DoneDeal Report - EV Average Prices

ELM327

https://www.boards.ie/discussion/comment/120638870#Comment_120638870

Could they ever?

Stevie2001

https://www.boards.ie/discussion/comment/120638631#Comment_120638631

Yep own nothing and be happy is certainly real

I'd love to know what these people buying new EV's for 50k+ do for a living

In the good old days you would spend 20% of your salary on a car when buying outright, can't be that many earning 250k a year here

I'd say most of the people driving new ID4's etc that cost 60k are spending 100% of yearly salary

Would love to see a poll of EV worth vs yearly salary vs ICE/yearly salary, sure what does it matter anyway, electricity is basically free when you've invested 15k in solar panels as well :)

Stevie2001

https://www.boards.ie/discussion/comment/120638870#Comment_120638870

I doubt it, ID4 is like 60k+ and best selling EV, I don't think many of them could give over 60k cash

WheelieKing

Had been considering changing our 2008 I30 1.6 CRDI for an electric car. I know very little about them and had honestly expected to pay in and around 25-30k for something decent but was shocked at the price tags i was quoted. It's mad stuff tbh and way our of reach for the average working class people like my family. As long as the Hyundai passes the NCT i'll be keeping it. If it doesn't i'll go down the Dacia route as a car is just a form of transport for us i have no love for them at all.

Old diesel

https://www.boards.ie/discussion/comment/120638930#Comment_120638930

I don't know what you consider decent.

But I found this

https://www.donedeal.ie/cars-for-sale/kia-soul-e-soul-k3-lr-auto-electric-2019/33550421

And

https://www.donedeal.ie/cars-for-sale/191-hyundai-kona-electric/34139640

And

https://www.donedeal.ie/cars-for-sale/volkswagen-id-3-2020-pro-plus/33936608

Edit

And this

https://www.donedeal.ie/cars-for-sale/kia-niro-3-ev-64kwh-finance-available-/34070287

The point isn't that you should buy any of those.

Decent is a subjective term and what you think is decent and what I think is decent could be different things

kippy

https://www.boards.ie/discussion/comment/120638883#Comment_120638883

I suppose the availability of relatively cheap finance and plenty off it over the past decade or more has seen more people than ever being able to access cars that cost significant sums of money. This, together with other factors has probably driven up the cost of cars in general.

ELM327

https://www.boards.ie/discussion/comment/120638904#Comment_120638904

I've never spent close to my annual (gross) salary on a car. Car repayments for us generally are around the 800 per month mark, similar to the mortgage. You can buy a new car now, a tesla even, for 600 odd a month on PCP.

https://www.boards.ie/discussion/comment/120639172#Comment_120639172

True but that would be the same everywhere. We have also an ireland specific problem with car prices due to our taxes. No one paid cash for new cars,not in large numbers anyway. Be that 5k punts in 1990 or 50k euro in 2023.

Gumbo

https://www.boards.ie/discussion/comment/120638922#Comment_120638922

ID4 is not 60+ unless your buying the too spec GTX.

€40k has you in a base ID4.

https://www.donedeal.ie/view/33887110

Volkswagen ID.4 Pure Life 52kwh 148BHP Available

traco

I think PCP and EVs have initiated a significant change in the industry and its just the early stages. We already have subscription servives for so much stuff now that cars will be next and the relative simplicity of EVs suit that model.

Take the number ELM mentioned above of 800 per month. He is happy to pay that for the latest motoring tech which is fine. The car goes back to the OEM after 36 months. Good valet, few new software flashes, swap an infotainement system to the latest gen and rent it back out for 500 pm to buywer B for 36 months. When its six years old somenone like me that values private transport at 300 pm could take it on afet some more small tech refreshes. They styling will be dated and the interior showing some age but it will still function perfectly as A to B transport. At this stage the vehicle has generated 60k in revenue and is still an owned asset and has many more servicable years left in it.

There are considerable elctronics design and manufacturing changes in the EV automotive at component level that differ significatly from ICE. They are being designed for a considerably longer active life than ICE and much of it is fueled by the self driving marketing spin which we may never see. However that doesn't detract from the fact that build quality of the hardware is being designed for a life built around that model.

I must look up lynk and co as they were trying to push that and I have seen a lot of theior cars in rental fleets in Germany and Italy recently.

TLDR: IMO, car ownership will decline and a rental model will start to emerge IMO. I think its a good idea as sinking a sunstantial investment into a depreciating asset is not a sound financial decision. However most cars are bought for emotional reasons as we all know.

ELM327

https://www.boards.ie/discussion/comment/120639515#Comment_120639515

Before I was in EVs I was driving bangernomics auction cars that I bought for 500-800 quid, doing 50-60k miles a year on green diesel, kerosene, waste oil and anything else I could find. The cost of doing that was also 800 per month or more! So EVs made sense to me, got my first leaf in 2016 paying 300 per month.

A lot of cars are financed on PCP these days, in other markets especially US its common to see the no money down price per month given more prominence than the RRP. We're going that way too.

Gumbo

https://www.boards.ie/discussion/comment/120639515#Comment_120639515

Your last paragraph is exactly what Elon Musk predicted.

