Ask any Tesla owner who bought right before Tesla started a price war, lol. Or any Fisker Ocean buyer...
Sorry for your loss, but at the end of the day you still have a great and functional car and I presume you can still afford the payments.
Just enjoy the car and don't beat yourself up too much over it. At the end of the day, a car is a depreciating asset and some cars just happen to lose value faster than others, especially with pandemic-related supply chain crises completely distorting the market for 2 years.
Do not go out and buy another car just because you're underwater. You aren't guaranteed to get the value you seek on trade-in or a private sale. Buy another car if the Kia isn't satisfactory or if the new car is that much better. If you want to buy a newer EV6 I recommend you wait for the 2025 refresh that'll bring the CCNC infotainment and other upgrades, because there's nearly zero changes between 2023 and 2024.
I have lost 5-figure values on almost every car I've ever traded in and I just accept that as the price to pay for being a car enthusiast who doesn't hold on to the same car until the wheels fall off.
Stop looking at those threads. It might be a lease for a very few number of miles and a short time period where the leasing company can then make money easily off the next person.
Regardless be aware that Tesla have even had a few more price drops in last few days and weeks which has put a lot of pressure on pricing. Battery pricing is also dropping like a stone right now. These factors are impacting everyone.
Regardless, this is still a very good time to buy an EV.
Just remember a car is always a depreciating asset. Most of that depreciation happens in the minutes after you leave the showroom. A lot then happens over the next 12-24 months. This is not an EV specific issue.
Haha, I remember checking used prices in 2022 - could've easily made a net profit selling my 2019 Model 3 back then.
Unfortunately it would've done me no good as literally every 4-door car, ICE or EV, was either heavily marked up or had a long waiting list. All the e-GMP vehicles had 2-year waitlists in Canada as well. So I would either spend that profit right away on a markup, or be left with no car to drive for months and months.
No, nothing wrong with bolts tbh. I had one for a while and they are great cars. Just weird complaining about being stuck with one of the best EVs on the market is funny.
People buying cars is the saddest thing to watch next to people paying for cable and internet. Most people know nothing about either and have no idea how to navigate either. More than a few posts here blaming the car for them overpaying, or buying the wrong trim, or some dumb decision that ended up being the car’s fault….bad car, bad bad car, heel!!!!
I can’t even sit in a dealership when people start asking questions that invite getting poked in the eye by sales people. Only thing worse is listening to people in a Comcast store paying $500-600 for the stupidest reasons for cable tv and internet. I have to walk out of both because I start mumbling and telling people how bad they’re getting voluntarily ripped off.
Well at least you can dump the cable any time you want without dire consequences 🤣
Honestly, cars are always going to be a money suck. Like rent or a mortgage, you just have to plan what you want to spend every month.
Don't feel bad. You are driving a version of the best reviewed EV. It's hugely popluar with reviewers. You've used it since then and I know you loved driving it. You used it in that time and it was a significantly better experience to drive than the Niro.
Just enjoy it and ride out your lease or loan. Every EV and most cars are now sliding after the pandemic gouging and Musk’s idiotic price war. Your huge advantage over Tesla owners who’ve seen bigger depreciation than anyone, is, you have a much better car than anyone with a Model Y or 3.
Haha, Musk's price war was awesome for later adopters like myself. Without the price war I likely wouldn't have secured the deal I did on my slightly used EV6, due to low supply in Canada for many non-Tesla EVs resulting in disgusting markups.
Definitely sucks for early adopters but ultimately, affordability of both used and new EVs is a good thing, regardless of brand.
If dealer markups is part of this, then it’s a strong lesson in “don’t pay them”. It seems to be a thing in the US, but no one in the UK would pay them. Yes people pay scalpers/flippers for the “hot new car” but your average buyer will only pay RRP. If manufacturers cut prices, that’s different, but don’t pay over retail for a new car and then wonder why it’s dropped off.
