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Flywheel: Lectric in the secondary market | Vehicles from Gogoro, Aventon, Tern, Priority, & Lectric
Breaking down Lectric in the secondary market & featuring the top 5 vehicles of the week
Welcome to Flywheel, a weekly exploration of owned and used micromobility. Each newsletter will highlight an observation of trends emerging in the industry and feature five of the most interesting used vehicles being sold in the secondary market.
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The observation of the week breaks down Lectric’s performance in the secondary market. This week’s featured vehicles are an SUV-style moped, two longtail cargo bikes, and two urban commuters.
Note: Due to the upcoming Thanksgiving holiday, there will be no Flywheel next week. Wishing you all a wonderful time with your loved ones :)
Observation of the Week
Breaking down Lectric in the secondary market
Lectric is a D2C ebike OEM that has taken the micromobility world by storm with its ultra-affordable and highly-reliable fat-tire ebikes. The brand’s most affordable option (XP Lite) retails for a shocking $946, while its most expensive offering, a dual-battery longtail cargo bike (XPedition), only costs $2,148. Unlike many other budget ebike brands that compromise on reliability and quality, Lectric has prioritized durability and high-uptime for its vehicles despite the low price tag. The OEM has partnered with 100+ bike shops nationwide to nationwide to offer riders a large and easily accessible service network, and the brand’s customer service is consistently reviewed as top-tier.
During a recent launch, CEO Levi Conlow announced that Lectric is set to sell 400K ebikes by the end of this month, making Lectric the top selling ebike OEM in the US. This is a meteoric growth considering they launched their first vehicles just 4 years ago. To celebrate this milestone, this week’s Flywheel breaks down the Lectric lineup and Lectric’s performance in the secondary market.
Lectric is the 7th biggest OEM in the secondary market and represents 2.98% of the used market.
Lectric ebikes have an average mileage of 179.58mi at resale, vs. the market-wide average mileage of 333.37mi.
Used Lectric ebike listings are sold in 21 days on average. The average ebike in the used market typically moves in 26 days.
The average resale price of a Lectric bike is $919.85, which is ~1/2 the market-wide average resale price of $1,712.06.
Lectric ebikes degrade much less than other used ebikes. Used Lectric bikes sell at an average discount of 19% off their MSRP, vs. the industry-wide average discount of 34% off their MSRP. This represents a degradation of 0.107% of MSRP/mile vs. the industry-wide degradation of 0.479%/mile.
Breakdown by Model:
The XP 2.0 is Lectric’s most popular model. It’s the joint second best selling ebike in the secondary market and represents 1.14% of the market. The XP 1.0 is Lectric’s second best selling model and the tenth best selling ebike in the secondary market.
Breaking Lectric’s bikes down by model, the XP 1.0 and the XP 2.0 have the highest average mileages.
Looking at the resale value of Lectric ebikes vs. their MSRP, the XP 3.0 and the XPedition actually sell for higher than their MSRP. These are some of Lectric’s newest models, and the XPedition in particular has been in high demand given its best in-class cargo hauling capabilities.
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Featured Vehicles of the Week
The Gogoro CrossOver is a recently launched SUV-style moped. Gogoro is a Taiwanese EV company that became famous for its charging-led light EVs. The company built a network of battery swapping stations with 1M+ swappable battery packs and launched a series of compatible electric two-wheelers on top of it, and those two-wheelers have become wildly popular for two key reasons. First of all, the battery swapping network separates the cost of the vehicle from the cost of the battery, making the vehicle’s upfront cost/CAPEX much more affordable. Secondly, the excellent battery swapping network all but eliminates anxiety around charging availability and speeds. Ultimately, the charging network has become an incredibly sticky acquisition and retention tool for Gogoro, and it’s now a formidable differentiator that is hard for other OEMs to beat. The CrossOver is advertised as a two-wheel SUV, and its design is optimized for high-utility. It’s highly modular in nature and has 26 mounting points that can accomodate a vast ecosystem of cargo accessories also sold by Gogoro. There are four expanded cargo zones: a front rack, on the foot platform, underneath the seat, and a rear rack. Similar to an SUV, the CrossOver is also more rugged than its sister vehicles, and features a beefier frame with a higher ground clearance. The CrossOver’s powertrain specs are still a bit unclear, but initial reports suggest a 7.6kW motor and a max speed of ~60mph. The batteries, which are separate and circulate through Gogoro’s swapping network, have an approximate capacity of 1.7kWh each. Lastly, the CrossOver’s new “iQ” vehicle OS has several compelling software features, including traction control, cruise control, bluetooth connectivity, cellular connectivity, predictive maintenance, location tracking, and tip-over detection. Another similar utility-forward moped is the River Indie sold in India. It features many of the same SUV-style cargo and rugged riding characteristics yet costs over $1K less, and it comes with the battery pack. Listing can be found here.
