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EV Depreciation

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Comments

  • Registered Users, Registered Users 2 Posts: 2,885 ✭✭✭Casati




  • Registered Users, Registered Users 2 Posts: 3,016 ✭✭✭McCrack


    Electric cars are very boring. They are bland and uninspiring and most are bought on finance by folks that can't afford them. There's far more interesting and enjoyable cars to drive that are not electric and can be picked up far cheaper than some new electric car on tick that everyone else has and paying loan interest too.



  • Registered Users, Registered Users 2 Posts: 1,001 ✭✭✭tommythecat


    Which ones have you driven that are bland and uninspiring?

    4kwp South East facing PV System. 5.3kwh Weco battery. South Dublin City.



  • Registered Users, Registered Users 2 Posts: 5,787 ✭✭✭Buddy Bubs




  • Registered Users, Registered Users 2 Posts: 637 ✭✭✭eastie17


    Turning into a ridiculous circular thread and is now totally off topic.

    I own an EV, bought it a year ago and am perfectly happy with it. I know the drawbacks and did my research before buying. There are pros and cons to both types of cars and I dunno why this has become such a “my choice is better than ur choice and I won’t stop until u admit mine is better” nonsense conversation.

    now back to the topic, anyone got thoughts on the floor for EV depreciation? I know cars generally depreciate forever until they become classics or worthless but the annual percentage drop does seem to be greater than ICE at the moment



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  • Posts: 122 ✭✭ [Deleted User]


    Tesla's R ****. /end thread



  • Moderators, Society & Culture Moderators Posts: 40,535 Mod ✭✭✭✭Gumbo


    When the afterhours idiots find an active thread!



  • Moderators, Society & Culture Moderators Posts: 40,535 Mod ✭✭✭✭Gumbo


    50% after 3 years seems to be about right.

    After that, continue along the curve.



  • Registered Users, Registered Users 2 Posts: 2,885 ✭✭✭Casati



    Just because govt is pushing EV’s it certainly doesn’t mean that not following means you are conservative or resisting change, it could be simply because EV’s are too flawed currently for most drivers to consider one. In 2008 our govt pushed us to diesels and sales doubled to 70% of the market. Those that stayed petrol because they saw diesel wouldn’t work for them



  • Registered Users, Registered Users 2 Posts: 106 ✭✭gammon199


    Whatever the government are pushing, do the opposite

    Usually works out well in the end.



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  • Moderators, Society & Culture Moderators Posts: 40,535 Mod ✭✭✭✭Gumbo


    I seen that quote on Tic Tok on stupid immigration videos.



  • Registered Users, Registered Users 2 Posts: 106 ✭✭gammon199




  • Registered Users, Registered Users 2 Posts: 378 ✭✭PaoloGotti


    Any car both on finance was not affordable. Unless you can pay cash for a car twice over tomorrow then you can’t afford it, by my strict definition.

    Edit: that was intended as a reply to specific post that didn’t work.



  • Registered Users, Registered Users 2 Posts: 106 ✭✭gammon199


    I would agree with that too

    Shouldn't be spending any more than 25% of your yearly salary on car

    Earn 40k, get a 10k car

    Earn 100k get a 25k car

    Earn 250k, get a nice 50k Tesla

    Seeing people in cars worth a years salary is embarrassing



  • Registered Users, Registered Users 2 Posts: 378 ✭✭PaoloGotti


    I thought I was strict!

    I set it at 50% of annual take home salary. But I have no other debt.



  • Registered Users, Registered Users 2 Posts: 1,143 ✭✭✭mun1


    Id say the smaller battery EV’s are gong to take a bath as PCP deals end and all the negative press (and rightly so) about public charging kick in. You can see it already with the Leaf. First thing anyone mentions is the 150km real winter range on the motorway, not the spec, heated seats, cruise control etc.



  • Registered Users, Registered Users 2 Posts: 106 ✭✭gammon199


    That 25% is actually high, 20% used to be the rule of thumb before easy credit.

    Car was just A to B for many, housing, education, marital, family, holidays usually came first and still does for me.



  • Registered Users, Registered Users 2 Posts: 118 ✭✭FaaF


    Probably one of the most ridiculous posts I've seen in a while.

    If you love cars and have the cash, buy whatever you want. Screw any calculations based on salary.

    Besides, working off a flat 25% is madness, even if you were that way inclined. It's all about savings and disposable income.

    Why should someone who inherited their forever home force themselves to spend the same maximum percentage of income versus someone who's saving hard for a deposit for their first home whilst spending 30%+ of their salary in rent?



