// in other news for a 2020 Taycan 4s performance+ (was from 90k new) are asking from 45-50k for a 2020 Panamera V6 (was from 101k new) are asking from 55-60k //
@@MI-qx4lc With that mileage I doubt it was even a demo. They've just had to pre reg. it to get their quota up. There's just not enough organic demand for EV's as the vast majority of the public do not want EV's.👍🏻
I have just sold our car through Carwow. Be aware the dealer takes the car and V5 away and payment is promised as soon as it gets to the dealers premises. Well, that didn’t happen to us . In fact it was just a day short of a week before we saw our money . We went though a lot of hassle chasing our money and a load of worry.If that dealer had gone bust in that week we were going to be in a world of pain either chasing our money through the liquidators or trying to recover our car. Lawyers would be needed. Car wow were useless chasing the dealer . Very disappointing.I won’t use them again it’s too risky .
We used Motorway I think it was called and they were great. Dealer transferred the money before they drove the car away and we made it clear this was a necessary part of the deal.
I bought a 2007 Honda Civic 6 years ago for £2,500, stuck over 100,000 miles on it & it has never missed a beat. I plan to run it until I see 250k. Pretty much zero depreciation, the thought of losing that much money in a year makes me physically sick 😅
I did a similar thing - bought a high milage Mondeo a few years ago, put 80,000 miles on the clock and the only thing that's needed doing was an engine mount, as well as regular maintenance items. It's on 180k now, and my aim is to get it to 400k!
@@Albebacck Doug DeMuro's site had a couple for sale last year that were bid to over $60,000... and didn't meet their reserve. Wonder how the owners are feeling about that decision.
If every one just brought 2nd hand then how would they become 2nd hand if no one brought brand new. say the same about pretty much every thing you buy.
@@billyskoda6839 Actually, the price inflation of the cars killed it. Small EVs for short range trips and charged at home preferably from solar is just brilliant. A small EV like that should cost 20K at max, new with ~300km range. also, ICE car prices went up too significantly.
I got rid of a 24 civic SI in 4 months with 6K miles, went from 31k which is what I paid to 30k, Also got rid of a 23 Corolla GR which didn't lose any value and was offered exactly what I paid. So it's not always dumb. Generally though, yes.
The point Matt’s making is the EV’s are depreciating rapidly. Regardless of whether you’re trading in or keeping, the car’s worth whatever it books at.
I think it’s the market speaking and rather than a drop in value, it is a price adjustment to what it is really worth. These manufacturers are milking the EV market until the cheaper Chinese manufacturers come en masse and force them to drop prices to reality.
That's what I was thinking, where's Tesla on the list? Traditional auto makers making half baked EVs was a sign that the cars were clearly going to get depreciation a lot as it's their first gen model. And as smart people say: never buy the first gen of anything.
@@alexandruilea915 I can't speak for everyone but the reason my interest has doped for new cars and people you talk to has everything to do with how especially the American brand does things. The stupid touch screens for everything kills new cars. I wouldn't mind a Electric if they where like early 2000s cars inside. A car without stupid beeps, bongs and apps for everything. Traditional auto makers in the older versions from bmw, fiat and nissan are the only electric cars that interest mildly. Cause it's a car, not a ipad on wheels
@@alexandruilea915tesla should be on this list. He failed to mention the 2 fastest depreciation cars ever! The tesla model s plaid and model y performance literally dropped over 40k in value in just ONE YEAR! I get that ur doing over longer time periods but that fact is pretty crazy. The person that bought a brand new model s plaid literally paid 140k and in less then a year they were and are selling for 89k brand new and trade in value/used value is in the mid to low 60s in the USA. The model y perfromance was 87k brand new and now is going for 37k.
@@thoos192 Whenever someone on the internet says "nobody wants them", what they mean is THEY don't want them, but it doesn't sound so impressive to say "*I* don't want an EV". That just sounds like whining, which it is.
Yep I got a new electric car and negotiated a pretty substantial discount from RRP (Which seemed insanely high) and the negotiated price was more in line with similar model ICE cars just a few thousand pounds higher. Best car i have ever owned, and glad i got it but wish manufacturers would stop playing games and just start listing them for realistic RRPs.
@@virtualcircuit EVs have huge tax reliefs compared to regular cars. Therefore the vast majority of EVs are actually purchased through company car schemes which offers the employee up to 45% off in income tax saved. The employer only needs to pay 2% of MSRP in NIC as opposed to up to 37% for Diesel & Petro. When situations like this happens what companies do is to hike up the pricing so the discounted price is the real market price. The citroen C4 is the best example where inflated MSRP quickly converged with its petrol equivalent.
@@ozbloke36empty87No.. you’ll see the result now.. new buyers don’t want them anymore.. And that Chinese temu trash cheaply made cars are filled with camera’s that constantly monitor you, your location and everything you do.. glad that your privacy with communist china is safe… right?! Whahah 🤨🤡
Absolutely right. The numbers behind this video are poorly conceived and likely held hostage to the fact this video is just an infomercial for the company providing the "data." People care about how much their car is going to depreciate compared to what they bought it for. "What is the % change in depreciation this year compared to an identical case last year" is a question no individual car buyer ever even thought about, let alone cares to know the answer to.
@@Internet_God if you consider the car a tool and not a toy then there's no reason to get bored of it. The only reason I change cars is because they get too costly to maintain.
@@Maamoore What progress? I'm waiting last 7 years for that progress (not to mention solid state batteries that are always almost there) and I still can't get proper specs for my needs. I won't spend my life in waiting, so I'm currently buying a new diesel car. I know many people around me that regret the day when they bought electric. They only have stress, every day thinking about charging, or if it's too cold, or too hot etc. When you watch any EV review, the most used words are "range", "charging", "eco mode", "easy foot on the gas" etc. I will enjoy my next 10 years without such worries, accelerating and driving as my heart wants and not battery requires.
@@miroslavmusa9007 Not long ago, I was listening the podcast of a Canadian university researcher predicting that we wouldn't be seeing sodium batteries in car before 5 or 10 years ... Seemingly unaware that JAC was already releasing its first sodium battery powered car at the same time. That's how fast things are moving in battery technologies. The current craze is with lfp chemistry technology which makes the cells of my current car. As for the "solid state batteries" (a generic term), the latest I know is that they will be available with BYD cars by 2027 latest.
@@geoffdundee thats good but after around 10 years there are usually some improvements which I think its worth having. If not I keep mine of course longer. In the last 15 years there have been huge improvements regarding autopilot systems (active lane keeping, cross traffic warnings) and lightning systems which I considered as safety features which I wanted to have as I do get older and these systems make long travels a lot easier and safer. Lets see how things develop in the next years😄.
My thoughts exactly. Cheapest 22 plates roughly £48k at the moment. There’s a video in whether a 45% markup is justifiable or profiteering if those trade in values are accurate.
If etron GTs are going for 33,000 pounds in the UK someone send me a link and I’ll buy several and import them. There’s no way this car is going for a fourth of the price of the Taycan or the same price as the Volvo. It’s easily the best looking EV on the market and one of the best driving as well. Even with below average range at this price the car is beyond a steal
They made the wrong EVs. Four wheels, plastic bodywork, battery, motor, 4 seats, 150 mile range, charge on. 3 pin plug overnight, and absolutely no tech. No internet, no Wi-Fi, no Bluetooth, no tracking, no kill switch. Just a shell that makes a journey in the direction I steer it, and stops when I decide to stop it…
Same. Also some cars in my country have some weird problems straight out of the factory and by buying almost new cars you make sure they don't have those problems and you save a lot of money and time
yea it never made sense until the tesla model 3 and model werent simply available used, cars lost like 80% in 3-5 years, actually ev's hold their value better than anything else. this comparison video is kinda silly tbh. ppl just dont trust batteries at all yet, in reality they easily last about double the milage of an ice car, probably way longer and a new battery is already today cheap and will get dirt cheap in the future as prices are dropping rapidly.
@@JohnSmith-pn2vl Carwow is based in the U.K. where there are big tax incentives to lease a new EV. The situation is similar in the U.S. where someone pointed out that it would make more financial sense to buy a new Tesla for $48000 than the same car 1 month old and with 100 miles on the clock for $40000.
Dealer before trade-in: "your car is a year old, has 10k miles and there's a new model out, $20k. Dealer after trade in: "this car is only a year old with only 10k miles, practically the same as the new model, $27k"
Managed to pick up a 6 month old a Ioniq 6 ultimate with 7000 miles for £32k last week, a massive saving from the new price of £50k+ price. Let's hope the start to ease up on the deprecation now.
I don't even think it's about depreciation. It's just that their values seem to be equalizing on the second hand market. The prices of the new electric versions are just higher and that electric premium you pay for new vehicles just evaporates on the second hand market. Electric and combustion versions of similar cars go for a similar price seems all it really is.
I think new EV car buyers are rich and pretend ethical who have the money for another new ev in a years time, whereas, second-hand EV buyers are less than happy about charging times and it's inconvenience in finding where it can be charged... naturally those buyers are cautious and fewer ( not liking the depreciation drop) hence it's a market demand and supply situation. It's also a sign of the middle income bracket becoming more poor.
@@damianpoole2933 I have a feeling, that a good % of people who want to get rid of their new/almost new EV _really_ need the money OR really don´t care about losing as long as they get another new ride, so the dealer knows this also... OTOH I have zero facts behind my claims :D
So basically it was pre-reg by the dealer and they couldn't get rid. As soon as you buy that car, kiss an instant high percentage of the value away. I wouldn't touch it with a barge pole.
The issue for the EV6 was that there was limited supply a year ago. We had to wait a year for our new car and I know people who had to wait much longer. Many people tried therefore getting a second hand one to avoid the queue. A year on, you can practically pick a new one up almost immediately. Basic supply vs demand pricing.
That’s true of any car, I live right by a Honda dealership, a year ago I couldn’t find anything new except a Civic, this year it’s filled with CR-Vs which were not available at all since they launched the Hybrid. Now it’s loaded with Hybrids and no Civics. Which makes sense as only 15% of the market is sedans and other compact cars. 85% of the market is trucks and SUVs and that’s likely to stay that way
The usual rule of thumb with depreciation is that large luxury premium brands fall in value exponentially when compared with diesel and petrol versions.
Having owned a tacan, I can say the loss on selling was gut wrenching, as good as the car is (it really was) I just couldn’t stomach it again on a new one. I hoped Porsche might honour higher trade ins if buying a new Porsche but half the dealers didn't even want it. Back to petrol for me.
@@dereklush9399 🤣. That is a good point and one I thought about however I panicked the loss was just rising substantially each month and its value in a few years would be ridiculous.
Similar thing happened to a friend of my dads. Bought for 120k, year later, Porsche offered him 30k for it, but that's only if they wanted to buy it. Which they didn't. They already had too many of them.
@@BeraltofSmivia If you look on the Porsche forecourts, they are flooded with Tacans. I think one of the reasons is the 3 year leases on them matured and suddenly they are inundated with Tacans.
I think Taycans are a special case as speculators piled in and then promptly got their fingers burned. It is also a "specialist" marque with a loyal customer base. People do not wake up one morning and say to themselves "I think I fancy a change from the Ford Mondeo - I know, let's get a large electric expensive to maintain Taycan Performance car". These were only ever going to fall off a cliff second hand. Just like Range Rovers Vogues and BMX X5 M60i xDrives. Rich people buy these because they are expensive, then less rich people have to buy them second hand and they won't pay the same for it.
Quite simply let the companies buy them as company cars plus they get the tax benefits, they'll write off the loses after 3 years and then the second hand market and the average person on the street gets the better deal
Year one of owning my petrol Merc, the insurance said the value was £46,000. Second year and same insurance, they stated the value of the same car was £16,000
That seems a bit extreme. Perhaps they just dont want to pay big claims, so they drop the value a lot and when something happens they can pay you out 16K instead of something more. A clever sca..plan to be honest.
