They will be out of business within a couple of years.
Get one now, about 70K +
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Originally Posted By: StevieC
I have lots of friends that brag about the cash they earn on their cash back rewards credit cards and then they carry a balance at 24%.
I don't get it.
Now I use my cash back credit card for everything but like you I don't carry a balance.
I'm sure the banks hate me.
You're just known as a deadbeat to them because they don't make any money off you. But they do make it from the merchants so technically they're not losing money, they just need to extend credit to everyone and make it on the 2/3's that carry a balance. No way to get that without giving credit to everyone.
I have lots of friends that brag about the cash they earn on their cash back rewards credit cards and then they carry a balance at 24%.
Now I use my cash back credit card for everything but like you I don't carry a balance.
I'm sure the banks hate me.
You're just known as a deadbeat to them because they don't make any money off you. But they do make it from the merchants so technically they're not losing money, they just need to extend credit to everyone and make it on the 2/3's that carry a balance. No way to get that without giving credit to everyone.
I remember when switching from a bank to a credit union and the lady was asking me questions. She was like do you own or rent and I said own. She says how much is your mortgage. I said I do not have one. She laughed and said, no but really. I think I told her twice and then she looked at me like I had 2 heads before trying to talk me into a home equity line of credit. I said I am just interested in the no fee banking account.
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Originally Posted By: jeepman3071
Originally Posted By: StevieC
It's the same here in Canada. Most will never own their homes and count on inheritance. Sad.
People are living on being able to make the payments today. They will never truly own things and if they loose their job they are up the creek fast.
It's part of the reason the average income is about $50,000 CDN / Year and the house prices in big cities like Toronto are well over $1M for a detached. Heck even a Closet sized Condo goes for $400K.
Vancouver, BC is even worse!
I have never bought anything I didn't have the cash for including my house and vehicle.
(Now my vehicle is financed because I got it at 0% and my money is earning 8%.
)
I buy everything with cash, except for things on the credit card which I pay off in full every month. I've never had a car payment in 11 years of owning cars. Everyone my age thinks this is extremely strange. I'm sure some day I'll have a car payment, but why have one if I don't have to?
I think it is all priorities. Everyone wants the newest iPhone, Mercedes-Benz, and fashion even if they can't afford it.
It's all about being financially smart. Financing a vehicle can be smart if you can get 0% and invest the money elsewhere like you said. The problem is most people don't have money to invest elsewhere, they don't get 0% financing, and they take on the longest loan they possibly can.
Don't forget that their family, friends and coworkers on Facebook always posting photos of fancy stufff like expensive vacations, new cars, jewelry and the newest glitter and glam they financed.
Many young folks would rather be cash poor and have the latest trinkets than save for their future.
Originally Posted By: StevieC
It's the same here in Canada. Most will never own their homes and count on inheritance. Sad.
People are living on being able to make the payments today. They will never truly own things and if they loose their job they are up the creek fast.
It's part of the reason the average income is about $50,000 CDN / Year and the house prices in big cities like Toronto are well over $1M for a detached. Heck even a Closet sized Condo goes for $400K.
I have never bought anything I didn't have the cash for including my house and vehicle.
(Now my vehicle is financed because I got it at 0% and my money is earning 8%.
I buy everything with cash, except for things on the credit card which I pay off in full every month. I've never had a car payment in 11 years of owning cars. Everyone my age thinks this is extremely strange. I'm sure some day I'll have a car payment, but why have one if I don't have to?
I think it is all priorities. Everyone wants the newest iPhone, Mercedes-Benz, and fashion even if they can't afford it.
It's all about being financially smart. Financing a vehicle can be smart if you can get 0% and invest the money elsewhere like you said. The problem is most people don't have money to invest elsewhere, they don't get 0% financing, and they take on the longest loan they possibly can.
Don't forget that their family, friends and coworkers on Facebook always posting photos of fancy stufff like expensive vacations, new cars, jewelry and the newest glitter and glam they financed.
Many young folks would rather be cash poor and have the latest trinkets than save for their future.
Originally Posted By: Mr Nice
Don't forget that their family, friends and coworkers on Facebook always posting photos of fancy stufff like expensive vacations, new cars, jewelry and the newest glitter and glam they financed.
