EV Depreciation 2023

PureBred

https://www.boards.ie/discussion/comment/121694182#Comment_121694182

Ya but theres no way they were getting a trade value of 28k for a 3 year old car which was 38k new.

MojoMaker

How is the price they may have paid 3yrs ago relevant?

liamog

https://www.boards.ie/discussion/comment/121694451#Comment_121694451

Normally I'd agree but they've rather helpfully included a piece of paper which shows it to be the case.

Trade in values aren't always directly linked to the value of the car, value on a deal is often manipulated between trade in value and interest rates.

beachhead

https://www.boards.ie/discussion/comment/121505224#Comment_121505224

Normal alright but EVs seems to get hit more.Dealers protecting their margins and covering present/future issues with EVs

Flinty997

https://www.boards.ie/discussion/comment/121695483#Comment_121695483

Only recently. Chinese EV makers and Tesla started a price war. It will eventually effect everything, including ICE cars.

beachhead

https://www.boards.ie/discussion/comment/121695525#Comment_121695525

Also,lack of interest by motorists generally towards EVs so far.The Chinese could change that

Flinty997

https://www.boards.ie/discussion/comment/121695804#Comment_121695804

I'm not sure thats wholly accurate.

A total of 22,789 new electric cars were registered in 2023, an increase on the 15,678 registrations seen in 2022 (+45.4%) and 3,444 in 2019 (+561.7%).

Market share for 2023 seen Petrol account for 30.07%, Diesel 22.16%, Electric 18.70%, Hybrid 18.54% and Plug-In Hybrid 8.28%. Petrol continues to remain the most popular engine type for 2023, while Electric, Hybrid, and Plug-in electric hybrid account for 45.5% of the market. 

Automatic transmissions now account for (64.54%) of market share, while manual transmissions have declined (35.35%).

donkey balls

https://www.boards.ie/discussion/comment/121619621#Comment_121619621

Did they cold call you or were you looking at changing, I know 2 year ago when there was a shortage of 2nd hand cars. A lad in work got a call of the garage he bought his car in asking if he interested in selling.

Cyrus

https://www.boards.ie/discussion/comment/121701192#Comment_121701192

just rang out of the blue.

donkey balls

Would you be tempted to change or hold on to the current car.

Cyrus

https://www.boards.ie/discussion/comment/121701454#Comment_121701454

Cost to change is too high, the facelift on the etron is very mild so wasn’t of interest (new 55 is 112k now in sline spec )

kanuseeme

In another thread the cost to change is not worth talking about.

Cyrus

https://www.boards.ie/discussion/comment/121701621#Comment_121701621

If you can point me to where the cost to change in my circumstances make sense then work away, if you can’t crawl back under your rock.

you have no understanding of context clearly.

kanuseeme

https://www.boards.ie/discussion/comment/121701654#Comment_121701654

Just pointing out whats good for the goose is good for the gander, maybe you can explain your particular case instead of hiding under your rock.

Cyrus

https://www.boards.ie/discussion/comment/121701678#Comment_121701678

It’s a 95k car that’s now 112k in facelifted form, the facelift is very slight and I don’t need the bigger batter they have put into the new 55 so on that basis I don’t see the value in paying a lot of money to get something very similar when mine is 18 months old , make sense ?

jiminho

What’s everyone’s thoughts about buying used EVs? I see a lot of ID3s and ID4s coming on the market, probably because the PCPs are all ending from 3 years ago. Seems you can comfortably get a 3 year old ID3 for less than 25k and ID4 more around 30k. We’re not in a rush to swap out our car (1 car family for the meantime but need to get a second) so can probably wait until 2025. Perhaps at that point the same cars would be around 20k and 25k respectively. We’d prob keep them both for 5 years bringing them to 8/9 years old. Would the cars essentially be worthless than as the battery might need replacing?

Casati

https://www.boards.ie/discussion/comment/121703881#Comment_121703881

Buying used should allow you to take advantage of the high depreciation but focus on buying something with decent warranty as despite the fact that in theory EV’s have few parts to go wrong, a major failure could be mega expensive

sk8board

https://www.boards.ie/discussion/comment/121703881#Comment_121703881

The only thing I’d caution against is that almost every ID car has ongoing issues to iron out, and the one you’d buy will have them too.

It’s just one tiny example, but the ID4 thread is talking about phantom braking issues at low speed today, or the usual issues with Software, scheduling overnight charging, or door latches.

youd want to be getting a good deal, and I’d definitely assume if I were you that you’ll have some quirks during ownership.