Let's say the past years, because Covid and supply-chain issues, have been good years to sell used cars. These times might not come back, Mat says the situation is "normalizing".
@@garethUK value often says little about the car. There are exceptions. Residual values have been way too high in the past 2 years, and people are always hesitant with new tech. Funny that you prefer an ice car to quite literally burn money.
@@AlbertLamarque It's just common sense. Who wants to buy a car that is 10,000 miles and 1 year closer to needing another $10,000+ battery install? Who wants to buy an EV that requires 2 hours to fully charge today when tomorrow's models will require far less time? EV fanboys like to pretend these issues don't exist but as we can all see right here in black and white, they do.
@@garethUK granted, the technology is evolving. I am not sure where your data is coming from, as both battery durability and charging time is nowhere near what you expect. I know where my data is coming from, because part of my work is charging electric cars in various ambient conditions. I agree though, common sense dictates to pay reasonably for functions you use and not at all for functions you don't. If only people had common sense. There's people blind to realities independent of what means of propulsion they prefer. Can't hurt to check in with experts from time to time and consider the limitations of what they show you.
I feel we need a reset with out relationship with car value. I buy almost anything, use it for a year, i would expect it to lose significant value. But cars we magically want to stay the same value??
The reason why this narrative is present is because of the price spike from the corruption pharma years. Since it's back to normal, they can parrot that the value has gone down big time.
Porsche WILL NOT accept their own electric rubbish back as a part exchange even if you are spending a small fortune upgrading. If they don’t want them, they are no different to the general public who are scared of duff batteries and spontaneous combustion in your garage burning your house down. I’ll keep my S63 AMG, 488 spider and Range Rover SVO thanks- none of which have to pay a ULEZ charge in the closest town to me
@@unclebuh ring Porsche, ask them to take a taycan in. They won’t. Case closed. Get the facts before insulting people, it only makes you look dumb. Electric cars are for the idiots that don’t think about the environmental impact of one that is many times more than my ferrari, Range Rover or Mercedes, even all of them rolled into one supposed ‘carbon footprint’.
What people expected ? EV cars are just like Personal Computers in the 90's and 00's. Hardware becomes better and cheaper very often, driving overall prices down
I think this is expected really. This problem is due to the rate of development, ICE haven’t significantly progressed now for 10-20 years, we are seeing EVs with major performance increase every 2-3 years. The EV is still low on the development curve , the ICE is on the plateau. Like everything other technology based product we will see a slowing of development and stabilisation of costs as time progresses, this will also impact the depreciation as it happens.
@@Anonymous-ib8so I would say that the opposite is the truth. EVs can last a long long time, much longer than ICE vehicles, and the EVs manufacturers know that. The EV's batteries though, may last about 10 years, before it needs to be replaced. Hence, every EVs manufacturers design their EVs in such a way that ordinary people cannot easily repair their EVs, by locking all the bells and whistles with the help of the central tablet, in the middle of the front dashboard, and etc, and etc ...
The Taycan prices are like that because Porsche makes you buy 3 Taycans just to even get a sniff at getting on a list to buy a new GT3 RS. There's a good video exposing this tactic of Porsche.
That's why if I win the lottery, I'll buy a maxed out MINI JCS or a Corvette and drive by the local Ferrari stealership and laugh at them. I've heard nothing but BAAAD things from owners who visited their Ferrari stealerships... (the laundry list is crazy: broken promises, insane markups, warranty refusals, outrageous markups on parts, the list never ends...). One owner posted that he traced the source of parts for his Ferrari to BMW, Porsche and Toyota! Except he was paying 3 times the price for the same parts. So he just went straight to them for the parts the second time around!
@@largol33t12 you are not the target audience for Ferrari if you HOPE to win lottery and then buy their car, so they don't care about you. The care about people who can afford these cars like you can afford bus ticket.
Thx for the video Matt. Mixing the drop of the actual depreciation and the relative depreciation from the same situation 12 months ago - and changing the format for each car creates a very confused delivery. All the info is there but requires great care to capture.
You say the info is there, and there is info... but what use is that info? That's what confuses me. "These 10 stocks dropped in the last 10 months more than these other stocks did, sucks to be you if you are one of the very few people who bought them 12 months ago and desperately need to sell right now specifically to buy different stocks for some reason" is literally all i can get from this.
Something mental that so far hasn’t been mentioned in the video… The people who bought one of these cars for retail in 2023, used it, put another 10,000 miles on it and still have that car today, the book price they’ll get today will be hugely below what’s mentioned in this video. The car’s another year older, double the mileage and the market’s corrected since. The losses are staggering.
There are lot of suckers in the uk. When i worked as a used car salesman the people that were financially savvy never bought a car more than 10k cash. There used to be loads of pretenders when i see their payslip i was like wtf dummy you’re going broke for a car lol
In 3 years, the previous owner of my (new to me) BMW i3 only racked up 20K miles. Now, for $18k, 1/4 the original price, I have a fairly quick, carbon chassis, RWD electric with a gas generator and a 220 mile range. Yeah, I'm good with this.
@@GhostRyderFPV en.wikipedia.org/wiki/BMW_i3 Styled by Richard Kim, the i3 is a five-door with a passenger module of high strength, ultra-lightweight carbon fibre reinforced polymer adhered to an aluminium chassis, battery, drive system and powertrain. The body features two clamshell rear-hinged rear doors.
The sad thing is the dealer after buying the trade in car cheap from you will then sell the exact same car for lots more money. Now that would be an interesting video. Just a suggestion.
Wow a car dropped it's VAT value, which it does once you drive it off a car lot. The Taycan's sold in huge volumes on lease, and those cars are now flooding onto the market second hand, dropping value. Then Porsche has released a new, much improved Taycan, so dropping the value more. Lots of the cars are vastly overpriced to begin with, so the second hand market resets to what people think the value is. Definitely lease and don't buy new.
I work at Toyota and the battery on the new all electric bz4x will cost $50,000 AUD plus labor! Think depreciation is bad now? No one will want these cars one 10 years when all the batteries need to be replaced
The headline of this video is WHY evs lose value and that is the only thing you do NOT explain in this video! I'll never watch any of your videos ever again.
Fair point you make. Matt says in other videos that the big depreciation has to do with big tax incentives the government gave. Other reasons could be how much better new Tycans are than old ones (the newest ones have an additional 100 miles of range).
My new Hybrid RAV4 was one of the last before dealerships were hit with 6 month wait times on orders, which went up to 2 years in wait time, actually causing my car to hold it's value after purchase, even with 20,000km on the clock! Rare situation though admittedly.
Manufacturers have EV targets to meet - I predicted ages ago that the rules would mean that getting a petrol Corsa could be as hard as finding an unallocated GT3 RS. 🤪
@@themadakh3229 Seems to be a very new thing. People with no actual interest in cars but only want the latest model and willing to pay up to 50% salary for it
I love my i4 and couldn’t care less about the loss of value. I just drive and enjoy it. Btw in Germany you get close to 20% discount for an i4. No one ever payed the MSRP.
Here in the UK we purchased our model 3 in 2019 fully loaded Inc FSD and absolutely love it, it has stalks chrome trim etc which is not available now. So it's a keeper. P.s 40000 miles & no noticeable battery degregation. Scan my tesla calculates 2.4%. As you say Drive and enjoy.
I upgraded from a 2014 Toyota Highlander to a 2024 Cadillac XT4(the 2024 highlander drove the same and is pretty much the same chasis and interior so it's boring).
I might be wrong, but there are several reasons why they depreciate so much comparatively to ICE cars currently at least. 1. Market flooded with leases and salary sacrifice cars which get handed back and then sold off. 2. As a relatively new technology (and having had both inflated prices and subsidised pricing), new car prices are relative to the old ones becoming cheaper, so it's harder to justify the value of a second hand staying the same. 3. The demand for second-hand EVs is lower as some people refuse to even consider one, and those buying on finance can often get just as good a deal on a new EV.
You see that with the Teslas. They are making them cheaper and cheaper. So it is causing the price of used ones to fall sharply. When the prices stayed the same for several years, then the used one's value stayed high. But when they have dropped the price of a Model Y by 20%+, that drops the price of a used one by 20% on top of any value lost because of it being a year old.
Plus these are Dealership Trade in Prices. The Dealer is then going to put 10-20% on that price before they sell it as second hand, so the second hand buyer isn't getting this price anyway.
All correct and the Salary Sacrifice is the big one. I notice that many of the depreciation figures were similar to the tax savings which can be over 50%.
@@tsubadaikhan6332 unless the dealer mark up on EV's is drastically different it doesn't matter as it's still like for like, EV vs ICEV. I have no idea if it is.
@@MrDuncl Yeah, the tax credits in the US probably has something to do with that. Hopefully if they were to compare the new prices vs trade in price they are taking that into account. If I pay $50K for a Model Y and then get $7500 off for the tax credit, really I am paying $42,500. So no one is going to pay you $45,000 for one, even with zero miles because they can buy a brand new one for $42,500. The value of the used one drops by 15% instantly because of the tax credit. But in reality, the person did not pay that. If you cannot get the tax credit, then you definitely take the hit.
I guess the big question is why are EV car prices dropping so fast? I suspect some of this may be due to the battery. If I was to buy a used EV cars I have no idea what the health of the battery is like. Lithium batteries are affected by many things. Was the previous owner(s) charging the battery to 100% then recharging to close to 0? Was the previous owner constantly using super fast chargers? These things can accelerate the reduction in the life expectancy of lithium batteries. How is anyone going to know? My neighbour has a Tesla S, 5 years old on a full charge he only gets 150 miles range less than half of what Tesla claim. When he sells it on, it ain't worth anywhere near the £38k he paid.
Markets are ridiculously different 😳 In Finland: Bought Volvo S90 D4 in 2017 for 78k eur. Sold it for 32k eur in 2022 after 4,5 years, and 104k km. Bought Volvo XC40 plugin in 2020.09 for 61k eur. Sold it for 38k in 2023.07 after 3 years and 60k km. Bought Ford Explorer plugin in 2022.12 for 84k eur. Sold it for 59k in 2024.05 after 2,5 years, and 38k km. Now we have to KIAs. EV6 (from 2023.07) and EV9 (from 2024.01). EV6 dropped by 10%, and EV9 dropped by 6%. Either you shouldn't care about depreciation when buying cars, or use public transport. 🤷
@ivanjanjic8762 Eventually, yes, depreciation will slow down, but when? My friend bought 4 years old BMW 530 plugin. After two years of ownership, his debt to the bank is 8k eur higher of the car value 😳 . I agree, that used cars depreciate at much slower rate, but it must be over 10 years old, seems so. And Chinese automakers make it even harder with price cuts. That is life. Car is and always will be a luxury.
Conclusion: Ev's should cost ( much ) less as new. There should with these cars mentioned be at least a 15-30% price adjustment when new. Look at any new Tech ( mobile phones, computers etc etc ) and the abysmal depreciation they suffer after purchase. And when a new model arrives the drop is even greater. Ev's are similar to when PC computers took off, very expensive at first and not available to mainstream of the population because of price. Now, we rarely think or mention price of such devices. I think in 2-5 years we will really see videos such as this ( no offence about this great Chanel ) due to price adjustments in the marketplace. If the oil producing countries keep treating us like milk cows, the faster the coin will drop.
Well it has been a capital loss of asset for the purchaser, rather than a discounted price at point of new sale. Like all new emerging technology it is the end consumer who absorb the loss. How great depends on market valuation. Point being, if you buy anything new, it will be a time/ loss graph depending on market. Timing will be crucial for when you realise your assets. Nothing specific to EV’s
I think a lot of what we see have more to do with the Tesla pressure on the market. The constant price drops of Teslas are forcing other car companies to drop prices, and sometimes quality to keep up. It is also horrendous for car owners. In Denmark, if you bought a Model Y in 2021 it would have cost you starting from 500,000 DKK (€67,000), but just three years later the exact same car from brand new costs 359,000 dkk (€48,000). That means the people who bought the car for €67.000 are now trying to sell their used Model Y for the current Model Y used car prices, which is significantly less, we're talking Model Y's down to 265.000 DKK (€35.000) that are just 1-3 years old. So if you bought a Model Y in 2021, you essentially lost half its value in less than the three years you owned it. For reference, my 2019 A4 Avant has lost less value in the 5 years from new than a Model Y did in 2023 alone.
