Most new cars depreciate at approx 50% of new value after 3years regardless of their source of power. 20% of the value of ANY new car is VAT paid to the Government.
Totally agree. As I posted elsewhere, I am much better off with an EV with no drawback. I am driving 3 hrs per day and do not have to stop on any of those journeys to recharge (and I do not even charge at home). Owning an EV add no more hassle to my commute, with the main impact being a more relaxing driving environment. Agreed again, however I would because I have experience using one. As you say, on anything longer than a 2hr journey the 15-20mins it is relaxing to go to the toilet and grab a drink/snack. Yes, I allow an extra 20mins in any extraordinary trip that would need me to charge, though as you say, more of us should be taking breaks on longer journeys anyway. ...and most people do not drive more than 200miles to work every day, so they do not need a 20min recharge on their journey. However an ICE car will always need filling during a journey because you cannot fill them at home or work. It would be useful if more people could borrow an EV car for a week or a month, because a lot would see they are not inconvenient for most use cases. Yes, there are exceptions, and it is the exceptional scenarios/voices that tend to ring in peoples ears and prevent them even considering their own use case. I would say at the moment EV depreciation is slightly higher, driven by uncertainty of the technology, its longevity, and its repair costs. Though I have owned an ICE car that at 18 months old was only worth 50% of its purchase price! I think with more EVs becoming available and more people getting used to the idea, this gap will close. It is difficult to repair or service most cars now, regardless of fuel type. I had to rid myself of a petrol A4 Avant a couple of years back because at 4 years old everything was failing on it and it was about to fall out of warranty. It was developing a new £1,000+ fault every 3 months, and every fault was hiding behind a load of control modules, with parts needing to be coded when replaced anyway.... it isn't like vehicle ownership of 20-30 years ago.
Good job you don't own a Porsche Taycan, starting price £86,000 upwards. One year old with 15K are £43K. Thats a 50% depreciation in a year!
Friend had a petrol Range Rover that lost 50% of its value in a year. Sold it last year losing £90k in 12 months.
All tinge rivers lose lots…Porsches don’t…unless electric Had a look at some of the SUVs online last night. Couldn’t find anything I’d consider affordable that had more than a 200 mile range, which is essential for us if using as a bigger main car
They aren't though. They are mythical creatures I would gladly go and buy.... I have looked! Go onto Auto Trader Now. There are 896 Taycans listed. The newest one I can get for under £45k is a 2022 (71 Reg), the cheapest 2024 car is £63k, and the rock bottom cheapest Taycan listed is £37k for a 2020 car with 62k miles.
There you go, that was the first one that came up, with any real searching! https://www.autotrader.co.uk/car-de...smission=&year-from=2023&year-to=2023&fromsra Go get you wallet out and buy it gladly? If you lose £43000 and drive it for 15K miles thats £2.80 a mile. Makes petrol cheap by comparison!
I wouldn't argue with that pricing. The RR security systems are crap, they are constantly stolen as a result and insurers won't touch them. Its so bad that RR have had to start their own insurance company, as buyers simply couldn't get them on the road.
Though again they are not year old cars for £43k: The Auto Trader link was registered April 2023 (so a month off 2 years old) and £49k. The screenshot shows the spurious Google search function that (purposefully?) throws results that get you all excited yet take you to a different thing or a different price. If you go to Carwow (or hit the link - I cannot it is a screen shot) the 21,114, 63,191, and 14,422 mile cars are all 2020. The cheapest 2023 car (no 2024's) on the Carwow site is £58k.
....yet even the Land Rover insurance will not insure you in London!! https://www.autocar.co.uk/car-news/new-cars/insurers-refusing-cover-london-based-range-rovers
As I said before, every car loses 20% of its value the minute it’s driven off the forecourt as that’s the VAT paid to Government. Unless it was a specialist vehicle any expensive car will lose a lot of value in its first year regardless of its power source.
Oh c'mon matey! The car is not yet 2 years old, and could have cost more than £86K into the bargain -the ad claims there were £11K of extras bought on that particular one.. The general idea is that if you had bought that new, you would have had fuel cost per mile of a penny but high depreciation means the widely vaunted savings are simply not there/ not what some would have you believe -though obviously specific cars have some variance. (86000 less full resale = 49000/ 48K miles is 80p a mile) Do other Porsche's depreciate -of course they do. Do they depreciate at that rate? Not AFAIK... I am not saying that buying an EV is a bad thing. I am saying that its not quite the free ride that some claim.
I have owned a Nissan Leaf for 5 years now and even after paying top dollar for it back then I have still saved more than the purchase price in running costs compared to the VW Golf it replaced.
I think you are just digging a deeper hole. There are plenty of Porsche Cayenne GT Turbos that lose half their value in 2-3 years. Its buying expensive cars that is the issue, not what powers them.
I dont agree with the depreciation being down to 20% vat which I have heard so many times from car salesman. There is no doubt that new bikes and cars depreciate the moment they leave the showroom. But the resale value of a vehicle is all down to how much someone is willing to pay for it. Supply and demand. When the Multi V4 Pikes Peak was first available , there were many who were willing to pay over the retail price. And you dont see many Ducati dealers taking 20% of their demo bikes that have done a few hundred miles.
Think whatever you like. Provide some examples and we can discuss? A Taycan losing over 50% of its value in under 2 years is appalling. If you (and others) are fine with that, good for you. But it doesn't change the facts. If you buy most if not all of these EV vehicles, you pay very little for the charging (currently), but you lose you arse on the value so you have not saved a penny. The range is an issue for some people. If its no issue for you -and others- thats great. As for the implication that we should all be happy about a 20 minute enforced break is for the birds. If you want a break help yourself! Any implication that it dangerous to drive long distance is a personal view which I respect but is an opinion & means nothing. The government rules on driving commercial lorries is a 9 hour stint daily. I think they have more information on the situation than most.
No great desire to discuss it. I’ve already quoted one example of a petrol car losing half its value in just a year. There are lots of other examples. But you are very anti EVs for reasons which are in many cases no longer relevant or will certainly no longer be relevant within the next ten years. Personally I would never pay more than £40k for ANY brand new car, the more you pay the easier it is to lose money regardless if it’s being electric, petrol or diesel.
I think we are in to argument, for argument sake now ^^ Losing 40% on a 120k car is a shit load more than losing 60% on a 30k car. You need to be reasonable about things. I can see from the illustrations above that EVs will be fine for some folks. Doesnt work for me with my current circumstances. Reliabilty. My suspicion is that most reliabilty issues with EV AND ICE will be down to electronics ‘of some sort’. Without research I would suppose that an EV will have fewer parts to fail, than an ICE. So assuming decent quality in the first place (? Not MG from what I have read…) then EVs should be an excellent used buy, IF it suits your circumstances. Still some way to go for them to be a real green option though.
The RR is a freak situation due to their security systems fault. It is -imo- in no way similar to the across the board EV devaluation. Once again I will repeat I am not anti EV. I am anti ludicrous claims that EVs are massively cheaper to own and run than ICE vehicles, when all the relevant facts are considered.
