Depreciation shock! We reveal the electric cars that take the biggest hit | Electrifying.com
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- เผยแพร่เมื่อ 3 ก.พ. 2024
- #depreciation #cheapevs #electriccars
Welcome to an Electrifying podcast special where we’ll be giving you the lowdown on the used electric cars that we think offer you the most value for your money.
Let’s start with a recap on the used market. We saw crazy prices post-lockdown when the slow supply of new cars saw the prices of used cars reaching almost laughably high levels.
But in the past year we’ve seen a realignment of those prices and they have plummeted for used electric cars. As a result, they are all looking much more affordable.
The fall in values was triggered by a number of factors, but arguably the biggest was Tesla’s decision to reduce new prices by thousands of pounds. This had an immediate knock-on effect on the used market and shockwaves through the industry.
This is a story that has winners and losers. The losers are those who paid full whack for new cars at the height of the market and have taken a big depreciation hit. The winners are used car buyers, who can now pick up an electric car at a much more affordable price.
We’ve obtained valuation figures from the experts at CAP, and in this video, we list the top 10 most depreciating electric cars on the market. If you’re thinking of buying a used car that appears in our list - well done, your timing is perfect. If you’re considering one new, it might be worth reconsidering your choice!
Note that we're discussing 'trade' prices, which are typically less than you'll actually pay on the forecourt.
Join Ginny and Tom as they discuss the list.
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What's more scary is if you look at what they cost new . My mates iPace cost £79k new and he paid £39k for it at 2 years old with 6000 miles on the clock. Before he got it he asked for a battery health check and they found one dud cell. Jaguar authorised a new battery under warranty at a retail cost of £30k (thats what the dealer said it cost) before he picked it up.
Battery packs are just less than $110 per kWh, so that's £100 per kWh, so unless the iPace has a 300kWh battery the dealer is doing what dealers do, telling lies.
It is a good thing it wasn't a Hyundai. Then the battery would have been more than £39K. (at least in Canada).
That's why nobody wants them !
Jaguar's expensive, and expensive to maintain, what ever the platform. I paid £6K for a gearbox at 70K miles
@@MrDuncl that story is bunkum, it's the price he insurance company gave, not the manufacturer, in reality it's half that. Model S battery is ~ £17K out of warranty (which is 120K miles, longer than most cars go in their life time)
Misleading conversation Ginny and Tom.
Although captioned as such, the prices are TRADE values and NOT available to the general public. You both suggest that they might be.
Us mere mortals need to add 25% for independant dealer sticker prices and 30 - 40% for cars from main dealers.
Really - I checked a couple on autotrader and they were right
Well therefore those percentages are how much the sellers are losing. Hardly an attractive proposition for them.
@@ksawinter I've checked them all on Autotrader and main and independant dealer websites and no cars are advertised for sale at these trade prices. That's why they are called trade prices unfortunately.
I wish they were!
@@allomony4010 There are similar dealer mark-ups on 12 month old petrol or diesel cars though.
Buy any car new for the full list price and sell it back to the dealer a year later with 10k miles on it and you'll only get around 60% of what you paid for it. That's not unique to EVs unfortunately.
Not necessarily - CAP have several different price valuations.
It’s an interesting video for sure…but have you actually looked at real world prices via auto trader etc? These prices you’re quoting are trade-in prices to dealers like webuyanycar etc. Yes they want your EV for silly money…but you aren’t buying them at that money. 23 plate EQC with 5k miles - £39500. Corsa-E with 6k miles £18k. Not seeing anything close to those cap trade prices….so it’s still higher to buy than this video suggests.
You are looking at asking prices. They might not sell.
@user-yf4fw9jk2q obviously so yes but I doubt anyone is gearing up for selling their cars at trade prices. Certainly dealers won't be. I guess some folks who think webuyanycar offer good rates might...
Literally searching autotrader whilst watching this video and I can't find prices anywhere close to what they are quoting
@@bigstugti you see that moment that you've driven on to the forecourt and the salesman comes over to opine on the value of your trade-in... that's when you're going to be hearing these prices quoted to you, after a long suck of the teeth and "dear oh dear, you didn't buy one of these did you?" whilst you recall just how enthusiastic the (probably) same salesman was when he was selling it to you...
Why wouldn’t they quote the fair value private value? This video makes no sense now…lol
These sort of depreciation figures are going to create havoc with the PCP finance concept with big losses for the car companies and no residual value for customers to put towards there next PCP deal.
This is a good point. PCP is very popular in the UK, and there is a very high chance consumers could be in negative equity at the end of it.
PCP contracts contain a ‘good-future-value’ clause don’t they?
If so, nobody can be in negative equity at the end of the PCP term?
@@actuallypaulstanley no one apart from the company that owns the vehicle - guaranteed future value is always built into PCP contracts, though there's probably room for a financial scandal in there somewhere!
@HuhWhat101 you can hand it back. No negative equity.
@@oneeyedgirl617at the end yes. But then u are starting from scratch with your next deposit
Having wanted an EV for a while but keeping to a tight budget..... I leased a new Citroën E-C4 for £265/mth. Buying new would have cost £540/mth. The 2 year lease allows me to see if I like it whist not being "stuck with it"... Its is actually a nice car and costs approx £20/mth in electric. Far cheaper than our £150/mth in diesel. As soon as the 2 years are up I will have thrown away a few thousand on a car which is not mine, but I have had the use of a car at far less than £540/mth + devaluation!! I can then with a clear mind buy a used EV at a great price and I will get the exact model that works for my family. For me that is a win-win and not a "stuck with a worthless negative equity car".
Totally agree with your choice ,gives you a taste of ev for a limited time to make your minds d up whether it suits your lifestyle and no depreciation to be concerned about and at the lease price it is fantastic .great choice and things may be different in 2 years time good or bad then you can reassess your choices
Did the same for a Renault Megane E-Tech. Leasing is definitely a good option just now.
@paulscott1759 Thanks Paul... 👍
@@graemeglass7566 totally agree there will be a boom in leasing for the next few years to mitigate the value loss due to depreciation of all vehicles
@graemeglass7566 Yes I tested the Renault. Nice fit & finish... decent power & range. I found I hit my head on the roofline getting in and out and thought it was just a little small. However, definitely interested to see the new MPV Scenic version... when it's out and about. 👍
NEVER buy a new Corsa e or e208 as the depreciation is SHOCKING. Great used bargain at half price 1 or 2 years old.
