sure? Far as I heard, it's not really "fixed", they just replaced the part with a new one and that's it. They still haven't fixed the actual issue as far as I know.
The issue was last fixed in November with a software update. Whatever it was doing was overheating the ICCU and blowing the fuse for the 12V battery charging system. Apparently they do the software update and check for the OBD2 code. If it is there, they replace the ICCU hardware even if the fuse has never blown. Mine came with the updated code, and has never been a problem. Is it really fixed? Hyundai seems to think so. Haven't really heard complaints about this one in a while, so at the very least it seems the update has lowered the incidence rate.
Nice to see it's being addressed. Thanks for the reply and the link.
When the german government incentives for EVs ended abruptly in 2023, many manufactures were quickly cutting the cost by the amount previously offered by the government.
Can I apply for a refund?
These EVs were all overpriced because they were not pricing on margins, they were just pricing relative to Teslurs. Tesla managed to sell idiots Model S at a higher price from 2012 despite the fact that battery costs dropped 90%.
Put a lowering kit on it and I’ll take two.
I’ll wait when it’s $10,000.00