[DS9]

I stopped by my local space today because I was in the general area and I was curious about the nappa leather feel, since my only regret was not getting the leather Interior. I had a chat with the sales manager and he mentioned that a car rental company had recently liquidated their P2 fleet ( he didn't say which one but if I had to guess - Enterprise) and it was depressing the value of used P2s. He mentioned that '21 Dual motors with <15K miles were being valued less than $36K. I was a bit alarmed and asked them to run the numbers on my car - '22 snow, plus, pilot, charcoal interior, 5300 miles in excellent condition. My trade in value came back @ $41K. I checked kbb, edmunds, vroom, black book and sure enough trade in values were significantly lower than just 2 months ago.

~32% depreciation in 7 months is a tough pill to swallow. Hopefully this isn't indicative of a larger trend and used P2 values bounce back in a few months.

 

[LordB]

I’d actually call that more traditional depreciation.
We’ve been (globally) in a super normal position where used values were elevated beyond where they should be. Add the global financial securities and people aren’t willing to spend on big ticket items, further driving resale values down.

I acknowledge, I have less knowledge of the US market, but it was always said in the UK, you lost 25% of the cars value just by driving the car off the forecourt. 3y retention was usually around 50% and subsequent losses were comparable.

 

[DS9]

~ 20% in the first year has been my norm in the pre-Covid era, so 32% in 7 months was a bit of an eye opener.

 

[KanedaKid]

That will be a shock for any one hoping to trade up to a P3. It also means most of us still owe well more than our cars are worth.

 

[polerad]

That will be a shock for any one hoping to trade up to a P3. It also means most of us still owe well more than our cars are worth.

Silver lining: in the year it takes for the P*3/EX90 to make deliveries, this event’s effects might dissipate allowing used prices to recover??? 😬

 

[Dark-Fx]

Silver lining: in the year it takes for the P*3/EX90 to make deliveries, this event’s effects might dissipate allowing used prices to recover??? 😬

Assuming the global economy turns around well before then, maybe.

 

[Tacoenthusiast]

Selling any 1 year old car means you're going to take a bath.... Changing cars frequently is really expensive

 

[DS9]

Silver lining: in the year it takes for the P*3/EX90 to make deliveries, this event’s effects might dissipate allowing used prices to recover??? 😬

I'd be interested to see what happens with the P4 - by then I should have equity in my car 🤣

 

[dmogx]

This is not at all surprising. The used car market has merely adjusted back to realistic levels. EV’s will likely depreciate much faster than ICE cars too, simply because of the rapid technological advances in EV’s and increasing competition. The polestar will be a dinosaur in a couple of years lol

 

[Carsplain]

P2 values have PLUMMETED in the past few months. As recently as November, 2021 model year's could garner 46-50K at auction with low miles.

But yes, seeing a ton of Fleet vehicles (rental) go through auction. 3,000 miles for $35,500 etc. Hopefully it'll bounce back a bit, but I don't know. Volvo Financial is going to be taking huge losses on the lease returns. Not even the tax credit they used to subvent the residual could help it at this rate.

 

[voxel]

I loved the loaded P2 I rented over the Christmas break but the car rental agency (Enterprise) basically told me there was zero demand for the P2. Nobody wanted it. I rented it for $190/week with my corporate rate. That location gets $188/day for a Grand Cherokee.

Enterprise will probably dump P2s from their fleet.

 

[polerad]

Where are people finding bargain basement Polestars? Two friends are interested and I mentioned this to them but they couldn’t find any deals.

looking at autotrader or polestar.com I’m seeing pricing of $45-55k depending on the exact specs and mileage. That’s little different then it was a few months ago.

 

[voxel]

Where are people finding bargain basement Polestars? Two friends are interested and I mentioned this to them but they couldn’t find any deals.

looking at autotrader or polestar.com I’m seeing pricing of $45-55k depending on the exact specs and mileage. That’s little different then it was a few months ago.

I will ask a friend with a dealer license to check the auction markets. He can buy the car for me and I suspect that's where the best deals will be found.

If rental car agencies are unloading them... then there will be availability. Car dealers are probably seeing them as falling knives and not bidding on them. There are a dozen P2s near me and they've been sitting on lots for 6-8 months unsold.

 

[Aggie57]

I will ask a friend with a dealer license to check the auction markets. He can buy the car for me and I suspect that's where the best deals will be found.

If rental car agencies are unloading them... then there will be availability. Car dealers are probably seeing them as falling knives and not bidding on them. There are a dozen P2s near me and they've been sitting on lots for 6-8 months unsold.

Where abouts? Maybe post a couple of links so others can take advantage?

