Faulty backup cameras are plaguing tens of millions of US cars A Tesla Model 3 hit a cement pole after the rearview camera failed. The driver of a Ford pickup scraped a light post in reverse. A Toyota minivan’s backup display showed old images instead of live ones. These incidents highlight a growing issue with rearview camera systems, as consumers have filed roughly 2,000 complaints with U.S. auto safety regulators. The number of complaints has surged recently, reflecting widespread frustration with glitchy systems. Recalls over faulty backup cameras have also risen sharply since the U.S. mandated the safety systems eight years ago. Automakers have recalled approximately 21 million vehicles in that period, including nearly 6 million just last year, according to a Bloomberg analysis of National Highway Traffic Safety Administration data. When including other vehicle types subject to the backup camera mandate, such as recreational vehicles and small buses, the total rises to nearly 28 million, according to NHTSA. These figures underscore the significant challenges associated with backup camera systems, which are among the most error-prone features of modern automobiles. Chris Harvey, senior vice president for Sedgwick, a third-party claims administrator, noted that the complexity of the technology creates more potential failure points. Once an optional feature on high-end cars, cameras are now standard on new vehicles across all price ranges. The mandate originated from a 2008 law signed by President George W. Bush, aimed at reducing pedestrian deaths and injuries caused by backup collisions—particularly those involving children. Beyond safety, cameras also aid in tasks like parallel parking and checking for objects left in driveways.#george_w_bush #national_highway_traffic_safety_administration #tesla_model_3 #ford_pickup #toyota_minivan
Here's How Much A 2021 Tesla Model 3 Has Depreciated In 5 Years CarEdge data indicates that a 2021 Tesla Model 3 has lost 59% of its value over five years, assuming the vehicle remains in good condition, originally priced at $51,380, and driven 13,500 miles annually. However, this figure differs from Kelley Blue Book (KBB) estimates, which report a 51% depreciation rate for the entry-level Model 3, based on its original price of $39,190 and current resale value of $19,150. The discrepancy highlights the variability in depreciation calculations across different valuation sources. The 2021 Model 3 was available in three trim levels, each with distinct depreciation rates. The Standard Range Plus trim, the base model, depreciates the least at 51%, according to KBB. This version includes features like heated front seats, simulated leather upholstery, wireless smartphone charging, 263 miles of range, a 7.6-kW onboard charger, and 170 kW max Supercharging. The Long Range trim, positioned as the mid-market option, offers additional features such as standard all-wheel drive, heated rear seats, and a 15-speaker premium sound system. It provides 353 miles of range and a larger 11.5-kW onboard charger, capable of charging at up to 250 kW on Tesla’s Supercharger network. This trim has experienced a 55% depreciation over five years, with its resale value dropping from $48,190 to $21,600. The top-tier Model 3 Performance trim has suffered the highest depreciation, losing 57% of its value. Originally priced at $56,190, its current resale value stands at $24,100. This trim is notable for its enhanced performance capabilities, though its depreciation rate underscores the challenges faced by high-end electric vehicles in maintaining value over time.#tesla_model_3 #kelly_blue_book #polestar_2 #tesla_model_s #porsche_taycan
Surge of Off-Lease Electric Vehicles Expected to Drive Down Used EV Prices Rising gas prices linked to the ongoing conflict in the Middle East are encouraging more drivers to explore electric vehicles as a cost-effective alternative. Industry analysts suggest this shift could create a prime opportunity for consumers seeking affordable options. Joseph Yoon of Edmunds estimates that over 300,000 electric vehicles will soon be returned from leases, flooding the used EV and hybrid market with a significant supply. This surge is expected to lower prices for buyers, making previously out-of-reach models more accessible. The influx of used EVs follows a three-year period of increased leasing activity, driven by the Inflation Reduction Act’s $7,500 federal tax credit for EV owners. While the credit has expired, many vehicles leased under that program are now nearing the end of their lease terms and returning to dealerships. Yoon highlights that this growing supply could benefit buyers, particularly those who find new EVs too expensive. “Looking at a nearly new used EV is of great value,” he explains, noting that these vehicles often have fewer than 40,000 miles and remain under warranty. Advancements in battery technology have also enhanced the long-term reliability of used EVs. Yoon predicts that many of these vehicles could easily surpass 200,000 miles, with some approaching 300,000 miles in range. He emphasizes that these improvements make used EVs significantly cheaper than previously anticipated. Among the models expected to enter the market are the Tesla Model Y and Model 3, the Hyundai Ioniq 5, and the Ford Mustang MachE. Industry experts warn that dealerships must prepare for the increased volume of used EVs.#middle_east #joseph_yoon #edmunds #tesla_model_y #tesla_model_3
