Used Car Values !!

ididgetwhereiamtoday

Brand new (in stock) Tesla model 3s have had another £3k shaved off the list price. 

Which has had a ripple effect on used EVs. 

Grumpy_chap

JKenH said:

Used EV values down ‘eyewatering’ 30% 

Is this really that the prices were unrealistically high before?
Not that they are now too low?

There has been a regular poster mentioned their EV had depreciated by zero / pennies in 2 years - such cases were never going to be sustainable.

tifo

Grumpy_chap said:

JKenH said:

Used EV values down ‘eyewatering’ 30% 

Is this really that the prices were unrealistically high before?
Not that they are now too low?

I think so. If they're too expensive for used then people will not buy them, and they're much more expensive at new anyway.

Herzlos

Are non Tesla EV's dropping by much or is it just Tesla skewing things?

Because I'm not seeing any movement on the electric Berlingo or Space Tourer.  Either of which I'll snap up when they drop.

JKenH

Nissan Leaf prices have fallen a lot. In October WBAC were offering £20,685 for my old 20 plate 40kWh Leaf. Today their offer is £9,500. Retail prices are lagging behind as dealers who bought at high prices just don’t seem to be prepared to book a loss but they are slowly coming down. The VW e-Golf was one of the big fallers last month.

Herzlos

JKenH said:

Nissan Leaf prices have fallen a lot. In October WBAC were offering £20,685 for my old 20 plate 40kWh Leaf. Today their offer is £9,500. Retail prices are lagging behind as dealers who bought at high prices just don’t seem to be prepared to book a loss but they are slowly coming down. The VW e-Golf was one of the big fallers last month.

Car dealers seem really reluctant to buy EV's at the moment amid this panic, since I can't imagine seeing a drop of over 50% on a forecourt.

I'll give you £9550

JKenH

Herzlos said:

JKenH said:

Nissan Leaf prices have fallen a lot. In October WBAC were offering £20,685 for my old 20 plate 40kWh Leaf. Today their offer is £9,500. Retail prices are lagging behind as dealers who bought at high prices just don’t seem to be prepared to book a loss but they are slowly coming down. The VW e-Golf was one of the big fallers last month.

Car dealers seem really reluctant to buy EV's at the moment amid this panic, since I can't imagine seeing a drop of over 50% on a forecourt.

I'll give you £9550

Sadly (for him) I sold it to my son in November for £17k and he sold his 30kWh Leaf at around the same time for £11.5k. At current prices I am seriously thinking about getting another (used) EV but the retail prices are stubbornly refusing to go down to where I would expect them to be. 

Car Giant are selling a 70 plate 23k miles car for £14,198.
https://www.autotrader.co.uk/car-details/202303255622211

Petriix

Grumpy_chap said:

JKenH said:

Used EV values down ‘eyewatering’ 30% 

Is this really that the prices were unrealistically high before?
Not that they are now too low?

There has been a regular poster mentioned their EV had depreciated by zero / pennies in 2 years - such cases were never going to be sustainable.

That's probably me you're thinking of. By way of an update: cars similar to mine now sell for around £19.5k so that would be depreciation of ~ £3.5k in 27 months. Total charging costs for 24k miles are ~ £300 and maintenance ~ £175 (including a puncture) so ~ £4k total cost of ownership or 16p per mile.

In comparison my old Peugeot would have cost about £4k in diesel alone plus £1000 in maintenence and VED. So I've still saved some money while benefitting from driving a brand new car vs chugging along in an 18 year old banger.

Meanwhile total CO2 from charging has been about 720kg vs the ~ 5,000kg from the equivalent miles in diesel. That's offset the manufacture of the battery already (although it's more than 90% recyclable after it's no longer useful, which might happen in 30 years or so).

The great thing is that it's low cost motoring for the foreseeable future, which is wonderful in these difficult times. 

JKenH

Petriix said:

Grumpy_chap said:

JKenH said:

Used EV values down ‘eyewatering’ 30% 

Is this really that the prices were unrealistically high before?
Not that they are now too low?

