Why Used EV Values Are Dropping Like Crazy!
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- Опубликовано: 15 май 2024
- Sell your car for free with Carwow: bit.ly/Sell-Your-Car-For-Free...
Thanks to Solera and CAP HPI for providing the data used in this video:
www.solera.com/solutions/vehi...
Every car loses value as soon as you drive it off a forecourt. Unfortunately, depreciation is just something you have to accept when buying a new car.
However, some cars seem to be more susceptible at losing value than others, and in this instance, we’re taking a closer look at electric cars!
We’ve teamed up with cap hpi to take a look at some of the newer electric cars to hit our streets, and we’re finding out what the top 10 worst electric cars are when it comes to losing value after one year of ownership.
From affordable to high-end cars, it seems no car is safe from depreciation! For example, we found a Porsche Taycan Turbo S from 2023 that only had 20 miles on the clock, and the value had dropped from £150,000 to £113,000 - that’s a loss of around £1,800 for each mile the car had travelled!
However, some cars have seen a much steeper decline in their value. But which do you think will claim the top spot? You’ll need to stick with Mat and see for yourself! 
Авто/Мото
Sell your car for free with Carwow: bit.ly/-Sell-Your-Car-For-Free-1605
I prefer getting money for my selling my car
Bugatti Bolide vs Koenigsegg Jesko absolut
Or Bugatti Chiron supersport 300+ vs Koenigsegg Jesko attack
Most of us are not from uk so we can't even sell our cars via carwow
For sale: Used laptop Boasts the incredibly powerful Windows 98 OS. Im also selling a used 2023 Tycan with only 20 miles. Willing to trade. 😂
//
in other news
for a 2020 Taycan 4s performance+ (was from 90k new) are asking from 45-50k
for a 2020 Panamera V6 (was from 101k new) are asking from 55-60k
//
The person with the Taycan who did 20 miles in one year should have just ordered a Taxi instead.
it is a Demo car from the showroom...
@@MI-qx4lc
With that mileage I doubt it was even a demo. They've just had to pre reg. it to get their quota up. There's just not enough organic demand for EV's as the vast majority of the public do not want EV's.👍🏻
@@MI-qx4lca demo car will have way higher millage
@@douglasb.5601 I don't think the vast majority doesn't want EV's, they just cannot buy them, because it still isn't financially as viable.
He had to buy 3 Taycans to get a GT3RS. Couldn't do miles in it.
That Porsche Taycan with 20 miles on it smacks of someone trying to got onto the list for a 911 GT3 RS
Mark McCann did a video about it and it’s true
Would've just pay over msrp for the gt3rs
@@CuongNguyen-kz4lv You'd still need to get onto the list by giving them business and still pay overs
Or you could just pay overs on a used one? And then you wouldn’t have to buy anything else
Don't read my name!
I have just sold our car through Carwow. Be aware the dealer takes the car and V5 away and payment is promised as soon as it gets to the dealers premises. Well, that didn’t happen to us . In fact it was just a day short of a week before we saw our money . We went though a lot of hassle chasing our money and a load of worry.If that dealer had gone bust in that week we were going to be in a world of pain either chasing our money through the liquidators or trying to recover our car. Lawyers would be needed. Car wow were useless chasing the dealer . Very disappointing.I won’t use them again it’s too risky .
Bad news!
A week ?? I would understand if it were a month but 5 days like 😂
@@cdexplain1926 If payment is promised on delivery they have a valid complaint. Your comment is childish.
We used Motorway I think it was called and they were great. Dealer transferred the money before they drove the car away and we made it clear this was a necessary part of the deal.
@@unperdants Same for me. Money was in the account while the pick-up guy was with me.
A 15-min video which could be turned into a bar chart and read in 15-seconds
5 seconds of my time wasted reading this comment + a few more swipes to swipe away from it
its a misleading and stupid video and title
@@Fosten12 Which electric clown car do you have on your driveway?
Matt does go on a bit😂
@@davidp7571 Subaru Legacy and Nissan March K10.