2025 is around the time that EVs are expected to become cheaper than ICE. Whether manufacturers continue to try to take a premium is up to them, but they have increasing competition from Korea and China so their EV cash cow days are rapidly coming to an end.
I would like to know how much these vehicles are worth in 7 years time or if any dealer is willing to take the risk of excepting any as part exchange in knowing that many people will probably not want to purchase a EV that is 7 years old or older because of the fear of the batteries might need replacing at a cost more than the vehicle is worth. The way I see it is like this, a petrol or diesel vehicle can possibly run for over 50 years or more if its looked after. But an EV is just like a mobile phone and as a short life span that is dictated to it by it's battery life, so eventually we are going to have millions of EVs ready for the bin because they are throw away vehicles.
I see this as a positive. Most people lease new EVs anyways so it doesn’t really hurt most new car buyers, and second hand buyers (like myself) are huge winners. I got my EV6 GT Line for $42K US with 15K miles on it. At the time dealers were asking $62K for the same car new. Saved 20K getting basically the same car just cause someone drove it for a few months. Just common sense to buy used EVs off leases.
Or, you know, I just trade it in before 100K miles when the federally mandated 100K mile battery warranty expires. I still get 85K miles driving a basically new car for $20K less than new. I still win compared to a new car buyer.
@@nfzeta128 And whsat's the life of the car? I drive a 19y/o A3, which performs in the same way it did when new. On the road there's plenty of 10+ y/o cars. I doubt any battery powered car will last that long without needing a new battery.
Agree, EVs are now back to Reality...there was high demand for EVs...in this case any kind of product does not deprecate. Now they deprecate like any of my ICEs the last decades, too
@@josefv-y8m Worse, because of the tax incentives on leasing new EVs here in the U.K. Lease a new EV to keep your Child Benefit payments (actual fact). In extreme cases the EV lease might be cost neutral.
A lot of motoring journalists are going down with this ship and Matt is no exception. EVs are relevant to 2% of drivers. The other 98% are waiting for the nonsense to stop. See the issues below - thanks > high initial cost > massive depreciation > battery compartment vulnerable to impact > battery repair costs tens of thousands > insurance costs can be high > ground clearance impaired by battery location > stiffer suspension necessary for increased weight > batteries in a hybrid can weigh 100kg > batteries in a BEV can weigh 500kg > very few independent mechanics familiar with EVs > aftermarket in spares is limited > software is prone to glitches and dependent on updates
I think when they switched from horses to the first ICEs the list was longer😂 You will smile when you drive your first EV believe me, its just the better ride.
Did I miss something or the video doesn't explain why electric cars depreciate more than ICE? Is it because general demand for electric cars is dropping?
It’s just market correction to abnormally high used-values last year. Basically there were shortages in getting raw materials which limited production, meaning that waiting lists for some brand new EVs were ridiculously long (18 months for some!). Because of this, lots of people decided to buy nearly-new used EVs instead, which artificially inflated the prices in the used EV market. Production has now ramped up across the board as manufacturers are getting the materials they need, so that artificial demand for nearly new used EVs has dropped. So by comparing to last year is a bit misleading and is no indication of how much depreciation you’d see if you bought new today.
The majority of the driving public don't want an EV and particularly don't want a used one. A lot of independent used car dealers don't want EV's in part ex because they are a hard sell. Most of the higher spec EV's on the road will be company cars on lease
@@weinisable hard to plot depreciation when the manufacturer reduces costs and purchase price by $16,000 in a short period of time. There are a couple ways to do it but neither paint a very accurate picture. Do you use the original purchase price when a brand new one is $16,000 less than what they paid? Or do you use the new price versus what they're selling for?
This is stupid number gymnastics to make large %age values. These are all very new cars, last year their used price would be high as they would be rare, a year on and they are less rare hence the price is lower. Just say what the depreciation is, not the change in depreciation.
Buying a new car for free from just a software update sounds like a fantastic selling point, just wondering though how a software upgrade is going to renew the tyres, the brakes and that cracked back bumper when it was reversed into a concrete bollard.
Not at all. The iPhone loses charge alot faster than an EV. my previous Model S had done 336.000km when I sold it and it had a 5.5% battery degredation.
@@FrygiskSo you have 55% effective battery range then? Since you’re always told to not charge above 80% and never let it drop below 20% so a 5.5% degradation is pretty big.
@@TrueSkyl1n3so much misinformation about EVs. Practically all EVs have a hidden “top buffer” that you cannot even access. They do this so that normal usage isn’t damaging to the battery. No need to think about it at all. Just charge to “100%” on the display and the actual physical charge will be at a level that won’t damage the battery long-term. This is a solved problem, and has been for a long time.
The Lexus UX for some completely boneheaded reason uses a Chademo connector instead of CCS, I dont even know why anyone would buy that. No one is building Chademo charging stations anymore
Netherlands have a different car culture. Lot of people travel to work by other means than cars so electric cars would hold their value i suppose. Electrification is not the future for the world
Two things here that worry me. The road tax for EV were tax exempt, come April 2025 if the list price for your EV is over 40k you will pay the £500 road tax which will devalue them even more. The other burning issue that I have is PCP, people are renting cars pretending that they are rich when in actual fact they are poor, PCP deals have devalued the car market which is why cars are being traded in after a year, what nonsense. When PCP first came to the UK, people were being laughed at for putting a deposit down, paying a monthly sum down and handing it back after 3 years. Cash is no longer king.
Im a EV fan, really happy with my Tesla 3 Perf. BUT this is the reason why i'll change in to BMW hybrid later this year. Basically if you want to lose money Fast, just buy a new EV. Specially in Norway where i live. Its just stupid.
Buy second hand and enjoy the car. Greetings from Norway with my third Model S I've bought second hand and the first two I sold for the same I bought them for. The amount you'll spend on fuel, service and depreciation on that BMW will most likely fly past the depreciation on a Tesla
Me with my 2014 2.0 Litre Diesel Vauxhall Zafira Tourer, 170 BHP, remapped to 210 BHP. Second hand bought in 2016 and still loving every moment of it. Drove to Netherlands from Dover (Eurotunnel) with my kids for holidays and it was the best experience ever! SPACIOUS, ECONOMICAL, AESTHETICALLY pleasing for a 7-seater and EXCITING when the pedal is to the floor! I shall be running this until the engine ceases. Just had timing belt changed, among other few jobs at 120k mileage. My worst fear at moment is getting a car that ends up being least reliable to what I have and unnecessarily putting myself through painful monthly repayments again. Not needed! I'm giving GOLF GTDs and Fiesta STs, BMW 120 series a hard time, what's not to love?! 😊
I've just bought a 4 month old x-demo Peugeot e-2008 with just 1,200 miles for £23,500. That same car was selling for £42k just 4 months earlier. That's a drop of around 45% in 4 months!! Obviously being x-demo has also reduced the value but even so, i'm so glad I didn't buy it new.
Key issue for EV second hand prices is that the innovation and cost reductions for newly introduced cars is so substantial that a new EV is relatively more attractive then the previous version. Interesting that Tesla did not fall into the bottom 10 even with the new car price reductions. Pretty key feature they have is the continuous Over The Air upgrades keeping them pretty fresh.
Those figures are mind blowing. I pity the people that have bought new EVs! If you want an electric car for short trips, shops, kids, short commutes etc, and you have home charging, now is the time to buy a one year old EV!
... in other news for a 2020 Taycan 4s performance+ (was from 90k new) are asking from 45-50k for a 2020 Panamera V6 (was from 101k new) are asking from 55-60k ....
What about a certain Taycan EV owner who paid £120,000 for his car but two years on, it is worth £38,000 when he checked on Carwow!!!! Flipit offered him £23,000. If he had to replace the battery for any reason it would cost him £45,000.... EVs are a rip off.
I think he bought it thinking it would depreciate at a similar rate to a Porsche 911. Meanwhile I reckon some Additional Rate tax payers are leasing Taycans for about £600 a month.
EV haters are always bringing up battery replacement costs. Very few EVs need to have their battery packs replaced before 450,000 km. It is not statistically relevant.
Just bought an 18 month Ioniq 5 ultimate (26k mileage) from main dealer and they have given me full 5 year hyundai warranty and paid £28000 - nearly £20000 off new price
OMGosh! Who would have thought 😂… lease/ company car deals that have ended have now flooded the market. Too much supply at high prices mean private buyers could not afford them
What worries me is the battery. I wouldnt buy a 7 year old phone and expect the battery to be any good. So how much is a new battery for a car? Is it even worth replacing? How will this not destroy used market for older cars?
In the US, Porsche, Audi and Mercedes EVs have depreciated by 50% in 2-3 years. Used Tesla Model 3s are as low as $15k from $40k a few years ago. EVs just aren't practical in congested areas. Especially, when it comes to charging. Lowest EQS I've seen was $41k for a 2022.
I don’t entirely get these numbers. The only thing I see here is that a 1 year old car now is cheaper than a one year old car a year ago. Translates for me to the point that EVs in general are just getting more affordable. Also the new prices dropped since then. These things are just getting more affordable as the tech behind is getting widespread. It’s the same with all tech, when it’s new, like solar, or ICE cars 100 years ago. iPhones also cost quite a bit 10 years ago and actually got cheaper when taking out inflation.
The second hand market is getting cheaper, but the new sticker prices have remained the same or even increased. That’s why depreciation rate for first year is increasing.
Hmmm, I think there's a mistake here one-year-old 10,000 mile Audi e-tron GT trade in value apparently is £33k so I headed over to AutoTrader, expecting with margin to see late 30s, popped in that spec and they're selling for £52k, so the dealers are either making £19k (before the haggle) or the £33k trade in is wrong.
But are they selling for £52k? A £19k mark-up is not untypical for a car of that sort of value, but I bet the majority of those on Auto Trader are still unsold in a few months time and the asking price will probably have dropped £10k.
@@saxon-mt5by 57% margin is way, way too much, my family are main dealers and they don't make anywhere near that. I've just looked up one of these one year old 10,000 mile £52k cars on autotrader, got the reg and put it into we buy any car, they offered £46.7k trade in, so even if they rounded it down by £2k for the obligatory condition knockback, still nowhere near £33k, you would have to be a mug to let it go for £33k.
@@saxon-mt5by 57% margin is way, way too much, or even 28% for a £10k price drop, my family are main dealers and they don't make anywhere near that, more like 5 to 8% on £50k premium used cars. I've just looked up one of these one year old 10,000 mile £52k cars on auto trader, got the reg and put it into we buy any car, they offered £46.7k trade in, so even if they rounded it down by £2k for the obligatory condition knockback, still nowhere near £33k.
@@saxon-mt5by 57% margin is way, way too much, or even 28% for a £10k price drop, my family are main dealers and they don't make anywhere near that, more like 5 to 8% on £50k premium used cars. I've just looked up one of these one year old 10,000 mile £52k cars on AT, got the reg and put it into a popular online car buying service, they offered £46.7k trade in, so even if they rounded it down by £2k for the obligatory condition knockback, still nowhere near £33k.
@@saxon-mt5by 57% margin is way, way too much, or even 28% for a £10k price drop, my family are main dealers and they don't make anywhere near that, more like 5 to 8% on a £50k premium used cars. I've just looked up one of these one year old 10,000 mile £52k cars, got the reg and put it into a popular online car buying service, they offered £46.7k trade in, so even if they rounded it down by £2k for the obligatory condition knock back, still nowhere near £33k.