Many young folks would rather be cash poor and have the latest trinkets than save for their future.
Sadly none of them look to the future when they can no longer work at the same pace to keep up the lifestyle and by then saving is too late because time is no longer on their side. Plus employers today seem to frown on aging folks in the workforce and keeping anyone too long because of future liabilities in terms of severance etc.
Don't forget that their family, friends and coworkers on Facebook always posting photos of fancy stufff like expensive vacations, new cars, jewelry and the newest glitter and glam they financed.
Many young folks would rather be cash poor and have the latest trinkets than save for their future.
Sadly none of them look to the future when they can no longer work at the same pace to keep up the lifestyle and by then saving is too late because time is no longer on their side. Plus employers today seem to frown on aging folks in the workforce and keeping anyone too long because of future liabilities in terms of severance etc.
To circle back to Teslas, I'm sure that in a few years there will be battery rebuild packs available from 3rd parties that will be reasonably priced. I remember with the Prius came out and how people steered clear of them because of the fear of the cost of battery replacement. Turns out that there are tons of examples of the Prius lasting 200k+ miles on original batteries and replacement cells can be had for $1k-2k dollars and youtube videos showing how to replace them. It actually looks like a pretty easy job.
Originally Posted By: JustN89
To circle back to Teslas, I'm sure that in a few years there will be battery rebuild packs available from 3rd parties that will be reasonably priced. I remember with the Prius came out and how people steered clear of them because of the fear of the cost of battery replacement. Turns out that there are tons of examples of the Prius lasting 200k+ miles on original batteries and replacement cells can be had for $1k-2k dollars and youtube videos showing how to replace them. It actually looks like a pretty easy job.
Also with the vehicles being all aluminum they should last a very long time. With only the batteries being replaced and motors maybe rebuilt sort of thing.
To circle back to Teslas, I'm sure that in a few years there will be battery rebuild packs available from 3rd parties that will be reasonably priced. I remember with the Prius came out and how people steered clear of them because of the fear of the cost of battery replacement. Turns out that there are tons of examples of the Prius lasting 200k+ miles on original batteries and replacement cells can be had for $1k-2k dollars and youtube videos showing how to replace them. It actually looks like a pretty easy job.
Also with the vehicles being all aluminum they should last a very long time. With only the batteries being replaced and motors maybe rebuilt sort of thing.
Originally Posted By: StevieC
Also with the vehicles being all aluminum they should last a very long time. With only the batteries being replaced and motors maybe rebuilt sort of thing.
For EV or hybrid that has a finite battery life, frame lasting a long time is not really a big deal IMO. The depreciation limiting factor will be the battery, and if someone had an accident, their car will "merge" with another perfect condition car with bad battery and get a 2nd life. Perfect for teenager's first car.
Also with the vehicles being all aluminum they should last a very long time. With only the batteries being replaced and motors maybe rebuilt sort of thing.
For EV or hybrid that has a finite battery life, frame lasting a long time is not really a big deal IMO. The depreciation limiting factor will be the battery, and if someone had an accident, their car will "merge" with another perfect condition car with bad battery and get a 2nd life. Perfect for teenager's first car.
Originally Posted By: JustN89
To circle back to Teslas, I'm sure that in a few years there will be battery rebuild packs available from 3rd parties that will be reasonably priced. I remember with the Prius came out and how people steered clear of them because of the fear of the cost of battery replacement. Turns out that there are tons of examples of the Prius lasting 200k+ miles on original batteries and replacement cells can be had for $1k-2k dollars and youtube videos showing how to replace them. It actually looks like a pretty easy job.
The individual cells are about $40-$60 on eBay, but there's probably a few bad ones and there's several videos on youtube on how to do it. Pretty interesting, I'd probably give it a shot if I had to, but I hate Prius cars so I'd never buy one, just too slow for me. Gas mileage isn't everything.
To circle back to Teslas, I'm sure that in a few years there will be battery rebuild packs available from 3rd parties that will be reasonably priced. I remember with the Prius came out and how people steered clear of them because of the fear of the cost of battery replacement. Turns out that there are tons of examples of the Prius lasting 200k+ miles on original batteries and replacement cells can be had for $1k-2k dollars and youtube videos showing how to replace them. It actually looks like a pretty easy job.