I just don't like the video, that's all.
Number 0 on List: Fisker Ocean. Last Year $44,000 this year 1 Fig Newton.
People paid 70k+ for oceans lol
@@sorinstefan6038 Doug DeMuro's site had a couple for sale last year that were bid to over $60,000... and didn't meet their reserve.
Wonder how the owners are feeling about that decision.
💀
That depreciation is inconvenient and dangerous, but I do love Fig Newtons.
I think I'll keep the Fig Newton thanks 😆
I took a shot every time Matt said "1 year old with 10,000 miles" and died
R.I.P.
Literally could've just wrote it in the corner of the screen lol
😂😂😂
Don't read my name!
Literally also happened to almost any kind of car.
£33k for a 1 year old e-tron gt with 10k miles? Thats 20k less than they are all advertised for, one hell of a mark up by dealers if true.
My thoughts exactly. Cheapest 22 plates roughly £48k at the moment. There’s a video in whether a 45% markup is justifiable or profiteering if those trade in values are accurate.
It’s got FA range, huge but with no space or infotainment.
If etron GTs are going for 33,000 pounds in the UK someone send me a link and I’ll buy several and import them. There’s no way this car is going for a fourth of the price of the Taycan or the same price as the Volvo.
It’s easily the best looking EV on the market and one of the best driving as well. Even with below average range at this price the car is beyond a steal
@@raymondboyd2780 This video is utter garbage, i put my 21 Etron GT into WBAC and it came back at 41k, no idea where they get 33k from
33k trade in on a etron gt yet the average price for one with those miles is just short of 60k. Someones being shafted here ...
Did he mean the value, when car is sold to a dealer? Dealer then sells it for 60K no prob...
@@jannek5757 doubling the value of the car on resale is the problem, I get they have to make money but that is taking the piss out of people
@@damianpoole2933 I have a feeling, that a good % of people who want to get rid of their new/almost new EV _really_ need the money OR really don´t care about losing as long as they get another new ride, so the dealer knows this also... OTOH I have zero facts behind my claims :D
Yh it doesn't seem quite right. On a 12k car a dealer probably has 1500-2k markup. Sometimes Cap values have to be taken with a pinch of salt!
@@jannek5757 Dealers just won’t buy them. Porsche dealer offered HALF back for my colleagues Taycan after 4 months.
Moral of the story, Only buy second hand cars
Only buy them on carwow😂
Or more realistic.. never buy an EV...
If every one just brought 2nd hand then how would they become 2nd hand if no one brought brand new. say the same about pretty much every thing you buy.
@@billyskoda6839 Actually, the price inflation of the cars killed it. Small EVs for short range trips and charged at home preferably from solar is just brilliant.
A small EV like that should cost 20K at max, new with ~300km range.
also, ICE car prices went up too significantly.
@billyskoda6839 Speak for yourself. Bought an EV and I've saved thousands in fuel, and the servicing is much cheaper. Still under warranty as well.
Trading in a car within a year is always dumb. Just lease at that point. Even trading within 3 years is a waste.
Doesn't change the fact that EVs depreciate way faster than ICE cars.
I'd rather buy that 1 year old car and keep it for 5+ years myself. Or even until it breaks down.
I got rid of a 24 civic SI in 4 months with 6K miles, went from 31k which is what I paid to 30k, Also got rid of a 23 Corolla GR which didn't lose any value and was offered exactly what I paid. So it's not always dumb. Generally though, yes.
The point Matt’s making is the EV’s are depreciating rapidly. Regardless of whether you’re trading in or keeping, the car’s worth whatever it books at.
In five years it will be worth as scrap metal 😅
This would have had more context if Matt had also added the % drop from purchase price
And the 10,000mile running cost of both vehicles.
@@phiiz3r Petrol for my car would cost me about £1100 for 10000 miles - trivial compared to depreciation.
Absolutely right. The numbers behind this video are poorly conceived and likely held hostage to the fact this video is just an infomercial for the company providing the "data." People care about how much their car is going to depreciate compared to what they bought it for. "What is the % change in depreciation this year compared to an identical case last year" is a question no individual car buyer ever even thought about, let alone cares to know the answer to.
