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.”
What a shame.
could it be the battery?
the good news is
its all moot
once they ban gas cars
most will be on public transportation
elites will be exempt of course
they promise the jetsons
you get the flintstones
youll own nothing and be happy....or ELSE!
shut up and get on the bus
bugs are yummy
only the govt should have guns
welcome to nirvana
watch for batteryless teslas being pulled by donkeys
here is your chance
to get in the ground floor of
uber rickshaw
I think that’s most of the problem. Who would want a used EV, given the uncertainty about the battery & the price & availibility of a battery? There are other objections, too but that may be the best argument against a used one. Another reason might be the fact that Biden apparently wants everybody to have one.
It would be advantageous, I think, to see the auto manufacturers forget the EVs & concentrate on ICEs & maybe eventually get the used car market built up again. I’d take a good older used car any day over an EV or one of the really high priced ICE vehicles.
The last thing you will notice is the smell of smoke and a electrical smell just before the WHOOOOSH!!.....
“The choice for mankind lies between freedom and happiness and for the great bulk of mankind, happiness is better.”
― George Orwell, 1984
That’s called planned obsolescence.🤔
EVs are a disaster.
EVs lose 100% of their value instantly when they go supernova.
It's almost like the bimbos and pretentious 'men' of the MSM don't want to cover that story... odd.
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