Electric Car buyers Beware !!!!!!!

ilsonchew

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.

MikeJXE

No not me.  I research everything before action then I have no reason to complain after the event

EricMears

What's a self-charging hybrid ?  Does it drive itself to a charger and connect automatically ?  

zxzxzx

“New Car loses value as soon as you leave the dealership shock.”

Mr.Generous

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.

On-the-coast

“ 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

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.

zxzxzx

Mr.Generous said:

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

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

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

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.