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.”
Because the INTEREST a person HAS for an EV fades rather rapidly as the consumer learns of the mistake she made and it becomes a beast of burden overshadowing the fascination for the gimmick.
Wow. Whodathunkit?
The rats plan is to regulate ICE vehicles out of existence. The next round of CAFE standards are designed to do just that. They will be damn near impossible to meet. The car makers are well into converting all future cars so they aren’t putting up a fight.
T’was to be expected. EVs have been out for a few years and the suckers who jumped on that bandwagon early are now finding out that the Total Cost of Ownership (TCO) is substantial. Add in the cost of charging station, the increase in monthly electric bill, higher vehicle insurance and the expected value of close to zero for a well-used EV with a dead battery and the suckers will realize that they have coughed up several times the sticker price for what is now a large paper-weight. And they are now on foot ...
Just how stoopid are liberals anyway ??
And they eat tires because of the excess weight and higher pressure...................
OOO now there’s a f^cking surprise
Yes.
Nothing about the rat’s push toward EVs makes sense until one realizes the larger goal is to impoverish the middle class and build The New Man upon the rubble.
Not anything to worry about. The Fed will just issue another bailout for those foolish enough to buy them.
Don't need them. EVs are powered by rainbows and unicorn farts.
I agree. But their agendas eventually eliminate most cars altogether.
They have virtually no resale value - battery goes out, that’s it for it. Either a new battery doesn’t exist to begin with at any price, or it costs a fortune if it does.
You’re right. The car companies are going to downsize dramatically for various reasons, the biggest reason being not many people will be able to afford the EVs.
Toyota has already said they are not going to build many EVs until the infrastructure to support them is in place.
EVs make a great 3rd car for wealthy couples to drive to the local supermarket on weekends. Ad a few correct bumper stickers and they can look like true climate warriors!
Exactly the case with a former friend. During the lockdown, he and his wife had their groceries delivered.... from Whole Foods, of course.
Toyota Is about the only holdout. They see that despite the huge push EV’s have gone from 4% to a whopping 6%.
Toyota is very smart. They’re at the top of sales and want to stay there.
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