Sale of used EVs during restrictions?

Kramer

What are peoples' opinions on used EV values in the current climate?
There will be far more economic challenges facing many - for sure new sales will drop off a cliff.
Will used EVs fare better though? Maybe even strengthen given people will have less disposable income, in the short to medium term?

Mrs.K had been contemplating changing the Ioniq earlier in the year & only mentioned it again a few nights ago. Got me thinking........

rolion

During these restrictions and just been myself in quarantine for another few days,well...Mrs R told it may show me and let touch the crystal ball. Promise once i have it, i will reveal the mystery affecting income,pleasure and sales of the EVs.

On another note,this aritificall crisis is affecting more business,with the direct target / agenda of elliminating the "mum and dad's" type businesses. Your type of car' buyers.
Once the normality,sorry,the new normality comes back, the corporates will have the cash from the just fresh bail out and start paying big wages and bonuses / shares to big guys.Not average car buyers from Donedeal or normal dealers.

In short,the small guy is fcuked and i feel no more steady and secure income for another 12 months at least.
Buying / changing cars now,its not only personal financae lesson number one crazy but it will attract strange looks from neighbours AND may raise few red lights in R€venue department.

stay safe,stay sane,enjoy the car you owe today.
costs you nothing.

unkel

Very hard to predict what will happen, but if cars are going to depreciate hard, EVs will be less affected than ICE cars. I can see one good thing coming out of the virus crisis, that we will have to put in the extra effort to clean up our act and our air. Not just to battle climate change in the long run, but for people's health in the short run too

rolion wrote: »

this aritificall crisis is affecting more business,with the direct target / agenda of elliminating the "mum and dad's" type businesses

The conspiracy theory forum is that way ===============>>>>>

AndyBoBandy

rolion wrote: »

On another note,this aritificall crisis is affecting more business,with the direct target / agenda of elliminating the "mum and dad's" type businesses.

OK

JPA

rolion wrote: »

stay safe,stay sane,enjoy the car you owe today.
costs you nothing.

Take your own advice.

Lumen

Every recession is personal.

ToxicPaddy

Read an interesting article today that made a few interesting points.

Firstly that oil being at an all time low may actually impede the development of renewable energy and EVs etc. With companies and individuals happy to stick with tried and tested fossil fuels.

While another point of view is that it won't offer the returns it used to due to the low profits, if any at all and this could actually boost investment into alternative every sources and development of EVs, solar power etc which will be a major boost for the economy as most of it will be research and development, highly skilled and well paying jobs.

As for cars, I think. EVs may actually do OK as they are low cost to run long term and relatively low cost to own. However there wasn't really enough of them out there to meet the demand in the second hand market and with fewer new ones being bought, second hand prices may actually rise.

unkel

ToxicPaddy wrote: »

EVs may actually do OK as they are low cost to run long term and relatively low cost to own. However there wasn't really enough of them out there to meet the demand in the second hand market and with fewer new ones being bought, second hand prices may actually rise.

This has happened already over the past few years. Many second hand EVs have gone up in value. There are stories here from people who bought a second hand Leaf for under €10k, drove it for 2 years and sold it for over €11k. And even many new ones have kept their value exceptionally well (compared to say an equivalent diesel car). I bought a brand new Ioniq EV for just over €25k, drove it for 3 years and sold it for just under €20k, etc.

slave1

All this restrictions has impacted me car wise is the investment in a trickle charger for our ICE, the EV hasn’t been charged in over a week now

Gumbo

ToxicPaddy wrote: »

Read an interesting article today that made a few interesting points.

Firstly that oil being at an all time low may actually impede the development of renewable energy and EVs etc. With companies and individuals happy to stick with tried and tested fossil fuels.

While another point of view is that it won't offer the returns it used to due to the low profits, if any at all and this could actually boost investment into alternative every sources and development of EVs, solar power etc which will be a major boost for the economy as most of it will be research and development, highly skilled and well paying jobs.

As for cars, I think. EVs may actually do OK as they are low cost to run long term and relatively low cost to own. However there wasn't really enough of them out there to meet the demand in the second hand market and with fewer new ones being bought, second hand prices may actually rise.

unkel wrote: »

This has happened already over the past few years. Many second hand EVs have gone up in value. There are stories here from people who bought a second hand Leaf for under €10k, drove it for 2 years and sold it for over €11k. And even many new ones have kept their value exceptionally well (compared to say an equivalent diesel car). I bought a brand new Ioniq EV for just over €25k, drove it for 3 years and sold it for just under €20k, etc.

