Are Used EV cars an Opportunity? For cheap motoring?
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- เผยแพร่เมื่อ 6 ก.ย. 2024
- We have a chat on Whats happening? New video soon on buying your first car!
I would love to know your opinion on the current market! Would you buy a new EV?
Richard
#challengetheroad #cars #currentaffairs #landrover #ev #insurance #jlr #carmarket2024 #firstcar #id3 #id4 #tesla #telsamodel3 #taycan
I think you have some accurate insight here. It seems that current EV's are effectively prototypes, with used values potentially making them also disposable commodities. Chance here for a Porsche Taycan as a local shopping trolley! Fine idea to explore used EV's as possible first car solution, especially given low priority for long range. Keep up the good work!
100%. I’ve been in an e-tron for 2 years now and can’t wait to get out of it but it’s in negative equity so can’t end the pcp without paying a fortune. £75k new, £38k now. I’m going back to petrol / diesel.
workers worth less than thieves ?, dont give us peanuts, no dignity on 20k, very degrading humiliating pay, living wage has to be 37k and zero tax. king charles lives on colonial stolen wealth worth £trillions & He also receives £140 million of your taxes a year
What’s the reason for going back to ice? Would you not consider another ev?
I have spent hours and hours looking into an EV
My Porsche and Audi ( both ICE cars ) will be swopped in for an Ev when the market hits Rock bottom.
This guy makes more sense than most of the others.
I know 5 ev owners personally, home charging is essential
People are commenting that have never actually drove or been in an EV?!?
Thank you 🙏
Super topic, I guess everyone is thinking about it right now. Thanks Richard for your info and calculated option! ✊
@@24k__J Welcome to internet, everyone is idiot except you 😆
Went thru exactly this 5 years ago. Skoda Citigo is group 2E. Dead easy to drive as “square edges” so they can see corners to place on road and parking areas…plus dirt cheap to service and repair… trust me they will crash, dent and even write off at least one 😖. Small bhp so needs to be thrashed ( I actually enjoy driving this more than my McLaren or Ferrari 🤪). I also got a newer MY19 VW Polo, which has same engine and all the new fancy infotainment system they now “must have” . Good luck with the lessons… 😱
I have an audi a3 etron which is a 1.4 turbo petrol with an electric motor and battery in the winter I get 20m electric range, and best 27m in the spring/ autumn best thing is in hybrid mode over 22,000 miles the average mpg works out at 80.9 mpg! with no battery its around 43 mpg..hybrids are the way forward, I. looking to buy a bmw i3 range extender next as I really like them and you get about 120m of full electric and 80m of petrol generated electricity for the motor..
Mini did a One 1.4 on R56 (2006-2013) insurance group 11, and the later F56 they did a 1.2 One insurance group 12, One 1.5 (rarer) is group 13, the 1.5 Cooper is insurance group 19, never looked into it but hear stories of looking at quotes for cars that you wouldn’t think of as common first cars, classed as less risk than say Fiesta, Polo, Corsa etc etc. would be interesting to see if there’s anything in it though. Oh on the latter one if you can get the LED headlights they are excellent. Never really ever needed main beam even on dark unlit country lanes
Would be good to see a financial real world advice video from you we can learn from and share with our kids as well 😎👍🏻 looking forward to the buying a first car advice video series as well 👍🏻
EV's are mean't to green ! Now the talk is they are disposable, maybe we put them back in ground where we mined the precious metals for the batteries, that's recycling 😂Great channel by the way !
It feels that way - recycling the way forward! - Thank you
Never try to catch a falling knife!
Love these videos showing the failure of EV's,It's coming together lovely.
That was great - I sat scrolling with you! I keep considering a Tesla 3 as a second car to my diesel X5 or keep the wife’s Golf and go IX50 blah blah …
Very interesting, im in the same situation with my cupra Born looking like ill be handing my keys back in two years.. i do love the car though 😢
So I'm strongly considering picking up a used Audi E-Tron 55, one that is a 2022 plate with less than 10k miles on the clock. In 2022 when it was new, it was £85,000! today it is £35,000. Too good to be true? I barely do any mileage, about 6k miles a year and I know the E-Tron batteries can do well over 150k without needing any servicing, so not an issue. Also the battery has an 8 year warranty on it.
