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Ford shifting focus to smaller cheaper EVs (www.reuters.com)

submitted 3 days ago by SteveInVentura@lemmy.today to c/electriccars@lemmy.ca

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Ford seems to be refocusing it’s #EV efforts towards smaller, less expensive EVs with cheaper battery technology in an effort to stay relavent given the low cost EVs coming out of China. This is in contrast with GMs efforts which seem to lean towards larger SUVs and trucks.

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[–] SanctimoniousApe 1 points 3 days ago* (last edited 3 days ago) (1 children)

$700/mo for a $30-$40K car seems like a raw deal to me, but I'll admit it's been quite a while since I shopped for a new car. Insurance shouldn't be that high over 30 unless you're in a bad area (or have a bad record).

[–] Semi_Hemi_Demigod@lemmy.world 1 points 3 days ago (1 children)

The average new car price is closer to $50k, with SUVs and luxury cars sometimes going up to $100k.

But the big problem is interest rates. Even with great credit you could be looking at 10-15%, and loans of 20-25% aren’t uncommon.

Pair that with 84-120 month loans and things get crazy quick

[–] SanctimoniousApe 2 points 3 days ago

I'm vaguely aware of the typical price range, but I was sticking closer to the price mentioned in OP as the topic of discussion.

Those rates are indeed insane - especially over such a long term. I guess I can see why you say it's only old people if that's truly the case, but it also seems like sales suicide for manufacturers to allow that to remain the case.