Clickbait article much? To me it just seems like the automotive industry in general is undergoing a shift away from mass production (at least in western countries). That EVs are depreciating faster than ICEs makes me think that some of the cost of a brand new EV is subsidised by certain scrappage schemes and tax rates - and with EV batteries being so expensive, it is meant to discourage selling on the car if you can't take on that cost yourself, and you just want to dump that cost on the next owner.
EV demand has been driven by incentives, tax breaks and people leasing new cars so they have zero risk. The rest of the general buying public are understandably and justifiably reticent to invest their money in EV's when there's little if any financial gain, the practicality is reduced and serious questions over repair costs and reliability remain pertinent.
@@S4MM7ify First, respond factually. I said "there's little if any financial gain". You're twisting my words. Second. I said "EV's, which does not denote a specific "EV" as you ask. I thought the wording of my first post was quite clear but obviously not.
@@theipc-twizzt2789 What an idiotic thing to say. Owning an EV only gives you the perspective of owning that one single solitary vehicle. It does not give you any additional subject knowledge to make any more of a "qualified statement" than anyone else. Fact: A very high percentage of new EV's are company cars on favourable tax breaks, Provided with government backed subsidies and/or leased. These are all things that will generally not be the case for used EV's Fact: The demographic of second-hand EV owners is more likely to have a higher percentage of people who cannot home-charge, thereby making the cost of charging considerably higher., Fact: A very high percentage of new EV users are not liable to be impacted by high depreciation or higher repair costs as they are commonly leased or company vehicles. Something that is not usually the case for second-hand EV buyers. Is that sufficiently "qualified" justification for you? I'm also a chartered engineer and I have a habit of researching subjects before commenting on them.
@@theipc-twizzt2789 What an idiotic thing to say. Owning an EV only gives you the perspective of owning that one single solitary vehicle. It does not give you any additional subject knowledge to make any more of a "qualified statement" than anyone else. Owning an EV does not automatically make you a subject expert and you're a bit stupid to "assume" that. Fact: A very high percentage of new EV's are company cars on favourable tax breaks, provided with government backed subsidies, and/or leased. These are all things that will generally not be the case for used EV's Fact: The demographic of second-hand EV owners is more likely to have a higher percentage of people who cannot home-charge, thereby making the cost of charging considerably higher. Fact: A very high percentage of new EV users are not liable to be impacted by high depreciation or higher repair costs as they are commonly leased or company vehicles. Something that is not usually the case for second-hand EV's. Is that sufficiently "qualified" justification for you? I'm also a chartered engineer and I have a habit of researching subjects before commenting on them.
I purchased a new VW (petrol) for $51k. It had 41km on it. I drove to for 4000km over 6 months. The "dealer bought it back" for $35k as I was leaving the state. It was as new. Depreciation is to do with the motor trader need money for nothing. It has nothing to do with the asset value far less its drive train. What we need to eliminate is the legacy motor trade....all of it.
When these EVs hit eight years of age they'll be worth next to nothing as the batteries will be near depleted. Nice job governments of the world, you're not sucking me in.
You clearly know nothing about EVs. Most EV battery warranties are 7 or 8 years and cover a battery capacity/range not falling below 70%, most fall by nowhere near that.
Sell your car for free with Carwow: bit.ly/-Sell-Your-Car-For-Free-1605
I prefer getting money for my selling my car
Bugatti Bolide vs Koenigsegg Jesko absolut
Or Bugatti Chiron supersport 300+ vs Koenigsegg Jesko attack
Most of us are not from uk so we can't even sell our cars via carwow
For sale: Used laptop Boasts the incredibly powerful Windows 98 OS. Im also selling a used 2023 Tycan with only 20 miles. Willing to trade. 😂
//
in other news
for a 2020 Taycan 4s performance+ (was from 90k new) are asking from 45-50k
for a 2020 Panamera V6 (was from 101k new) are asking from 55-60k
//
The person with the Taycan who did 20 miles in one year should have just ordered a Taxi instead.
it is a Demo car from the showroom...
@@MI-qx4lc
With that mileage I doubt it was even a demo. They've just had to pre reg. it to get their quota up. There's just not enough organic demand for EV's as the vast majority of the public do not want EV's.👍🏻
@@MI-qx4lca demo car will have way higher millage
@@douglasb.5601 I don't think the vast majority doesn't want EV's, they just cannot buy them, because it still isn't financially as viable.
He had to buy 3 Taycans to get a GT3RS. Couldn't do miles in it.
That Porsche Taycan with 20 miles on it smacks of someone trying to got onto the list for a 911 GT3 RS
Mark McCann did a video about it and it’s true
Would've just pay over msrp for the gt3rs
@@CuongNguyen-kz4lv You'd still need to get onto the list by giving them business and still pay overs
Or you could just pay overs on a used one? And then you wouldn’t have to buy anything else
I think the taycan turbo gt if u can afford it will hold value well considering its rarity and its performance.
I have just sold our car through Carwow. Be aware the dealer takes the car and V5 away and payment is promised as soon as it gets to the dealers premises. Well, that didn’t happen to us . In fact it was just a day short of a week before we saw our money . We went though a lot of hassle chasing our money and a load of worry.If that dealer had gone bust in that week we were going to be in a world of pain either chasing our money through the liquidators or trying to recover our car. Lawyers would be needed. Car wow were useless chasing the dealer . Very disappointing.I won’t use them again it’s too risky .
Bad news!
A week ?? I would understand if it were a month but 5 days like 😂
@@cdexplain1926 If payment is promised on delivery they have a valid complaint. Your comment is childish.
We used Motorway I think it was called and they were great. Dealer transferred the money before they drove the car away and we made it clear this was a necessary part of the deal.
@@unperdants Same for me. Money was in the account while the pick-up guy was with me.
I bought a 2007 Honda Civic 6 years ago for £2,500, stuck over 100,000 miles on it & it has never missed a beat. I plan to run it until I see 250k. Pretty much zero depreciation, the thought of losing that much money in a year makes me physically sick 😅
Shud of bought an ep3 - would appreciate in value
you only lose that money if you sell it.
But you’re driving a piece of 💩. ?.
I did a similar thing - bought a high milage Mondeo a few years ago, put 80,000 miles on the clock and the only thing that's needed doing was an engine mount, as well as regular maintenance items.
It's on 180k now, and my aim is to get it to 400k!
Only lose it if you sell it
Number 0 on List: Fisker Ocean. Last Year $44,000 this year 1 Fig Newton.
People paid 70k+ for oceans lol
@@Albebacck Doug DeMuro's site had a couple for sale last year that were bid to over $60,000... and didn't meet their reserve.
Wonder how the owners are feeling about that decision.
💀
That depreciation is inconvenient and dangerous, but I do love Fig Newtons.
I think I'll keep the Fig Newton thanks 😆
I took a shot every time Matt said "1 year old with 10,000 miles" and died
R.I.P.
Literally could've just wrote it in the corner of the screen lol
😂😂😂
Literally also happened to almost any kind of car.
I'd always wondered what a TH-cam video would be like if the content was just a man reading out the contents of a spreadsheet. Now I know!
A 15-min video which could be turned into a bar chart and read in 15-seconds
5 seconds of my time wasted reading this comment + a few more swipes to swipe away from it
its a misleading and stupid video and title
@@Fosten12 Which electric clown car do you have on your driveway?
Matt does go on a bit😂
@@davidp7571 Subaru Legacy and Nissan March K10.
I just don't like the video, that's all.
As a private person, it's amazing news! Getting "certificated pre-owned" at such a high discount seems like the deal of the century!
Moral of the story, Only buy second hand cars
Only buy them on carwow😂
Or more realistic.. never buy an EV...
If every one just brought 2nd hand then how would they become 2nd hand if no one brought brand new. say the same about pretty much every thing you buy.
@@billyskoda6839 Actually, the price inflation of the cars killed it. Small EVs for short range trips and charged at home preferably from solar is just brilliant.
A small EV like that should cost 20K at max, new with ~300km range.
also, ICE car prices went up too significantly.
@billyskoda6839 Speak for yourself. Bought an EV and I've saved thousands in fuel, and the servicing is much cheaper. Still under warranty as well.
Trading in a car within a year is always dumb. Just lease at that point. Even trading within 3 years is a waste.
Doesn't change the fact that EVs depreciate way faster than ICE cars.
I'd rather buy that 1 year old car and keep it for 5+ years myself. Or even until it breaks down.
I got rid of a 24 civic SI in 4 months with 6K miles, went from 31k which is what I paid to 30k, Also got rid of a 23 Corolla GR which didn't lose any value and was offered exactly what I paid. So it's not always dumb. Generally though, yes.
The point Matt’s making is the EV’s are depreciating rapidly. Regardless of whether you’re trading in or keeping, the car’s worth whatever it books at.
In five years it will be worth as scrap metal 😅
I think it’s the market speaking and rather than a drop in value, it is a price adjustment to what it is really worth. These manufacturers are milking the EV market until the cheaper Chinese manufacturers come en masse and force them to drop prices to reality.
yesterday, biden(us) has applied 100% tarriff on all chinese cars. EU will do the same to kill the competition
That's what I was thinking, where's Tesla on the list? Traditional auto makers making half baked EVs was a sign that the cars were clearly going to get depreciation a lot as it's their first gen model. And as smart people say: never buy the first gen of anything.
@@alexandruilea915 I can't speak for everyone but the reason my interest has doped for new cars and people you talk to has everything to do with how especially the American brand does things. The stupid touch screens for everything kills new cars.
I wouldn't mind a Electric if they where like early 2000s cars inside. A car without stupid beeps, bongs and apps for everything.
Traditional auto makers in the older versions from bmw, fiat and nissan are the only electric cars that interest mildly. Cause it's a car, not a ipad on wheels
@@alexandruilea915tesla should be on this list. He failed to mention the 2 fastest depreciation cars ever! The tesla model s plaid and model y performance literally dropped over 40k in value in just ONE YEAR! I get that ur doing over longer time periods but that fact is pretty crazy. The person that bought a brand new model s plaid literally paid 140k and in less then a year they were and are selling for 89k brand new and trade in value/used value is in the mid to low 60s in the USA. The model y perfromance was 87k brand new and now is going for 37k.
Precisely.
Journalists: EVs are too expensive!
Also journalists: EVs are getting too cheap!
🙄
Current headline is "shortage of good value used EVs" - can't make it up 🙄
They are too expensive because you only get problems with EV:s. And they are too cheap because nobody wants them.
They are computer on wheels. Expect depreciation to be real fast and huge!
@@thoos192 Whenever someone on the internet says "nobody wants them", what they mean is THEY don't want them, but it doesn't sound so impressive to say "*I* don't want an EV". That just sounds like whining, which it is.
@@ColinFox Ok, a few Elon bootlicking fanboys want them. Normal people don´t, hence the market collapse for BEV:s
The fact that car manufacturers dropping the new prices regularly will certainly not be helping the second hand prices
Yep I got a new electric car and negotiated a pretty substantial discount from RRP (Which seemed insanely high) and the negotiated price was more in line with similar model ICE cars just a few thousand pounds higher. Best car i have ever owned, and glad i got it but wish manufacturers would stop playing games and just start listing them for realistic RRPs.
@@virtualcircuit EVs have huge tax reliefs compared to regular cars. Therefore the vast majority of EVs are actually purchased through company car schemes which offers the employee up to 45% off in income tax saved. The employer only needs to pay 2% of MSRP in NIC as opposed to up to 37% for Diesel & Petro. When situations like this happens what companies do is to hike up the pricing so the discounted price is the real market price. The citroen C4 is the best example where inflated MSRP quickly converged with its petrol equivalent.
Helps the second hand market if you want a cheap EV :D as most people can't afford them new.
