Are Electric Vehicles Worth the Investment?

watson0056

Guys, I am planning to purchase one EV car but unable to come to any conclusion. Is there anyone who is using EVS and are staisfied with its performance? 

jlfrs01

Whatever EV you consider, it is advisable to get a quote on insuring it first as this article explains:

https://www.theguardian.com/money/2023/sep/30/the-quotes-were-5000-or-more-electric-vehicle-owners-face-soaring-insurance-costs

MattMattMattUK

It depends on how much you drive, your driving pattern, if you can charge at home, at work for free etc. but unless you are driving 200+ miles a day most days then an EV will work out at parity or cheaper. 

Car_54

It’s best not to think of buying any car as an ‘investment’.

forgotmyname

Agree unlikely to be an investnent unless it's something unique and special and you mothball it which sort of defeats
the object of having a car.

Bigwheels1111

Before all these issues coming to light I might have been tempted by an MG5 estate.

Fire being one, insurance being another. My friend has an MG ZS.

Last year £600, this year 3k as broker is having trouble find a insurer to cover the car.

Reasons against, 3rd floor no chance of charging at home.

Cost, most but not all EV'S are 10k or more expensive than ICE vehicles.

Milage, I only do 3/4K a year and my 7 year old euro 6 diesel has 22.5k on the clock.

So I would never re coop the extra 10K going electric.

I only spend £500 a year in diesel.

Plus my co2 burdon is lower keeping an old car rather than getting a new one.

I think an Ev is not the way forward for most people.

Porsche synthetic fuel or such like might work.

LightFlare

I can see the whole house of cards come crashing down
Publicity for EVs is not good at all and it seems that manufacturers are ignoring or overlooking proper testing and quality assurance.
It will only get worse as we get “flooded” with cheap Chinese offerings

ElefantEd

Bigwheels1111 said:

Before all these issues coming to light I might have been tempted by an MG5 estate.

Fire being one, insurance being another. My friend has an MG ZS.

Last year £600, this year 3k as broker is having trouble find a insurer to cover the car.

Reasons against, 3rd floor no chance of charging at home.

Cost, most but not all EV'S are 10k or more expensive than ICE vehicles.

Milage, I only do 3/4K a year and my 7 year old euro 6 diesel has 22.5k on the clock.

So I would never re coop the extra 10K going electric.

I only spend £500 a year in diesel.

Plus my co2 burdon is lower keeping an old car rather than getting a new one.

I think an Ev is not the way forward for most people.

Porsche synthetic fuel or such like might work.

Yes, clearly for you an EV wouldn't make sense. It is certainly not environmentally friendly to replace a low mileage car with plenty of life left in it for a new one. Not being able to charge at home would also be a hard no.

But that doesn't mean EVs aren't the way forward for others. Your situation is almost certainly not typical.

No car is an investment, but EVs become cheaper (taking into account lower fuel and maintenance costs but higher initial cost) after, IIRC, about 16000 miles, which isn't that much. Obviously this only applies to new vs new, but second hand EVs will of course be coming onto the market in increasing numbers.

born_again

jlfrs01 said:

Whatever EV you consider, it is advisable to get a quote on insuring it first as this article explains:

https://www.theguardian.com/money/2023/sep/30/the-quotes-were-5000-or-more-electric-vehicle-owners-face-soaring-insurance-costs

Ah well they would given their stance on EV's. More than enough posts here from ICE owners with the same issue. 

All I can say given that the July dates used in one case & I changed mine in late Aug.
I went from a 2020 Niro Hybrid to a 2021 E-Niro, half way through the year & it was a extra £46.

Petriix

For 10k miles per year with reliable (cheap) home charging, buying an MG5 has pretty much broken even compared to buying a comparable fossil vehicle. Fuel and maintenance savings have basically added up to the total depreciation over 3 years.

The other benefits of driving an EV are a bonus on top. Driving is far easier, less fatiguing and generally vastly more pleasant. The CO2 savings have already offset the manufacture of the battery and most of the rest of the vehicle; remembering that all vehicles will eventually be scrapped anyway, regardless of which new vehicles replace them. 

boxosox

watson0056 said:

Guys,

I would offer some advice, but as I'm a woman, it appears you don't want it.

Good luck.