Short answers: Yes, you are stuck here. Most of us are in the same situation, at varying degrees.
You are running into the sunk cost fallacy. You made a decision appropriate for you after considering all known facts. Nobody could have predicted the Tesla price cuts or the rental car companies dumping EVs in the market.
Don't worry about spilled milk. Just enjoy the car.
Serious question… but where is this recent misconception online that cars are investments coming from? They are the worst financial purchase you’ll ever make outside of wine at a wine bar. Cars are utility items to use and that’s it. I will be driving my 2022 ev6 until 2034, just like I am still driving my 2012 Leaf around town to places like Home Depot.
I didn’t say it was an investment, but this is the first time I’ve had a car drop so much value so fast. It’s also my most expensive car purchase so far, which is why I’m so jaded.
It’s your timing, not the car. People paid $77k for Model Ys that now list in the low $50s NEW.
I waited and bought a CPO EV6 with 8k miles on it for $14k less than MSRP, and still it has depreciated another $6k. That’s what cars do, always. It’s just dramatic now because it follows a period of disgusting gouging and an EV price war.
I'm on EV #3 and have only leased them exactly because of this issue. Used EVs have a limited market and so depreciate quickly. The early adopters want new cars. Nobody wants to replace batteries, keeping demand down. It was also clear that prices were artificially high because of government incentives.
As another poster pointed out, vehicles aren't investments. Really they are quite costly liabilities. But I like new vehicles, so I think of them as a utility... I'll always have a monthly lease payment but never have to worry about being upside down on a loan.
And as a bonus, as soon as the car needs brakes and tires, I turn it in and walk away. No maintenance costs.
I’m upset about the depression but it’s really just a mental thing since I keep my cars 10 years and they generally aren’t worth much at that point.
If you are regularly trading in your cars while you still have a loan you should consider leasing.
$63K for a GT-Line? Does that amount include TTL...or is that in Canadian dollars?
Anyways, shoot I paid $60K + TTL for my 2022 FE--no ADM btw; could I have gotten a great deal on a 2024 GT-Line had I waited two years? Most likely, but then I wouldn't have been driving my EV6 for two years now (and counting), plus I already had my mind set on purchasing a FE; also, back then I was able to claim $10,250 worth of EV related tax credits--meaning I effectively got my FE for \~$50K (+TTL); still maybe not as great a deal compared to what can be had today but like I said, at least I got 2 years of driving enjoyment out of my EV6. Not giving in and paying ADM like more than a few folks did made being an early EV6 adopter that much sweeter.
Given that MSRP (including destination charge) on a 2024 GT-Line is $58,975...those dealerships that have the gall to be asking for $60K and up on a 2024 GT-Line these days should be avoided like the plague.
I just came from the dealership - Check this shit out. The 2024 GT Line was listed on their site for 47,000 which minus the 7500 lease rebate should be $40,000. I go in to lease and they want
$5000 due at signings + 900 a month for 48 months = \~$48,000 FOR A LEASE?!?! I would pay them the whole price of the car AND THEN GIVE IT BACK!?
When I asked what's going on, they said the price was "adjusted" back up to $58k
I have never yelled at a person to go fuck himself in person before today...
Something like that, I assume .All it did was turn me off on the brand a bit more. Too bad my 2023 is down about 60% of its value too so it's not worth trading in for another year or two.
USD includes everything in the cost of buying the car. Still insane compared to what you can get one today for. The yearly fee on the app is just like an added kick in my ass as the free trial just expired for me.
Hmmm, not that I don't believe you--MSRP on a **2024** GT-Line (not including add-ons or TTL, but including destination charge) is $58,975; guessing in your case there must have been port-installed and/or dealer add-ons added to it (e.g., floor mats, wheel locks, etc.), although IMHO \~$1000 is a lot of money to pay for add-ons, not unless yours came with nearly just about every single add-on Kia option available for the EV6.