That was me.
Bought a 141 Tekna for €9980 in UK.
Drove for 2 years and sold for 11k.

ELM327

Interesting fact about this shutdown#
The EV is now no longer saving me money. It costs nothing for a car to sit on your driveway and not move!

Calahonda52

unkel wrote: »

Very hard to predict what will happen, but if cars are going to depreciate hard, EVs will be less affected than ICE cars. I can see one good thing coming out of the virus crisis, that we will have to put in the extra effort to clean up our act and our air. Not just to battle climate change in the long run, but for people's health in the short run too

The green agenda is dead for at least a decade, if we live that long.

Survival of the species will be central as this virus mutates and defeats the vaccines, just like computer malware, always one step behind.
So hug the trees now, because you may not be around, not the tree

Lumen

Calahonda52 wrote: »

Survival of the species will be central as this virus mutates and defeats the vaccines, just like computer malware, always one step behind.

As I understand it, viruses tend to evolve within a particular species to become less dangerous over time, because the fewer symptoms they cause the more easily they are transmitted.

The dangerous viruses tend to be those that have freshly species-hopped from a host in which they were asymptomatic.

charlieIRL

ELM327 wrote: »

Interesting fact about this shutdown#
The EV is now no longer saving me money. It costs nothing for a car to sit on your driveway and not move!

Same here, costing me money now actually. No finance on last car so only costs were diesel, tax and insurance. My diesel savings were covering the cost of new car.
Thankfully, for now, I'm still working as I'm doing some HSE work but if all shuts down completely, I'm screwed. My Mrs is self employed and had to temporary close her business two weeks ago as she deals with the public a lot.

Going back on topic, I don't think there's much chance of selling anything at the moment, people won't / shouldn't travel. Also, a lot people will be in the same situation and won't want to be spending money with all the uncertainty.

Sit tight until this is all over and then see how things are.

ELM327

charlieIRL wrote: »

Same here, costing me money now actually. No finance on last car so only costs were diesel, tax and insurance. My diesel savings were covering the cost of new car.
Thankfully, for now, I'm still working as I'm doing some HSE work but if all shuts down completely, I'm screwed. My Mrs is self employed and had to temporary close her business two weeks ago as she deals with the public a lot.

Going back on topic, I don't think there's much chance of selling anything at the moment, people won't / shouldn't travel. Also, a lot people will be in the same situation and won't want to be spending money with all the uncertainty.

Sit tight until this is all over and then see how things are.

I'm in the lucky position that my work is busier now than ever. Only it's done from home. It's more of an inconvenience than anything, paying for a Tesla to drive 30km return once per week to the nearest Tesco and chemist (when needed)

GarIT

A counter point to the price of fuel. We're heading for an all time high once this gets resolved. Stores are filling up and production will go down, when all this is over we will have demand head back up to near normal levels without the production to match it.

charlieIRL

ELM327 wrote: »

I'm in the lucky position that my work is busier now than ever. Only it's done from home. It's more of an inconvenience than anything, paying for a Tesla to drive 30km return once per week to the nearest Tesco and chemist (when needed)

Good to hear and you couldn't be in a better place for that 30km trip!!!

Laviski

I have an order for a new leaf start of march, shortly after the car is in the garage but was waiting on the grant to come through, so just a little over two weeks got told the garage closing so no new car... Still plan on getting it but just have to wait till May most likely.

Before they closed they said there seems to be a delay in processing the grants as another person was waiting 3 weeks and still nothing. Most likely staff were reassigned, so anyone if is in the market for new EV beware for this delay. Whenever things start to open up again....

So at present saving big as little to no travel costs at present and better off for not getting the ev now but even if I did get it i would have no regrets. Prefer the car in my driveway than sitting in a garage for 2 months.

n97 mini

It's all about supply relative to demand. There's none of either at the moment.

liamog

Mod Note: Cleaned up thread, and mod action taken. Please stick to the topic of impact on EV Sales Used/New plenty of other places on boards to discuss other parts of the virus