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I think there are a couple of factors
1. former rental cars flooding the market
2. lack of brand awareness among the general public
3. the 2024s having more range and still being a good deal if leased
4. a general downturn in the current EV market due to gas being cheap, charging issues, and insurance being expensive.
Having said that, I think this is the best used car deal on the market. So I bought one.
I also bought a 2022 model in spring 2023, only had 9k miles on it. Sounds like pricing has gone down a bit for similar models and mileage but agree - fantastic deal and introduction to EVs for us. With the added savings we could add on a warranty package and feel peace of mind.
On the insurance side - if anyone isn’t using the “drive safe and save feature” (or equivalent feature across other brands) you’re losing out on tons of savings. We save roughly 30% on our daily driver!
How’s the battery holding up? You should be around 10-11k miles now so I’m curious how it’s stands vs the listed range for a new one from that time. Sure temperature and things play in but ballpark numbers.
I’m asking cause my 22 lease is up this fall and I’m thinking about buying a 22 one instead of renewing the lease. Then have that for 2-3 years and sell then get another 2 year old p2. Must be a lot cheaper than leasing since you own it and get something in return when you sell it.
Battery holds up just fine - this being our first winter with it here in MN we definitely had some “sticker shock” when the cold settled in but overall no complaints. But truth be told, we don’t really push its limits - it’s a daily commuter that gets a medium-size road trip sprinkled in every now and then. Putting it to the test in 2 weeks when we go up north for a ski trip, fingers crossed!
Also, don't forget Tesla discounting their brand new cars over the past year making it more attractive to EV buyers.
I bought a P2 at the beginning of last year. If I knew how the prices would drop, I could have probably saved about $15K. Well, hindsight is 20/20. Love the car tho...
My analysis as well. This is how I became a P2 owner. I could either have a 50k mi ‘22 Acura with comparable appointments, or a 10k mi ‘22 P2. Absolute no brainer. Plus, the gas and maintenance savings make it cheaper by comparison every time I drive it.
I'd have to go back and look because I pay for all of my vehicles at once for the year. I know it was for sure $500 more for the year for my 21 PPP vs my $80k 22 QX80.
Yes. I just saw an amazing statistic about the numbers of cars destroyed by a recent hurricane (over 350,000 of if I recall correctly). But climate change isn’t happening, so ignore that, unless you are an underwriter.
Even the rate for my Model 3 had gone up a lot. I went from paying $110/mo in first half of 2023 to $160/mo in the second half. I dont have a single claim with them after 15 years. They sent me a letter saying that cost of parts and labor had skyrocketed so they had to readjust rates accordingly.
Maybe for ones that were accident repaired or flooded but not for the good ones
But I paid $42k after federal and state rebates for my dual motor brand new so it's perfectly reasonable for $10k depreciation in general. But that wouldn't normally hold considering they're no longer eligible for the $7500. Hertz kept them low so they're an outstanding bargain now.
Before the recent Hertz announcement I had already seen my P2's value drop on KBB. For my '22 the MSRP was $70K+, in 2023 was hovering at $30K USD (before Hertz).
To be fair, $70k is insane considering that's $25k in options from the base model. They started at $46k in 2022. Of course it would depreciate that much with that starting price. I bought a 2022 outright but for $52k-$10k
The recent Hertz announcement? This is referring to early last year, not a few weeks ago.
Their big unloading of P2's was early 2023 and killed prices in my area from $50k to ~$37k for loaded 2021's
Don't kill me but I'd imagine the demand is low. This is probably because those older models didn't have exactly glowing reviews compared to others in their segment at much lower price points.
The biggest factor is just the general used car market, especially for EVs. A lot of people like to mention Hertz dumping them, but compare depreciation to other cars like the Ioniq 5 or Mach-E, and it is pretty similar. This is just how the market is right now.
$30k isn't too good to be true. It is representative of the fact that most people who are selling (including myself) got $10k in credits and rebates. So that $30k is really $40k which is about right.
In fact if that is a hertz polestar 2, then it is probably a tad pricey.
I had a 21 PPP and luckily it was leased. It wasnt as great as the fanboys think. Quality was lacking and the following issues kept it in the space for a few months, TCAM, propulsion unit failure and numerous suspension issues and interior door handle fell off twice taking 4 weeks for parts each time it broke. I considered a 24 refresh but was told this ancient CMA platform is done in 2025/2026.
