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Used Car Values !!
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Excellent news.JKenH said:Used electric car prices caught in vicious downward cycle as experts warn of trouble ahead
With our current electricity bills plugging in a car(s) makes absolutely no financial sense considering each one would cost £50k plus.
No cruddy old leafs thanks.
Petrol and diesel wins hands down at the moment but a decent drop in EV prices and it just might be worth a look.Funnily, i've been pondering a small Caddy sized van to facilitate a side project i'm going to work on. I havent seen much movement yet, but in theory markets like pickups and vans are likely to be hit by the upcoming downturn.Would be interesting to hear if anyone has direct experience?Why? So you can argue with them?0 -
fred990 said:
Excellent news.JKenH said:Used electric car prices caught in vicious downward cycle as experts warn of trouble ahead
With our current electricity bills plugging in a car(s) makes absolutely no financial sense considering each one would cost £50k plus.
No cruddy old leafs thanks.
Petrol and diesel wins hands down at the moment but a decent drop in EV prices and it just might be worth a look.
Sure, if you ignore the BIK rates, or congestion charging, or the performance and driving experience.
Energy costs aside I'm still going to snap up an e-Berlingo as soon as they become affordable.
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End in sight for used EV value decline 'pain', says Cap HPI
Northern Lincolnshire. 7.8 kWp system, (4.2 kw west facing panels , 3.6 kw east facing), Solis inverters, Solar IBoost water heater, Mitsubishi SRK35ZS-S and SRK20ZS-S Wall Mounted Inverter Heat Pumps, ex Nissan Leaf owner)0 -
Two Tesla M3s listed today below £24k and 17 now below £27k. Interestingly the total number for sale is still dropping, down to 1557. Could this be because the car dealers are reluctant to buy them at auction?
https://tesla-info.com/inventory/UK/
I think what might be more significant is that Tesla themselves have reduced the prices of the used M3s they have in stock. A couple of weeks ago I recall there weren’t any below £30k but today they start at £26,600. This includes a 1 year Tesla warranty. This car was originally listed by Tesla on 2 December at £35k.
Meanwhile WBAC has lifted the valuation on the M3P I was following to £27,405. On 2 Feb this had been £25,135 and on 28 Jan £23,195.
Read into that whatever you like.
Edit: Today’s figure from WBAC for my old 20plate 40kWh Leaf at 18k miles is £11,565. On 23 Jan it was £13,585 and in October last year £20,685.
Edit 2: The WBAC valuation for my 2020 Golf 1.0 petrol estate has gone back to £15,000 which is exactly the same as it was on 17 November, having been as low as £14,645 on 6 Jan.Northern Lincolnshire. 7.8 kWp system, (4.2 kw west facing panels , 3.6 kw east facing), Solis inverters, Solar IBoost water heater, Mitsubishi SRK35ZS-S and SRK20ZS-S Wall Mounted Inverter Heat Pumps, ex Nissan Leaf owner)0 -
Yup all ignored, none of them apply here.Herzlos said:fred990 said:
Excellent news.JKenH said:Used electric car prices caught in vicious downward cycle as experts warn of trouble ahead
With our current electricity bills plugging in a car(s) makes absolutely no financial sense considering each one would cost £50k plus.
No cruddy old leafs thanks.
Petrol and diesel wins hands down at the moment but a decent drop in EV prices and it just might be worth a look.
Sure, if you ignore the BIK rates, or congestion charging, or the performance and driving experience.
Energy costs aside I'm still going to snap up an e-Berlingo as soon as they become affordable.
I'd like a fully autonomous van/motorhome first....Funnily, i've been pondering a small Caddy sized van to facilitate a side project i'm going to work on. I havent seen much movement yet, but in theory markets like pickups and vans are likely to be hit by the upcoming downturn.Would be interesting to hear if anyone has direct experience?Why? So you can argue with them?0 -
I haven't been checking the prices of ICE cars but I have EVs at one particular big dealer in the Northwest and EV prices have dropped drastically. And I don't use that word lightly. I would say that used prices are were they were pre pandemic now. I'm tempted however like many it seems, I am genuinely worried about the cost of living crisis and I know it would not be a good move to spend any money that is not necessary for the foreseeable future.
But if prices keep dropping...1 -
Pre pandemic there weren’t huge numbers of EVs on the road but the cheapest I saw a 40kWh Nissan Leaf was about £15k. The lowest prices for anything decent climbed up to about £20k and now you can pick them up for around £13k. They are of course 3 years older. When I was buying my new Leaf in 2020 PCP residuals IIRC after 3 years were around £14.5k. which is probably about £2k more than today’s trade value. 24kwh Leafs are now available sub £5k again but again they are 3 years older.ididgetwhereiamtoday said:I haven't been checking the prices of ICE cars but I have EVs at one particular big dealer in the Northwest and EV prices have dropped drastically. And I don't use that word lightly. I would say that used prices are were they were pre pandemic now. I'm tempted however like many it seems, I am genuinely worried about the cost of living crisis and I know it would not be a good move to spend any money that is not necessary for the foreseeable future.
