[akrievins]

Now that Ontario no longer has the $14,000 credit for new volts, I wonder if the used Gen 1 and Gen 2 volts will be worth more money, or at least hold their value better.

Anyone looking to get a new volt would have to pay full price, and it might make the used ones look more attractive.

Any thoughts on this?

 

[simplex]

Interesting question,
I would say that the actual owners will find buyers so easily and those buyers will have to spend too much for a new volt compared to the used one... that means the sellers may have a chance to sell to higher price than usual (i.e. when the credit was in place).
That decision will kill the electric car market in Ontario at least for the new cars. But even worse : they stop the deployment of the charging network. That will cause a huge adoption problem that will last for many years, even if the credits are coming back.

That's very bad news for EV enthusiasts in Ontario region that's for sure.
The good news (if I can call this "good news") : availability of new EV cars in BC an QC will be less problematic since the demand in ON will be very small.

 

[uchual]

You bet. My local GM dealer has been contacting me a lot this last last month, asking if I'm interested in selling/trading my 2012 Volt. They are offering way more than what I paid for it last year (I purchased it in Guelph, as they were not many available to chose from at that time in my area).

 

[simplex]

You bet. My local GM dealer has been contacting me a lot this last last month, asking if I'm interested in selling/trading my 2012 Volt. They are offering way more than what I paid for it last year (I purchased it in Guelph, as they were not many available to chose from at that time in my area).

They are in a rush to empty the inventory before the 10 of september. But if the deal is good it's a an occasion to go for the 2018 model if this is someting you consider.

 

[akrievins]

I don't think any dealerships have any inventory of volts or bolts on the lot. Anything now would have to be ordered, and offered at full price with no discount!

I wonder if more Ontarians will look to QC and BC to buy new and used volts and bolts. Might increase the demand in those areas! Who knows!!!

 

[FI Spyder]

There would be no point in buying a new car in BC or Que. as their rebates are only for those cars that are used there (not sure about Que. but that's the general idea behind the rebates). How ever Ontarians would be looking to the cheaper used Volts in Que. which should firm up the price somewhat. BC is a bit far away unless you plan to incorporate a vacation anyway to visit family or to just see Supernatural.

 

[Don M]

Now that Ontario no longer has the $14,000 credit for new volts, I wonder if the used Gen 1 and Gen 2 volts will be worth more money, or at least hold their value better.

Anyone looking to get a new volt would have to pay full price, and it might make the used ones look more attractive.

Any thoughts on this?

Anyone buying used has never got a dime of the credit . . . . for many buyers (myself included) this is WHY they bought used instead of new. I really don't see how the presence (or absence) of a credit on a NEW car will affect the value of a USED car by very much

Don

 

[FI Spyder]

Anyone buying used has never got a dime of the credit . . . . for many buyers (myself included) this is WHY they bought used instead of new. I really don't see how the presence (or absence) of a credit on a NEW car will affect the value of a USED car by very much

Don

If you can get a new car for $11,000 less (with trade in including your $100 junker, this is in BC) than MSRP say $30,000 instead of $41,000 MSRP, you are going to have to lower the price on a used car to sell it because if it's worth half of a new car then it's $15,000 instead of $20,000 which it would be worth if everybody was paying $40,000 for a new car instead of $30,000.

 

[Don M]

. . . . because if it's worth half of a new car . . . .

I guess if that was true, your assumption would make sense . . . . but it isn't and doesn't

Don

 

[unimacs]

I guess if that was true, your assumption would make sense . . . . but it isn't and doesn't

Don

Let's simplify it a bit. Would you pay $30,000 for a 1 year old Volt if you can get a new one for $30,000? Of course not.

Would you pay $30,000 for a 1 year old Volt if a new one cost you $41,000? Well, maybe not you but some people would.

So, the value of relatively new Volts rise and fall with the value of new ones. Not by the same amount of course. I bought a 2012 Volt recently and it would have definitely cost me more if newer ones also cost more. So I benefited indirectly from the credit.

If the cost of new volts were to suddenly go up, that might cause the value of my car to go up as well. Since fewer people will be willing/able to cough up the money for a new one, used ones start to become more attractive. There's no guarantee of course. EVs are still seen as a risky purchase because of the expense of replacing the battery. The number of people willing to take a gamble on a used one may be finite.

 

[Don M]

If the cost of new volts were to suddenly go up, that might cause the value of my car to go up as well. Since fewer people will be willing/able to cough up the money for a new one, used ones start to become more attractive. There's no guarantee of course. EVs are still seen as a risky purchase because of the expense of replacing the battery. The number of people willing to take a gamble on a used one may be finite.

True, it *might* go up a little bit, but I doubt by very much - You are very correct that used EV's are still considered a big risk by the general public and that really hurts their used value. They can be a real bargain used if you understand what you're buying

Case in point - In 2012 we paid the $30K sticker price for our first Mitsubishi EV (less the $7500 credit) and then 2 years later we bought a second one used when it came off lease. The second one had a $34K sticker when new (it had Nav, Bluetooth, Hard drive for the audio and DCQC which the first one doesn't have) and we only paid $8,700 for that one with 3,900 miles on it! - Looked, smelled and drove like a brand new car . . . . and the tax credits were still there - If they had been cancelled when we bought that second one, it might have bumped up the price by a few hundred, but I seriously doubt it would have raised it by very much. If we're talking about a 3 or 4 year old Volt with 75K on the clock, I seriously doubt it would matter much at all

Anything used is worth what someone else is willing to pay for it and used EVs (especially those with significant miles) are already well below what a 'regular' car with the same mileage would sell for

Don

 

[Prohidium]

I am hoping that my dealer will call me with a huge trade in value on my 2013 and a great price on the CTS6 hybrid he has in stock before the Ontario rebate ends. It is in their showroom for $79,900. After rebate would be about $69,000 (rebate is after tax) so if I could now get $20k for the volt, the Caddy would be $49k plus Ontario tax. That would work out to about $700 per month for 84 months with a low interest loan. Mid to late life crisis lol but it would be a fun car to drive.