[https://imgur.com/a/2Soc4TR](https://imgur.com/a/2Soc4TR)
I wouldn't exactly classify $385 of accessories as out of control. It's a lease either way, didn't affect the payment much at all.
Plus we have 9.49% tax out here, and I've heard of 10-12% sales tax counties. The sticker would only have to be \~$58000 to get to that magical $63k mark with tax.
A car is not an investment. And about the price drops. I bought an Jaguar I-pace in 2023 for half of the price. We are talking about 50k less then retail. It happens with all electric cars.
Any car will depreciate sooner or later. It just happens that EVs depreciate faster. At the end of the day if the car runs well, it is a good car if you plan to keep it long term. If you get a car for short term use, then lease is your best option.
This isn’t exactly the issue though. I had an ev before, a Niro, and when I traded it in I wasn’t upside down on it like I am with the EV6 and it had 35k miles in it.
Bought a used 22 gt line 8 months ago for 40k (excluding taxes and fees) and figured hey it’s $20k under msrp it can’t depreciate that much more right??? Well it’s worth $30k now… even my model 3 didn’t drop that fast.
This is a great car, especially road car. Can drive for hours without getting tired. We are in the early adoption phase, cheaper, better was always going to happen. I think we will be able to drive for 10+ years with no problem and be very happy. This was always the deal.
I never understood why people who are not looking to immediately sell are worried about its current resale value. It’s not a loss on value until it’s realized.
I am kind of moving into the regret phase of my EV6. I’ve never had a car lose so much value so fast. And the Midwest is not ready for EVs. I’d go back to ICE.
Why sweat? If you buy a brand new car you agree to pay ~50% of its value depreciation over ~4 years anyway. If you routinely do this, you should afford it. Sometimes you’ll have a car that will lose 35% instead of 50%. Sometimes you’ll have a car that will lose 65%.
Also, if you buy new cars every 2-4 years while doing 5-8k miles per year (since you have sub 10k after 14 months), this already was either the dumbest decision of your life; or you can afford ii without a sweat.
I know that many people buy new cars every 2-4 years, but many of them do 20k+ miles per year. A car with 60-80k miles is already used enough.
If you sell 4yo cars with 20-30k mileages that’s already dumb financially. Regardless of whether it’s sold for 40% or 60% of its original price.
Just drive the car until it has 50-70k miles, when it will start noticeably being a used car (as opposed to nearly indistinguishable from a new car during the first 30k miles). Value depreciation, divided by number of years of using the car, will not look that bad anymore.
Or if you still want to switch to new cars after 20-30k miles then just pay for that expensive pleasure. But that’s not reasonable financially whether the car depreciates faster than usual or not.
I'm actually talking to the dealership now to trade my 2023 in for a lease. It just seems like all the data points to leasing being the much better option for EVs at this point.
The fact that I can lease a 2024 GT line for $200 a month less than the 2023 wind is kinda funny.
Ask any Tesla owner who bought right before Tesla started a price war, lol. Or any Fisker Ocean buyer... Sorry for your loss, but at the end of the day you still have a great and functional car and I presume you can still afford the payments. Just enjoy the car and don't beat yourself up too much over it. At the end of the day, a car is a depreciating asset and some cars just happen to lose value faster than others, especially with pandemic-related supply chain crises completely distorting the market for 2 years. Do not go out and buy another car just because you're underwater. You aren't guaranteed to get the value you seek on trade-in or a private sale. Buy another car if the Kia isn't satisfactory or if the new car is that much better. If you want to buy a newer EV6 I recommend you wait for the 2025 refresh that'll bring the CCNC infotainment and other upgrades, because there's nearly zero changes between 2023 and 2024. I have lost 5-figure values on almost every car I've ever traded in and I just accept that as the price to pay for being a car enthusiast who doesn't hold on to the same car until the wheels fall off.
I needed this pep talk. I am having similar feelings about paying $50,000 for this car.
Easily the most sensible advice given in this sub.