The individual cells are about $40-$60 on eBay, but there's probably a few bad ones and there's several videos on youtube on how to do it. Pretty interesting, I'd probably give it a shot if I had to, but I hate Prius cars so I'd never buy one, just too slow for me. Gas mileage isn't everything.
Mercedes AA Class battery powered car. (English)
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just as it was before Henry ford made them affordable to the masses
So who’s the Henry Ford of electric cars?
Not sure if we have one?
I'm not sure what the competition looked like when the T rolled out, but I do believe it was aiming for the lower end of the market. And then kept getting cheaper. Perhaps analogies breakdown--or perhaps the EV version of a T hasn't rolled out yet. Of course: just what are we looking for? EV's that that offer the same features for the same price as ICE, or do they have to undercut ICE cost in order to say that EV's have properly arrived?
[Yes I know this is an old thread.]
I think people want affordable EVs that can be driven without range anxiety. They want to able to recharge and get full range in less than 20 minutes. They also want to know that they can quickly recharge whenever/wherever and not have to plan a trip around charging locations. Essentially they want a seamless transition from what they have now with ICE vehicles. Until that happens, EVs will be a tough call for most buyers. Once people feel like they can get in an EV and drive unencumbered, they will make that jump to an EV.
I like to go hunting for a week. Now I carry jerry cans. When you can carry spare batteries that last for weeks in the cold, then I would be interested in electric.
I think that's an unaddressed issue at the moment, even at home when you leave your fully charged electric car plugged in, I assume it draws power from the grid to keep the battery pack warm or cooled and charged up? That could add up to quite a few kwh for millions of vehicles.
On the other hand smart chargers could save the grid as well. In Texas electricity prices shot to very high levels where it would be worth discharging your unused electric car back into the grid and waiting until normal power is restored to recharge. Millions of cars in that scenario would add up too!
Who knows though, the next battery technology may not be so temperature sensitive, and tesla has already moved to a heatpump system in the model 3 from resistive heat and traditional AC so the issue is reduced a bit already.
Probably cheaper solar panels will help too. I am a bit surprised they aren't integrated into the roofs already, or a slide down panel inside the windshield.
I'm not sure EV prices would have to undercut ICE prices. They'd just need to be competitive.
But...
I think range would need to improve from where it is now.
Currently, EVs aren't a direct replacement for an ICE vehicle because the technology hasn't gotten to the point of having the power density of an ICE vehicle. Some of them may claim 400-mile range, but real-world range is a different story.
And then there's the availability of charging stations. They're not widely available enough for people to take road trips anywhere, etc.
So, for ICE to be replaced by EVs, all of the above would need to happen. And that's a ways away.
But, I think everyone here knows all this.
We're a LONG way from full charge and recharge in 20 minutes! Furthermore, I don't think people would even demand that at this point.
I'd say if I were to consider replacing my ICE vehicles with EVs (provided prices were competitive, the technology was proven and reliable, and range/battery stability was greatly improved from where it is now, and charging stations were MUCH more widely available than they are now), I'd be willing to wait for up to an hour for charging. I'd just need to plan for it.
Comparing EV to ICE is apples to oranges. They are different. EVs are not for everyone.
But if it is a fit, and you like a really fun car, perhaps check one out.
But if it is a fit, and you like a really fun car, perhaps check one out.
With the proper charger, the new Ford Mustang Mach-E can get to 80% in 45 minutes. Charging times are coming down. However, it takes almost 18 hours to get a full charge on a standard household system.
If charging stations become as common as gas stations, and charging times can get down to 20 minutes or less, it will make the decision easy. I am not going to wait an hour to charge my car when I am used to being able to refill 20 gallons of gas in less than 10 minutes. I rarely ever have to wait for an empty pump. 99.9% of the time you pull in, fill up, and leave. As EVs become more prevalent, you could have a situation where you pull in, wait for an available charger, then wait another hour to fully charge (unless you just need enough charge to get home, then maybe 20 minutes to get enough range.) If it is your turn to bring home dinner, or pick up the kids from school, your family will hate you that day