Just wondering is there anything else I should be concerned about? yes it'll continue to depreciate, but It can't go much lower surely? it's a giant, luxury, high-end Electric SUV with over 400bhp, ride quality better than a GLE or X5, if it had a petrol motor in it, it would be pushing £100,000.
The Etron do look great value if it works for needs 👍
both my children saved up for their first cars at 17 - you could argue that teaches kids hard work and money management - rather than your parents buying it
Defiantly in the planning 👍
I'm looking at Lexus RC 300h F Sport hybrid, can't believe that 2019 models are still £25k!
haha your lesson worked! nice work. Excellent positive father influence on your daughters as I had.
Thank you Julia - more videos soon
She is practicing her negotiation skills on you, and you should have given her a real-life negotiation. Part of that is compromise... I have 4 kids, and where else will they learn?
I have been considering getting a used Tesla, so this video was great timing. It’s purely an exercise in saving money but your comment on petrol cars going up in value made me rethink the idea. I have a high powered petrol already so it doesn’t make sense to sell now, as I may end up having quite a bit of equity in it. Thanks!
some bargains out there and I fancy a Model X at somepoint
@@Challengetheroad I've got a neighbour with a 2 year old X (NHS lease scheme) who is very happy with it. It's been faultless
@@ChallengetheroadI test drove a new Model 3 the other day, and honestly, I liked it a lot. As a daily, it's absolutely fine. The ideal situation for me would be a 911 for the weekend and road trips + an EV daily.
I think if can get one for 12/15k they are a great buy
@@ChallengetheroadSeems to be plenty around at that price range. I'll be VERY curious to see how good the batteries are at that price range, and how the interior is holding up as well.
The depreciation of EVs is very similar to what you would see on the likes of an Audi A8, BMW 8 series, Mercedes-Benz S-Class. They are expensive to buy retail, new, but they have a lot of technology in them and used buyers are worried about the costs of repairing or replacing parts that may fail as the car gets older hence the massive drop in values.
What seems to have been missed is the opportunity for bargains, everyone thinks this is just an EV problem, but it's not, it's a technology and ongoing maintenance concerns. Hearing stories of a replacement battery costing $50k in Canada probably doesn't help either.
For the record I drive an Hyundai Ioniq, paid for via a PCP; cost new was £32k in Sept 21, value now is around £15k. There are bargains at all price levels. You can buy Mini and Corsa EVs around £12k, Jag I-Pace for £20k, etc... It's not put me off, our next car will be a used EV.
I think (correct me if I’m wrong) is that a major uncertainty that impacts used values is battery health and the amount of possible degradation as it’s not readily available, so unlike mileage it’s hard to gauge the health of the car, therefore dealers don’t want the risk of potentially sizeable claims on warranties
100% Craig - I wondered if Battery health may become part of an MOT in the future to help owners if this possible.
I don't think you're wrong about the uncertainty but it is wrong that degradation is much of an issue. There are decade old Leafs and Zoes still pulling 90% of their new milage. EVs have a buffer within the battery to limit losses and they have very sophisticated battery health management systems. Like all the scaremongering press around EVs this is just another myth that needs to be busted to increase consumer confidence.
A lot of dealers are now refusing to take EVs in part exchange. So the big fear now, is being stuck with a valueless car you can't get out of at any price. Stick with petrol and diesel. There will always be a demand for those.
I too am considering a bargain basement EV; incredible value and suitable for most of my driving with no need to use public charging. I have access to ther cars for longer drives. Ref the VAT deduction, HMRC don't allow VAT to be reclaimed on a vehicle purchase if there is any private use. 😖
I paid 11500 for a pre reg citroen c4 in 2015, now at 70 k miles and still worth 3500 -4000 not bad at all despite being a puretech
These cheap Teslas were starting to appeal to me until the father in laws 2020 model battery failed. It’s his company car and done just over 100k but still not good. I’d never even think about buying one out of warranty!
