It's crashing because they were way overpriced to begin with...
When are you going fully electric?
- Thread starter Ricochet J
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It's crashing because they were way overpriced to begin with...
No, they were expensive because new technology is expensive to produce until mass market take up allows scale production.
Used ones I mean. They were depreciating like ICE cars, but age is the killer on batteries not mileage. Now the market is adjusting to it and used EVs values are crashing to the point where dealers are going nope.
They should have always depreciated quicker, now they are...
On the up side, keep an eye out and there might be some bargains appearing soon
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Its got nothing to do with batteries, age or mileage, it because the price of a new one is reducing, which has a knock on effect to second hand values. Nothing more than that.
Only by Tesla, but this was already happening before that. It wouldn't have helped though.
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Demand for used EVs is up significantly year on year. Prices coming down is simply due to supply catching up with demand.
Auto trader have all the data that show this is the case and is what all these articles are based on. It’s just easier to spin a negative headline on what ultimately is a good thing - used prices getting to a somewhat more sensible level.
Prices are flattening out to their new levels now so I wouldn’t expect more significant drops other than the usual drops from fleet ageing in general.
@Fuzz is correct prices are getting lower, RRPs are not moving down but the price you actually pay from a stealer is coming down and there are ‘discounts’ to be had on a lot of models now. Tesla have transparent prices so it’s more obvious.
There are worse headlines out there, apparently multi-story car parks will collapse due to all the EVs parking in them despite most of them being lighter than your average Chelsea tractor.
Auto trader have all the data that show this is the case and is what all these articles are based on. It’s just easier to spin a negative headline on what ultimately is a good thing - used prices getting to a somewhat more sensible level.
Prices are flattening out to their new levels now so I wouldn’t expect more significant drops other than the usual drops from fleet ageing in general.
@Fuzz is correct prices are getting lower, RRPs are not moving down but the price you actually pay from a stealer is coming down and there are ‘discounts’ to be had on a lot of models now. Tesla have transparent prices so it’s more obvious.
There are worse headlines out there, apparently multi-story car parks will collapse due to all the EVs parking in them despite most of them being lighter than your average Chelsea tractor.
Soldato
Worst bit is Nasher wading back in TBH. We were close a steady state sensible discussion…
Soldato
Glad I went for a lease rather than buying this time round to be honest, hopefully by the end of it pricing will have stabilised!
Usually prices go UP when demand increases. They go down when they can't shift them...
The fact is right now people are wanting low tax, high MPG petrol cars and they are selling straight away. Because all things considered, that is the cheapest and most convenient motoring. EVs sit on the forecourts for months with older ones palmed off to auction eventually.
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Incorrect... again.
And you seem to have completely misunderstood @b0rn2sk8.
Demand for s/h ev's has always been high but with limited supply of them, of course prices were high. As they now come onto the market in larger numbers, dealers can no longer take the ****.
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Soldato
Yeah that's pretty much it, demand is increasing year on year, say 10-20% but when so many cars are coming off lease supply is up something like 800% so it'll only make prices go one way.
I was looking at some 2020 Hyundai Ioniq's a few days ago and about 10 were on Cazoo with less than 100 miles on the clock for less than 18 grand, they'd have been a good buy as they were pristine essentially brand new cars, i'd like to know the story behind them and how that happened to several cars, looking again now they've all been snapped up.
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Soldato
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I prefer to call it normalising. High prices were never going to last. Of course many people bought the top as typical retail do, believing prices will rise further or will suffer minimal depreciation .
Cars have a limited lifespan and EV's despite all the talk along the lines of "less moving parts to go wrong" etc at this still quite early stage where they're only really going mass market now, EV's will probably be beyond economic repair sooner than equivalent ICE's. While there are fewer moving parts, there are some parts that are a lot of £ to replace (battery, motors, charging related components) so as EV's age I can see expensive problems especially for the early cars. And that should be reflected in the used prices imo.
Back when prices were high I saw or heard about people paying £25k+ for old early Tesla Model S. Absurd. My i3 was worth £4k+ more than I paid from a main dealer just trading it into Motorway. Again, absurd
. Sure,prices were a product of the environment but it simply was never going to last.
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Soldato
I've watched this guys small channel for a while, as I was thinking about the MG, but I think I've changed my mind...
Having just picked up my MG4 last week I'm probably a bit biased but my take on that video is it shows 2 underlying (and very valid) issues.
First is that the early models had issues, most of his seem to be those really, that's not a great defence of MG here as those issues are unacceptable and in the same position I'd probably be thinking the same really, but it's also not a problem completely isolated to MG.
Secondly, and probably the bigger issue to most buyers, is the dealer network. I believe all MG dealers are just franchise and there are some bad ones, maybe because it's a 'budget' brand so the dealerships don't want to put any money or effort into support or maybe some dealers are just bad, again not really MG specific, but when you combine this and the early car issues the experience can be utterly awful.
For me I've only dealt with the sales side of the dealership, and that was fine, and currently no issues at all with the car so hopefully I won't encounter the service department until next year, but we'll see.
One side note, and really not trying to target him specifically, but he seemed to jump through hoops to get the MG4 early, he mentioned going 2.5 hours to pick it up (and immediately encountering the terrible dealer with the dents :/) but why do people do that? It's a bog standard cheapo mid-size hatchback, with a fairly wide ranging dealer network (I've got 3 dealers within ~40 minutes drive, I picked the on 10 mins away), why be in such a rush to get it that you're travelling half way across the country to do so and ensuring your 'primary' dealer is so far away? Not that his local dealer was really any better it seems...
I guess also it's hard to judge a company based on on customers experience, or even a few as several of his problems were occuring across several owners cars, if we did we'd all discount Tesla because they don't install brake pads, or Mercedes because their ABS pumps fail, or <insert other car issue here>
Soldato
One thing that worried me about MG is that a few dealers seem to pop up and then disappear within a few years, there was one just down the road from me with a load of other marques like Kia, Mazda, Suzuki but they stopped doing MG just when they really got into EV's. Now my nearest dealer is miles away, that has put me off them a bit if the i can't be sure the dealers will still be there if i have a problem during the warranty period.
he sounds pretty naive, buying at a distance (as you said - did Lee collect his JLR), and acting like a limp lettuce with respect to interaction with dealer on the diff leak, for one,
the passive-aggressive tone doesn't help, even sounds as though sale was a pretext based on 2nd hand market and perceived 'lost' value.
ID3 etc. had infancy s/w problems, and with the likes of tesla/polestar people have to get used to no dealer on every street, are, even VW dealers, all, trained up on the ev maintenance.
Many of these extended warranties - kia, hyundai too ? seem a bit of a con with respect to what is warrantied the full 5/7 year period ... and multi-media usually isn't
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I wonder why this got taken down?