No they haven't depreciated, they have gained price. In 2021 a top of the range e-Niro was £39k, the £40k one I listed above is 10 months old and has alsmot 8,000 miles on it. Yet is about £1k more expensive than when it was new. The cheaper BEV E-Niro I listed would have cost £31k (with grant) yet is £2k more expensive for a current used model.
EV prices
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No they haven't depreciated, they have gained price. In 2021 a top of the range e-Niro was £39k, the £40k one I listed above is 10 months old and has alsmot 8,000 miles on it. Yet is about £1k more expensive than when it was new. The cheaper BEV E-Niro I listed would have cost £31k (with grant) yet is £2k more expensive for a current used model.
You can get a GAP at any point if the market changes I will re-consider but at this stage why would I buy something I won't need?
There are always outliers, there are plenty of cheaper 4+
I am, of course, looking 10-15 years down the line from now, not next week. Given that Sasol, Indian Oil Corporation Ltd., Royal Dutch Shell, Phillips 66, ExxonMobil, Petrochina, Reliance Industries Ltd., and Bosch are all currently invested in the synthetic fuel market then there's a lot of capital being thrown at it. Sasol, on it's own, had invested over $400 billion dollars into it's Secunda synthetic fuel production.
Isn't that from liquified coal?! I doubt we'll be turning to that as a climate friendly solution any time soon.
Even if the E-Niro 4+ was £35k, they are still a lot more expensive than an equivalent ICE, that is the main point.
1 year old Sportage is about £15k cheaper for similar miles etc. An EV would bareley make up that cost even if you were doing 20,000 miles per year and owned it for 5 years. And that is assuming current fuel prices don't drop, and most people do half that miles or less. It would literally take them 10 years of ownership to break even on the initial outlay.
...and electricity prices don't continue to rise.
The only sensible option at the moment seems to be to hold tight and keep what you have if at all possible. Those coming off lease deals probably have the toughest choices to make with the current situation.
Because I don't like to give my brain any time off I pointlessly go through the "what would I buy if I lost my company car tomorrow" scenario. At the moment a Dacia Jogger seems the most appealing prospect
...and electricity prices don't continue to rise.
The only sensible option at the moment seems to be to hold tight and keep what you have if at all possible. Those coming off lease deals probably have the toughest choices to make with the current situation.
Because I don't like to give my brain any time off I pointlessly go through the "what would I buy if I lost my company car tomorrow" scenario. At the moment a Dacia Jogger seems the most appealing prospect
We do have another EV at the moment (I-Pace on lease for 3 years) and have decided to run 1 car until Oct - Nov to see how it goes. Though at the current rate an EV or Hybrid is not on the radar at all. If a decent EV on special offer for salary sacrifice comes up, I may look at that.
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I was hoping we would grow food rather than fuel we dont need.
I was hoping we would grow food rather than fuel we dont need.
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What you say is completely true but it's very difficult to use this in pre purchase planning when working out anticipated total cost of ownership.
I'd imagine 0 people who bought a Model 3 in 2019 did so knowing it would have a residual value of only £1k less than they paid for it 3 years later.
You could quite easily buy a brand new car now, work out the anticipated depreciation as being very low and end up with a situation where your actual total ownership cost is significantly higher. Or you could end up with a situation where it's much lower. You just don't know.
This is a new thing in the used car market - previously it was very easy to calculate anticipated residual values and use them as part of purchase planning.
Planning in an uncertain market is not impossible, but it is more difficult and it carries with it considerable risk.
Yep - based on the current market residuals we should able to lease new EV's for £0 monthly, plus a small admin fee
The problem with trading in your car after 3 years having only cost you £1k in depreciation is- what are your options?
1) Don't replace it
2) Join a 9 / 12 / 18 month waiting list for a new one (with a higher price than 3 years ago)
3) Buy a second hand car which equally has retained most of its value
It's the automotive equivalent of house prices. I should be really happy the house I just sold went up £122k in the time I owned it... but the reality is the one I'll end up buying went up £200k in the same time period.
GAP cost like £250 for the duration of the lease/purchase plan. It is a no brainier
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The cost to charge at public stations is now putting an EV at a price per mile more in line with a decent ICE car from the napkin maths I ram through my head.
I was going to plug in for a couple of hours to have a break and enjoy some cheaper average miles (Phev, I understand it isn’t as efficient as an EV per mile due to extra weight) but it worked out cheaper to just yolo on the petrol relegating charging to home only.
If I was full on EV I’d be getting a little miffed after the governments push to it, the so called savings to be had now being washed away with the cost of energy and then that initial outlay far exceeding that of a similarly specified ICE car.
I take it those with an EV have had the thought about a possible hand back and trade in with the current state of fuels (be it liquid of electric) or have we not quite reached that point yet?
I was going to plug in for a couple of hours to have a break and enjoy some cheaper average miles (Phev, I understand it isn’t as efficient as an EV per mile due to extra weight) but it worked out cheaper to just yolo on the petrol relegating charging to home only.
If I was full on EV I’d be getting a little miffed after the governments push to it, the so called savings to be had now being washed away with the cost of energy and then that initial outlay far exceeding that of a similarly specified ICE car.
I take it those with an EV have had the thought about a possible hand back and trade in with the current state of fuels (be it liquid of electric) or have we not quite reached that point yet?
My maths is a bit different.
The most expensive charger I can find near me is a BP Pulse at £0.56 per kWh. Averaging 4.56 miles per kWh that gives 11.8 pence per mile.
Average petrol price near me is £1.85 per litre. Averaging 50mpg gives 16.84 pence per mile.
The EV is still 30% cheaper when using the most expensive charger and there's plenty of alternative chargers which are less than half the price per kWh.
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PHEV is rarely actually heavier and can give some decent figure. Through the road types also only have the one motor without needing to manage a “decoupled” one.
I’m hoping the prices are a spike for energy but we will see, might be the incentive for more home storage/home solar rather than defaulting back to ICE. If a returning to a 4 cylinder diesel is the alternative the refinement and driving attributes are a pretty significant drop. Aswell as BIK for company car sales ( which is where most the UK registered cars exist)
I’m hoping the prices are a spike for energy but we will see, might be the incentive for more home storage/home solar rather than defaulting back to ICE. If a returning to a 4 cylinder diesel is the alternative the refinement and driving attributes are a pretty significant drop. Aswell as BIK for company car sales ( which is where most the UK registered cars exist)
PHEV is the best in terms of middle ground only if you have short commute to take advantage of the electric range. But those batteries will be hammered pretty hard so don’t expect them to last as long as full EV. Obviously there is no range anxiety when it comes to those longer journeys that most people seem to do a few times a year.
Also public chargers (expensive fast chargers) aren’t for your normal daily use unless you can’t access 7.2kW type 2 charging or granny charging.
Also public chargers (expensive fast chargers) aren’t for your normal daily use unless you can’t access 7.2kW type 2 charging or granny charging.
You know the government isn't pushing EVs because they want everyone to save money right?
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I’ve not said they are doing so but that they have done so. Incentives have stopped, but they were there originally.You know the government isn't pushing EVs because they want everyone to save money right?
The incentives where there to encourage early adoption, it wasn’t about people saving money.
The leaf launched at £30k with 80-90 miles of range and there were zero public chargers. That may sound ok by todays standards but 2010 and in a world where you could get a new ICE equivalent for under £15k.
The leaf launched at £30k with 80-90 miles of range and there were zero public chargers. That may sound ok by todays standards but 2010 and in a world where you could get a new ICE equivalent for under £15k.