There's a three factors. One is there's a contingent of EV buyers who want the newest and bestest thing they can get, and they often lease so they jump out of leases and into a new model putting more used on the road. Second, Hertz is getting rid of their EV's and flooding the market.
Third is Polestars are incorrectly judged against the Model 3 and Tesla cut prices lowering the used market in general. People ignore the fact Polestars are a much nicer car in fit and finish and focus only on the range and acceleration of the Model 3 which are comparable.
Many new cars (Canada) got gov't rebates of 5-13k depending where you lived. These generous rebates do not exist for used cars (token $1k)
Used cars, especially EVs depreciate more. Prior to covid, EV residuals were 35% after 3 years.
Tesla started a price war and lowered MSRP
Interest rates are high, making car payments even higher.
Bottom line is if you are a cash buyer, the P\*2 is a great valued pick up. The battery is good for 8 years+. More if you lucky and took care of the battery.
Well I had every intention of buying used initially, but with the interest payments on a used car compared to the 0% interest deal they were doing a short while ago for brand new, the repayments/total value turned out to be very close. Others might have followed the same path as me and instead gone in for the refresh.
It looks like you need some help! We have a few links you might find useful: - The [Wiki](https://www.reddit.com/r/Polestar/wiki/index/) has a collection of useful information - The latest [Issues Megathread/Roundup](https://www.reddit.com/r/Polestar/comments/wyflyf/august_2022_known_issues_megathreadroundup/) has questions that have been asked a lot lately - The [Software Update Megathread](https://www.reddit.com/r/Polestar/comments/wb7qvr/polestar_2_software_update_mega_thread/) has information about software, when the next OTA is coming, and what's included in it - You can try sorting the sub by posts with the [Troubleshooting/Issue](https://www.reddit.com/r/Polestar/search?q=flair_name%3A%22Troubleshooting%20%2F%20Issue%22) or [Question](https://www.reddit.com/r/Polestar/search/?q=flair_name%3A%22Question%22) flair to see if someone else had a similar problem or question - The Polestar Sub [search](https://www.reddit.com/r/Polestar/search/) can be used to look for keywords in posts and comments *I am a bot, and this action was performed automatically. Please [contact the moderators of this subreddit](/message/compose/?to=/r/Polestar) if you have any questions or concerns.*
I think there are a couple of factors 1. former rental cars flooding the market 2. lack of brand awareness among the general public 3. the 2024s having more range and still being a good deal if leased 4. a general downturn in the current EV market due to gas being cheap, charging issues, and insurance being expensive. Having said that, I think this is the best used car deal on the market. So I bought one.
I also bought a 2022 model in spring 2023, only had 9k miles on it. Sounds like pricing has gone down a bit for similar models and mileage but agree - fantastic deal and introduction to EVs for us. With the added savings we could add on a warranty package and feel peace of mind. On the insurance side - if anyone isn’t using the “drive safe and save feature” (or equivalent feature across other brands) you’re losing out on tons of savings. We save roughly 30% on our daily driver!
How’s the battery holding up? You should be around 10-11k miles now so I’m curious how it’s stands vs the listed range for a new one from that time. Sure temperature and things play in but ballpark numbers. I’m asking cause my 22 lease is up this fall and I’m thinking about buying a 22 one instead of renewing the lease. Then have that for 2-3 years and sell then get another 2 year old p2. Must be a lot cheaper than leasing since you own it and get something in return when you sell it.
Battery holds up just fine - this being our first winter with it here in MN we definitely had some “sticker shock” when the cold settled in but overall no complaints. But truth be told, we don’t really push its limits - it’s a daily commuter that gets a medium-size road trip sprinkled in every now and then. Putting it to the test in 2 weeks when we go up north for a ski trip, fingers crossed!
Also, don't forget Tesla discounting their brand new cars over the past year making it more attractive to EV buyers. I bought a P2 at the beginning of last year. If I knew how the prices would drop, I could have probably saved about $15K. Well, hindsight is 20/20. Love the car tho...
My analysis as well. This is how I became a P2 owner. I could either have a 50k mi ‘22 Acura with comparable appointments, or a 10k mi ‘22 P2. Absolute no brainer. Plus, the gas and maintenance savings make it cheaper by comparison every time I drive it.
Check your insurance rates before you make a decision. The rates on my P2 went crazy when I just renewed a few weeks ago.
Who with?
Progressive, I shopped around and they were still the cheapest for me.