Salesmen used to look if people had Max Bygraves records to judge if they were simple minded, now they look for people with EVs on the drive 🙀
I found a half year old Demo 2019 Peugeot 208HDI, with all the luxury items to imagine (Model change), and I suppose it will easily last my final driving time as now 76? It drives normally well past 26 km/l on a full tank Diesel and it takes 5 minutes to Charge, sorry - fill the tank, at any time, for up to 1200 km range!
And with all the filters and gadgets for driving in Centers of towns also, as Lorries.
I used large Electric forklifts during my working years, so I will never, ever buy an EV.
Massively regret buying my Corsa e. £29.5k new, 18 months later worth nothing.
@@user-be2dd1gw1twhat a stupid blanket statement to post in public.
@@finncarlbomholtsrensen1188nice and nonsensical story.
I have a Mokka e and very happy with it. It’s a lovely car, all mod cons and no issues after 16,000 miles. Bought it 18 months ago when Government Grant was still available. I’m also glad that secondhand cars have come down in price even though I’ll be hit when I come to trade mine in. Not sure why Electrifying are so anti Vauxhall.
This is very normal in an emergent market, especially one where you have such fast technological progress - give it 5 - 10 years and then it will stabilize itself. The market is just crazy right now: here you have the Chinese, then you have some traditional car makers and over there Tesla, and everyone want's to have a piece of the cake. It's a big re-shifting of the entire car industry: 10 year ago there were basically zero EVs on the road, now there are more than 12 millions of them.
The sad truth is also that most companies don't know (yet) how to make good EVs, so companies that have a huge EV knowledge, like Tesla and BYD, took over the majority of the market.
There aren't enough rare earth minerals on the planet let alone grid capacity to even anything remotely like allow it to "stabilise". Wake the living feck up.
It is not a market but driven by legislation being imposed within strict time limits imposed irrespective of whether the manufacturers can or cannot produce the technology effectively. The politicians and bureaucrats imposing this will likely have no idea whatsoever as to how any of the required technology works or if it is actually possible.
@@michaeld5888 It works and is possible since more than a decade, so I don't see your point?
There is also maybe some market distortion because of the regulations but the market itself exists outside of that.
The government doesn't drive the market - they try to protect local manufacturers from the competition in the market.
The politicians and bureaucrats are mostly following the suggestions of the industry, it's naive to assume otherwise. There is much more behind the curtains than you think - one major factor is China: for them every barrel oil that they don't need to import is a win situation and everyone in the car industry knows that it's just a matter of time till they can flood the world with cheaper and better cars than everyone else. Just take VW: they produce in China since a long time, also their main market was China (so they know it also first hand). They loose billions now because they can't compete on the Chinese EV market, it's all BYD and Tesla now who make the big money there. They simply can't afford to not make EV cars if they want to stay alive in the next decade.
The second factor is Tesla: they completely disrupted the car market - they have not only shown that you can make EVs practical, that they can be dirt-cheap to run and cost far less over their lifetime than ICE cars, but also that you can completely dump the entire car distribution system and make everything cheaper.
Sticking with the i-Pace, Jaguar dealers have their used approved top of the range models (with around average mileage) listed with the following average prices;
2023 - £44k = 55% (of new list price)
2022 - £36k = 47%
2021 - £33k = 43%
2020 - £31k = 40%
2019 - £28k = 37%
Suggesting a 2 - 3 year old car is the sweet spot. As mentioned below, it's just a case of deciding when (if) to pull the trigger.
Great video, thank you, could you make another one with the 10 least depreciated ones?
Brilliant. I have been having this conversation with friends lately. Great to get this analysis. Big fan. Thanks!
I am in Ireland and we often complain about the high cost v the UK. Are there regional differences in the UK also?
Thanks for the great rundown, that really important information to get out there .... one thing I'd alos add though is that from a holistic 'electrifying' point of view selecting one of the low to mid teens options in the top ten could also allow you to use the surplus 2-3k to get a 5.5kw/h home battery installed especially now there is no VAT. so you could load the battery and the car up at overnight cheap rate and also discharge the battery to the house during peak so effectively getting 1/3 price electricity all the time.
The ev motoring press should have been issuing health warnings 18+ months ago with the ridiculous ev pricing that was going on. Some people who paid cash will have been savaged sadly.
EV prices need to come down. lower prices mean more affordable for the masses and ultimately the transition away from ice. EV owners SHOULD lose money, how else are you going to finance affordable used prices?
Yes they should. They have to. I just feel sorry for the cash paying early adopters losing crazy £££ after believing they were in the new norm post covid.
@@tonyfeasby1437 car buyers have made money 2021-2023. in Germany people bought and sold EVs with profit. that has hurt the used market. losing money when selling a used car should be the norm, i really don't see anything crazy about it. being able to afford ev experience years before everyone else also has its advantages.
A mate of mine paid £120k for a Porsche Taycan 2 years ago new from Porsche. He’s just tried to trade it in for a new Porsche (ICE vehicle) and been offered book price for the Taycan of only £41k. 2 years and lost £80k!! Worse still it’s on a PCP and he still owes £78k. A battery pack is £43k for the car if it was damaged meaning basically the cars worth nothing now. This video highlighted the top 10 depreciating EV’s after a year but the pictures much worse on all EV’s after 2/3/4/5 years. If you like to buy a shiny new car every 2/3 years stay well away from EV’s. Yes I hear the argument for leasing but it’s like renting your house! You’ve nothing to show for the expense you paid out when you finally get rid of it.
These talking heads hardly account for the difference between the excellent Tesla vehicles and the ev turds the rest of the Legacy Auto have produced. Resale value is meaningless so long as you own a Tesla bc the existing fleet keep getting better with well executed OTAU as well as being very reliable, safe cars that are fun to drive.
List prices are pure fantasy now, apart from Tesla. £10k off a Corsa easily if you look. Stellantis are the worst for this, putting out unachievable prices. The new e308 is already being discounted more than 20% on-line. It’s ridiculous and needs to stop.
I drive a Peugeot e208 but as a company car and the monthly lease price of this on my scheme would be 40% more now than last year. I doubt I’ll get another company one as a one year old for £15k or less makes more sense.
Your not wrong - I just checked the e-Corsa out of interest. £32,445 sticker price - £26,275 on carwow
I'll be losing no sleep if the rip off lease cowboys are put out of business overnight.
@@jeromezone and load's have been sold new for £23k over the last 3 years when they needed to hit target's 👍
I think the loan has been reduced to 20,000
Will they still drive London to Edinburgh on a tankfull of fuel in one go?
I love the fact you added video of the cars along with the depreciation statistics. Thank you!