There has been a regular poster mentioned their EV had depreciated by zero / pennies in 2 years - such cases were never going to be sustainable.

That's probably me you're thinking of. By way of an update: cars similar to mine now sell for around £19.5k so that would be depreciation of ~ £3.5k in 27 months. Total charging costs for 24k miles are ~ £300 and maintenance ~ £175 (including a puncture) so ~ £4k total cost of ownership or 16p per mile.

In comparison my old Peugeot would have cost about £4k in diesel alone plus £1000 in maintenence and VED. So I've still saved some money while benefitting from driving a brand new car vs chugging along in an 18 year old banger.

Meanwhile total CO2 from charging has been about 720kg vs the ~ 5,000kg from the equivalent miles in diesel. That's offset the manufacture of the battery already (although it's more than 90% recyclable after it's no longer useful, which might happen in 30 years or so).

The great thing is that it's low cost motoring for the foreseeable future, which is wonderful in these difficult times. 

Perhaps you’ll think I am nitpicking but when we look at depreciation it’s usually the difference between what we paid for a car and what we might get for it now, rather than what a dealer might advertise it at. I appreciate you might not be interested in selling your car at the moment so it’s an academic exercise but at some stage you will want to sell and then you are in the buyer’s hands. We have already observed there is quite a gulf between what an EV might fetch in the trade and what a dealer lists it at retail. There are 25 2020 Nissan Leafs  like mine listed over £18,000 but the trade price is around £9,500.

I don’t know a lot about your car except it’s an MG5 about 27 months old with 24 k miles on the clock. I found something similar listed on Autotrader for £17,500. https://www.autotrader.co.uk/car-details/202303105118482

I put the registration into WBAC and it gave a value of £13,000. That is for a 2021 car whereas my Leaf was a year older. You paid £23,000 for your car and I paid £23,500 for mine. If it were another year older it might possibly be similar trade value to my Leaf. I suspect the MG5 holds its value a bit better than the Leaf as there just aren’t the same numbers flooding the market but it would be unrealistic to say it has only lost £3,500 in value. 

EV values have taken a hammering of late and I doubt that many models (if any) have escaped unscathed. 

Grumpy_chap

Petriix said:

Grumpy_chap said:

JKenH said:

Used EV values down ‘eyewatering’ 30% 

Is this really that the prices were unrealistically high before?
Not that they are now too low?

There has been a regular poster mentioned their EV had depreciated by zero / pennies in 2 years - such cases were never going to be sustainable.

That's probably me you're thinking of. By way of an update: cars similar to mine now sell for around £19.5k so that would be depreciation of ~ £3.5k in 27 months. Total charging costs for 24k miles are ~ £300 and maintenance ~ £175 (including a puncture) so ~ £4k total cost of ownership or 16p per mile.

In comparison my old Peugeot would have cost about £4k in diesel alone plus £1000 in maintenence and VED. So I've still saved some money while benefitting from driving a brand new car vs chugging along in an 18 year old banger.

Meanwhile total CO2 from charging has been about 720kg vs the ~ 5,000kg from the equivalent miles in diesel. That's offset the manufacture of the battery already (although it's more than 90% recyclable after it's no longer useful, which might happen in 30 years or so).

The great thing is that it's low cost motoring for the foreseeable future, which is wonderful in these difficult times. 

Yes, it was your experience that I recalled.

I can't see that limited depreciation being sustained for long.

The MG5 trophy LR is £34k list price today.  When I looked a few weeks back, MG were not supporting discounts.

Today, TM3 is from £39k
https://www.tesla.com/en_GB/m3/order/LRW3256_97b7183c6687c59c106c299dcdce9b51?postal=W1T&region=ON&coord=51.5074,-0.1196&titleStatus=new&redirect=no#overview

That small price differential must impact new and used MG prices.

BYD from £36.5k must face an even greater challenge to sell.