@@ozbloke36empty87No.. you’ll see the result now.. new buyers don’t want them anymore.. And that Chinese temu trash cheaply made cars are filled with camera’s that constantly monitor you, your location and everything you do.. glad that your privacy with communist china is safe… right?! Whahah 🤨🤡
they have to or they wont sell
This would have had more context if Matt had also added the % drop from purchase price
And the 10,000mile running cost of both vehicles.
@@phiiz3r Petrol for my car would cost me about £1100 for 10000 miles - trivial compared to depreciation.
Absolutely right. The numbers behind this video are poorly conceived and likely held hostage to the fact this video is just an infomercial for the company providing the "data." People care about how much their car is going to depreciate compared to what they bought it for. "What is the % change in depreciation this year compared to an identical case last year" is a question no individual car buyer ever even thought about, let alone cares to know the answer to.
The overall theme and numbers are really poor
I’ve owned a few new cars and have kept them for at least 8 years. I buy 1 year old cars, not sell them!
Thats what they said till they are bored of driving the the same old car and want to sell the car for some cash..lol
@@Internet_God if you consider the car a tool and not a toy then there's no reason to get bored of it. The only reason I change cars is because they get too costly to maintain.
@@Internet_God saying I’m lying? Lol.
@@alexandruilea915one car in particular terms of maintenance even costed $4.000 per maintenance.
@@alexandruilea915some people actually enjoy a nice car. They are not just a tool..
The problem is that people hate EVs. The EV lobby and marketing is so strong that people believe they are the future when they aren't.
They are the future
@@Maamoore they aren't. Hydrogen fuel cells are more likely to be the future as battery technology just hasn't advanced enough.
@@antimonos Sure 😄 You clearly have no idea of the progress made in battery technology.
@@Maamoore What progress? I'm waiting last 7 years for that progress (not to mention solid state batteries that are always almost there) and I still can't get proper specs for my needs. I won't spend my life in waiting, so I'm currently buying a new diesel car. I know many people around me that regret the day when they bought electric. They only have stress, every day thinking about charging, or if it's too cold, or too hot etc. When you watch any EV review, the most used words are "range", "charging", "eco mode", "easy foot on the gas" etc. I will enjoy my next 10 years without such worries, accelerating and driving as my heart wants and not battery requires.
@@miroslavmusa9007 Not long ago, I was listening the podcast of a Canadian university researcher predicting that we wouldn't be seeing sodium batteries in car before 5 or 10 years ... Seemingly unaware that JAC was already releasing its first sodium battery powered car at the same time. That's how fast things are moving in battery technologies. The current craze is with lfp chemistry technology which makes the cells of my current car. As for the "solid state batteries" (a generic term), the latest I know is that they will be available with BYD cars by 2027 latest.
The good thing is if you simply buy and enjoy the cars for 8-10 years you do not have to worry about depreciation.
@sunseeker-yb5qt ....or buy a volvo and keep it 20 years like i have..........im sure it,ll last another 20
You’re right, but unfortunately we live in an increasingly materialistic society where people get bored of new stuff after 1-3 years.
@@geoffdundee thats good but after around 10 years there are usually some improvements which I think its worth having. If not I keep mine of course longer. In the last 15 years there have been huge improvements regarding autopilot systems (active lane keeping, cross traffic warnings) and lightning systems which I considered as safety features which I wanted to have as I do get older and these systems make long travels a lot easier and safer. Lets see how things develop in the next years😄.
Then the battery is dead and it's junk
With the exponentially increasing reliance on electronics and infotainment systems, good luck.
£33k for a 1 year old e-tron gt with 10k miles? Thats 20k less than they are all advertised for, one hell of a mark up by dealers if true.
My thoughts exactly. Cheapest 22 plates roughly £48k at the moment. There’s a video in whether a 45% markup is justifiable or profiteering if those trade in values are accurate.
It’s got FA range, huge but with no space or infotainment.
If etron GTs are going for 33,000 pounds in the UK someone send me a link and I’ll buy several and import them. There’s no way this car is going for a fourth of the price of the Taycan or the same price as the Volvo.
It’s easily the best looking EV on the market and one of the best driving as well. Even with below average range at this price the car is beyond a steal
@@ParkslopeDope This video is utter garbage, i put my 21 Etron GT into WBAC and it came back at 41k, no idea where they get 33k from
Bollocks an etron is £44 k on auto trader
Good, drop all the prices, i hate when people overexaggerate on the 2nd hand pricing
They made the wrong EVs. Four wheels, plastic bodywork, battery, motor, 4 seats, 150 mile range, charge on. 3 pin plug overnight, and absolutely no tech. No internet, no Wi-Fi, no Bluetooth, no tracking, no kill switch. Just a shell that makes a journey in the direction I steer it, and stops when I decide to stop it…
Slightly used (or well-used if in good condition) FTW! Never buying new unless I win a big lottery!
Same. Also some cars in my country have some weird problems straight out of the factory and by buying almost new cars you make sure they don't have those problems and you save a lot of money and time
@@Alirezarz62some cars in Iceland literally never suffered those problems.
yea it never made sense until the tesla model 3 and model werent simply available used, cars lost like 80% in 3-5 years, actually ev's hold their value better than anything else. this comparison video is kinda silly tbh.
ppl just dont trust batteries at all yet, in reality they easily last about double the milage of an ice car, probably way longer and a new battery is already today cheap and will get dirt cheap in the future as prices are dropping rapidly.
@@JohnSmith-pn2vl Carwow is based in the U.K. where there are big tax incentives to lease a new EV. The situation is similar in the U.S. where someone pointed out that it would make more financial sense to buy a new Tesla for $48000 than the same car 1 month old and with 100 miles on the clock for $40000.
will safe a bit and rent a fleed car need full coverage and a spar car anyways becouse of the damn dears and hairs everywhere
Dealer before trade-in: "your car is a year old, has 10k miles and there's a new model out, $20k.
Dealer after trade in: "this car is only a year old with only 10k miles, practically the same as the new model, $27k"
"People prefer the older model to the new one"
Sell privately if you don't like it. Good luck finding someone who want's to buy a 1 year old car privately though.
Managed to pick up a 6 month old a Ioniq 6 ultimate with 7000 miles for £32k last week, a massive saving from the new price of £50k+ price. Let's hope the start to ease up on the deprecation now.
Bro it will be worth 15k in 2 years 😂
next month it will worth 29k
Next tuesday that car's gonna be worth 30k
It's good to have a positive attitude in the face of overwhelming evidence to the contrary.
I think that was a mistake. You could have bought a proper car with that.
I don't even think it's about depreciation. It's just that their values seem to be equalizing on the second hand market. The prices of the new electric versions are just higher and that electric premium you pay for new vehicles just evaporates on the second hand market. Electric and combustion versions of similar cars go for a similar price seems all it really is.
I think new EV car buyers are rich and pretend ethical who have the money for another new ev in a years time, whereas, second-hand EV buyers are less than happy about charging times and it's inconvenience in finding where it can be charged... naturally those buyers are cautious and fewer ( not liking the depreciation drop) hence it's a market demand and supply situation. It's also a sign of the middle income bracket becoming more poor.
33k trade in on a etron gt yet the average price for one with those miles is just short of 60k. Someones being shafted here ...
Did he mean the value, when car is sold to a dealer? Dealer then sells it for 60K no prob...
@@jannek5757 doubling the value of the car on resale is the problem, I get they have to make money but that is taking the piss out of people
@@damianpoole2933 I have a feeling, that a good % of people who want to get rid of their new/almost new EV _really_ need the money OR really don´t care about losing as long as they get another new ride, so the dealer knows this also... OTOH I have zero facts behind my claims :D
Yh it doesn't seem quite right. On a 12k car a dealer probably has 1500-2k markup. Sometimes Cap values have to be taken with a pinch of salt!
@@jannek5757 Dealers just won’t buy them. Porsche dealer offered HALF back for my colleagues Taycan after 4 months.
So basically it was pre-reg by the dealer and they couldn't get rid. As soon as you buy that car, kiss an instant high percentage of the value away. I wouldn't touch it with a barge pole.
The issue for the EV6 was that there was limited supply a year ago. We had to wait a year for our new car and I know people who had to wait much longer. Many people tried therefore getting a second hand one to avoid the queue. A year on, you can practically pick a new one up almost immediately. Basic supply vs demand pricing.
That’s true of any car, I live right by a Honda dealership, a year ago I couldn’t find anything new except a Civic, this year it’s filled with CR-Vs which were not available at all since they launched the Hybrid. Now it’s loaded with Hybrids and no Civics.
Which makes sense as only 15% of the market is sedans and other compact cars.
85% of the market is trucks and SUVs and that’s likely to stay that way
The usual rule of thumb with depreciation is that large luxury premium brands fall in value exponentially when compared with diesel and petrol versions.
Having owned a tacan, I can say the loss on selling was gut wrenching, as good as the car is (it really was) I just couldn’t stomach it again on a new one. I hoped Porsche might honour higher trade ins if buying a new Porsche but half the dealers didn't even want it. Back to petrol for me.
Why not just keep it then
@@dereklush9399 🤣. That is a good point and one I thought about however I panicked the loss was just rising substantially each month and its value in a few years would be ridiculous.
Similar thing happened to a friend of my dads. Bought for 120k, year later, Porsche offered him 30k for it, but that's only if they wanted to buy it. Which they didn't. They already had too many of them.
@@BeraltofSmivia If you look on the Porsche forecourts, they are flooded with Tacans. I think one of the reasons is the 3 year leases on them matured and suddenly they are inundated with Tacans.
I think Taycans are a special case as speculators piled in and then promptly got their fingers burned. It is also a "specialist" marque with a loyal customer base. People do not wake up one morning and say to themselves "I think I fancy a change from the Ford Mondeo - I know, let's get a large electric expensive to maintain Taycan Performance car". These were only ever going to fall off a cliff second hand. Just like Range Rovers Vogues and BMX X5 M60i xDrives. Rich people buy these because they are expensive, then less rich people have to buy them second hand and they won't pay the same for it.
Key point, just dont buy new cars
Especially battery cars.
Yeah I dont understand why middle class people buy cars that are less than 3-5 years old. It's not worth it at all
If someone doesn't, we don't have second hand bargains to buy. So please carry on buying new cars 👍
If nobody buys a new car where will the “bargain” second hand cars come from 🤔🤔
Quite simply let the companies buy them as company cars plus they get the tax benefits, they'll write off the loses after 3 years and then the second hand market and the average person on the street gets the better deal
Year one of owning my petrol Merc, the insurance said the value was £46,000. Second year and same insurance, they stated the value of the same car was £16,000
you got it new as the 1st owner?
That seems a bit extreme. Perhaps they just dont want to pay big claims, so they drop the value a lot and when something happens they can pay you out 16K instead of something more. A clever sca..plan to be honest.
Am I confused or when I search for an Audi e-tron GT the prices are no where near £33k and more like £43k+
Car salesman here - had a customer trade in his Ipace he had for a year for a brand new x trail - he was 25k upside down in negative equity
I feel sorry for him buying the ipace as it was terrible.
Idiots
So if i understood this correctly...
He had to trade in his iPace and then pay another 25k on top of that to get the X-trail?
Jeez...
And a stupid thing to even contemplate
If you got Jaguar money, you probably aren't too worried about the cost of depreciation.
At least somethings affordable. Old cars with 200,000 miles costing $20,000+ is insane!
Bottom line: great time for second hand buyers not looking to swap the car anytime soon.
Only if you like to burn money. The only sensible thing to do as proven by this video is buy an ICE car.
Let's say the past years, because Covid and supply-chain issues, have been good years to sell used cars. These times might not come back, Mat says the situation is "normalizing".
@@garethUK value often says little about the car. There are exceptions. Residual values have been way too high in the past 2 years, and people are always hesitant with new tech.
Funny that you prefer an ice car to quite literally burn money.
@@AlbertLamarque It's just common sense. Who wants to buy a car that is 10,000 miles and 1 year closer to needing another $10,000+ battery install? Who wants to buy an EV that requires 2 hours to fully charge today when tomorrow's models will require far less time?