Interesting prices but these are the trade values. With average markup on secondhand pricing being 12-15%, (so presumably there’d be lower than 12% and high than 15%). The price for a good clean buy, could be another 15%-18% above the quoted prices.
But still, a saving on new prices. Looking at ex-leased vehicles, where it’s common to have an initial minimal allowed mileage. The possible prices on a 2-3yr. old EV, could be a bargain compared to new pricing. Just don’t expect to resell it in another 3yrs., with 60-70k on the clock for much more than scrap value.
To get an i-Pace listed on autotrader for less than the price on screen it's 30k Miles & 2022 or 2021. One hopes the fall is an indication a similar proportional drop will occur on the forecourts.
Why would a 6 year old car still within it's battery warranty be worth scrap value?.....
I think these are closer to auction prices, not the price a normal person shopping at a car dealer would pay.
@@bwarey52- 2yr. old EVs with 10,000mi per year losing 20%-nearly 40% on original sticker price. I’m not say depreciation is a linear progression; but you have to wonder how much they’ll be worth, with treble the mileage and the ever changing EV tech.
You've mentioned the Scottish Used EV loan in a couple of podcasts, however, the loan was closed to new applications around the end of November 2023 as they had run out of funds. There is currently no indication as to whether it will return in the new financial year.
exactly what i was going to say.
This has happened every year. It usually reopens in April- but considering the SNP's abysmal finances currently I wouldn't be surprised if the shelved it.
@@hamsterminator I would suggest that bearing in mind the news today that the UK economy is in recession, it’s not just the Scottish Government’s finances that are abysmal, the Tories are also looking at slashing public services (if they haven’t done that enough since 2010). The difference here is that the Scottish Government are probably balancing the books and prioritising, whereas the Tories are slashing public services to provide pre-election tax bribes to the electorate. We can politicise this if you wish, but it’s really not helpful.
@@northyorkshirechris5735 I bet you don't, your type never do like the truth, unless its favorable to your point of view.
@@padgepadgham3238 A personal attack to a benign comment is unwarranted and is contrary to this forum's rules.
When I was looking at e up January/Feb time last year a 70 plate with 20k miles at main dealer with 2 years warranty thrown in for around £16800 maybe. Later got one in September at non franchise main dealer with 22k and they knocked £3k off so £11999. Worth the years of saving and watching market cone to me.
I have a question as I'm going to be buying a used 2019/20 Tesla Model 3 but which would be the best option , a Standard Range Plus or a Long Range (which a higher mileage) and both being about the same price ?
IPace owner for 3 years and 40k miles. Only thing to go wrong is the gas strut on the electric boot opener. Fixed promptly by the main dealer under warranty. Only had one service and one set of tyres. Got an Etron 55 as well which has fantastic DC charging curve but drives like a barge, plus I don’t like the clever “coasting regen” that means you can’t really one pedal drive it (unlike the Jag which has great regen). Anyway always looking around for something that does it much better than the IPace and can’t really see anything that is worth the extra🤷♂️.
What a waste of money.
I've long admired the iPace. I see a fair few of them too. I kind of get why they don't sell in bucket loads. 1. People saddle it with the ICE Jaguar reliability reputation - It's a BEV and there's little to go wrong. 2. Jaguar piddled off market dominator Tesla buyers/owners by falsely comparing it. 3. It's also not the most energy or space efficient, but outside of Tesla, what premium car is?
What people miss is that it's the best Chelsea tractor out there by a mile. It's very comfortable, goes and handles really well, and has terrific off-road capability [see tests where they do it].
Where can I get the cars at the prices you commented on?
Just looked on one of the other bloggers, and it’s not just electric cars that are in free fall, it’s all cars. The hike of prices due to the lack of microchips etc has come back to roost, particularly with everyone tightening the purse strings.
not just microchips etc, the push towards personal Contracts has been used to push new car prices up
I think part of the issue here is that people were paying silly money 2 yrs ago for all cars including EVs. go back 3 or 4 and it was much more sensible. We paid 16k for a 69 plate Zoe at 1yr old in nov20. now its worth about 8k but its cost us nothing for 3yrs. We were offered more than we paid for it 2yrs ago which is nuts. If we hadnt needed a car we'd have sold it and sat on the cash for a couple of years.
Twelve year old Imievs now being refurbished with new batteries. With the new battery the Imiev has twice the capacity and range of the original.
I recently went for the Kona, second hand bargain, hell of a car, so pleased with it.
I was going to use random local pub CCS chargers but fortunately I live not too far from Tesla superchargers that charge non-Teslas. Tesla are well ahead with their charging network and pricing compared to others, very impressed.
Win win for yourself then ,the Tesla chargers for non Teslas are a great choice quick and easy a boon to the charging network not to mention the reduced costs against other big time players like instavolt and gridserve
This is interesting. I've a mate that wants to get shot of his Kona "coz it's a pain in the arse to charge with no driveway" and here you are, saying you bought one thinking random chargers would be enough. I should say, he lives under five miles from a big bank of Tesla chargers, so can you tell me what he's simply "not getting" please? 😁
How much did you get the Kona for, and what's the year and mileage?
@@matbowden9156 hah well it depends how much you want an EV, it is possible to own one without a drive, I don't mind that trade off for now. The Kona is slow to charge compared to other EVs now, but most of the time I can charge to around 77% that will take 40mins depending time of the year, probably less in the summer - that's once a week. It takes maybe another 40 mins to get to 100%! (again, quicker in summer) But that's only needed for driving on holidays etc.
Tesla cars for example are using the full 200-250kw or close I think, so that really is rapid.
If a family member (that owns an EV) gets a 7kw charger I can use that, I just have to visit 5 hours per week :)
@@fw5933 ~£16500, 2021, ~40300 miles, less than 2.5 years old, great condition, it had the expensive 40000 mile service done, no issues, 2.5+ warranty left. I'm not expecting any issues. There are some reports of the clicking reduction gears on the Kona but I made sure it doesn't have that on the test drive. I'd done plenty of research and was either going to be this or the eNiro, but I didn't need the extras or space in the rear seats.
Since seeing 2/3 year old iPaces in the mid twenties late last year I’ve been sorely tempted. We had one for 6 weeks while our Ioniq 38kW was waiting for a replacement part. The range and charging speed isn’t up to more modern EVs, and JLR reliability is always a concern in the back of my mind, but it’s such a nice car to drive and to be in, and size wise it’s perfect for our family.
There are plenty of bargains to be had out there.
That reliability problem should be front of mind for an expensive marque which is out of warranty.