Plus that there’s the fact that in reality there’s only the dealer that can realistically repair them. The small mainstream garages just aren’t trained or interested in entertaining them as yet.
This is everything I said about EV’s when they came out! 😅 … manufactures are already struggling with EV’s I believe - diesel next - it’s petrol that is holding its value best! Great video as always ❤
Thanks Simon, lets get another video done soon
@@Challengetheroad most definitely ❤️
I understand what you're saying about EVs being a possible bargain, but I think you've maybe missed one of the main worries.
At the moment I have a XJ. I take it to my local JLR specialised for servicing etc Got speaking to the owner who runs an iPace through the company. I was saying that iPaces just now are about £20/21K and thought that was a real bargain. He said he was going back to petrol/ diesel. Main reason being, started as a joke he asked at JLR main dealer about price of a new battery pack for the iPace.
Replacement £29K. £29 thousand!!
Have a look into the prices. Why but a cheap EV if it technically it could be scrap value with 1 fault that fries the battery pack?
I also got an insurance quote for my son who's recently passed his test. 17yo male and went for the lowest insurance group, group 1 VW Up in a low risk area. £1800.
Went through all the comparison website, couldn't get it cheaper.
don't forget the more the battery is used the better, so a higher mileage cheap EV may well be the sweet spot.
Avoid the older petrol minis with the PSA Prince engine, timing chains break.
Rich you’re mad looking at the old EV,s ,once they’re out of warranty and the whole hype really hits a wall you’ll all be regretting thinking it’s a bargain … it will be unsalable or a massive headache pushing it anywhere in the trade or scrap .
Just look at the large manufactures they’re all ditching the product and slashing the new old stock because they know it’s over.
Best first car I’ve seen is the Seat Ibiza just bought one for my boys first car it’s cheap well built brilliant on fuel and looks sharp for an insurable first car.
I was thinking a 4 year old EV but will see cheap I can get one - will take a look at the Seat 👍
There’s some great ev bargains out there at the moment
Some great deals and only going lower
I think these 2nd hand EVs are great value proposition, as second cars for local trips.
At £5k to £10k, they still have a huge amount of life left (in spite of the nay-sayers), and there are independents such as Cleeveleys who can service and repair. Range will gradually decrease, but for day to day runaround it's a pretty decent proposition.
As a first car, they would be ideal, with a couple of caveats: firstly insurance (anecdotally the EVs are becoming expensive to insure, as repair costs are high/ uncertain). Secondly auto vs manual. You might want the youngsters to learn and get the experience of a manual, and I think pretty much all EVs are auto.
As a value proposition, a second hand (new shape) Defender still holds its value much more than the equivalent RR, so I'm leaning towards the RR as a great value family car. I can at least get decent insurance on it, which helps!
I'm not sure where the bottom of the market is for EVs in general, nor on RRs. Autotrader price history is showing that they are still dropping significantly. Same also for the "fun" cars eg old shape Defenders.
As you note, it's a great buying opportunity for all of these, as long as you don't have the headache of having to sell at the same time. One man's heavy depreciation is another man's bargain!
One point to also consider is the tax treatment and how it drives incentives.
There is the 100% writing down allowance first year, on brand new EVs purchased by companies. This is keeping demand for new EVs up, but then depressing the trade-in prices.
Whilst you can lease a 2nd hand car, most company car schemes seem to only offer brand new leases, and this is also fuelling new car demand.
Again, the beneficiary of these incentives is the second owner, who gets a very cheap deal (in relative terms, at least).
Finally there's a growing demand for EV conversions of classics. Motors and batteries out of 2nd hand EVs are still very expensive and I can see a number of 2nd hand good cars (eg Tesla) being bought specifically for parts to cannibalise
Here's a question, so I think you are right and with the news that Ford are patenting a new ICE engine, I think alternative fuels are the future, but back to the question, do you think manufacturers will push back at the new Government rules on new EV sales in the UK with the Zero Emissions Vehicles Mandate? With penalties if they fail to sell the percentage of EVs against ICE cars each year?