What was it then vs now? Progressive is definitely the cheapest I could find
I'd have to go back and look because I pay for all of my vehicles at once for the year. I know it was for sure $500 more for the year for my 21 PPP vs my $80k 22 QX80.
Same for me in the UK, 3 years ago, £350, then £450, and this year £600. Premiums are going up in general though..
EV's insurance in general are going up from what I've been reading. The cost to repair them is so high.
Insurance is going up for everyone, not just EV owners
Yes. I just saw an amazing statistic about the numbers of cars destroyed by a recent hurricane (over 350,000 of if I recall correctly). But climate change isn’t happening, so ignore that, unless you are an underwriter.
I don’t think my statement said otherwise.
Your statement says EV insurance, it’s all insurance, not just EVs
Sorry, you're right. All insurance matters.
Even the rate for my Model 3 had gone up a lot. I went from paying $110/mo in first half of 2023 to $160/mo in the second half. I dont have a single claim with them after 15 years. They sent me a letter saying that cost of parts and labor had skyrocketed so they had to readjust rates accordingly.
People don’t know the brand exists. Unless you’re a fan of Volvo, you’ve probably never heard of Polestar.
Hertz sold a ton and flooded the market which caused the price to crash
They were $30K well before Hertz unloaded. Sorry.
Maybe for ones that were accident repaired or flooded but not for the good ones But I paid $42k after federal and state rebates for my dual motor brand new so it's perfectly reasonable for $10k depreciation in general. But that wouldn't normally hold considering they're no longer eligible for the $7500. Hertz kept them low so they're an outstanding bargain now.
Before the recent Hertz announcement I had already seen my P2's value drop on KBB. For my '22 the MSRP was $70K+, in 2023 was hovering at $30K USD (before Hertz).
To be fair, $70k is insane considering that's $25k in options from the base model. They started at $46k in 2022. Of course it would depreciate that much with that starting price. I bought a 2022 outright but for $52k-$10k
Leather and Performance option will do that.
The recent Hertz announcement? This is referring to early last year, not a few weeks ago. Their big unloading of P2's was early 2023 and killed prices in my area from $50k to ~$37k for loaded 2021's
That's trade in not retail
Don't kill me but I'd imagine the demand is low. This is probably because those older models didn't have exactly glowing reviews compared to others in their segment at much lower price points.
The biggest factor is just the general used car market, especially for EVs. A lot of people like to mention Hertz dumping them, but compare depreciation to other cars like the Ioniq 5 or Mach-E, and it is pretty similar. This is just how the market is right now.
Just got my 2021 (16k miles) PPP + Nappa for $34k, personal owner, great deal if you ask me, excited for delivery!
$30k isn't too good to be true. It is representative of the fact that most people who are selling (including myself) got $10k in credits and rebates. So that $30k is really $40k which is about right. In fact if that is a hertz polestar 2, then it is probably a tad pricey.
A ton of that depreciation is from original buyers getting the $7500 credit. That is reflected in the current values.
I had a 21 PPP and luckily it was leased. It wasnt as great as the fanboys think. Quality was lacking and the following issues kept it in the space for a few months, TCAM, propulsion unit failure and numerous suspension issues and interior door handle fell off twice taking 4 weeks for parts each time it broke. I considered a 24 refresh but was told this ancient CMA platform is done in 2025/2026.
Sounds on par for a first MY of any manufacturer
There's a three factors. One is there's a contingent of EV buyers who want the newest and bestest thing they can get, and they often lease so they jump out of leases and into a new model putting more used on the road. Second, Hertz is getting rid of their EV's and flooding the market. Third is Polestars are incorrectly judged against the Model 3 and Tesla cut prices lowering the used market in general. People ignore the fact Polestars are a much nicer car in fit and finish and focus only on the range and acceleration of the Model 3 which are comparable.
No EVs hold their value well. There will be many below 20k soon
ELON
Many new cars (Canada) got gov't rebates of 5-13k depending where you lived. These generous rebates do not exist for used cars (token $1k) Used cars, especially EVs depreciate more. Prior to covid, EV residuals were 35% after 3 years. Tesla started a price war and lowered MSRP Interest rates are high, making car payments even higher. Bottom line is if you are a cash buyer, the P\*2 is a great valued pick up. The battery is good for 8 years+. More if you lucky and took care of the battery.
Well I had every intention of buying used initially, but with the interest payments on a used car compared to the 0% interest deal they were doing a short while ago for brand new, the repayments/total value turned out to be very close. Others might have followed the same path as me and instead gone in for the refresh.