@@maximilianholland absolutely. 👍🏾
Just get one with a minimum 2 year manufacturers extended warranty. Most JLR dealers are offering this at the moment.
@@markjackson8035 does it have good coverage for the items that usually fail on them.
My cousin has one and tbh hasn’t complained about any issues.
Great video and very interesting information. Love your show. Two points. I would love to have seen a price on a one-year-old Tesla 3 with 10,000 on the clock for comparison. And I would have loved to have seen some measure of availability of the 10 models you named. ie. a quick check online to see how many are available at that age and price. Yes, I could do it myself, but I'm lazy. ;-) P.S. The I-Pace still looks the best.
Not one Jaguar I-Pace on sale on autotrader for anything like the suggested £30k, cheapest '23 car currently is asking £40k, where are CAP getting these figures coming from?
So these are nonsense figures for non-dealers? @@aldo888fly
You should look again, just seen one for 30K with 2K miles on it
Prices given in the film are trade prices, not retail. These days it is even more important to negotiate.
What the value is and what used car dealers will ask 4 them are 2 different animals...which to be frank has always been the case.
Buy it in Switzerland as it glues to the pavement of dealerships. Think you get the Jaguar here below my Kia EV6 AWD offering far more in everything besides power that I only could use on race track. But also there the Kia performed better and longer, even being faster than comparable ICE Alfa Romeo Stelvio Quadrofoglio Verde with 510 Ferrari PS but less torque.😂
The Corsa depreciation thing hits me hard...
I was stupid and got an e208 nearly 2 years ago at £32k on PCP and now coming up to 2 years it is already closing in on the balloon payment in terms of valuation. Like jesus I hate myself for this.
Just think of it as a lease car and hand it back at the end of term. The horrific depreciation is the dealer's or manufacturer's problem then. That's one of the advantages of a PCP deal.
I do feel for you though, not having any equity in your car to trade up with. It's definitely worse for EVs than ICE cars as well. My daughter's Kia Picanto will be worth about double the 3 year residual payment of £6000 when her PCP ends in a couple of months time.
Buying at the top of the largest car value spike was always a disaster waiting to happen.
If you think it's bad in the UK, in the US they got all that plus insane markups from the stealiships.
Honestly expecting a mini sub-prime implosion in the next 18 months
I got a e-corse brand new in July 2022 on a pcp. I’m treating it as a lease, so I will be definitely handling it back as soon as I can. The only bonus is that I only pay £260pcm, so it’s not that bad for a brand new car, and I must admit the car is really good for what I use it for. But at the end of the term, 4yrs, it’ll be almost worthless.
@@darthja8292 did you manage to get the pcp with 0% deposit?
If so lucky escape in a way
@@stuartburns8657 sort off. I traded in my old car ( 2010 Suzuki swift), which they gave me £2k for, and that covered the deposit and also the installation of the wall charger, so I think I got a half decent deal.
This is very interesting and the value drops are pretty consistent - around 37/38%. It would be very interesting to see how this rate of depreciation compares with equivalent ICE and Hybrid model values?
The huge over-pricing that went on as legacy auto makers started to develop their EV offerings is now quite clear to see.
I agree - even a cursory reference to the equivalent ICE cars' depreciation for each of these would've (hopefully... ) shown that these MASSIVE drops in value are not just unique to EVs... 🤞
From what I am seeing EVs are now down at about the same price as ICE. With cars like the Kia Niro, and Hyundai Kona it is easy to do comparisons as they are available in both guises.
Taking Tom's pick of the Lexus UX on Autotrader there is a 2022 EV with 4380 miles for £20000 while a comparable Hybrid is £22000. I am guessing that the EV was originally more than the Hybrid.
Let's be honest though, the depreciation of ALL expensive cars is truly shocking, regardless of the power train. It's just a fact of life for those who have money to burn. It's worse when the products are rapidly evolving, and the desirability of new models decimates that of the older ones.
Nobody is making people buy EVs, it's a choice. Early adopters always have the worst experience when it comes to reliability, quality and in this case infrastructure. Don't bleat if you're one of those, it's your choice and you're obviously wealthy enough to take a punt on something without a track record. The rest of us will probably never buy a new car, I certainly haven't. We have to wait for your cast offs, when depreciation brings them within our reach.
Car I am looking at maybe buying would be the e-niro, just looks great from all the reports I watch and see.
Had one for 3years and not one problem. Very reliable cars
The e-niro is a very nice car for a sensible price, and great range and efficiency. The _only_ disadvantage is relatively slow fast charging (50kW, where newer cars are 100+). But if you don't fast charge on the go often/at-all, then you don't care.
Looks great… I suggest spec savers🤓
@@xxwookey77Kw dc not 50. Agreed still slow by modern standards but I’ve been next to a Jag I-pace with 100Kw and it was only pulling 6Kw faster than my e-Niro at almost the same state of charge. The e-Niro’s range though is hardly beaten by any 2023 issued cars
@@graham5649 Thanks for the correction. Peak power is not necessarily all that informative - how long it stays high makes a big difference. I wish it was easier to find charge curves for all cars as it's an important bit of info.
Not used car depreciation, I bought a BMW i4 40 a year ago, the depreciation has been shocking. The same car at autotrader prices shows over 30% depreciation in year one, and that's at retail prices, not part-ex, so reality will be much worse. This goes on my list of things I wish I'd known previously.
LOL. only Fools rush in. If only you'd know the massively inflated were going to come down.
@@SB-hr5yr Yeah yeah, I'm eating humble pie and it tastes sour. (It's still a nice car though.)
Have no love for a man who laughs at the brave. Take it on the chin and move on. Cheaper then a divorce.
Phew, Mini iElectric isn’t in the top ten as I was expecting it to be - high initial purchase price and low range count against it BUT it’s huge fun to drive, well built and pretty efficient unless you really really thrash it (which is great fun though!)
My Cupra Born has dropped almost half it's value in just over a year, cost 38500 now valued between 20000 and 21500 .... I'm stuck now with this car for 3 more years unless I bite the bullet and absorb the loss if I want a change, very disappointed.
even list prices are fantasy, on one discount site the MG ZS EV is discounted by 27% which is £9500 off list and dealers still want high prices for other makes they are selling, EV technology is advancing so rapidly with different battery chemistry it pays to wait for a couple of years to buy new
I have an MG ZS EV MkII and I believe that MG are set to bring out a new model of this car later this year. Hence the price drop - they need to clear old stock...
