MotorTrend CEO: Interest in used electric and hybrid cars is high as the famous magazine reveals its new market
MotorTrend, the popular 75-year-old car magazine, has been getting into online ventures and e-commerce recently. Next: used car trading
This Week’s Automatic Newsletter — Owned by Warner Bros. Discovery(WBD) – launched the MotorTrend marketplace, with over 1 million listings to date. About 10% of listings are actually for hybrids and electric vehicles, while less than 1% of all vehicles on the road are electric. It turns out buyers still want them despite concerns like range anxiety and generally higher prices.
MotorTrend CEO Alex Willen said search interest in electric vehicles has risen due to lower prices, as well as other improvements to the vehicles. “I think our top searches were for pure electric vehicles, then for SUVs, then for hybrids in all of our searches on MotorTrend.com.”
Interestingly, the MotorTrend marketplace has a number of older electric and hybrid cars for sale. There’s a Toyota Prius that’s more than 22 years old and a Tesla Roadster EV that’s more than 13 years old.
Tesla’s landscapes are also interesting. MotorTrend said it has approximately 1,800 used Model S sedans for sale. Digging deeper, market sales data shows that Model S sedans take an average of 45 days to sell and are listed for as low as $14,000, and there is a model for sale with a whopping 300,000 miles on the odometer.
In fact, MotorTrend says it has more than 8,000 electric cars for sale with more than 75,000 miles, and 800 with more than 100,000 miles, which is noteworthy considering high-mileage electric cars were thought to be rare, or at least discontinued. Turned it on, due to concerns about battery deterioration. . It turns out that wasn’t the case, and older EVs are still running and ready for a new owner.
One big problem that has been plaguing electric car owners lately is dramatically lower prices on the secondary market; Although it’s good for buyers, it’s terrible for owners. Latest example: Hertz has had to liquidate some of its Tesla inventory And reduce the value of cars after the sharp price cuts implemented by Tesla and its CEO Elon Musk last year.
Despite this, Willen believes that electric vehicle sales will continue to grow.
“The electric vehicle story around Hertz has gotten a lot of attention, and that’s understandable. I think they’ve committed to buying many, many more electric vehicles, and by having fewer electric vehicles for now, [it] “It was really about repairing the damage and the cost of carrying those electric vehicles,” Wellen said. “But overall, I think the signs are that more and more electric vehicles are being sold, although we’ve seen growth rates slow a little bit, we’ll see double digits.”
While MotorTrend and Wellen believe electric vehicle sales will continue to grow, the question is: at what rate? After all, there are many buyers who are still uncomfortable with them.
Wellen offers a solution from the MotorTrend Marketplace, of course. “For those who don’t want a pure electric car right now, a car like the Prius is the right car at the right time,” he said. It also happens that the Toyota is called the Prius MotorTrend Car of the Year 2024.
So, it’s not a completely surprising recommendation, but it’s one that has earned the 75-year-old magazine’s stamp of approval.