The overall theme and numbers are really poor
The good thing is if you simply buy and enjoy the cars for 8-10 years you do not have to worry about depreciation.
@sunseeker-yb5qt ....or buy a volvo and keep it 20 years like i have..........im sure it,ll last another 20
You’re right, but unfortunately we live in an increasingly materialistic society where people get bored of new stuff after 1-3 years.
@@geoffdundee thats good but after around 10 years there are usually some improvements which I think its worth having. If not I keep mine of course longer. In the last 15 years there have been huge improvements regarding autopilot systems (active lane keeping, cross traffic warnings) and lightning systems which I considered as safety features which I wanted to have as I do get older and these systems make long travels a lot easier and safer. Lets see how things develop in the next years😄.
Then the battery is dead and it's junk
With the exponentially increasing reliance on electronics and infotainment systems, good luck.
I think it’s the market speaking and rather than a drop in value, it is a price adjustment to what it is really worth. These manufacturers are milking the EV market until the cheaper Chinese manufacturers come en masse and force them to drop prices to reality.
yesterday, biden(us) has applied 100% tarriff on all chinese cars. EU will do the same to kill the competition
That's what I was thinking, where's Tesla on the list? Traditional auto makers making half baked EVs was a sign that the cars were clearly going to get depreciation a lot as it's their first gen model. And as smart people say: never buy the first gen of anything.
@@alexandruilea915 I can't speak for everyone but the reason my interest has doped for new cars and people you talk to has everything to do with how especially the American brand does things. The stupid touch screens for everything kills new cars.
I wouldn't mind a Electric if they where like early 2000s cars inside. A car without stupid beeps, bongs and apps for everything.
Traditional auto makers in the older versions from bmw, fiat and nissan are the only electric cars that interest mildly. Cause it's a car, not a ipad on wheels
Don't read my name!
@@alexandruilea915tesla should be on this list. He failed to mention the 2 fastest depreciation cars ever! The tesla model s plaid and model y performance literally dropped over 40k in value in just ONE YEAR! I get that ur doing over longer time periods but that fact is pretty crazy. The person that bought a brand new model s plaid literally paid 140k and in less then a year they were and are selling for 89k brand new and trade in value/used value is in the mid to low 60s in the USA. The model y perfromance was 87k brand new and now is going for 37k.
The fact that car manufacturers dropping the new prices regularly will certainly not be helping the second hand prices
Yep I got a new electric car and negotiated a pretty substantial discount from RRP (Which seemed insanely high) and the negotiated price was more in line with similar model ICE cars just a few thousand pounds higher. Best car i have ever owned, and glad i got it but wish manufacturers would stop playing games and just start listing them for realistic RRPs.
Dealer before trade-in: "your car is a year old, has 10k miles and there's a new model out, $20k.
Dealer after trade in: "this car is only a year old with only 10k miles, practically the same as the new model, $27k"
"People prefer the older model to the new one"
I bought a 2007 Honda Civic 6 years ago for £2,500, stuck over 100,000 miles on it & it has never missed a beat. I plan to run it until I see 250k. Pretty much zero depreciation, the thought of losing that much money in a year makes me physically sick 😅
Shud of bought an ep3 - would appreciate in value
I’ve owned a few new cars and have kept them for at least 8 years. I buy 1 year old cars, not sell them!
Thats what they said till they are bored of driving the the same old car and want to sell the car for some cash..lol
@@troll3497 if you consider the car a tool and not a toy then there's no reason to get bored of it. The only reason I change cars is because they get too costly to maintain.
@@troll3497 saying I’m lying? Lol.
Don't read my name!
@@alexandruilea915one car in particular terms of maintenance even costed $4.000 per maintenance.
Good, drop all the prices, i hate when people overexaggerate on the 2nd hand pricing
Managed to pick up a 6 month old a Ioniq 6 ultimate with 7000 miles for £32k last week, a massive saving from the new price of £50k+ price. Let's hope the start to ease up on the deprecation now.