Traditional car makers are going to go bust if the can’t sell new EV’s at high prices. Chinese are coming to get you !!!!
I was all in for jumping onto the electric vehicle lifestyle. But unfortunately the insurance quotes this morning for a Peugeot e208 doesn't make this choice financially balance out for me. I only drive 10 miles a day and assumed this would be an ideal switch, its a shame. Money saved on fuel will be wasted on insurance.
Yup, that the unspoken reality the 1st wave zealots won't tell you.
You only save money if your ex ICE cost a fortune with Insurance and road tax, had low to moderate mpg, and you do 10k miles a year.
Even then you really need to home charge on a cheap rate, to minimise public charging costs
With 10 miles a day an electrical bike is an option 😅
this is not our experience- we are paying 30% more for a zoe than we did last year but its still pretty cheap. I think if you buy a rocket sled with the same bhp as a 1990s supercar and performance to match then funnily enough the insurance is going to reflect that risk
@@stuartburns8657I'm paying the same for my AWD polestar 2 as I was for a 1 litre Ford fiesta. Insurance is high across the board right now, it isn't EV specific.
@@hamsterminator I honestly find it difficult to believe given the price and performance differences between those two vehicles
Great video!
It would be interesting if you did a comparison to the drop in resale value of ICE models over the same time.
Very good point!
Recently I bought a 1 year old, with 10k miles, VW ID.5 Pro Performance style for 28k. The car is great and looks like new. Only problem was the battery health, it is at 92%. The car was used by the dealer as demo/company car and I don't think they cared much about treating the battery well - probably always DC-charged to 100%.
I think the VWs take a big hit in battery degradation in the first year or 2.
I picked up a 2 year old ID3 recently and has lost 6%, still plenty enough for me.
At least VW have sensible battery prices (at least in the USA). Not like Hyundai where the battery costs as much as the car (in Canada).
@@MrDuncl yeah $15,000 vs $60,000
we have a 4 year old Citroen C5 Aircross 1.5 addblue diesel that has only decresed in its value 2k in the last 12 months, enough said.
Of all the runabouts the VW E-UP makes most sense in the city. Great spacious little car... Totally super efficient and well made. I would always chose the VW against the Corsa.
You can get a weird amount of stuff in the triplets (Up, Mii, CitiGo). Love it
@cannygrowabeard I totally agree... Even 6ft driver with 6ft passengers in the rear!! Of course you would never believe it from looking at the outside.
got a vovlvo ex30 ultra on order which e.v. would you choose.
Over here in Germany - I have a shortlist based on how good the car is and what the Leasing factor shows, want to lease. The Ex30 is on my shortlist as 2nd car, could also be the Smart#1. the main long distance car will a lease EV too.
Bad luck for private buyers.They have spent their hard earned cash ,encourage by the Government,pushed by the Greens to go electric and now face losing 50% of the value in 2 years.The most disappointing aspect is that EVs are not Green.
How much longer those batteries can last though?
Let's not forget these are trade prices. Retail is going to be more and in some cases a lot more.
Great video folks but it would be great if ye could mention the range on all these cars, because for me range is so important
Massive depreciation for first 3years, ripp off insurance quotes and 80p per kWh on road trips, and battery probs ahead, but ooo we can save a few quid per trip on fuel! Dirty diesel anyone?
I'm laughing so much !! My 2016 diesel Tucson has lost over my 5yrs of ownership £3000 😊
Basically they were wau overpriced new because manufacturers still needed to sell ice cars. The 2nd hand prices are realigning with equivalent ice cars. Which is great for used buyer's who have home charging.
Are you able to give any more information about the interest free loan/grant (for Scotland) that you were talking about. Is it applicable for a used or new EV. Great and informative video 👋👋
I just bought a Zoe 2020 but with only 7000 miles for £11.5k the battery range indicated 220 miles so it was just driven around town. Reason for the Zoe is it can charge on AC on the street for 40p/KwH . No possibility to charge at home and dont want 80p/kwh for something like a corsa on a faster charge etc etc
Eh? So CCS charging rates are more expensive, or have I simply misunderstood? ...hey, it is late 🤣
@@matbowden9156 AC charging on the street is 40p/kWh but DC charging via CCS or ChaDeMo etc is 80-85p/kWh. So twice the price.
See chargeplace scotland map where it gives the price
@@roberthartley6629 👍 the closest charger to me is in PE28 2AA and works out at 82p per kWh. I think I'll stick with my off peak rate at home, but it's nice to know there is an alternative to zap map north of the wall I guess. Cheers 🍻
Another thing about the ZOE is it can charge at 22kW/h where other cars are 7kW/h or 11 if you find. a phase3 (rare as hens teeth).
I look at these prices and rejoice in the knowledge that more people can afford more EVs... Lease new, buy second hand.
I did exactly this I had a 2021 Kia Soul First Edition that I had on lease through work on a great deal. That went back when I changed jobs and I picked up a 2020 one with 33K miles and 4 years warranty left on it for just under 19K back in September as it just made more sense than going back to a lease when I looked around.
@shikoku14 Yup... it definitely pays to research and use your head. Back in 2021 when people were falling over themselves to buy overpriced cars... I sold two AMGs and invested in shares. I replaced the nice Mercs for an old diesel Honda FRV... (practical but ugly). Then when I finally saw a great Leaseloco deal on the EV... I thought that will do until this whole madness settles down. In 2025 I'm confident that there will be dozens of great second hand EVs to own.... Did fancy the iD Buzz lease for £399!! But who knows... maybe next year a long wheel base? 😆
I look at these prices and rejoice in the knowledge that the free market is rejecting forced EV's
@stevebeever2442 Interesting view but I guess for some it's all a conspiracy! For others it's just a free marketplace and people will buy what they want. I personally need to do 200 to 300 miles non-stop and for that an old diesel works. My wife needs to do 20 to 45 minutes drive and for that her EV costs approx 1/10th of her previous petrol car. But no Men in Black held a gun to our heads to choose. We simply selected what fits best. I also commute into London and the best fit is a 600cc scooter... Cheap insurance, no ULEZ, no congestion charge, easy parking & cheapest maintenance.
I had to sell my Peugeot 508 hdi I got£900:00 for it I would get a second hand ev if I could get one for similar money I only neeed a 200mile range as I would only use it as a runabout any ideas?
I think the manufacturers purposely increased the prices on EVs to slow down the transition from ICE vehicles. Now they need to clear their inventories as newer EV cars are coming at lower prices and better ranges. Great for consumers wanting to switch to an EV but were scared of the depreciation. If you don't do long commutes and can charge at home, their are some great bargains out there. Go get them!!!
