EV Depreciation 2023

MakersMark

PCPs are just another example of our throwaway society, and goes against environmental friendliness.

Flinty997

https://www.boards.ie/discussion/comment/121507682#Comment_121507682

It's not horror story that was suggested. Though it does have lazy click bait heading.

Not many would choose an EV for driving Dublin to Mayo or cork on any regular basis. In addition a tech writer should be aware of the teething troubles of new tech.

Flinty997

https://www.boards.ie/discussion/comment/121507525#Comment_121507525

You usually can't avoid depreciation. But you can avoid buying where it's worse (new). It usually levels off after a while.

eastie17

https://www.boards.ie/discussion/comment/121507627#Comment_121507627

I dont get why people on PCP would be complaining - they have a guaranteed value on their car, set when prices were higher, and the price of what they'll be getting into if they choose to replace it with another EV will be cheaper than it was due to the recent depreciation

Those who bought and were hoping to flip again in 3 year are in a different situation of course.

kanuseeme

EV's are recommended here the whole time for such trips, 10 minute stops here or there, guess he did not get the memo, I cannot see anything anti EV, his car stopped working on a motorway, range is not what is advertised, not enough chargers, he says he likes the car.

I cannot think of a better title,

Maybe,

My VW lost 15000 euro in a year

or

VW drops the price after I bought my car.

Lots of people in his position.

Gumbo

https://www.boards.ie/discussion/comment/121508138#Comment_121508138

And EV’s are recommended rightly so. There’s nothing wrong with the car. His tech head can’t understand new cars depreciate in the first year. Added to the fact that VW reduced prices. He got a double whammy.

Everything else seems to be a dramatic piece. Brand new car depreciation, he’d have to pay €15k to get a new car. He bought into the age old “VW, the people’s car” advertising etc. Then goes on to rant about Musk V Zuck in a MMA fight.

Weird piece of tech journalism.

Padre_Pio

https://www.boards.ie/discussion/comment/121507868#Comment_121507868

True, but let's say you buy a model 3 in 2022 and expect 10k depreciation by year 2.

Well Tesla just cut the price of a model 3, by about 5k since 2022, so you're actually hit with 15k depreciation.

(Not sure of the exact price drop, but I'm sure someone here is tracking it)

Flinty997

https://www.boards.ie/discussion/comment/121508536#Comment_121508536

The worst deprecation is being new. Not sure what you're asking.

Gumbo

https://www.boards.ie/discussion/comment/121508536#Comment_121508536

That’s what VW done. Not Tesla.

The cost to change also drops in line so the cost to change the car should still be static if one desired that.

ted1

https://www.boards.ie/discussion/comment/121508536#Comment_121508536

Bottom line for most is the cost of replacement.

so the car depreciatied by 5k because of a price drop. That’s 5k less it’s going to cost to replace

liamog

Journalists who complain about the high price of new EVs now complaining about depreciation due to price drops remind me of this

https://twitter.com/Cavalorn/status/654934442549620736

Padre_Pio

https://www.boards.ie/discussion/comment/121508882#Comment_121508882

True, if you want to upgrade to the same car and remember that you're still paying off the loan.

Gumbo

https://www.boards.ie/discussion/comment/121508919#Comment_121508919

Would that no apply to any car purchase?

Anybody tryin for upgrade after one year and thinking they would have a sh1t load of depreciation is delusional as the article suggests.

Padre_Pio

https://www.boards.ie/discussion/comment/121508948#Comment_121508948

It would, it's not EV specific.

I'm just saying that when a manufacturer drops the price of a particular model, the price negatively impacts anyone who bought the car at a higher price.

Sure they can upgrade to the same car at a cheaper price in the future, but the price drop adds an extra sting to their initial depreciation.

10-10-20

He'd have more to grouse about if he had brought a Funky Cat at the 31,995 EUR being asked for by ORA.

Flinty997

https://www.boards.ie/discussion/comment/121508851#Comment_121508851

How much have Tesla prices dropped over the last two years. VW just did it all at once.

Akrasia

https://www.boards.ie/discussion/comment/121508138#Comment_121508138

There is a bit of a 'charged' (sic) atmosphere around BEVs in the media at the moment, and this is 100% deliberate in certain publications where there is an agenda to promote ICE in favour of BEVs and no opportunity to stick the boot into Electric vehicles is missed, even if they need to 'spin' some of the facts to make them fit the narrative.

My sister in Law broke down on the motorway last week. It was a nearly new Kia sportage diesel

The difference between someone breaking down in a Diesel, and someone breaking down in a BEV, is that when the Diesel car breaks down, it doesn't spark multiple stories in the national and international press and inspire thousands of social media posts from BEV owners saying that Diesels are unreliable and people shouldn't buy them.

The technology in the current generation of BEVs is new, and still not perfect, there are some teething issues, but overall, it is absolutely fantastic and for the vast majority of people, If they have access to private parking and a home charger, a vehicle that can travel 400km on a single charge should be more than enough for 99% of their journeys. The problem then becomes what happens between journeys if they are away from home. And here is the biggest issue. The public charging infrastructure is the major limiting factor.

