Posted on 05/03/2023 11:44:43 AM PDT by Red Badger
When someone buys a new car, the value will naturally decrease over time given the wear and tear of the vehicle, as well as the mileage and age.
But for some electric car owners, they could be seeing the value of their car depreciate at twice the rate of petrol cars.
According to a new study, EVs on average will lose 51 percent of their purchase value from 2020 to 2023, compared to just 37 percent for petrol vehicles. [emphasis, links added]
This equates to a massive £15,220 [$18,786] loss for electric car owners, with petrol drivers seeing a decrease of £9,901 [$12,400].
The data, from ChooseMyCar.com, used a comparison of new car prices three years ago compared to their value now.
The higher the original purchase price of the car, the bigger the loss, with the Tesla Model S losing £25,000 [$31,310] in value in just three years – a 46 percent drop.
However, entry-level EVs like the Nissan Leaf are also losing a massive amount of value in such a short space of time.
The Leaf’s value dropped by £13,000 [$16,281] – or 58 percent – despite it being one of the most popular small EVs on the market.
Other popular cars like the Hyundai Ioniq and BMW i3 saw large depreciation rates as well with 67 percent and 64 percent respectively.
Nick Zapolski, founder of ChooseMyCar.com, said: “Our research shows yet another blow for EV owners, on top of many other issues that have come to light recently.
“Not only are the EVs themselves not holding value, the price of electricity itself has zoomed up, meaning running the cars is not as economical as it once was.”
The [UK] Government previously offered the Electric Vehicle Homecharge Scheme, which enabled drivers to save money on the installation cost of a home EV charger.
It was discontinued over a year ago, with many calling on the Government to reintroduce the scheme to help motorists switch over to electric vehicles.
Mr. Zapolski said the hundreds of pounds saved on installing the home charger now look “insignificant’ compared to the thousands of pounds lost in value.
He added: “Home charge points are expensive to install (if you even had the necessary driveway to allow that) and there has been uproar about the availability and reliability of public charge points.
“On top of that, recent decisions made by the Government mean that some of the initial incentives to encourage EV ownership are being discontinued, such as lower tax and free entry into ULEZ zones.
“The Government really needs to take action if it wants to continue to push the idea of EVs onto the consumer, as currently, the cons of EV ownership threaten to outweigh the pros.”
Everyone knows if the battery craps out, the vehicle will be worthless, so who would buy a second-hand one?
EV’s are not going to sell even close to what was anticipated, imo.
If you knew when buying a ICE used car and had to replace the engine less than a year after buying it and the new engine cost nearly as much as the used car, would you do it or would you just buy a new car every time you needed a new car, assuming you could afford it.
Think of buying a new EV and 4-5 years later a new battery was required that cost nearly as much as the original car, it’s a crazy idea considering the cost and the way technology is changing, the new batteries might be compatible with the older cars.
I have yet to see a comparison of the cost to operate an EV vs Petrol that allow for the expense of replacing batteries that have degraded over time.
Fossil fuels more reliable than electricity.
accelerated depreciation for EVs is simply a natural result of the battery slowly going dead over time ... once the battery is gone, so is the car ...
Something I heard about the other day, but haven’t listened yet .... all the talk about getting away from fossil fuels, going ‘clean’, etc .... we do not have the mineral resources to do it ....
***************
Decouple (podcast): Mining Our Way to Net Zero
“Dr. Simon Michaux, Associate Professor at Geometallurgy at Geological Survey of Finland, uncovers the truth about the vast mining requirements behind any proposed transition to a “clean” energy future.”
Watch the Decouple Studios episode on Dr. Michaux’s work: https://www.youtube.com/watch?v=19-gqgugKOc
Read academic works by Dr. Michaux: https://www.researchgate.net/profile/Simon-Michaux-2
Until we are literally forced to buy them and there are no other options
Remember, WE are the (neo) Marxists now, so its coming.
My wife and I like our EV. But one important factor is that we live in Alabama.
First of all, there is NO SUCH THING and ‘Net Zero’.
The Laws of Thermodynamics will not be broken....................
Mark Mills is one of the best on the “fraud” of green energy. He’s too nice to say that. A recent interview with him discusses particularly the problem of both minerals, and electricity production
In addition to what’s said below, expect ANY accident which damages the battery modules to “total” the car.
https://www.makeuseof.com/how-much-cost-replace-tesla-battery/
In 2019, Elon Musk said replacing battery modules costs between $5,000 and $7,000. However, different Tesla models use a different number of modules per pack. For example, older Tesla models, like the Roadster and Model S P85, have 11 and 16 modules, respectively. While newer versions, including the Model 3 and Model S Plaid, only use four to five modules.
Considering this, expect Tesla battery replacements to start between $20,000 and $35,000. However, these prices could increase as they do not include incidental expenses (like other parts) and labor. With the most affordable Tesla coming in at $42,990 before rebates, the battery accounts for nearly half to 80% of the cost of the vehicle.
However, actual battery repair prices vary from what the CEO said.
Mine is at https://freerepublic.com/focus/news/4127577/posts?page=51#51. Short version, since my wife and I were committed to driving nothing but used cars all our lives, when I decided to replace her car with an EV my deep dive price comparison was against used ICE cars, not new ICE cars. Thus, since we on average replaced our used ICE cars ever 7 years (vs 10 years battery replacement of an EV), combined with it was going to cost $10K to replace her crossover ICE car (used car prices had gone up in 2022, what will they be 7 years later?), my assumption is that saving on the ICE replacement on the 7th year anniversary of owning the EV will pay for the battery replacement on the 10th year.
Here in the Destin Florida area I see lots of Teslas.....................
Now that’s a shock!
A huge design flaw with Teslas is having the battery made into the car frame.
Caveat emptor.
G.O.O.D‼️💥
Another measure would be how the EVs hold up mechanically.
And the fuel cost per mile compared with a comparable gas-powered vehicle.
Both of our cars are over 10 years old. I don’t care what their resale value is now. They have served us well.
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