EVs are expensive to make. That's why they are expensive to buy. James Dyson spent 500 million pounds to make a small cheap EV and discovered that EV makers were losing money on every car sold so he abandoned the idea. There will be plenty of EV makers going bankrupt in the future.
@@mgcarmkm4520 Some will go bankrupt. Battery prices are plummeting. More manufacturers will copy Tesla's Giga Press fabrication. There will be a rationalisation of software systems as manufacturers find it cheaper to buy an industry standard platform that they can customise. But yes, some brands won't be here in 10 years. The French seem to have invested a lot in EVs and are going to release sub £25k cars in 2024, before Tesla's model 2 in 2025. If they can gain market share in 2024 and get economies of scale, they will do well. I think Polestar might struggle because it is a luxury sector they are operating in and they don't have a volume offering.
All cars went up in price because of the component crisis.
@@mgcarmkm4520 With 500 million £ it is imposible to make a competitive ICE car, but not imposible to make a competitive BEV.
@@yoyyaesta4808 I'm sure he knew that 500 million wouldn't deliver a new EV. They bought EVs from other carmakers and dismantled them and discovered that every single make was being sold at a loss. VW estimated they would have to invest 30 billion euros to deliver a range of EVs so 500 million is a drop in the ocean. Legacy carmakers that sell ICE can absorb some of the losses through their ICE sales. BYD are essentially backed by the Chinese government and can absorb huge losses. It will normalise over time.
No one seems to consider the insurance costs ? The comparisons were interesting but i would not be tempted.
This says more about the mad pricing for new EV rather than the drop afterwards
These ARE trade prices. Cheapest 1yr old Lexus UX 300e is about £24K. Most £27K upwards (not £20K) ! Autotrader prices. Why use trade prices for your comparison ? Still massive bargains compared with new though 👍
The captions do actually say Trade Value 🤷♂
@@InBodWeTrust I know, but the way they were talking it sounded like the general public could buy them for those prices. 😊
totally agree, what are they thinking to quote trade prices that most of the people watching can not purchase at. why not just quote actual prices, very very annoying video
Yet another ‘click bait’ video… joe Average can’t buy at these prices 😏
@@nicksportster8711Never understood why people trade cars in for new models. You are always better off selling and buying privately. Especially with cars under 2 years old!
The garages and forecourts have to make money somewhere, a forecourt 'deal' is never the best deal...
I bought a Nissan Ariya about 14 months ago, knowing full well that the value would fall. It’s inevitable when dealing with such fast pace developing tech. My intention is to keep it for at least 6 years… maybe longer.
I was just to buy one new last week at comparable Tesla prices, when I made a search on similar 3 year old cars and was shocked on the depreciation, so I hold back the decision. I like the car and hope you have been pleased with yours as well.
Good luck keeping this thing for 6 years
Maybe if you are not driving doing only 10 000km per year
I have 2007 diesel C-Max bought for £4000 in 2017 - still running well with no problems. I'll replace it this years with another 10 year old car (possibly another 10 year old C-Max diesel.) I have Zero interest in an EV at ANY price.
Your kind of recommending these cars. Not mentioning that if you buy one it'll depreciate just as much the next year. Dealers don't want them back on forecourts because it would compromise their new car sales targets. Battery degradation varies on how it's used, charged, and the ambient temperature it's lived in. Huge insurance cost because repairs take longer and parts more expensive meaning they're written off at much lighter damage than an equivalent ICE car.
Hello from the west coast of Canada. No new technologies keep any resale value when the technology is still rapidly improving; when I bought my '23 Chevy Bolt euv in early 2023, I didn't expect it to have any residual value; I wanted an inexpensive, good-quality ev, and that's what I got. If the Bolt has zero resale value, it might end up being a battery storage system for my impending solar system.
Chevy and quality don’t go together 🤣🤣🤣
@arxeiapersonal8109 - I didn't think so either, but Orion assembly did a great job on the Bolt.
A used ev is a ticking bomb with a expensive battery replacement bill at the end when it goes off
Note thong that batteries are almost universally covered but an eight year warranty… From my two years experience and 70,000 miles I’ve lost 10miles of range
I’m really tempted by an early ipace, if I could find one with enough battery warranty mileage left, but JLR reliability does worry me. I’ve not had great experience with the brand and there have been a lot of comments online about ipaces having to go back to garages. How about a review of choosing a good used 2018 model and the realities of running an older JLR car
I think I'd be inclined to look at a Hyundai Ioniq 5, Kia EV6 or a Genesis GV60 if you can find one. Better tech and efficiency over the Jag, not to mention much longer warranty.... Also things like higher charging speeds could be a factor too.... A 15 minute stop at an Ultra rapid charger, could give you 200+ miles of range in the Kia and Hyundai.....and possibly the Genesis too, as it uses the same or similar running gear as the other 2.....
@@Brian-om2hh not interested in those, Polestar is the other car that might be an option
I purchased an I pace about 6 weeks ago. 2019 SE with 33500 on the clock. Jaguar do warranty the batteries for 8 years or 100,000 miles. I didn’t buy the car from a Jaguar dealer, but I did take out this car dealers gold warranty for 2 years. All for 25k.
@@Firetech1961 there did seem to be quite a few 80k mileage cars out there, a bit too risky to be buying one of those I think. Wonder if we’ll see out of battery warranty used EV prices dropping like stones.
@@stephenwensley9328 yes,I saw some high mileage 2020,s going for about the same price as my 19, but I wanted a relatively low mileage one. A battery health check is something that a Jaguar dealer should be able to offer you to give you some peace of mind. Apart from updates and the occasional recall, I haven’t heard of batteries failing.
So just a question, you mentioned the interest free loan in Scotland a few times here, I’m from scotland and really interested in this and I’ve known about this loan for a couple years now but every time I’ve checked over the years it’s always been closed, is this the same Energy Saving Trust loan, if so would you know how I can get it?
I got this for a new mg5 late 2021. Interest free for 6 years. It was a great deal but the car has unfortunately depreciated by around 60% so I’m still in negative equity.
Can you do the top 10 for the least value lost please?
I'm not sure where these depreciated prices are coming from (probably made up during someone's lunch break!) but they're not reflected here in Surrey/Hampshire. I checked my used prices from the start of last year with what's available now and, if anything, prices have gone up, not down. Yet another example of 'journalists' not checking their sources just to make a clickbait video. Well done!
