Electric Car buyers Beware !!!!!!!

I swapped my self charging hybrid Honda for a fully electric ENY-1 model in a PCP contract and since July last year to February this year the £42000 car I drove out of Honda with has lost £19500 in value and I assume will lose considerably more up until the end of my three year PCP. 
I am aware that new cars devalue but this is a little extreme to have lost nearly half it`s value in six months and with only 1600 miles on the clock. 
Anybody else thinking of doing this to go electric I would advise DO NOT BOTHER.
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Comments

  • EricMears
    EricMears Posts: 3,302 Forumite
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    What's a self-charging hybrid ?  Does it drive itself to a charger and connect automatically ?  
    NE Derbyshire.4kWp S Facing 17.5deg slope (dormer roof).24kWh of Pylontech batteries with Lux controller BEV : Hyundai Ioniq5
  • zxzxzx
    zxzxzx Posts: 85 Forumite
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    “New Car loses value as soon as you leave the dealership shock.”
  • Mr.Generous
    Mr.Generous Posts: 3,945 Forumite
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    zxzxzx said:
    “New Car loses value as soon as you leave the dealership shock.”

    Yeah, but not half its value in 1600 miles and six months. A luxury chauffeur driven limo would have cost less.

    That works out at £12.50 per mile in depreciation costs, but thankfully offset by a tremendous saving of about 10p per mile against a petrol or diesel car.
    Mr Generous - Landlord for more than 10 years. Generous? - Possibly but sarcastic more likely.
  • On-the-coast
    On-the-coast Posts: 611 Forumite
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    edited 10 March at 6:22PM
    “ That works out at £12.50 per mile in depreciation costs, but thankfully offset by a tremendous saving of about 10p per mile against a petrol or diesel car.”

    - as long as you’re not charging on a motorway… pretty much equivalent cost then. 
  • born_again
    born_again Posts: 19,850 Forumite
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    ilsonchew said:
    I swapped my self charging hybrid Honda for a fully electric ENY-1 model in a PCP contract and since July last year to February this year the £42000 car I drove out of Honda with has lost £19500 in value and I assume will lose considerably more up until the end of my three year PCP. 
    I am aware that new cars devalue but this is a little extreme to have lost nearly half it`s value in six months and with only 1600 miles on the clock. 
    Anybody else thinking of doing this to go electric I would advise DO NOT BOTHER.
    As it is on PCP why are you even bothered?
    Looking at what Honda are chucking at people,  £5,000 Honda deposit contribution 0% PCP. Clearly unlike other brands, Honda is not selling well.

    All cars lose a lot of value in the 1st months.
    Life in the slow lane
  • zxzxzx
    zxzxzx Posts: 85 Forumite
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    zxzxzx said:
    “New Car loses value as soon as you leave the dealership shock.”

    Yeah, but not half its value in 1600 miles and six months. A luxury chauffeur driven limo would have cost less.

    That works out at £12.50 per mile in depreciation costs, but thankfully offset by a tremendous saving of about 10p per mile against a petrol or diesel car.
    Indeed, or one could buy an ex demo for £22k ish?
  • Hoenir
    Hoenir Posts: 6,999 Forumite
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    ilsonchew said:
     I assume will lose considerably more up until the end of my three year PCP. 

    What are your options at the end of the term? 
  • saveallmymoney
    saveallmymoney Posts: 341 Forumite
    Part of the Furniture 100 Posts Photogenic Name Dropper
    Because of the business tax breaks on new EV's cars up to a year old are worth very little on the private market (cheaper to buy a new one). It will get much better in the next year or two.
  • Screwdriva
    Screwdriva Posts: 1,462 Forumite
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    If I were buying an EV, I'd buy a 2-3 year old used example. The running cost savings and depreciation make it an excellent proposal. 


    -  10 x 400w LG + 6 x 550W SHARP BiFacial Panels + SE 3680 HD Wave Inverter + SE Optimizers. SE London.
    -  Triple aspect. (22% ENE/ 33% SSE/ 45% WSW)
    -  Viessmann 200-W on Advanced Weather Comp. (the most efficient gas boiler sold)

    Feel free to DM me if I can help with any energy saving!
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