Its certainly going to be interesting now - I think the ither problem has been these EVs never seem to produce quoted range. I also left with a petrol or Diesel I could sometimes exceed the guideline mpg
As you said near the end regarding used internal combustion cars that is what Geoff's logic is. Sadly I wouldn't trust a used EV especially one where the battery and the car itself is on its last year of warranty.
Although saying that used internal combustion cars can be the same as you don't always know how well they have been looked after.
At least with a petrol or diesel car, you can measure the condition of the mechanical components. With an EV, you have no clear way of knowing whether the battery is good, or a day away from total catastrophe.
@@matthewgodwin3050 that is true and as of writing this reply my car had been into a garage as a check engine warning light had come on. The part that had failed was the electrical turbo actuator. 11 years ago when I first had the car I had the same issue which was fixed under warranty. Its not going to be a cheap repair but as I see it my car still runs fine and is still in decent condition, so it's pointless swapping it in for a new car only to keep paying monthly finance payments to essentially rent the car until you can pay it off.
The difference with an ICE car is you can rebuild or buy a used engine and there’s 10’s of garages in every town that will repair them. You don’t have the same with EV’s.
@jimmyjt16 as I mentioned to someone above I currently have an 11 year old petrol car where the turbo has failed and I am getting it repaired rather than trade it in or scrap it. I actually like my current car and looking at the new cars on the market I now struggle to think of any I would want to buy. All new cars seem to be SUV's designed to navigate and few small pot holes, a puddle or a speed bump, or EV's designed by the computer course students to be as bland or ugly as possible.
The good news is if you just wanted a used EV and dont let Tiktok videos educate you, now is a decent time to buy
Mk3 mini 2014 onwards are great used buys £4000+
They havent bottomed yet.....im with you 5k in a year to 18mths
People need new Macan review!
Macan EV?
I wonder if this will hold better in value.
Will fall in for sure, but by how much, say, after two years?
@@harmony3138 Exactly, I am looking to buy it used next year, so would be nice to know if it's worth the wait!
Not if it’s EV we don’t.🥱
I'll be looking for a small used EV when my decade old Mini final gives up. So excited to make the switch and there are tons of good options out there for less than £15k. I've no idea where the obsession from you and others (that you quote) with Taycans and the like comes from, but if you buy a depreciating asset for £100k don't be suprised when the thing drops in value, especially when the £100k isn't backed by anything other than a badge. Porsche have no EV pedigree, so why pay so much for it? MacMaster isn't an honest voice in the EV debate so urge anyone with a genuine interest in the viability of the technology to steer well clear of his click bait. Just my 2 cents.
Thank you - I paid 66k for the Taycan a year old it was 106k new, lots of used options coming through.
@Challengetheroad £106k new or list price? Because the depreciation 'shock' on other more normally priced cars is very often quoted vs list. For example an e208 has a list of over £30k but the new price is bang on £20k. So pretty competitive new vs ICE cars and 2 year old used at £15k is fine depreciation wise.
Doesn’t matter if every car is only 10k. It’s still 10k and once that’s battery is past the 8yr mark in a year or 2 ur left on ur own. U not heard of build in obsolesence. .
Buy another one for 2 years and still cheaper than buying new? I am going to recycle the batterys too
You may buy one cheaply, but insurance, charging, resale price and servicing are still an issue. These toxic e-waste gadgets are a liability, I wouldn’t touch one now, even thoughI used to drive one at work and thought about buying one for years.
😮could you imagine loosing £50k in a year
No one is buying new EV,s
Nissan have dropped off to 2 shifts, from 3 shifts,
all car dealers businesses should share their profits with the public like China, capitalism greed is barbaric, communism is human kindness , look at what capitalism has done to this country
So no other cars have lost value stop bashing EVs if you want to do this do a balanced review
Not sure how I can do balance review of buying a secondhand EV? Not my thought they have dropped like a stone? I also have an EV currently