I'm puzzled - is it really the case that, apart from the Mokka, the next nine cars' one -year-old values were all down by a near identical percentage (around 38%)? In effect, this video is saying that the chart is Mokka first, and the next nine tied for second - which somewhat defeats the object of the exercise for a 'top 10'. I'd be interested to know the % drop for the cars at 20th or 30th - would that be much different?
Also, these are trade price comparisons. How meaningful can that be for a retail purchaser?
Interesting that the likes of MG are not in the top 10
Would be interesting to know what the 2 & 3 year valuation are is the depreciation leveling out
A year ago second hand EV prices were still inflated due to supply chain issues. Great to see the prices down to more realistic levels now.
It’s not just EV,s that have dropped. The used car market in general has had a period of new year adjustments. Whatever new car you buy, you’ve lost the vat,dealer margin, first year costs etc.Quite a big drop, on its own. Glad some sanity has taken hold in used car values. They’ll be more decline as the year progresses. At least more EV,s will be affordable and available, as the earlier cars on lease and contract, enter the market place. Thanks for the content.
A masterclass in how to try to put a positive spin on the dwindling demand for useless evs
The second hand prices reflect that the public don't want electric cars.
Legacy brands are not competitive at all. I seriously doubt if they don’t joint venture with a leading battery manufacturer, they will croak
We had one EV Evangelist in our family , she is a school teacher and talked for several years about buying an electric car and told us all we needed to buy one NOW . 18 months ago she got a full electric skoda enyaq on a PCP . after one year of nightmare, of range anxiety and 3 times being stranded plus costly and time consuming charging driving the 620 mile round trip to visit her father she has changed it for a petrol skoda at enormous financial cost . Our conclusion is that for all but the committed enthusiast that makes the use of their car their main focus and passion the currant generation of electric cars and electric infrastructure are not fit for purpose. Hydrogen and CNG look to be far more user friendly solution. Running my 119g co2 bmw 520d for another 10 years looks a lot better for the planet than building an electric car anyway.
Companies could right off 100% of their EV's against tax so they all went out and bought expensive Porsches, now they are a few years old they are all hitting the market together.
My comment is about your raised work rate on stories online. Your Kilowatt Half Hour and this sort of video is really useful and keeps me looking at my TH-cam link to you at a least a couple of times a day. Eventually this will build the audience you need. Meanwhile persist because it is working, but perhaps slowly, perhaps because repeat audiences are slower to build than you think.
I wish the cars were available to us at those prices. Trade prices are so much lower than consumer prices for 2nd hand.
It would also be interesting to have had the current day new car price for same model and battery capacity.
Also remember that the prices a year or two ago were still held high as supply of chips and parts were limited and new cars were often dlayed by months. These affects were still keeping second hand prcices too high. Then we compare to good supply and normalised prices. i feel this could show the bad value of EV''s and put people off who want a new car. However ideal for the prices more people buy at.
Currently there is an Ioniq 5 73 plate with 18 miles on the clock going for 33k. Basically new with 14k off.
Good news for anyone wanting to jump into an EV.
Well worth considering if the Ioniq is your bag.....
I would love it, however I’m considering leasing one through work.
I won’t pay more that 4-5k for an EV… but I pay cash
As a Kona EV owner, the depreciation is concerning. However, it would be nice to know if this applies to both the 39kwh and the 64kwh versions. The former may have a higher depreciation rate than the latter. It would also be useful to know what the depreciation rate is for ICE cars.
The website ISeeCars did an analysis and found things like ICE passenger cars averaged a shade over 30% in 3 years, where the electric car category was just over 50%. If you add in the fact that the equivalent EV to any ICE usually costs way more then you are pretty much just burning money going EV unless you get a good deal on a second hand one for a work commuter/grocery getter.
The big problem for second hand EVs is the battery life. Given the cost of battery replacement is often more than the value of the car, and the useful lifetime is unknown, few people are going to gamble on such a bad bet. Hyundai in Canada have refused to pay for a battery swap even under warranty which makes the gamble even worse. Then there is the additional possibility of having to replace batteries that have been struck, in relatively low drama accidents (you don't know that history when you buy second hand).
So, all in all , there is a big disincentive to buy second hand EVs that doesn't exist with ICE. Even a 3 year old ice fleet car was only likely to have had its engine and brakes hammered at worst case, and there was a thriving market in second hand rebuilt engines, if that was a problem. But the depreciation price would more than cover those costs, and you still had an almost new condition body which was a big plus. If replacing an engine had cost what the car was worth, no one would have bought these cars either.
The cost of battery replacement is going to kill the second hand EV market unless the problems with battery longevity can be resolved to the satisfaction of non EV enthusiasts, and the battery damage issues can be resolved. I say non EV enthusiasts, because they are the bulk of the potential market and are not going to let enthusiasm overrule their justifiable scepticism. There needs to be real progress not just marketing .
On cars like the Kona the EV and Hybrid used ones now seem to be about equal in price.
Kona is not a luxury car.
You need to compare the depreciation to Skoda.
Skoda Karoq or Kodiaq going to keep value better.
Then there's insurance. I just got quote on my ice car BMW Z4 E89, lowest fully comp. £225. That is what i paid 10 years ago for insurance. Will insurance steer people to remain in ice cars. OK it reflects the value of the car now.
Buy an eUP! If nothing else, for the giggle factor! I did.
Looks great fun round town. How is it on a motorway?
I saw an old 1974 Morris Milkfloat for sale recently and really thought that would be fun to say I have an electric van!! traditional lead acid batteries so I guess less likely to catch fire!
Good to see that the MG4 was not in the top 10 😊
I dont know why people who bought a new EV are complaining of the drop in their value over 12 months.The one year depreciation on any new car is always high .If you buy a new car and plan to keep it for a number of years the fall in its value is just on paper.
The thing is dont buy an EV new until the market has settled.They are still relatively new technology (at least for the battery and charging speed) and I believe in 5 years time battery life will be much better and cheaper.
I can't rid myself of the mental picture of driving 10,000 miles and throwing £1 or £2 pound coins out of the window every time the odometer records each mile completed. The commentary concentrates on how much of a bargain the used cars might seem but I feel sorry for the customers who are taking the loss through depreciation at those rates. The depreciation only measures the price drop and doesn''t include any cost of loans that might have been involved in the new purchase. If this happened in the house market then I suspect that it would spark a revolution of middle class homeowners in the Home Counties.
With an "official" range of 100 miles, you can see why people are avoiding the Mazda.
It just has a lower value .
I’d still buy one for the low price - it’s very well put together - and I don’t travel long distances at all - it’s designed to be a city car anyway.