The Aventon Abound is a recently launched class-2 compact longtail cargo bike. Its powertrain features an 80Nm geared rear hub motor and a 720Wh battery pack, and is more than capable of towing the vehicle’s 440lb maximum payload. What sets the Abound apart is that it has both a torque sensor and a throttle, giving riders both a smooth and intuitive assistance when pedaling as well as a throttle to maximize the vehicle’s cargo hauling utility. The throttle is of particular significance because, as discussed on last week’s Flywheel, riders time and time again chose cargo bikes with throttles to make maneuvering heavily loaded cargo bikes less challenging and more accessible. Lastly, the Abound is designed with cargo in mind and comes fully cargo-optimized. It’s equipped with hydraulic brakes, a suspension fork, an integrated rear rack, running boards, turn signals, and a dropper seat. Positioned in the market between high-end brands like Tern or Urban Arrow and budget brands like Lectric and Rad Power, the Abound offers a unique hybrid. It combines quality and service network of a high-end dealer brand with the throttle and affordable price point characteristic of D2C cargo bikes. This listing is in like-new condition with a Flywheel estimated mileage of 216.51mi. Listing can be found here.
The Tern GSD S10 is a class-1 longtail cargo bike and the ultimate cargo hauler for urban riders thanks to its compact design and exceptional maneuverability. With a commuter-size wheelbase (180cm long), small 20” tires, and a low center-of-gravity, the GSD S10 has exceptional agility and handling that make it easy to ride even for new riders. The GSD S10 is also highly portable and easy to store due to its flat-folding handlebars, low height, and a flat rear that allows you to store the vehicle vertically on its rear wheel. Under the hood, the GSD S10’s powertrain features an 85Nm Bosch Cargo Line mid-drive motor and a 400Wh battery pack, with mounting points for a second battery. This powertrain is capable of hauling an impressive maximum payload capacity of 400lbs, which is plenty for cargo or a two-child setup. This listing was purchased in April 2020, has a mileage of 896mi, and comes with several cargo accessories (i.e. front rack, rear seat pads and foot boards, and panniers). It’s also a well written listing. The seller describes the vehicle’s maintenance history (“last tune up was done at 580 miles”) and lists both the service tag and frame number. Listing can be found here.
The Priority e-Classic Plus is a reliable class-1 commuter. Priority started off as a premium pedal bike company and has recently began electrifying many of its most popular models. Their original pedal flagship model, the Classic, was one of the first bicycles in the market to feature a belt drive for the purposes of lower maintenance. The e-Classic Plus is an electrified version of this predecessor, and the most affordable electric belt-drive in Priority’s lineup. Its powertrain features a 250W (~45Nm) front hub motor and a 374Wh battery pack sleekly integrated into the downtube, and the composite ebike system is UL 2849 certified. The e-Classic Plus is designed to be as maintenance-free as possible. Its Gates carbon belt drive minimizes oiling, chain replacements/refittings, etc., while the hydraulic disc brakes go through less wear and tear and rarely need to be replaced since they don’t face cable stretch. As is to be expected given Priority’s pedal bike heritage, Priority’s ebikes prioritize high-quality bicycle components over high-performance powertrains. That being said, despite its modest powertrain, the e-Classic Plus is still a great everyday vehicle due to its dependability and low maintenance requirements. This listing is practically brand-new with <6mi on it. Listing can be found here.
The Lectric XPremium is class-3 folding fat-tire ebike and one of the only ebikes in the market that offers a mid-drive motor at a price tag below $3K. Its powertrain features a ~55Nm mid-drive motor and a 500Wh battery pack, and there’s an optional dual-battery upgrade to double the capacity. The motor controller determines pedal assistance via a torque sensor, and its shift-detection functionality intelligently cuts off motor power during shifts to protect the drivetrain. The XPremium is also extremely comfortable to ride, and its 4” wide fat tires, front suspension fork, and suspension seat post smoothen pot holes or bumps in the road. Lectric has developed a strong reputation for selling high-quality ebikes with great maintenance options at remarkably affordable prices. The fact that even the XPremium, Lectric’s most premium and high-end offering, is cheaper than most other ebikes is a testament to Lectric’s commitment to make reliable micromobility vehicles as accessible as possible. This listing has a mileage of <100mi and comes with the dual-battery setup. It’s only being resold because it’s too heavy for the rider (75lbs with both batteries). Listing can be found here.
That’s it for this edition. Thanks again for joining, see you next week!
- Puneeth Meruva
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