EV fanboys like to pretend these issues don't exist but as we can all see right here in black and white, they do.
@@garethUK granted, the technology is evolving. I am not sure where your data is coming from, as both battery durability and charging time is nowhere near what you expect. I know where my data is coming from, because part of my work is charging electric cars in various ambient conditions.
I agree though, common sense dictates to pay reasonably for functions you use and not at all for functions you don't. If only people had common sense.
There's people blind to realities independent of what means of propulsion they prefer. Can't hurt to check in with experts from time to time and consider the limitations of what they show you.
I feel we need a reset with out relationship with car value. I buy almost anything, use it for a year, i would expect it to lose significant value. But cars we magically want to stay the same value??
The reason why this narrative is present is because of the price spike from the corruption pharma years.
Since it's back to normal, they can parrot that the value has gone down big time.
No, not magically stay at the same value, but rather drop in value by a reasonable amount.
Porsche sells the Taycan 20miles for 112,000. But for how much did they buy it back from the previous owner?
That's even more insane!
That expensive cars people buy(rent) only with leasing. That ppl don't care how much drops in value.
Sounds to me like it was delivery miles. Probably owned by the dealership since day 1
Porsche WILL NOT accept their own electric rubbish back as a part exchange even if you are spending a small fortune upgrading. If they don’t want them, they are no different to the general public who are scared of duff batteries and spontaneous combustion in your garage burning your house down. I’ll keep my S63 AMG, 488 spider and Range Rover SVO thanks- none of which have to pay a ULEZ charge in the closest town to me
@@LuckySpeaks talking bullshit as always.
@@unclebuh ring Porsche, ask them to take a taycan in. They won’t. Case closed. Get the facts before insulting people, it only makes you look dumb. Electric cars are for the idiots that don’t think about the environmental impact of one that is many times more than my ferrari, Range Rover or Mercedes, even all of them rolled into one supposed ‘carbon footprint’.
I'm sure Matt used that same depreciation opening line when explaining to his wife why his 911RS was a great idea.
I'm still convinced that that GT3 RS allocation was just a creative way for Porsche to get around ASA laws and bribe/pay an influencer...
I found it extremely easy to get a gt3 touring. Meanwhile all the influencers were going on about "impossible to get"...
@ricdes it's only the rs cars that they say are hard to get
Second hand 911 holds value really good here at least.
@@AndrewTSq Porsche aren't known for reducing their prices twice in a year 🙂
What people expected ? EV cars are just like Personal Computers in the 90's and 00's. Hardware becomes better and cheaper very often, driving overall prices down
Yes EVs are disposable items so they are not green at all
I think this is expected really. This problem is due to the rate of development, ICE haven’t significantly progressed now for 10-20 years, we are seeing EVs with major performance increase every 2-3 years. The EV is still low on the development curve , the ICE is on the plateau. Like everything other technology based product we will see a slowing of development and stabilisation of costs as time progresses, this will also impact the depreciation as it happens.
@@Anonymous-ib8so I would say that the opposite is the truth. EVs can last a long long time, much longer than ICE vehicles, and the EVs manufacturers know that. The EV's batteries though, may last about 10 years, before it needs to be replaced.
Hence, every EVs manufacturers design their EVs in such a way that ordinary people cannot easily repair their EVs, by locking all the bells and whistles with the help of the central tablet, in the middle of the front dashboard, and etc, and etc ...
@@Anonymous-ib8so I only wish my disposable items would be usefull 10-15 yeahrs
The Taycan prices are like that because Porsche makes you buy 3 Taycans just to even get a sniff at getting on a list to buy a new GT3 RS. There's a good video exposing this tactic of Porsche.
That's why if I win the lottery, I'll buy a maxed out MINI JCS or a Corvette and drive by the local Ferrari stealership and laugh at them. I've heard nothing but BAAAD things from owners who visited their Ferrari stealerships... (the laundry list is crazy: broken promises, insane markups, warranty refusals, outrageous markups on parts, the list never ends...). One owner posted that he traced the source of parts for his Ferrari to BMW, Porsche and Toyota! Except he was paying 3 times the price for the same parts. So he just went straight to them for the parts the second time around!
@@largol33t12 you are not the target audience for Ferrari if you HOPE to win lottery and then buy their car, so they don't care about you. The care about people who can afford these cars like you can afford bus ticket.
Thx for the video Matt. Mixing the drop of the actual depreciation and the relative depreciation from the same situation 12 months ago - and changing the format for each car creates a very confused delivery. All the info is there but requires great care to capture.
I think that's probably to stop EV owners from throwing themselves off bridges! 😂
@@douglasb.5601 Or torching their cars?😭
You say the info is there, and there is info... but what use is that info? That's what confuses me.
"These 10 stocks dropped in the last 10 months more than these other stocks did, sucks to be you if you are one of the very few people who bought them 12 months ago and desperately need to sell right now specifically to buy different stocks for some reason" is literally all i can get from this.
Something mental that so far hasn’t been mentioned in the video…
The people who bought one of these cars for retail in 2023, used it, put another 10,000 miles on it and still have that car today, the book price they’ll get today will be hugely below what’s mentioned in this video. The car’s another year older, double the mileage and the market’s corrected since.
The losses are staggering.
There are lot of suckers in the uk. When i worked as a used car salesman the people that were financially savvy never bought a car more than 10k cash. There used to be loads of pretenders when i see their payslip i was like wtf dummy you’re going broke for a car lol
@@themadakh3229 yep, people buying cars they can’t afford 🤷🏻♂️
In 3 years, the previous owner of my (new to me) BMW i3 only racked up 20K miles. Now, for $18k, 1/4 the original price, I have a fairly quick, carbon chassis, RWD electric with a gas generator and a 220 mile range. Yeah, I'm good with this.
BMW I3 does not have a carbon chassis, it's aluminium with carbon reinforced plastic body work.
@@v4skunk739 Sorry, you're wrong.
@@GhostRyderFPV
en.wikipedia.org/wiki/BMW_i3
Styled by Richard Kim, the i3 is a five-door with a passenger module of high strength, ultra-lightweight carbon fibre reinforced polymer adhered to an aluminium chassis, battery, drive system and powertrain. The body features two clamshell rear-hinged rear doors.
@@v4skunk739 Just search simply for i2 carbon chassis, look at the images
@@v4skunk739 I literally see it every time I open a door, LMAO
The sad thing is the dealer after buying the trade in car cheap from you will then sell the exact same car for lots more money. Now that would be an interesting video. Just a suggestion.
Wow a car dropped it's VAT value, which it does once you drive it off a car lot. The Taycan's sold in huge volumes on lease, and those cars are now flooding onto the market second hand, dropping value. Then Porsche has released a new, much improved Taycan, so dropping the value more. Lots of the cars are vastly overpriced to begin with, so the second hand market resets to what people think the value is. Definitely lease and don't buy new.
Just looked, 1 year old VW Touareg R-Line Tech Plus, dropping average 25%, from £64k to many at ~£46k... Depreciation on cars is nothing new.
You missed the point of the video. I wonder if you bought an EV? 🤔😳
Best getting a good oldy. I bought a 2007 Subaru forester STI for 7k 6 years ago the same car is now worth 12 to 14k. Buzzing.
Beautiful choice and well done on finding a true gem.
I work at Toyota and the battery on the new all electric bz4x will cost $50,000 AUD plus labor! Think depreciation is bad now? No one will want these cars one 10 years when all the batteries need to be replaced
they will want them if they are cheap enough ;)
@@phiiz3r replace a $50,000 battery in a car that will be worthy maybe 10-20k in 10 years
I thought Toyota would be different and price the battery pack more reasonably. Tesla Model Y would cost half of that here in Canada
@@flashsushi1843 I dont think Toyota has any genuine interest in full electric cars they just made it to appease the EU and their emissions standards
Thats why nio will become the biggest ev giant
The headline of this video is WHY evs lose value and that is the only thing you do NOT explain in this video! I'll never watch any of your videos ever again.
Fair point you make. Matt says in other videos that the big depreciation has to do with big tax incentives the government gave. Other reasons could be how much better new Tycans are than old ones (the newest ones have an additional 100 miles of range).
It's a new technology and the market takes time to settle on prices. The first Phillips 32 inch LCD flat screen TV's cost over £3000!
My new Hybrid RAV4 was one of the last before dealerships were hit with 6 month wait times on orders, which went up to 2 years in wait time, actually causing my car to hold it's value after purchase, even with 20,000km on the clock! Rare situation though admittedly.
In 2022 I enquired about a Mercedes PHEV. I was told there was an 18 month wait for them.
Manufacturers have EV targets to meet - I predicted ages ago that the rules would mean that getting a petrol Corsa could be as hard as finding an unallocated GT3 RS. 🤪
That is just in england because here in Portugal none of that happens here and car prices are absurd
trust me, generall all UK pricing is absurd from private house Bed & Breakfasts at £100 per night to £60,000 cars being very common..
Car prices in uk are absurd because people need to be seen in a new car. Weird mindset
@@themadakh3229 Repair prices mean the only people with cars over 20 years old are enthusiasts.
@@themadakh3229 Seems to be a very new thing. People with no actual interest in cars but only want the latest model and willing to pay up to 50% salary for it
I love my i4 and couldn’t care less about the loss of value. I just drive and enjoy it.
Btw in Germany you get close to 20% discount for an i4. No one ever payed the MSRP.
Gas car converted with brushed motors tho :/
Here in the UK we purchased our model 3 in 2019 fully loaded Inc FSD and absolutely love it, it has stalks chrome trim etc which is not available now. So it's a keeper. P.s 40000 miles & no noticeable battery degregation. Scan my tesla calculates 2.4%. As you say Drive and enjoy.
bmw i4 and vw eUP are the best evs
Bmw i4 and i5 are the best luxury EV sedans on the market rn. I understand how u love it.
@@foam27 And? :-D
I upgraded from a 2014 Toyota Highlander to a 2024 Cadillac XT4(the 2024 highlander drove the same and is pretty much the same chasis and interior so it's boring).
its because ev's are overpriced
Not just EVs.
+ trash
It's because they are shit 😂
No. Only crap engine cars
@@Matriarchy_Feminism back to the kitchen
0:18 “what could you do to avoid it?”
“I won’t buy one”
The best plan, "Just say no".
I might be wrong, but there are several reasons why they depreciate so much comparatively to ICE cars currently at least.
1. Market flooded with leases and salary sacrifice cars which get handed back and then sold off.
2. As a relatively new technology (and having had both inflated prices and subsidised pricing), new car prices are relative to the old ones becoming cheaper, so it's harder to justify the value of a second hand staying the same.
3. The demand for second-hand EVs is lower as some people refuse to even consider one, and those buying on finance can often get just as good a deal on a new EV.
You see that with the Teslas. They are making them cheaper and cheaper. So it is causing the price of used ones to fall sharply. When the prices stayed the same for several years, then the used one's value stayed high. But when they have dropped the price of a Model Y by 20%+, that drops the price of a used one by 20% on top of any value lost because of it being a year old.
Plus these are Dealership Trade in Prices. The Dealer is then going to put 10-20% on that price before they sell it as second hand, so the second hand buyer isn't getting this price anyway.
All correct and the Salary Sacrifice is the big one. I notice that many of the depreciation figures were similar to the tax savings which can be over 50%.
@@tsubadaikhan6332 unless the dealer mark up on EV's is drastically different it doesn't matter as it's still like for like, EV vs ICEV. I have no idea if it is.
@@MrDuncl Yeah, the tax credits in the US probably has something to do with that. Hopefully if they were to compare the new prices vs trade in price they are taking that into account. If I pay $50K for a Model Y and then get $7500 off for the tax credit, really I am paying $42,500. So no one is going to pay you $45,000 for one, even with zero miles because they can buy a brand new one for $42,500. The value of the used one drops by 15% instantly because of the tax credit. But in reality, the person did not pay that. If you cannot get the tax credit, then you definitely take the hit.