There are far too few fast chargers around the country, and even where they are available, they are often in use, or out of order.

As a 2nd car in a household, a BEV is absolutely fantastic and for a driver who is prepared to go out of their way to get the car charged when they're away from home, they can serve as the primary/only household car

But the public perception is being skewed by the constant negative coverage in the media.

There are no stories out there about the happy users who charge their cars for half nothing at night, never have to go to the petrol station (saving hours every month, driving to the filling station, queuing up and paying for fuel) But whenever a BEV driver has to wait for 20 minutes for a charger to free up, this becomes a reason to not buy a BEV....

Gumbo

https://www.boards.ie/discussion/comment/121508996#Comment_121508996

I don’t know exactly. I’m not sure how to track the prices.

I only know the VW as we were buying a taxi. One day the the pro Family was €65k, the next day it was €48k.

Im nearly sure the very first Long Range Model Y’s were €70k. They are now €50k!

Cyrus

https://www.boards.ie/discussion/2058327241/ev-depreciation-2023

Q8 etron is barely a facelift to be fair, definitely not a new model, just a badge alignment on the existing.

still frightening depreciation on them 😮 given the retail on a q8 50 is something like 108k (equivalent to the old 55)

Akrasia

https://www.boards.ie/discussion/comment/121508536#Comment_121508536

There are lots of people who are prepared to spend crazy amounts of money every 2 years to keep the most current model in their driveway and for those users, it's hard to feel too much sympathy when occasionally the depreciation is higher than they expected. Especially after having to spend the last 3 years listening to them bragging about how they're selling their used car for more money than they paid for it the year before.

That was always an extremely unsustainable situation, and several years of inflated new and used prices were always going to result in a big price correction sooner or later.

ELM327

As someone who bought a new 3 RWD in Sept 2022, I took a 10k haircut when Tesla cut the prices.

Before that I had been doing very well, indeed I made a profit trading my X in for the 3. I got above 60k as a trade in, and that X is now still for sale in a dealer (after not selling in Tesla inventory) for 49k.

RoboRat

Looking online, the depreciation on a 1-year-old 64kw MG4 Excite LR is minimal. With the drop in the EV grant, I could possibly come out level (€32,500) but I would probably be looking at losing €1500 - €2500 if I wanted to move it quickly.

I think if I put it up for €30,000, I would get it as a new LR range costs €33,345, and that's the base price with no colour option, so you would be looking at north of €34k for the grey version I have. 1-year-old standard range versions are being advertised for just under €28k.

MojoMaker

Huh? A new LR is closer to 38K now.

Padre_Pio

https://www.boards.ie/discussion/comment/121509044#Comment_121509044

Completely agree.

Many motoring sites recommend that you carry a fire extinguisher in the car, and it's not so you can help out if you see an EV on fire.

Gumbo

https://www.boards.ie/discussion/comment/121509107#Comment_121509107

€33,300 according to DD. Connolly’s MG in Sligo. A 222 one there for under €33k.

Theres no way I’d buy a year old one for €30k when €3k gets you into a brand new car.

maddness

As someone looking to buy a used Tesla model 3 in January I’m all for these type of pieces…😊

RoboRat

https://www.boards.ie/discussion/comment/121509180#Comment_121509180

Add €700 for a colour unless you want white or the blue version. It's over €34k for a grey one like I have. Being honest, I would take a €4k reduction on a 1 year old car with no waiting but some may not.

ELM327

https://www.boards.ie/discussion/comment/121508963#Comment_121508963

We bought one at 32k. New cars depreciate and the depreciation of the Ora is perfectly in line with expectations.

staples7

https://www.boards.ie/discussion/comment/121509089#Comment_121509089

Ive a feeling your logic doesn't stack up in the real world. In my scenario if I look at DD for Model Y's think the cheapest is about 45k, would I get 45k for my 231 RWD model Y. Not a hope, Id be lucky to get anything with a 4 in front and being realistic you could be looking at late 30's.

As Gumbo says below you need a real saving to go 2nd hand over new. In my mind that figure is at least 5k (And the 2nd hand car would need to be extremely fresh with low milage)

Im actually surprised we haven't seen a rogue low ball model Y on offer, someone trading for a new shape model 3 or upgrading to a 2024 LR for example.

https://www.boards.ie/discussion/comment/121509180#Comment_121509180

RoboRat

https://www.boards.ie/discussion/comment/121509044#Comment_121509044

My own personal experience and I was apprehensive about getting an EV due to the 'limited' range.

Last weekend, I had to charge the car publicly for the first time - I always charge at home and never needed to use a public charger so that's a big tick for the EV and it has saved me a lot.

I left it charging overnight, but I made a mistake and the scheduled charging didn't happen. I had an 85km commute on Saturday (170km round trip) and the battery was at 29%. That was enough to get me there but just shy of getting me home. I stopped on my way back at an easygo dc 75kw charger and grabbed a cup of coffee, the battery was at 13% when I left and 51% when I got back after my coffee. Jumped back in and got home - no bother whatsoever. The range for most people is not an issue and if you are a well-prepared person, the EV will be much better than going to a service station.