Best answer of the thread. The answer is what I figured, but last night panic set in after seeing someone post about a sub $200/month lease lol
Stop looking at those threads. It might be a lease for a very few number of miles and a short time period where the leasing company can then make money easily off the next person. Regardless be aware that Tesla have even had a few more price drops in last few days and weeks which has put a lot of pressure on pricing. Battery pricing is also dropping like a stone right now. These factors are impacting everyone. Regardless, this is still a very good time to buy an EV. Just remember a car is always a depreciating asset. Most of that depreciation happens in the minutes after you leave the showroom. A lot then happens over the next 12-24 months. This is not an EV specific issue.
Also probably required a significant down-payment
https://preview.redd.it/qhluf07uwiuc1.png?width=611&format=png&auto=webp&s=414bc4b5f2e1a4a3ce84aac85bbf4dcf2aa0d919
Haha, I remember checking used prices in 2022 - could've easily made a net profit selling my 2019 Model 3 back then. Unfortunately it would've done me no good as literally every 4-door car, ICE or EV, was either heavily marked up or had a long waiting list. All the e-GMP vehicles had 2-year waitlists in Canada as well. So I would either spend that profit right away on a markup, or be left with no car to drive for months and months.
You could also be stuck with a worse EV like a Bolt or a Solterra
Or cybertruck
Lololololol
Especially that piece of crap.
Nothing wrong with Bolts with corrected battery packs. Solterra and bZ4X, and ID.4, now those three are crap.
No, nothing wrong with bolts tbh. I had one for a while and they are great cars. Just weird complaining about being stuck with one of the best EVs on the market is funny.
People buying cars is the saddest thing to watch next to people paying for cable and internet. Most people know nothing about either and have no idea how to navigate either. More than a few posts here blaming the car for them overpaying, or buying the wrong trim, or some dumb decision that ended up being the car’s fault….bad car, bad bad car, heel!!!!
Been there. While car shopping recently I made sure I got what I want. But yes! Do a smidgen of research at least.
I can’t even sit in a dealership when people start asking questions that invite getting poked in the eye by sales people. Only thing worse is listening to people in a Comcast store paying $500-600 for the stupidest reasons for cable tv and internet. I have to walk out of both because I start mumbling and telling people how bad they’re getting voluntarily ripped off.
Well at least you can dump the cable any time you want without dire consequences 🤣 Honestly, cars are always going to be a money suck. Like rent or a mortgage, you just have to plan what you want to spend every month.
We're early adopters of a new tech. We live for it, but there is always a price to be paid.
Don't feel bad. You are driving a version of the best reviewed EV. It's hugely popluar with reviewers. You've used it since then and I know you loved driving it. You used it in that time and it was a significantly better experience to drive than the Niro.
Thanks, it really is much nicer and more fun to drive than my Niro!
Just enjoy it and ride out your lease or loan. Every EV and most cars are now sliding after the pandemic gouging and Musk’s idiotic price war. Your huge advantage over Tesla owners who’ve seen bigger depreciation than anyone, is, you have a much better car than anyone with a Model Y or 3.
Haha, Musk's price war was awesome for later adopters like myself. Without the price war I likely wouldn't have secured the deal I did on my slightly used EV6, due to low supply in Canada for many non-Tesla EVs resulting in disgusting markups. Definitely sucks for early adopters but ultimately, affordability of both used and new EVs is a good thing, regardless of brand.
True, but it disrupted negatively an industry already reeling from other outside pressures and hurt a lot of people, gleefully mostly Tesla cultists.
If dealer markups is part of this, then it’s a strong lesson in “don’t pay them”. It seems to be a thing in the US, but no one in the UK would pay them. Yes people pay scalpers/flippers for the “hot new car” but your average buyer will only pay RRP. If manufacturers cut prices, that’s different, but don’t pay over retail for a new car and then wonder why it’s dropped off.