We may already be heading that way with younger generations not buying cars, using GoCar etc

Large apartment developments now have significantly reduced parking requirements from a planning perspective. Facilities on site such as shops and gym etc mean they can walk or cycle to many places.

I see people paying extra for rent in the future but closer to city hubs with everything within walking distance.

creedp

https://www.boards.ie/discussion/comment/120639658#Comment_120639658

Now if they could only build a metro to the airport people wouldn't need to drive their pesky cars to the airport to jet off on weekend trips. Would solve the parking problem at the airport and eliminate the need to drive down the country to get away from their claustrophic environmentally sustainable lifestyle. No need to drive when you can fly to far flung destinations. Now just need to bring on those env friendly airplanes.

Mmm must have got a touch of sunstroke this fine pm😁

tom1ie

https://www.boards.ie/discussion/comment/120639190#Comment_120639190

€800 a month or €600 a month that could be used to:

pay off the mortgage early

build up a rainy day fund

go on holiday

college fund for kids

etc

But that just my opinion to be fair- personally I think there’s better things to be spending money on than a car loan but each to their own.

Also as interest rates go up pcp and hp rates go up along with mortgage rates leaving people more exposed to debt.

Baoithin66

I purchased a new Niro in 2021 and paid 17,500 to trade up from a 2017 Honda CRV. Very happy with the Niro and with home charging and charging beside my office it suits me BUT priced to trade up to a 2022 Niro and best price so far is 12,000 for the K3 or 15,500 for K4. I think I'll be holding on for another year!

Gumbo

https://www.boards.ie/discussion/comment/120640663#Comment_120640663

Everybody has different priorities. ELM may have no mortgage. Big fund already. Lotto winner etc 🤣

Ive a brother that doesn’t drive. They are just boxes on wheels. Yet will buy 20 blue every other day. Horses, courses etc

https://www.boards.ie/discussion/comment/120641052#Comment_120641052

Yeah but I think the point will lie that that's far too much for random punters. All car prices have far outstripped inflation for several years now

josip

Did anyone else "pay cash" for their car? We did.

MojoMaker

I think most people did. 7%+ for finance is a bit nuts.

Gumbo

https://www.boards.ie/discussion/comment/120641438#Comment_120641438

I did 💶

Licky enough to never have had a loan or HP and I’ve no idea how any of this modern PCP works!

ELM327

https://www.boards.ie/discussion/comment/120640663#Comment_120640663

Well I was paying 600-800 in fuel costs before I got an EV. So its much of a muchness

https://www.boards.ie/discussion/comment/120641052#Comment_120641052

I have a mortgage but its 800 odd a month and between two of us in tech. I'm generally at or above 6 figures each year - depends on shares and bonuses etc - and I dont go out to pubs etc , I spend my money on cars and takeout coffee! I have a rainy day fund, take enough holidays etc.

liamog

https://www.boards.ie/discussion/comment/120638235#Comment_120638235

Why do you think mechanics will deliberately avoid learning the skills to service the power train on an EV? I'm sure some will choose to do that, but in practice most will treat it exactly as what it is, just another car that needs work. We can already see independent repair and maintenance services in countries like Norway where EVs have been sold in much higher numbers for a much longer time. Is there something specific about the Irish market that is going to make our mechanics special?

joe1303l

https://www.boards.ie/discussion/comment/120642281#Comment_120642281

Scale is the issue with the Irish Market. Out of warranty EV’s are still in small numbers here. Mostly older Nissan Leafs. Such cars are relatively cheap and can easily end up as uneconomical to repair.

liamog

https://www.boards.ie/discussion/comment/120642361#Comment_120642361

Agreed, that's definitely a today problem, but there are some posters who think it's a permanent problem. There's currently over 50k EVs on the road, their all going to come off warranty and need maintenance. I strongly believe that we'll see the same independent garages that we have today upskill to service them. Any garages that can't see the writing on the wall and adapt deserve to fail.

Red Silurian

https://www.boards.ie/discussion/comment/120635597#Comment_120635597

My first car was a 3.5 year old leaf 40 I picked up for 21k. The equivalent for that price and year at the time was 1.8-2.0L petrol tanks. Small cars at the time were very popular as the cost of living crisis was starting so the polo would actually have cost more at the time

At the time you could get a unit of electricity for half the price it is now so even if it cost more it would be worth it in my mind

eagerv

https://www.boards.ie/discussion/comment/120641438#Comment_120641438

Yes we also did. I have never bought anything on credit, except for a small mortgage on our present house (Now thankfully done with).

If we cannot afford, then we do without. Perhaps I am a bit of a dinosaur, but that's the way I have always been and I have no wish to change. Even when we were younger and moved to our present house we managed with furniture donated or bought cheaply second hand until we could afford better. With both of us earning and the kids now more or less independent, we are thankfully in a position for a few luxuries. Yes, I do consider a car like a Tesla a luxury, albeit a practical one...😋

I get the feeling, in the main, there is a generational divide here

elperello

https://www.boards.ie/discussion/comment/120644242#Comment_120644242

You may have hit on something there.

But the main divide is definitely money.

The buyers who are counting themselves lucky to get a 15k credit union loan are more numerous than the 50k cash buyers.

StonedRaider

Always cash. Majority of my customers also prefer to do business with cash. Only credit is the mortgage which is being overpaid by the max. Should be done with it in 6yrs