 

[EdB]

I stopped by my local space today because I was in the general area and I was curious about the nappa leather feel, since my only regret was not getting the leather Interior. I had a chat with the sales manager and he mentioned that a car rental company had recently liquidated their P2 fleet ( he didn't say which one but if I had to guess - Enterprise) and it was depressing the value of used P2s. He mentioned that '21 Dual motors with <15K miles were being valued less than $36K. I was a bit alarmed and asked them to run the numbers on my car - '22 snow, plus, pilot, charcoal interior, 5300 miles in excellent condition. My trade in value came back @ $41K. I checked kbb, edmunds, vroom, black book and sure enough trade in values were significantly lower than just 2 months ago.

~32% depreciation in 7 months is a tough pill to swallow. Hopefully this isn't indicative of a larger trend and used P2 values bounce back in a few months.

I have been disappointed in my Polestar 2 and was exploring trading it for MACH E - a much better vehicle for the money (just drove our's Florida to NY and back...Blue Cruise is actually way better than my old Tesla EAP and WAY WAY better than Pilot, which is so disappointing.). Anyway, my trade for a 2023 Dual Motor/Premium/Pilot with less than 3K miles was $48....vs. the $63 I paid 3 months ago. That is so disappointing. I got about that much for a 4 years old Tesla M 3 with 28,000 miles. Wow....More to not like about my Polestar.

 

[Aggie57]

I have been disappointed in my Polestar 2 and was exploring trading it for MACH E - a much better vehicle for the money (just drove our's Florida to NY and back...Blue Cruise is actually way better than my old Tesla EAP and WAY WAY better than Pilot, which is so disappointing.). Anyway, my trade for a 2023 Dual Motor/Premium/Pilot with less than 3K miles was $48....vs. the $63 I paid 3 months ago. That is so disappointing. I got about that much for a 4 years old Tesla M 3 with 28,000 miles. Wow....More to not like about my Polestar.

Wow, no answer from @voxel to the request for links to those P2’s sitting on dealers lots for several months, then this post from another newish user and an immediate ‘like’ from @voxel. Does anyone else smell something odd here?

 

[voxel]

Wow, no answer from @voxel to the request for links to those P2’s sitting on dealers lots for several months, then this post from another newish user and an immediate ‘like’ from @voxel. Does anyone else smell something odd here?

Really? Just search cars.com and autotrader.com and look at the price drop history. In fact, some have been sitting more than a few months...

EDIT: Here is the first one I clicked on

https://www.cargurus.com/Cars/l-Used-Polestar-Orlando-m260_L5167#listing=337819200/FEATURED

I'm going to buy one when they hit $40K - which they will in 2023.

 

[voxel]

Wow, no answer from @voxel to the request for links to those P2’s sitting on dealers lots for several months, then this post from another newish user and an immediate ‘like’ from @voxel. Does anyone else smell something odd here?

FYI I also owned a bunch of Teslas and Mach-E (four of each but long story...) and also vastly prefer BlueCruise to the crappy Tesla Autopilot system. Never owned a Polestar 2 but want one for the track only. Zero interest in using it as a daily or road trip car. The range is terrible, the audio system is mediocre, and the interior is cheap - I rented a fully loaded P2 in Austin for 10 days. My current daily is a BMW i4 and I would not downgrade to a P2... but for the track.. the P2 is perfect. Prices just need to keep falling and I will snag one!

 

[KanedaKid]

I see some good things that can come from the secondary market for EV's being affordable. This lets first time EV buyers get in at an affordable price and have some extra money to invest in their home EVSE and pay an electrician the big bucks for the installation. However if depreciation is very high I see many buyers looking for a new car like the Polestar 3 getting gun shy. Unfortunately without those NEW car buyers the volumes of EV's and their available in the secondary market will suffer.

 

[Ale]

Really? Just search cars.com and autotrader.com and look at the price drop history. In fact, some have been sitting more than a few months...

EDIT: Here is the first one I clicked on

https://www.cargurus.com/Cars/l-Used-Polestar-Orlando-m260_L5167#listing=337819200/FEATURED

View attachment 21279

I'm going to buy one when they hit $40K - which they will in 2023.

The car you listed does not have the pilot or plus pack, which may be the reason for the price. See pics 2 and 3 from the listing below. It looks to be a base DM variant with added Space color which, as of now, starts at at $54.5k (see pic 1), and that's because 2023 saw a price increase over 2022. Not saying the depreciation isn't disappointing, but just wanted to point this out.

No Pilot Pack - I could tell because it does not have fog lights

No Plus Pack - I could tell because it doesn't full power seats and the interior seat and accent trim is base

P.S. I agree that PilotAssist is shit.