  • Registered Users, Registered Users 2 Posts: 1,143 ✭✭✭mun1


    I bought a Tesla MY LR , which cost about 55% of my take home pay. Luckily, I had a trade in which meant i only paid out 8% of my take home pay. Don’t have any other debts, and the tesla is the best car i ever had, from a driving, economical and technology POV.

    on the question of EV depreciation, there was a supply/demand inequality this time last year for all cars ( incEV’s) due to covid/Ukraine, which meant people were overpaying for the car. The market is now only correcting itself. (I got a ridiculously good price for my Audi Q4 when selling it in March 23, i know someone who tried to sell their Q4 in September 23 and were offfered @15k less for the same car)

    while EV’s have always been sold at a higher price than ICE versions, this is likely coming to an end, but not in a good way.

    If you paid for a new EV in 2021/2022, you will probably take a higher depreciation, as all makes are bringing down EV costs to a more sustainable price for them.

    a game changer would be if a 1,000km battery makes an entrance in 2024



  • Registered Users, Registered Users 2 Posts: 378 ✭✭PaoloGotti


    Not to nit pick as I think you’re reasoning is solid - the trade in can’t be taken out of the sums unless you were gifted it.



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  • Registered Users, Registered Users 2 Posts: 378 ✭✭PaoloGotti




  • Registered Users, Registered Users 2 Posts: 1,143 ✭✭✭mun1


    Take your point, The only thing that ever matters to me is the Cost of Change. Don’t care what the new cars costs, what they are giving me as trade in etc. sometimes i pay a lot, sometimes a little.

    i change about every 3 years , to mostly new car, and sometimes i have to pay more than i might have wanted. At this stage in my life i am privileged to be able to afford what i want, when i want it. What I paid 3 years previous is irrelevant to me.

    Don't get me wrong, i alway try to get good value, but i like fast cars . (At the moment, My fingers are twitching if anyone mentions a Porsche Taycan :) )



  • Registered Users, Registered Users 2 Posts: 378 ✭✭PaoloGotti


    Fair play. I wouldn’t be able to do it. My brain would look at the depreciation (the actual cost of changing) and see €24-30k every three years as a hard sell. But I’m a mean cnut.



  • Registered Users, Registered Users 2 Posts: 7,749 ✭✭✭maidhc


    Correct, although the end cost ended being slightly more as I went for the gr sport spec.



  • Registered Users, Registered Users 2 Posts: 106 ✭✭gammon199


    Why is it ridiculous?

    Its for normal people, not silver spoon privileged people, car enthusiasts or keeping up with joneses who buy things they don’t need to impress people they don’t like. If you can afford it and it gives you pleasure to flaunt your things over others, well have at it and good luck.

    Having things doesn’t make you happy; happiness comes from within.

    Cars are A to B for most normal people



  • Registered Users, Registered Users 2 Posts: 4,127 ✭✭✭sk8board


    I think the original conclusions of this thread was that

    1. there’s now no supply issue with new EV deliveries
    2. in the 2nd hand market there is less demand than expected
    3. a lot of 3yr PCPs are ending, so the 2nd hand supply of EVs will continue to increase.
    4. EV owners either drop prices significantly, or hold on to their cars

    In the current market, prices will drop until there’s equilibrium in supply and demand.

    The price that will sell a car is the level the market sits, at any point - be it a high price or a low price.



  • Registered Users, Registered Users 2 Posts: 106 ✭✭gammon199


    Your an enthusiast and that's perfectly fine, I spend money on things I like as well. Its just a rule of thumb and in general I am frugal and risk adverse.



  • Registered Users, Registered Users 2 Posts: 378 ✭✭PaoloGotti


    Your advice would help >95% of car buyers and is labelled as “ridiculous”.



  • Registered Users, Registered Users 2 Posts: 118 ✭✭FaaF


    There's a difference between suggesting that something is a rule of thumb and saying things like 'Seeing people in cars worth a years salary is embarrassing'.

    For the most part, rules of thumbs tend to go out the window based upon what forum a discussion is happening. It's all about priorities for our hard-earned cash.

    Go to an iPhone forum and how often you should upgrade your phone and how much you should spend goes out the window. Go to a parenting forum and any rules of thumb about how much you should put away for your children's education goes out the window. Likewise, there are many here who spend ridiculous amounts on cars that would never dream of spending the cash some on the travel forum spend for a one week holiday.

    Sure, if you go to a general finance forum, you might discuss the theoretical person that should spend no more than 25% of takehome pay on mortgage/rent, should be contributing 50% of their age as a percentage of salary to their pension, etc. In practice, coming to a car forum and talking about general rules of thumbs on how much should be spent on cars is going to mostly fall on deaf ears.



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  • Registered Users, Registered Users 2 Posts: 118 ✭✭FaaF


    The advice to not spend your money on whatever you want? Some people have zero interest in expensive cars just the same as some have zero interest in travelling abroad. If someones overall finances are in bad shape then it's good advice but telling someone to spend no more than 25% of their annual salary on a car without an overall picture of their finances is wrong.



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