@@datathunderstorm It's not designed to be a city car. It's a crossover SUV. The e-Up is a city car (with a range of 150 miles) and yes, for that, 100 miles is fine. I love my Mazda, they're great cars but with a realistic range of 80 miles (less in the winter) is mind-boggling with today's battery tech.
Lost 8k on my 71 plate long range leaf which resulted in my Ariya order being cancelled. Now left in negative equity. Had petrol/diesel cars prior and never been in this position. Unsure whether electric is still the future. Did I mention my insurance has doubled to £550 yearly 😡
Just on the insurance front. I doubt the increase is solely down to the car being an EV. When the auto insurance premium, have nearly doubled across the board. Unless you own a Hyundai or Kia or JLR. All of which are too easy to steal and consequently, their insure has skyrocketed.
Hopefully more vehicle manufacturers will start offering insurance options and will undercut the greedy insurance companies in the UK. They have not seen these massive increases in Norway where Evs are now outselling ICE by a huge margin or elsewhere in western Europe either so its just the greedy UK insurance industry at play.
insurance premiums across the board have doubled and EVs are totally the reason for this.. no repair garages wants to touch them so most RVs even with silly small damage repairs are being written off by insurance companys..and people with diesel or petrol cars are paying for it with massive increased policys
Same. Got LeaF 40 in 2022. This year negative equity about 6000! Forced to patiently wait to PCP end, 2 more years left
@@audriusa5368 have you heard of the halves and thirds rule? In short when you have paid back half of the vehicles value you can return vehicle. I do feel your pain used car electric prices have fallen through the floor. Covid and Tesla didn’t help.
In my personal experience depreciation only matters if one changes their car too often. I keep my car for a minimum of 10yrs (13 in one particular case) and then throw it away. That's 10% depreciation per annum or less if I keep it longer. No complaints from my end.
Im sure I read that insurance companies were not insuring them , and if they did they were sky high. Ill wait for Hydrogen to become affordable in future, oh and the battery replacement, put on my mortgage lol
I have said on all of your reviews of the iPace that anyone buying into this model will loose a lot of money. Plus the iPace may be a lovely drive, but it is dreadfully unreliable. NOT made by Jaguar. Any warranty claims means massive delays, in waiting for parts.
Your next video - getting some kind of explanation from the insurance crooks for the massive increases in insurance premiums on EV cars.
That would be amazing. The insurance on my ZS EV with 9 years no claims just went up from £1600 to £2500
My renewal went from £328 to £570. After discussions they reduced it to £406. No accidents in over 20 years
Not only electric cars
It’s the Sunak effect 🤣🤣🤣
I have had 2 52kw Renault Zoe. Kept the first one about 3 months. Paid £18000 and got £11000 as a trade in. It was 1 yr old only 2000 miles on the clock. That was trading it back t a Renault dealership. The insurance costs more than an ICE CAR. The monthly maintenance I pay is a little over a third more than my ICE car. The cheap night electric was a con. Yes £0.089 a kw, but they put your normal kw cost up. In the end not being an high mileage user it was cheaper by £100’s a year to pay normal rate for electric (no cheap night rate) and the decreased kWh charged for that made our total bill less. After 2 electric cars and now knowing the hidden costs on top of the high price to purchase it and the shocking trade in price, won’t be getting a third one.
Retrofitting Eva with salvaged ice engines will be a niche market
They thought they were going to force people into EVs but the public are having none of it thank you very much
Nobody is forcing anyone to buy anything.
@@Marvhead Yes they are gradually !
@@Marvhead come 2030 people will have 2 choices Buy EV or keep current car. How is that not forcing peoples hands?
They're delusional!
You love handing your £££s to the Saudi royals obviously.
They’re cheap because people have realised they’re all CRAP! 😂😂😂
Great Blog! Just shows you how much car manufacturers are ripping us off when bought new
Insurance is a killer these days though
I can't believe that your promoting electric cars and then proving to people not to get into these cars, simply amazing! Zero resale value on your money as soon as you purchase this car even after a 1 year you have just lost 37% of your value just from your purchase. So everyone who was thinking about getting into an electric car forget about it your burning your money doing so.
It depends on whether you want transportation or an investment. Prices are dropping because they are becoming common, and not being seen as a statement anymore.
Wow. Journalists that are massively pro EV over ICE cars singing the praises of how cheap a 1 year old EV is. Missing the point entirely that they are so cheap because nobody wants them. If they’ve lost so much in 1 year think what your bargain EV will be worth when it’s 3 years old. All this countdown did for me was convince me not to buy an EV.
It doesn’t matter what the ongoing depreciation is if the original owner/PCP leases has taken the big hit. If you run it for several years you’ll reap the benefits of very low running & servicing costs. We bought a 2 year old tops spec e2008 with 16000 miles on it at 50% of its original list price and love it. Even if the value halves again in 5 years it’s still not expensive. I expect the landscape will be very different then and ICE cars will look overpriced and start depreciating hard.
@@markbennett6658 we will see who’s laughing when someone runs into your three year old £40k car and your insurance company pays you £10k for its market value. My point was its depreciation isn’t about to stop. That’s because most people can’t charge at home and if you buy secondhand you’ve got £1k min to pay for your own charger if you do have off road parking. ICE cars are holding their values stronger than ever in the trade. EV’s are not the future for a lot of car drivers. I do have a drive but there’s not a single EV on the U.K. market that can do what I need a car to do.
@@B16D4VE the depreciation never stops on anything. You can’t go motoring for free. I paid sub 20K for my car including the dealer mark up. Plenty of people have off road parking as do I. The £1K for the 7kw charger I see as investing for the future in the infrastructure of the house which now like solar and battery adds rather than reduces the value of the property. Much faster charging, better battery technology, improved range and production techniques I believe will make the pendulum swing the other way. I might be wrong but I don’t think so.
That's the point. These don't suit everyone, but are bargains for those who can accommodate them. I'm hoping for further drops personally. I've enjoyed watching these prices fall last year, I predict smaller drops this year though personally. Happy to be proven wrong though.
@@nickwhite6638 The other point in response to the reply from the original poster would be that if an insurance company pays out £10K on a 3 year old EV that cost £40K new that’s ok because you’d be able to source a like for like replacement for £10K. After all that’s ’indemnity’ the fundamental principle of insurance!
I enjoy driving but do not watch ev programs as i have no access to parking or charging. One day when the infrastructure is ready.
Most of the trade in values of these used EVs are less than the cost of their replacement batteries if damaged or faulty. Interesting.