I guess the big question is why are EV car prices dropping so fast? I suspect some of this may be due to the battery. If I was to buy a used EV cars I have no idea what the health of the battery is like. Lithium batteries are affected by many things. Was the previous owner(s) charging the battery to 100% then recharging to close to 0? Was the previous owner constantly using super fast chargers? These things can accelerate the reduction in the life expectancy of lithium batteries. How is anyone going to know? My neighbour has a Tesla S, 5 years old on a full charge he only gets 150 miles range less than half of what Tesla claim. When he sells it on, it ain't worth anywhere near the £38k he paid.
Markets are ridiculously different 😳
In Finland:
Bought Volvo S90 D4 in 2017 for 78k eur. Sold it for 32k eur in 2022 after 4,5 years, and 104k km.
Bought Volvo XC40 plugin in 2020.09 for 61k eur. Sold it for 38k in 2023.07 after 3 years and 60k km.
Bought Ford Explorer plugin in 2022.12 for 84k eur. Sold it for 59k in 2024.05 after 2,5 years, and 38k km.
Now we have to KIAs. EV6 (from 2023.07) and EV9 (from 2024.01). EV6 dropped by 10%, and EV9 dropped by 6%.
Either you shouldn't care about depreciation when buying cars, or use public transport. 🤷
That Volvo will last 30 years....
Or just buy second hand?
@ivanjanjic8762 Eventually, yes, depreciation will slow down, but when? My friend bought 4 years old BMW 530 plugin. After two years of ownership, his debt to the bank is 8k eur higher of the car value 😳 . I agree, that used cars depreciate at much slower rate, but it must be over 10 years old, seems so. And Chinese automakers make it even harder with price cuts. That is life. Car is and always will be a luxury.
Should have kept the Volvo 😅.
@krevo6c yeah, this thought crossed my mind now and then 😄
Conclusion: Ev's should cost ( much ) less as new.
There should with these cars mentioned be at least a 15-30% price adjustment when new.
Look at any new Tech ( mobile phones, computers etc etc ) and the abysmal depreciation they suffer after purchase. And when a new model arrives the drop is even greater.
Ev's are similar to when PC computers took off, very expensive at first and not available to mainstream of the population because of price.
Now, we rarely think or mention price of such devices.
I think in 2-5 years we will really see videos such as this ( no offence about this great Chanel ) due to price adjustments in the marketplace.
If the oil producing countries keep treating us like milk cows, the faster the coin will drop.
But that price adjustment has already taken place.. price cuts is the primary source of these depreciation figures
Well it has been a capital loss of asset for the purchaser, rather than a discounted price at point of new sale.
Like all new emerging technology it is the end consumer who absorb the loss.
How great depends on market valuation.
Point being, if you buy anything new, it will be a time/ loss graph depending on market.
Timing will be crucial for when you realise your assets.
Nothing specific to EV’s
I think a lot of what we see have more to do with the Tesla pressure on the market. The constant price drops of Teslas are forcing other car companies to drop prices, and sometimes quality to keep up. It is also horrendous for car owners. In Denmark, if you bought a Model Y in 2021 it would have cost you starting from 500,000 DKK (€67,000), but just three years later the exact same car from brand new costs 359,000 dkk (€48,000). That means the people who bought the car for €67.000 are now trying to sell their used Model Y for the current Model Y used car prices, which is significantly less, we're talking Model Y's down to 265.000 DKK (€35.000) that are just 1-3 years old. So if you bought a Model Y in 2021, you essentially lost half its value in less than the three years you owned it. For reference, my 2019 A4 Avant has lost less value in the 5 years from new than a Model Y did in 2023 alone.
2025 is around the time that EVs are expected to become cheaper than ICE. Whether manufacturers continue to try to take a premium is up to them, but they have increasing competition from Korea and China so their EV cash cow days are rapidly coming to an end.
Would be interesting to compare those to depreciations of Tesla models.
Half baked Ev's go plummet in value, who would have thought 😂
The model y performance and model s plaid had the fastest depreciation rate in a years time ever. Do to rapid price cuts and depreciation.
I bought a Model 3 Performance in 2021 for £64k, sold it in 2023 for £33K. :)
I bought a 2022 Model 3 for $52k, trading it for $28,700 and getting $2300 in tax savings.
@@night5091 why sell it after two years tho?
I would like to know how much these vehicles are worth in 7 years time or if any dealer is willing to take the risk of excepting any as part exchange in knowing that many people will probably not want to purchase a EV that is 7 years old or older because of the fear of the batteries might need replacing at a cost more than the vehicle is worth.
The way I see it is like this, a petrol or diesel vehicle can possibly run for over 50 years or more if its looked after.
But an EV is just like a mobile phone and as a short life span that is dictated to it by it's battery life, so eventually we are going to have millions of EVs ready for the bin because they are throw away vehicles.
I see this as a positive. Most people lease new EVs anyways so it doesn’t really hurt most new car buyers, and second hand buyers (like myself) are huge winners. I got my EV6 GT Line for $42K US with 15K miles on it. At the time dealers were asking $62K for the same car new. Saved 20K getting basically the same car just cause someone drove it for a few months. Just common sense to buy used EVs off leases.
not really, it will drop even more in price and you are going to be the one who replaces the 20k battery
Or, you know, I just trade it in before 100K miles when the federally mandated 100K mile battery warranty expires. I still get 85K miles driving a basically new car for $20K less than new. I still win compared to a new car buyer.
For you to sell, someone needs to buy it....
Good luck selling it for the price you want...
You will get hit, also...
@@xTurtleOW the batteries last pretty much the life of the car.
@@nfzeta128 And whsat's the life of the car? I drive a 19y/o A3, which performs in the same way it did when new. On the road there's plenty of 10+ y/o cars. I doubt any battery powered car will last that long without needing a new battery.
Interesting stuff - would have been good to have the initial new price too, to see the actual depreciation as well as the relative change.
Isn't this largely a correction after the crazy post-pandemic used car prices, alongside discounting of new EVs?
Absolutely correct... but that kind of nuance doesn't create click-bate!
Agree, EVs are now back to Reality...there was high demand for EVs...in this case any kind of product does not deprecate.
Now they deprecate like any of my ICEs the last decades, too
EV owners trying to reassure themselves in the comments 😂
@@josefv-y8m Worse, because of the tax incentives on leasing new EVs here in the U.K. Lease a new EV to keep your Child Benefit payments (actual fact). In extreme cases the EV lease might be cost neutral.
yes, most of the fall is due to supply chain issues post-pandemic. However there is a significant drop in all EVs
A lot of motoring journalists are going down with this ship and Matt is no exception. EVs are relevant to 2% of drivers. The other 98% are waiting for the nonsense to stop. See the issues below - thanks
> high initial cost
> massive depreciation
> battery compartment vulnerable to impact
> battery repair costs tens of thousands
> insurance costs can be high
> ground clearance impaired by battery location
> stiffer suspension necessary for increased weight
> batteries in a hybrid can weigh 100kg
> batteries in a BEV can weigh 500kg
> very few independent mechanics familiar with EVs
> aftermarket in spares is limited
> software is prone to glitches and dependent on updates
I think when they switched from horses to the first ICEs the list was longer😂
You will smile when you drive your first EV believe me, its just the better ride.
Should have looked at the MG ZS EV. Mines lost about 50%.
yikes! - Heres hoping Cyberster follows that trend each yr - could b interested after 5 yrs :)
My condolences.
@@Mav86asian Great reply 👌👌
Same I've lost about 8000 on mine
Did I miss something or the video doesn't explain why electric cars depreciate more than ICE? Is it because general demand for electric cars is dropping?
It was just a clickbait 😅we all have fallen for it😭
It’s just market correction to abnormally high used-values last year. Basically there were shortages in getting raw materials which limited production, meaning that waiting lists for some brand new EVs were ridiculously long (18 months for some!). Because of this, lots of people decided to buy nearly-new used EVs instead, which artificially inflated the prices in the used EV market.
Production has now ramped up across the board as manufacturers are getting the materials they need, so that artificial demand for nearly new used EVs has dropped.
So by comparing to last year is a bit misleading and is no indication of how much depreciation you’d see if you bought new today.
It`s many things, but basically ppl are realising EV`s are too expensive and have too many problems.So demand has fallen.
The majority of the driving public don't want an EV and particularly don't want a used one. A lot of independent used car dealers don't want EV's in part ex because they are a hard sell. Most of the higher spec EV's on the road will be company cars on lease
Finally an electric car video on TH-cam that doesn't mention Tesla.
Probably because there values were dropping massively a year ago and still are.
But why no prices for Tesla’s ??
@@weinisable hard to plot depreciation when the manufacturer reduces costs and purchase price by $16,000 in a short period of time. There are a couple ways to do it but neither paint a very accurate picture. Do you use the original purchase price when a brand new one is $16,000 less than what they paid? Or do you use the new price versus what they're selling for?
@@weinisablethe plaid for example depreciated over 50% because tesla themselves slashed the price
Also Tesla doesn't negotiate sale prices. You pay what they ask. Helps keep prices bit more stable
My EV cost £500,000, comes with a chauffeur, and I don't even need to charge it. 😄
This is stupid number gymnastics to make large %age values. These are all very new cars, last year their used price would be high as they would be rare, a year on and they are less rare hence the price is lower. Just say what the depreciation is, not the change in depreciation.
I remember EV salesmen saying that because of the online upgrades of cars’ software every update would be equal to “buying a new car for free”
It still is. 2018 Model 3 here with 120k miles…
@@aussie2uGA the hell it is
The fact that Tesla are the only ones offering an infotainment upgrade makes that statement actually true.
Buying a new car for free from just a software update sounds like a fantastic selling point, just wondering though how a software upgrade is going to renew the tyres, the brakes and that cracked back bumper when it was reversed into a concrete bollard.
@@timburton5280 the people who believe in it are either salesmen themselves or just drinking their kool aid
it’s like would you buy a second hand iphone with 69 percent battery life left?
same thing
Not at all. The iPhone loses charge alot faster than an EV. my previous Model S had done 336.000km when I sold it and it had a 5.5% battery degredation.
@@FrygiskSo you have 55% effective battery range then? Since you’re always told to not charge above 80% and never let it drop below 20% so a 5.5% degradation is pretty big.
@@TrueSkyl1n3 5.5% degradation means that you had for example 500km range as new, now you have 472km range..
10000 miles are ~35 charging cycles. Modern EV batteries are rated for at least 1000 cycles before they get below 80% SOH.
@@TrueSkyl1n3so much misinformation about EVs. Practically all EVs have a hidden “top buffer” that you cannot even access. They do this so that normal usage isn’t damaging to the battery. No need to think about it at all. Just charge to “100%” on the display and the actual physical charge will be at a level that won’t damage the battery long-term. This is a solved problem, and has been for a long time.
20 miles on a Porsche? That must've been the most expensive carpooling ever!
The Lexus UX for some completely boneheaded reason uses a Chademo connector instead of CCS, I dont even know why anyone would buy that. No one is building Chademo charging stations anymore
Why not just depreciation from new? Because this comparison flatters EVs. Depreciation from new is worse.
same as combustion cars .
They do even worse.
Also this list is about trash EVs,see how there's no Tesla on here....
@@sorinelpustiu5674Tesla is the definition of trash
In The Netherlands the i4 keeps it's value quite well actually
Isn't that because you have insanely high petrol prices, which force more support and demand for EVs?