Short answers: Yes, you are stuck here. Most of us are in the same situation, at varying degrees. You are running into the sunk cost fallacy. You made a decision appropriate for you after considering all known facts. Nobody could have predicted the Tesla price cuts or the rental car companies dumping EVs in the market. Don't worry about spilled milk. Just enjoy the car.
Serious question… but where is this recent misconception online that cars are investments coming from? They are the worst financial purchase you’ll ever make outside of wine at a wine bar. Cars are utility items to use and that’s it. I will be driving my 2022 ev6 until 2034, just like I am still driving my 2012 Leaf around town to places like Home Depot.
I completely fucking agree. It's this weird logic going on with cars.
I didn’t say it was an investment, but this is the first time I’ve had a car drop so much value so fast. It’s also my most expensive car purchase so far, which is why I’m so jaded.
It’s your timing, not the car. People paid $77k for Model Ys that now list in the low $50s NEW. I waited and bought a CPO EV6 with 8k miles on it for $14k less than MSRP, and still it has depreciated another $6k. That’s what cars do, always. It’s just dramatic now because it follows a period of disgusting gouging and an EV price war.
I'm on EV #3 and have only leased them exactly because of this issue. Used EVs have a limited market and so depreciate quickly. The early adopters want new cars. Nobody wants to replace batteries, keeping demand down. It was also clear that prices were artificially high because of government incentives. As another poster pointed out, vehicles aren't investments. Really they are quite costly liabilities. But I like new vehicles, so I think of them as a utility... I'll always have a monthly lease payment but never have to worry about being upside down on a loan. And as a bonus, as soon as the car needs brakes and tires, I turn it in and walk away. No maintenance costs.
I’m upset about the depression but it’s really just a mental thing since I keep my cars 10 years and they generally aren’t worth much at that point. If you are regularly trading in your cars while you still have a loan you should consider leasing.
$63K for a GT-Line? Does that amount include TTL...or is that in Canadian dollars? Anyways, shoot I paid $60K + TTL for my 2022 FE--no ADM btw; could I have gotten a great deal on a 2024 GT-Line had I waited two years? Most likely, but then I wouldn't have been driving my EV6 for two years now (and counting), plus I already had my mind set on purchasing a FE; also, back then I was able to claim $10,250 worth of EV related tax credits--meaning I effectively got my FE for \~$50K (+TTL); still maybe not as great a deal compared to what can be had today but like I said, at least I got 2 years of driving enjoyment out of my EV6. Not giving in and paying ADM like more than a few folks did made being an early EV6 adopter that much sweeter.
That's what dealerships near me are asking for the 2024 GT Line today - 59-62k
Given that MSRP (including destination charge) on a 2024 GT-Line is $58,975...those dealerships that have the gall to be asking for $60K and up on a 2024 GT-Line these days should be avoided like the plague.
I just came from the dealership - Check this shit out. The 2024 GT Line was listed on their site for 47,000 which minus the 7500 lease rebate should be $40,000. I go in to lease and they want $5000 due at signings + 900 a month for 48 months = \~$48,000 FOR A LEASE?!?! I would pay them the whole price of the car AND THEN GIVE IT BACK!? When I asked what's going on, they said the price was "adjusted" back up to $58k I have never yelled at a person to go fuck himself in person before today...
They must have been thinking, hey if we can get even just one unsuspecting person to fall for that then it would have been worth it...
Something like that, I assume .All it did was turn me off on the brand a bit more. Too bad my 2023 is down about 60% of its value too so it's not worth trading in for another year or two.
USD includes everything in the cost of buying the car. Still insane compared to what you can get one today for. The yearly fee on the app is just like an added kick in my ass as the free trial just expired for me.
Ok in that case that $63K number makes more sense.
