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Used EVs are Hot Right Now!

Used electric vehicles are selling like hot cakes and are cheaper than comparable used gas cars! However, due to the technology being relatively new along with COVID-19 supply chain impacts, some unique trends are underway within the used EV market. According to Recurrent, two big trends are: 1) a low inventory of pre-owned EVs and 2) a global shortage of silicon chips, which EVs use ten times as many of. Dealerships that reduced supply during the COVID shutdown are now racing to replenish their used EV inventory. Recurrent reports that dealerships are so hungry for supply that some are going so far as to reach out directly to former customers to try encouraging them to sell back or trade-in their EVs.

On the bright side, approximately 70% of U.S. annual car purchases are used cars. This represents a huge market for EVs to tap into. With the combination of more and more early adopters’ three-year leases expiring and a huge new crop of increasingly affordable EVs hitting the market, the good news is that there will be used EVs starting as low as $10,000 soon. According to Recurrent, as of September 2021, over 45% of all used EVs in the US are already under $25,000, nearly 30% are already under $20,000 and new EVs will inject the used market with a hearty supply of $10-15K EVs over the next few years. This is the price point necessary to attract a majority of drivers and finally tip the market.

Like with all new technology though, important issues exist that must be addressed to successfully speed up that tipping point.

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Understanding the Real Costs of Owning an EV

Electrified transportation is inevitable. Talk to anyone in the industry. We know it, and so do those who have a lot of money invested in fossil fuels. Some are moving quickly to adapt, while others are fighting the transition. To quote President Obama, “Hard things are hard.” A transition to an all EV future is hard but necessary. Recently, a private consulting group in the Midwest released a study claiming electric cars cost more to fuel than gas cars. It got some media traction, and a lot of pushback and scrutiny of their assumptions such as accounting for free charging at commercial rates. Car and Driver does a stellar job setting the record straight, however you can be sure that the study top-lines will be used again and again by those aiming to delay or derail electric vehicles. At Veloz, we are busting disinformation. We have the facts on our side and are laser-focused on making sure consumers are not fooled. That’s why we launched our EV mythbusting website and are planing a new Electric For All Mythbusters-style education campaign for next year.


EV Expense Graphic

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The Charge to Charge

The federal bipartisan infrastructure bill’s recent Senate passage is a promising step toward building an accessible, abundant and reliable nation-wide EV charging network. Combining its $7.5 billion investment with the Department of Transportation’s $5 billion earmark for state and local grants marks an important leap forward in solving the chicken and egg challenge of electric vehicle adoption. Even when these federal investments are coupled with individual state’s infrastructure funding, more is needed. $87 billion more to be exact, according to Atlas Public Policy. GridLab, Energy Innovation, Lawrence Berkeley National Lab and UC Berkeley project even higher. Utilities, automakers and EV charging providers are investing big and need to go bigger. This is a complex challenge though, so how we spend those dollars is as important as how much we spend. There is, of course, both risk and opportunity, so we must proceed wisely and swiftly.

We need to accelerate the shift in the EV market from the early adopters phase to the early majority.

There is a distinct difference between these two phases. Early adopters are willing to put up with ‘testing out’ new technology. For example, they find the treasure hunt of looking for charging stations as a fun adventure. This is not so much the case for the early majority. This group of consumers is reasonably risk-averse and wants to be confident that their—often more limited—resources are spent wisely. Reaching the early majority takes us from 2% to 30% of the market—the tipping point holy grail! We must engage them now while providing an elevated experience.

The general concern is that the dollars will not be strategically invested to best accelerate early majority adoption, or even more troublesome, that they are spent in ways that slow the rate of EV adoption down.

What we know is that addressing the early majority’s top concern—charging accessibility—moves the group considerably closer to taking the plunge and going electric.

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Autonomous Vehicles: Part of the Triple Disruption in Transportation

Recently the National Highway Traffic Safety Administration (NHTSA) announced it’s launching an investigation into Tesla’s autopilot system. Autonomous driving technology, like all breakthrough innovation, is disruptive and will have setbacks before leaps. The government’s role is to protect the public which, in this case, requires intense scrutiny, as well as incentives and support, for a technology that could provide extraordinary public health and safety benefits. With both public policy and industry leaders at our table, Veloz sits at the nexus of these two, sometimes conflicting, needs.

The Society of Automotive Engineers (SAE) identifies six levels of automation from Level O (that would be you behind the wheel) to Level 5 (that would be a car without steering wheels or pedals or driver). In California, the California Public Utilities Commission (CPUC) and the California Department of Motor Vehicles (DMV) each have a multi-tiered system of permits required before a company can charge passengers for rides in vehicles without a human safety operator.

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Freedom To Save

In 2018, the Federal Reserve surveyed Americans and found that 40% were unable to cover a $400 emergency expense. Talk about feeling trapped. EVs can ultimately provide the way out. Savings from owning an EV not only make up the upfront cost differential with gasoline powered cars—a gap which is growing smaller and smaller every day—it also puts thousands of dollars back into your pocket …

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Charging Our Way Forward

The Biden Administration’s historic reimagining of America’s infrastructure — The American Jobs Plan — invests $174 billion to spur the development and adoption of electric vehicles (EV), with the lion’s share — $100 billion – on consumer incentives. I am a firm believer that the path to electrified transportation must be forged by drivers.

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Why Electric Must Be For All

From the beginning, Veloz has remained focused on inspiring people to go electric. To do this we must create pathways and opportunities to achieve Electric For All. This year one of our key initiatives is our 40 Million Reasons to Go Electric awareness campaign focused on overcoming key barriers.

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