Netherlands have a different car culture. Lot of people travel to work by other means than cars so electric cars would hold their value i suppose. Electrification is not the future for the world
@@bencrabb5782 People simply like EVs more here. UK seems to be very prickly about them in general
Two things here that worry me. The road tax for EV were tax exempt, come April 2025 if the list price for your EV is over 40k you will pay the £500 road tax which will devalue them even more. The other burning issue that I have is PCP, people are renting cars pretending that they are rich when in actual fact they are poor, PCP deals have devalued the car market which is why cars are being traded in after a year, what nonsense. When PCP first came to the UK, people were being laughed at for putting a deposit down, paying a monthly sum down and handing it back after 3 years. Cash is no longer king.
So that's what you get for buying a more expensiv EV-version :D
Im a EV fan, really happy with my Tesla 3 Perf. BUT this is the reason why i'll change in to BMW hybrid later this year.
Basically if you want to lose money Fast, just buy a new EV. Specially in Norway where i live. Its just stupid.
BMW is also better than Tesla 😁
Buy second hand and enjoy the car. Greetings from Norway with my third Model S I've bought second hand and the first two I sold for the same I bought them for.
The amount you'll spend on fuel, service and depreciation on that BMW will most likely fly past the depreciation on a Tesla
Can you not lease in Norway ? In the U.K. where CarWow is based the lease can be paid as "Salary Sacrifice" before any income tax.
Me with my 2014 2.0 Litre Diesel Vauxhall Zafira Tourer, 170 BHP, remapped to 210 BHP. Second hand bought in 2016 and still loving every moment of it. Drove to Netherlands from Dover (Eurotunnel) with my kids for holidays and it was the best experience ever! SPACIOUS, ECONOMICAL, AESTHETICALLY pleasing for a 7-seater and EXCITING when the pedal is to the floor!
I shall be running this until the engine ceases. Just had timing belt changed, among other few jobs at 120k mileage.
My worst fear at moment is getting a car that ends up being least reliable to what I have and unnecessarily putting myself through painful monthly repayments again. Not needed! I'm giving GOLF GTDs and Fiesta STs, BMW 120 series a hard time, what's not to love?! 😊
I've just bought a 4 month old x-demo Peugeot e-2008 with just 1,200 miles for £23,500. That same car was selling for £42k just 4 months earlier. That's a drop of around 45% in 4 months!! Obviously being x-demo has also reduced the value but even so, i'm so glad I didn't buy it new.
Key issue for EV second hand prices is that the innovation and cost reductions for newly introduced cars is so substantial that a new EV is relatively more attractive then the previous version. Interesting that Tesla did not fall into the bottom 10 even with the new car price reductions. Pretty key feature they have is the continuous Over The Air upgrades keeping them pretty fresh.
And the ONLY manufacturer with a charging network.
Those figures are mind blowing.
I pity the people that have bought new EVs!
If you want an electric car for short trips, shops, kids, short commutes etc, and you have home charging, now is the time to buy a one year old EV!
just lease them cheaply through work :)
... in other news
for a 2020 Taycan 4s performance+ (was from 90k new) are asking from 45-50k
for a 2020 Panamera V6 (was from 101k new) are asking from 55-60k ....
@@USUG0 😳
@@AstkeNo long term owning us cheaper if you want it for daily life.
What about a certain Taycan EV owner who paid £120,000 for his car but two years on, it is worth £38,000 when he checked on Carwow!!!!
Flipit offered him £23,000.
If he had to replace the battery for any reason it would cost him £45,000....
EVs are a rip off.
Now thats a lose-lose-situation. I guess we should still keep sticking with ice models.
I think he bought it thinking it would depreciate at a similar rate to a Porsche 911. Meanwhile I reckon some Additional Rate tax payers are leasing Taycans for about £600 a month.
@@MrDuncl "A fool and their moneey are easily parted"...
The battery is gonna last longer than the motor of any ICE car. Unless the vehicle isn't driven regularly or supercharged everyday
EV haters are always bringing up battery replacement costs. Very few EVs need to have their battery packs replaced before 450,000 km. It is not statistically relevant.
This video shows why i purchased my mg4 extended range at 6 months old as it was 12k less than new
Just bought an 18 month Ioniq 5 ultimate (26k mileage) from main dealer and they have given me full 5 year hyundai warranty and paid £28000 - nearly £20000 off new price
You paid £28k for a car with 26k on the clock?
yup worth 15k in two years and unsellable in 5 years .. bargain.. not
OMGosh! Who would have thought 😂… lease/ company car deals that have ended have now flooded the market. Too much supply at high prices mean private buyers could not afford them
This video is trying way too hard to make EVs look bad without explaining the actual cause
Good news for buyers. It wasn't long ago people were moaning about how expensive EVs were 🙄
Yes, now the lack of demand from private buyers is highlighting the EV fiasco. 👍🏻
What worries me is the battery. I wouldnt buy a 7 year old phone and expect the battery to be any good. So how much is a new battery for a car? Is it even worth replacing? How will this not destroy used market for older cars?
In the US, Porsche, Audi and Mercedes EVs have depreciated by 50% in 2-3 years. Used Tesla Model 3s are as low as $15k from $40k a few years ago. EVs just aren't practical in congested areas. Especially, when it comes to charging. Lowest EQS I've seen was $41k for a 2022.
EVs are best in urban environments, if you can charge at home, because typical journeys are short.
@@PaulMansfield I agree. They'll get better when solid state batteries come into the market.
I don’t entirely get these numbers. The only thing I see here is that a 1 year old car now is cheaper than a one year old car a year ago.
Translates for me to the point that EVs in general are just getting more affordable. Also the new prices dropped since then. These things are just getting more affordable as the tech behind is getting widespread.
It’s the same with all tech, when it’s new, like solar, or ICE cars 100 years ago. iPhones also cost quite a bit 10 years ago and actually got cheaper when taking out inflation.
No mention of Tesla. every time Elon drops the price of them other EVs seem to suffer even more than Tesla.
The second hand market is getting cheaper, but the new sticker prices have remained the same or even increased. That’s why depreciation rate for first year is increasing.
Hmmm, I think there's a mistake here one-year-old 10,000 mile Audi e-tron GT trade in value apparently is £33k so I headed over to AutoTrader, expecting with margin to see late 30s, popped in that spec and they're selling for £52k, so the dealers are either making £19k (before the haggle) or the £33k trade in is wrong.
But are they selling for £52k? A £19k mark-up is not untypical for a car of that sort of value, but I bet the majority of those on Auto Trader are still unsold in a few months time and the asking price will probably have dropped £10k.
@@saxon-mt5by 57% margin is way, way too much, my family are main dealers and they don't make anywhere near that. I've just looked up one of these one year old 10,000 mile £52k cars on autotrader, got the reg and put it into we buy any car, they offered £46.7k trade in, so even if they rounded it down by £2k for the obligatory condition knockback, still nowhere near £33k, you would have to be a mug to let it go for £33k.
@@saxon-mt5by 57% margin is way, way too much, or even 28% for a £10k price drop, my family are main dealers and they don't make anywhere near that, more like 5 to 8% on £50k premium used cars. I've just looked up one of these one year old 10,000 mile £52k cars on auto trader, got the reg and put it into we buy any car, they offered £46.7k trade in, so even if they rounded it down by £2k for the obligatory condition knockback, still nowhere near £33k.
@@saxon-mt5by 57% margin is way, way too much, or even 28% for a £10k price drop, my family are main dealers and they don't make anywhere near that, more like 5 to 8% on £50k premium used cars. I've just looked up one of these one year old 10,000 mile £52k cars on AT, got the reg and put it into a popular online car buying service, they offered £46.7k trade in, so even if they rounded it down by £2k for the obligatory condition knockback, still nowhere near £33k.
@@saxon-mt5by 57% margin is way, way too much, or even 28% for a £10k price drop, my family are main dealers and they don't make anywhere near that, more like 5 to 8% on a £50k premium used cars. I've just looked up one of these one year old 10,000 mile £52k cars, got the reg and put it into a popular online car buying service, they offered £46.7k trade in, so even if they rounded it down by £2k for the obligatory condition knock back, still nowhere near £33k.
Clickbait article much? To me it just seems like the automotive industry in general is undergoing a shift away from mass production (at least in western countries). That EVs are depreciating faster than ICEs makes me think that some of the cost of a brand new EV is subsidised by certain scrappage schemes and tax rates - and with EV batteries being so expensive, it is meant to discourage selling on the car if you can't take on that cost yourself, and you just want to dump that cost on the next owner.
EV demand has been driven by incentives, tax breaks and people leasing new cars so they have zero risk. The rest of the general buying public are understandably and justifiably reticent to invest their money in EV's when there's little if any financial gain, the practicality is reduced and serious questions over repair costs and reliability remain pertinent.
Just out of curiosity, which EV did you have that didn’t save you any money?
@@S4MM7ify First, respond factually. I said "there's little if any financial gain". You're twisting my words. Second. I said "EV's, which does not denote a specific "EV" as you ask. I thought the wording of my first post was quite clear but obviously not.
@@alunjones2550So you did not actually own any EV to make a qualified statement on this matter?
@@theipc-twizzt2789 What an idiotic thing to say. Owning an EV only gives you the perspective of owning that one single solitary vehicle. It does not give you any additional subject knowledge to make any more of a "qualified statement" than anyone else.
Fact: A very high percentage of new EV's are company cars on favourable tax breaks, Provided with government backed subsidies and/or leased. These are all things that will generally not be the case for used EV's
Fact: The demographic of second-hand EV owners is more likely to have a higher percentage of people who cannot home-charge, thereby making the cost of charging considerably higher.,
Fact: A very high percentage of new EV users are not liable to be impacted by high depreciation or higher repair costs as they are commonly leased or company vehicles. Something that is not usually the case for second-hand EV buyers.
Is that sufficiently "qualified" justification for you?
I'm also a chartered engineer and I have a habit of researching subjects before commenting on them.
@@theipc-twizzt2789 What an idiotic thing to say. Owning an EV only gives you the perspective of owning that one single solitary vehicle. It does not give you any additional subject knowledge to make any more of a "qualified statement" than anyone else. Owning an EV does not automatically make you a subject expert and you're a bit stupid to "assume" that.
Fact: A very high percentage of new EV's are company cars on favourable tax breaks, provided with government backed subsidies, and/or leased. These are all things that will generally not be the case for used EV's
Fact: The demographic of second-hand EV owners is more likely to have a higher percentage of people who cannot home-charge, thereby making the cost of charging considerably higher.
Fact: A very high percentage of new EV users are not liable to be impacted by high depreciation or higher repair costs as they are commonly leased or company vehicles. Something that is not usually the case for second-hand EV's.
Is that sufficiently "qualified" justification for you?
I'm also a chartered engineer and I have a habit of researching subjects before commenting on them.
Watching from Kenya 🇰🇪
Welcome to the comments Tiger Woods.
You have damn good eyesight.
I'm also in Kenya, Nanyuki
I’m from Scotland, but I don’t Ken you like, YaKen!!
Dont they starve for water and food in kenya?
Don't buy one.....problem solved....
I purchased a new VW (petrol) for $51k. It had 41km on it. I drove to for 4000km over 6 months. The "dealer bought it back" for $35k as I was leaving the state. It was as new. Depreciation is to do with the motor trader need money for nothing. It has nothing to do with the asset value far less its drive train. What we need to eliminate is the legacy motor trade....all of it.
Ti's like buying a 2nd hand phone with a slightly knackered battery, no one wants em, there also pointless anyway
It’s literally nothing like that 😂 unless you would compare every second hand item in the same way
Anything with a battery that degrades and loses capacity with use....yeah@@S4MM7ify
I prefer petrol engine
So that means you prefer rising sea levels.
@@snakeeyes9246 theres no evidence to support your argument
@@snakeeyes9246😂 turn off the news
One tank of diesel will get you from John o groats to lands end.
@@snakeeyes9246dumbass
When these EVs hit eight years of age they'll be worth next to nothing as the batteries will be near depleted. Nice job governments of the world, you're not sucking me in.
You clearly know nothing about EVs. Most EV battery warranties are 7 or 8 years and cover a battery capacity/range not falling below 70%, most fall by nowhere near that.