MICKEYG

https://www.boards.ie/discussion/comment/121707063#Comment_121707063

Is that EVs in general or just VW?

k123456

From my reading of the thread, some software issues on VW and MG, firmware or SW updates can help, but these seem to be slow to roll out

I worked for a large manufacturer of computer servers , new models or new generations would experience fairly serious issues . Basically when a company develops a new product , car or server for example, there is a rush to have the product launched sold to the public, before a competitor launches their model, the new model is in effect tested by the early adopters

Flinty997

https://www.boards.ie/discussion/comment/121707333#Comment_121707333

Imo Modern cars "in general" the more smart they are, the more affected by software they are. More modern mechanical tech like turbos, dpf,egf, all have had their problems.

You can get a low tech ev like the eUP. You can get a high tech petrol car like Range Rover.

VW ID range is quite innovative and new. There's going to be teething issues. Anyone one who buys one now, are getting it after a few years of updates.

sk8board

https://www.boards.ie/discussion/comment/121707333#Comment_121707333

EVs in general, but obviously the IDs are the biggest volume seller by far.

you’re beta testing a lot of new ‘stuff’, which car people may not mind, but Joe Public will just keep thinking to themselves that “I didn’t have to deal with this sh1t with my last car”.

Tesla and all the rest of them are no different, and yes they’ll get the creases ironed out, and no doubt someone will retort with an ICE whataboutism, but all EV drivers heretofore are beta testers, it’s just that some haven’t realised it yet :)

the 12 th man

That's why the Leaf was so popular for so long despite being slightly outdated,Nissan have had about 15 years to iron out glitches.

oinkely

https://www.boards.ie/discussion/comment/121703881#Comment_121703881

They are just like any other used car to a certain extent. Look at the current crop of evs that are of that age and they are not worthless. They are still useful to a lot of people for a lot of journeys and have a value as such - even with depreciated battery capacity from an already small starting point. We have an 11 year old nissan leaf - hasn't needed a new battery yet, nor is it falling off a cliff in terms of degradation. it's slowly ticking down at a predictable rate and will still be useful for most of our running around in another 5 years. So I would be certain that the a used EV of the current 40/50/60/70 kw battery capacity will be more than useful for most people in 8/9 years and will have a similar value relative to any other 8/9 year old car at the time. They may even end up with a better retained value as govt policies push more costs on to ICE to discourage continued use. I would also anticipate that when the current crop of cars are 8/9+ years old there will be a much wider network of non-dealer mechanics who will be prepared to work on them so big ticket breakages will be much cheaper to fix than at present and battery refurbishment will possibly be a much more common / normal occurrence than it is now.

Patser

https://www.boards.ie/discussion/comment/121707489#Comment_121707489

Speaking just as an MG owner - and the software glitches that need ironing out are more to do with things like bluetooth and phone connectivity than anything really driving related - with the one huge exception the Lane Keep assist, which is just a bit too agressie even after being tuned down a bit already. But yeah, as car designers, all these new cars seem to have software glitches as the car designers struggle to understand their customers needs and how to get updates out to them - unlike say a phone manufacturer would easily do

creedp

https://www.boards.ie/discussion/comment/121710709#Comment_121710709

For me software is the big unknown with all modern cars irrespective of propulsion. Cars are just so godamn complex now just like all electronics so their useful longevity will depend on the extent to which this software and accompanying hardware can be economically supported/repaired as cars age. The lump hammer and spanner will be increasingly less valuable in the battle to keep them on the road in the coming years. Same goes for all white goods of which cars are increasingly joining the ranks.

Patser

A lot of that is down to Euro NCAP safety standards - now all cars require LKA (that automatically is set to on when car starts), speed sign recognition and increasingly driver alertness monitoring.

Add in driver comfort aids like assisted cruise control, traffic jam assist, automatic lights and wipers - and modern cars are awash with sensors, radars, mini computers and all required software.

And that's before you even think of engine, brakes, gearboxes etc

silverharp

I got a laugh out of this, basically the dumbest class of customer and a dealer's wet dream but somehow its the EV's fault

https://twitter.com/Independent_ie/status/1753697390798717233

munchkin_utd

https://www.boards.ie/discussion/comment/121719763#Comment_121719763

Arent there guaranteed minium cash in values on cars on a PCP ?

I know people factor in that they "will" get more, but in reality its a throw of the dice.

Also, shes not facing a loss of 22k. Its a second hand car so it obviously is worth less than the new price so the loss or difference in expected value might be more like a shade over 10k of a negative value, and she put down a deposit before of a shade over 10k, so actually shes breaking even.

(maybe you can tell that my sympathy is lacking for someone who drives a brand new 65k car off the forecourt, and whinges that the savage depreciation is a bit more savage than anticpated)

CraftBeer

So, the price cuts announced recently to certain EV's were limited to the 'ready to deliver' stock, in order to clear the surplus of EV's from manufacturers or dealers.

Does anyone think those price cuts will be available again in June this year? Or will the prices increase again for 242's?