Bro it will be worth 15k in 2 years 😂
next month it will worth 29k
Next tuesday that car's gonna be worth 30k
It's good to have a positive attitude in the face of overwhelming evidence to the contrary.
I think that was a mistake. You could have bought a proper car with that.
The issue for the EV6 was that there was limited supply a year ago. We had to wait a year for our new car and I know people who had to wait much longer. Many people tried therefore getting a second hand one to avoid the queue. A year on, you can practically pick a new one up almost immediately. Basic supply vs demand pricing.
That’s true of any car, I live right by a Honda dealership, a year ago I couldn’t find anything new except a Civic, this year it’s filled with CR-Vs which were not available at all since they launched the Hybrid. Now it’s loaded with Hybrids and no Civics.
Which makes sense as only 15% of the market is sedans and other compact cars.
85% of the market is trucks and SUVs and that’s likely to stay that way
Slightly used (or well-used if in good condition) FTW! Never buying new unless I win a big lottery!
Same. Also some cars in my country have some weird problems straight out of the factory and by buying almost new cars you make sure they don't have those problems and you save a lot of money and time
Don't read my name!
@@Alirezarz62some cars in Iceland literally never suffered those problems.
yea it never made sense until the tesla model 3 and model werent simply available used, cars lost like 80% in 3-5 years, actually ev's hold their value better than anything else. this comparison video is kinda silly tbh.
ppl just dont trust batteries at all yet, in reality they easily last about double the milage of an ice car, probably way longer and a new battery is already today cheap and will get dirt cheap in the future as prices are dropping rapidly.
@@JohnSmith-pn2vl Carwow is based in the U.K. where there are big tax incentives to lease a new EV. The situation is similar in the U.S. where someone pointed out that it would make more financial sense to buy a new Tesla for $48000 than the same car 1 month old and with 100 miles on the clock for $40000.
Key point, just dont buy new cars
Especially battery cars.
Yeah I dont understand why middle class people buy cars that are less than 3-5 years old. It's not worth it at all
If someone doesn't, we don't have second hand bargains to buy. So please carry on buying new cars 👍
If nobody buys a new car where will the “bargain” second hand cars come from 🤔🤔
Quite simply let the companies buy them as company cars plus they get the tax benefits, they'll write off the loses after 3 years and then the second hand market and the average person on the street gets the better deal
Did I miss something or the video doesn't explain why electric cars depreciate more than ICE? Is it because general demand for electric cars is dropping?
It was just a clickbait 😅we all have fallen for it😭
Percentages are pointless - it's the total amount of hard cash you'll never see again that is most relevant surely
its because ev's are overpriced
Not just EVs.
+ trash
It's because they are shit 😂
No. Only crap engine cars
@@Matriarchy_Feminism back to the kitchen
So basically it was pre-reg by the dealer and they couldn't get rid. As soon as you buy that car, kiss an instant high percentage of the value away. I wouldn't touch it with a barge pole.
Journalists: EVs are too expensive!
Also journalists: EVs are getting too cheap!
🙄
Bottom line: great time for second hand buyers not looking to swap the car anytime soon.
Only if you like to burn money. The only sensible thing to do as proven by this video is buy an ICE car.
Let's say the past years, because Covid and supply-chain issues, have been good years to sell used cars. These times might not come back, Mat says the situation is "normalizing".
@@garethUK value often says little about the car. There are exceptions. Residual values have been way too high in the past 2 years, and people are always hesitant with new tech.
Funny that you prefer an ice car to quite literally burn money.
@@AlbertLamarque It's just common sense. Who wants to buy a car that is 10,000 miles and 1 year closer to needing another $10,000+ battery install? Who wants to buy an EV that requires 2 hours to fully charge today when tomorrow's models will require far less time?
EV fanboys like to pretend these issues don't exist but as we can all see right here in black and white, they do.
