(DCNF)—Resale values for electric vehicles (EVs) have cratered as a slackening of consumer demand has weighed down prices.

Automakers have offered a flood of price cuts on new models in a bid to prop up sales amid lower-than-expected demand, according to The Wall Street Journal. The discounts have caused EV resale values to plummet, with the average selling price of a three-year-old EV falling to $28,400, a 25% decrease from the start of 2023 and a lower price than that of a internal combustion vehicle of the same age.

As a result, as of August EV owners owed roughly $10,000 more on their car loans than their vehicle was worth, up from $8,000 at the beginning of 2023, the WSJ reported.

“They kept reducing the price of the cars, which killed the used-EV market,” Christian Lange, a former 2018 Tesla Model 3 owner, told the WSJ. Lange saw his vehicle’s value decline by $10,000 relative to what he owed on his loan following the 2023 price cuts.

Buying business, causing massive depreciation, a race to the bottom, and ruining the motor trade as they do it!

But yeah, EV's are selling just fine! and if you think that you are a fucking idiot

"Average discounts on EV's are now almost double what they are on ICE vehicles"… pic.twitter.com/rLvax7d4WM

— Barrie Crampton (@BarrieCrampton) October 10, 2024

The price cuts followed lower-than-expected demand in 2023 and 2024, with EV sales growing 50% in the first half of 2023 and 31% in the first half of 2024, less than the 71% increase in the first half of 2022. Meanwhile, a June poll from The Associated Press-NORC Center for Public Affairs Research and the University of Chicago’s Energy Policy Institute found 46% of respondents were unlikely or very unlikely to purchase an EV, while just 21% were “very” or “extremely” likely to make the change.

The faltering demand comes despite billions in subsidies from the Biden-Harris administration, including a $7,500 federal tax credit for certain EVs to ease costs for buyers. Experts previously told the DCNF the faltering demand was due to consumer aversion to lower mileage ranges, a lack of charging infrastructure and higher vehicle prices.

“Even after throwing money at EVs hand over fist, basically paying people tax dollars to drive these cars off the lots, you have a dire spiral of (1) not enough demand to support the number of cars being produced, and (2) the people you paid to buy them now wanting to go back to what they had before,” O.H. Skinner, executive director of the Alliance for Consumers and the former solicitor general of Arizona, previously told the DCNF.

A $4,000 credit for used EVs under $25,000, implemented as part of President Joe Biden’s Inflation Reduction Act, has also contributed to the plummet in resale values by incentivizing dealers to lower prices below the $25,000 maximum, according to the WSJ.

Tesla did not immediately respond to a request for comment.

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Trump is slated to speak to voters in Butler, Pennsylvania at 5 p.m. this evening, with SpaceX CEO Elon Musk and family members of Corey Comperatore — the fireman who was killed in the July shooting — also expected to attend. The speaking engagement has sparked concern over the former president’s safety; notably, a dozen current and former Secret Service agents told NBC News that the USSS has reached “a breaking point” amid staffing shortages and an increased workload.

“The increasing demand placed on the agency during this dynamic threat environment has resulted in our people being pushed to the limit,” Anthony Guglielmi, The USSS’ chief spokesman, said in a statement shared with the Daily Caller News Foundation Saturday. “We recognize that this is not sustainable, and we cannot risk another mission failure.”

The USSS has struggled with staffing issues as attrition outpaced new hiring, with a net loss of 59 Special Agents and 60 Special Agents in fiscal years 2022 and 2023, respectively, according to employment data the USSS shared with the DCNF. However, the agency has seen a significant increase in hiring in fiscal year 2024, adding 186 Special Agents and 1,099 total employees — nearly double the total hired in the fiscal year prior.

Despite the recent increase in hiring, Trump’s return to Butler coincides with the USSS “redlining,” meaning agents are having to work excessive hours, according to two U.S. officials who spoke with NBC.

“The US Secret Service is killing their people, and worse they are supposed to have a zero-fail protective mission on zero rest/sleep,” a former agent reportedly told the outlet. “I love my agency but they are setting themselves up for another incident.”

The strain on Secret Service resources also comes despite the agency’s budget skyrocketing, with the USSS slated to receive an additional $231 million from Speaker Mike Johnson’s government funding bill. The agency’s budget has increased by nearly $1 billion since 2014, though only $200 million of that has gone to protective operations.

“I hate to say it, they are going to hit rock bottom fast,” a former Secret Service agent reportedly told NBC.

Featured Image: Screen Capture/CSPAN

All content created by the Daily Caller News Foundation, an independent and nonpartisan newswire service, is available without charge to any legitimate news publisher that can provide a large audience. All republished articles must include our logo, our reporter’s byline and their DCNF affiliation. For any questions about our guidelines or partnering with us, please contact licensing@dailycallernewsfoundation.org.

Tony West, Harris’ brother-in-law and chief legal officer at Uber, led a series of meetings in September at luxe New York City event venue Cipriani 42nd Street, convening with billionaire CEOs such as Jamie Dimon of JPMorgan and Brian Roberts of Comcast, the WSJ reported. Meanwhile, Harris has been touting her “New Way Forward” economic plan, which proposes raising the corporate tax rate to 28% in order to ensure “the wealthiest Americans pay their fair share in taxes,” and has even supported a wealth tax on Americans worth $100 million or more.

“I don’t begrudge West and the Harris campaign for trying to have business outreach going on,” Faiz Shakir, a longtime adviser to Independent Vermont Sen. Bernie Sanders, told the WSJ. “But you don’t simultaneously see an outreach to those wanting to unrig the economy.”

West listened to business magnates’ opinions on policy issues such as technology, healthcare and economics, with attendees telling the WSJ they see Harris’ brother-in-law as a member of her inner circle who can speak on her behalf, the WSJ reported.

Dimon has donated to both Republicans and Democrats, providing $3,300 donations this year to both Democratic Nevada Sen. Jacky Rosen and Republican Arkansas Rep. French Hill, according to Open Secrets.

Roberts has also supported candidates from both parties financially, giving a $10,000 donation to the Democratic Party of Pennsylvania in 2010 after dishing out a $2,500 donation and $10,000 donation to the Republican Federal Committee of Pennsylvania in 2004.

West has played a significant role in Harris’ campaign, serving among a team of top economic advisers responsible for briefing think-tank leaders and former administration officials on the Democratic nominee’s economic platform, according to the WSJ. He also praised Harris at the Democratic National Convention on Aug. 21, remarking, “she’ll fight for all of us, because friends, when Kamala fights, we win.”

Before West took leave from Uber to volunteer on the campaign, he was involved in a $200 million effort in 2020 to pass a California ballot initiative that exempted companies like Uber and Lyft from having to classify their drivers as employees, thus allowing them to provide less benefits, the WSJ reported. West’s role in the initiative reportedly became a point of contention within the International Brotherhood of Teamsters when the union had to decide who to endorse in the 2024 presidential election, with the Teamsters, who have historically supported Democrats, ultimately declining to endorse a candidate.

“That led to a conversation about who she might side with when it comes to gig and the tech industry, which is a concern for working people,” an unnamed source told the WSJ regarding the effect White’s role in the 2020 California ballot initiative had on the Teamster’s deliberation process.

The Harris campaign did not immediately respond to a request for comment.

All content created by the Daily Caller News Foundation, an independent and nonpartisan newswire service, is available without charge to any legitimate news publisher that can provide a large audience. All republished articles must include our logo, our reporter’s byline and their DCNF affiliation. For any questions about our guidelines or partnering with us, please contact licensing@dailycallernewsfoundation.org.