Is It Foolish To Buy An ICE Vehicle Knowing They Are Being Replaced With EVs?

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Tesla CEO Elon Musk claimed the majority of people now think it is unwise to purchase a car that runs on gasoline because its value will most likely drop as the company reported record revenues.

The billionaire was responding to an analyst’s question during Tesla’s earnings call on October 19 about how the electric car manufacturer would adjust if the US enters a recession. 

“I think the public at large realizes that the world’s moving towards electric vehicles and that it’s foolish to actually buy a new gasoline car at this point because the residual value of that gasoline car is going to be very low,” Musk said, according to a transcript of the earnings call from Insider’s Tim Levin.

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