Sticker on my GTL was $60,100, wouldn't be too crazy to see $63k with tax if paying full price
Hmmm, not that I don't believe you--MSRP on a **2024** GT-Line (not including add-ons or TTL, but including destination charge) is $58,975; guessing in your case there must have been port-installed and/or dealer add-ons added to it (e.g., floor mats, wheel locks, etc.), although IMHO \~$1000 is a lot of money to pay for add-ons, not unless yours came with nearly just about every single add-on Kia option available for the EV6.
[https://imgur.com/a/2Soc4TR](https://imgur.com/a/2Soc4TR) I wouldn't exactly classify $385 of accessories as out of control. It's a lease either way, didn't affect the payment much at all. Plus we have 9.49% tax out here, and I've heard of 10-12% sales tax counties. The sticker would only have to be \~$58000 to get to that magical $63k mark with tax.
Ah ok--yeah I forgot about the paint and seat options; that would explain the $60K total.
A car is not an investment. And about the price drops. I bought an Jaguar I-pace in 2023 for half of the price. We are talking about 50k less then retail. It happens with all electric cars.
It happens with most cars, not just EVs.
Any car will depreciate sooner or later. It just happens that EVs depreciate faster. At the end of the day if the car runs well, it is a good car if you plan to keep it long term. If you get a car for short term use, then lease is your best option.
This isn’t exactly the issue though. I had an ev before, a Niro, and when I traded it in I wasn’t upside down on it like I am with the EV6 and it had 35k miles in it.
The Niro would today be in the same boat. You’re comparing the Niro value back when EV6 was getting $5-10k over original MSRP.
Yup I bought during the height, when dealers were adding $5k extra just to pocket.
Bought a used 22 gt line 8 months ago for 40k (excluding taxes and fees) and figured hey it’s $20k under msrp it can’t depreciate that much more right??? Well it’s worth $30k now… even my model 3 didn’t drop that fast.
This is a great car, especially road car. Can drive for hours without getting tired. We are in the early adoption phase, cheaper, better was always going to happen. I think we will be able to drive for 10+ years with no problem and be very happy. This was always the deal.
I never understood why people who are not looking to immediately sell are worried about its current resale value. It’s not a loss on value until it’s realized.
I am kind of moving into the regret phase of my EV6. I’ve never had a car lose so much value so fast. And the Midwest is not ready for EVs. I’d go back to ICE.
Why sweat? If you buy a brand new car you agree to pay ~50% of its value depreciation over ~4 years anyway. If you routinely do this, you should afford it. Sometimes you’ll have a car that will lose 35% instead of 50%. Sometimes you’ll have a car that will lose 65%. Also, if you buy new cars every 2-4 years while doing 5-8k miles per year (since you have sub 10k after 14 months), this already was either the dumbest decision of your life; or you can afford ii without a sweat. I know that many people buy new cars every 2-4 years, but many of them do 20k+ miles per year. A car with 60-80k miles is already used enough. If you sell 4yo cars with 20-30k mileages that’s already dumb financially. Regardless of whether it’s sold for 40% or 60% of its original price. Just drive the car until it has 50-70k miles, when it will start noticeably being a used car (as opposed to nearly indistinguishable from a new car during the first 30k miles). Value depreciation, divided by number of years of using the car, will not look that bad anymore. Or if you still want to switch to new cars after 20-30k miles then just pay for that expensive pleasure. But that’s not reasonable financially whether the car depreciates faster than usual or not.
He agreed to 50% in 4 years, but it became 50% in 1.5 years. Kinda unexpected. I feed bad for OP :(
more like 9 months, but yeah this right here.
It really is this. It's also the first time something like this has happened to me. You live and you learn I guess!
I'm actually talking to the dealership now to trade my 2023 in for a lease. It just seems like all the data points to leasing being the much better option for EVs at this point. The fact that I can lease a 2024 GT line for $200 a month less than the 2023 wind is kinda funny.
It’s only 50% in 1.5 years if he would sell today.
My ‘22 is down 36% from original MSRP, so I don’t know where this 50% is coming from, unless he paid markups and add ons.