Before September 2025, the government was throwing in $7,500, and maybe your state government was kicking in a few thousand extra, and then the local utility maybe was subsidizing your charger. So your $45k Tesla was effectively selling for $35k. Of course nobody is going to buy a used Tesla for $33k when a new one is selling for $35k, but the depreciation was still being taken as if a $45k vehicle was selling for cheap. What we're seeing isn't as much a change in demand for EVs, as much as seeing that removing government subsidies has normalized the used car market.
I remember buying an egolf back in 2015, I paid like $21k after subsidies. This was a good price, but that basic value held true for a number of years. Used price was great, for many years I could have sold it for $15k+, and it even went over $21k during 2022 due to supply side issues. But articles talking about used value mentioned that the egolf used value had tanked, going for $37k to $18k. But really that was a 10% drop, because if it went down a normal 30% or whatever you'd literally be buying a used car for more than you would spend on a new one!
The numbers are often taken from sticker price (the article itself doesn't discuss how it got its numbers). But of course many cars sell for under sticker price...or in 2022, during supply chain shortages, were actually selling for $5,000 above sticker price. Now that we're mostly over the supply chain issues, these cars are going to see an additional $5,000 drop in used value. But it seems statistically unuseful to account for a one-time extraordinary industry issue.