But if prices keep dropping...In historic terms, the prices are a bit below trend now but it was the super inflated prices of EVs post pandemic (new car shortage)/pre energy crisis era that has made the price drops look so enormous.Northern Lincolnshire. 7.8 kWp system, (4.2 kw west facing panels , 3.6 kw east facing), Solis inverters, Solar IBoost water heater, Mitsubishi SRK35ZS-S and SRK20ZS-S Wall Mounted Inverter Heat Pumps, ex Nissan Leaf owner)0 -
Auto Trader: Used car prices UP AGAIN in February but EV prices continue to tumble
Comparing February prices to January, Auto Trader saw petrol cars go up by 3.3 per cent and diesel by 1.4 per cent.
However, the worrying drop in used electric car prices has continued with average used EV prices down -9.1 per cent.
https://cardealermagazine.co.uk/publish/auto-trader-used-car-prices-up-again-in-february-but-ev-prices-continue-to-tumble/280076
Edit: More detail on this storyUsed electric vehicle (EV) values are down -9.1% is £17,880 in mid-February year on year due to Tesla price cuts and oversupply.
The EV decline is in sharp contrast, to petrol and diesel cars up 3.3% and 1.4% to £16,266 and £16,326 respectively.
According to Auto Trader the EV decline is “heavily influenced” by the premium end of the market.
Premium EV brands have fallen by -13.1% to an average £43,762 compared to volume brands which have fallen -3.7% to £26,309.
Whilst demand levels for used EVs on Auto Trader remain stable – up circa 40% YoY – the rate of stock growth has rocketed, with current supply up 303% YoY.
Northern Lincolnshire. 7.8 kWp system, (4.2 kw west facing panels , 3.6 kw east facing), Solis inverters, Solar IBoost water heater, Mitsubishi SRK35ZS-S and SRK20ZS-S Wall Mounted Inverter Heat Pumps, ex Nissan Leaf owner)0 -
More excellent news....again!!
We're definitely sticking with petrol and diesel for now with those figures...improving all the time.
Will go EV when they represent good value....price is what you pay, value is what you get (Buffet).
Funnily, i've been pondering a small Caddy sized van to facilitate a side project i'm going to work on. I havent seen much movement yet, but in theory markets like pickups and vans are likely to be hit by the upcoming downturn.Would be interesting to hear if anyone has direct experience?Why? So you can argue with them?1 -
Not good news for ICE used car buyers. The used market in that space seems to still be supply from supply versus demand issues.JKenH said:Auto Trader: Used car prices UP AGAIN in February but EV prices continue to tumble
Comparing February prices to January, Auto Trader saw petrol cars go up by 3.3 per cent and diesel by 1.4 per cent.
However, the worrying drop in used electric car prices has continued with average used EV prices down -9.1 per cent.
https://cardealermagazine.co.uk/publish/auto-trader-used-car-prices-up-again-in-february-but-ev-prices-continue-to-tumble/280076
Edit: More detail on this storyUsed electric vehicle (EV) values are down -9.1% is £17,880 in mid-February year on year due to Tesla price cuts and oversupply.
The EV decline is in sharp contrast, to petrol and diesel cars up 3.3% and 1.4% to £16,266 and £16,326 respectively.
According to Auto Trader the EV decline is “heavily influenced” by the premium end of the market.
Premium EV brands have fallen by -13.1% to an average £43,762 compared to volume brands which have fallen -3.7% to £26,309.
Whilst demand levels for used EVs on Auto Trader remain stable – up circa 40% YoY – the rate of stock growth has rocketed, with current supply up 303% YoY.
That said, i changed my car in Dec past and my wife changed hers this month. Prices for the cars in question were quite reasonable, and among the lowest prices of the same cars checked nationally.
No negotiation on the asking price on mine - but i got a full set of brand new Pirelli P Zeros fitted which would have cost me around £1,100 off BlackCircles and a years warranty.
The dealer who had my wifes car did move on price by £750, which surprised me, to be honest.
Personally, the price of EVs matters little to me. Not in the market for anything like that. BUT, it does seem to be the heavy duty stuff like Teslas that are taking the biggest hit.
Maybe in another 10 years or so we'll consider electric cars. We'll be 60+ by then and probably just looking A to B transport so would likely work well.
Gut feeling is that used car prices have moved back to relative normality in terms of depreciation. I typically budget for 50% every three years, so anything above that is a bonus0
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