@@garethUK granted, the technology is evolving. I am not sure where your data is coming from, as both battery durability and charging time is nowhere near what you expect. I know where my data is coming from, because part of my work is charging electric cars in various ambient conditions.
I agree though, common sense dictates to pay reasonably for functions you use and not at all for functions you don't. If only people had common sense.
There's people blind to realities independent of what means of propulsion they prefer. Can't hurt to check in with experts from time to time and consider the limitations of what they show you.
Thx for the video Matt. Mixing the drop of the actual depreciation and the relative depreciation from the same situation 12 months ago - and changing the format for each car creates a very confused delivery. All the info is there but requires great care to capture.
I think that's probably to stop EV owners from throwing themselves off bridges! 😂
@@douglasb.5601 Or torching their cars?😭
You say the info is there, and there is info... but what use is that info? That's what confuses me.
"These 10 stocks dropped in the last 10 months more than these other stocks did, sucks to be you if you are one of the very few people who bought them 12 months ago and desperately need to sell right now specifically to buy different stocks for some reason" is literally all i can get from this.
What people expected ? EV cars are just like Personal Computers in the 90's and 00's. Hardware becomes better and cheaper very often, driving overall prices down
Yes EVs are disposable items so they are not green at all
I think this is expected really. This problem is due to the rate of development, ICE haven’t significantly progressed now for 10-20 years, we are seeing EVs with major performance increase every 2-3 years. The EV is still low on the development curve , the ICE is on the plateau. Like everything other technology based product we will see a slowing of development and stabilisation of costs as time progresses, this will also impact the depreciation as it happens.
@@Anonymous-ib8so I would say that the opposite is the truth. EVs can last a long long time, much longer than ICE vehicles, and the EVs manufacturers know that. The EV's batteries though, may last about 10 years, before it needs to be replaced.
Hence, every EVs manufacturers design their EVs in such a way that ordinary people cannot easily repair their EVs, by locking all the bells and whistles with the help of the central tablet, in the middle of the front dashboard, and etc, and etc ...
@@Anonymous-ib8so I only wish my disposable items would be usefull 10-15 yeahrs
Porsche sells the Taycan 20miles for 112,000. But for how much did they buy it back from the previous owner?
That's even more insane!
That expensive cars people buy(rent) only with leasing. That ppl don't care how much drops in value.
Sounds to me like it was delivery miles. Probably owned by the dealership since day 1
Porsche WILL NOT accept their own electric rubbish back as a part exchange even if you are spending a small fortune upgrading. If they don’t want them, they are no different to the general public who are scared of duff batteries and spontaneous combustion in your garage burning your house down. I’ll keep my S63 AMG, 488 spider and Range Rover SVO thanks- none of which have to pay a ULEZ charge in the closest town to me
@@LuckySpeaks talking bullshit as always.
@@unclebuh ring Porsche, ask them to take a taycan in. They won’t. Case closed. Get the facts before insulting people, it only makes you look dumb. Electric cars are for the idiots that don’t think about the environmental impact of one that is many times more than my ferrari, Range Rover or Mercedes, even all of them rolled into one supposed ‘carbon footprint’.
Uk government slapped a hefty £15k fine on the manufacturer for each unsold EV after a certain time frame. There are thousands of unsold EV’s around the UK, and the maker’s are bricking it!
Having owned a tacan, I can say the loss on selling was gut wrenching, as good as the car is (it really was) I just couldn’t stomach it again on a new one. I hoped Porsche might honour higher trade ins if buying a new Porsche but half the dealers didn't even want it. Back to petrol for me.
Why not just keep it then
@@dereklush9399 🤣. That is a good point and one I thought about however I panicked the loss was just rising substantially each month and its value in a few years would be ridiculous.
Similar thing happened to a friend of my dads. Bought for 120k, year later, Porsche offered him 30k for it, but that's only if they wanted to buy it. Which they didn't. They already had too many of them.
@@BeraltofSmivia If you look on the Porsche forecourts, they are flooded with Tacans. I think one of the reasons is the 3 year leases on them matured and suddenly they are inundated with Tacans.
I think Taycans are a special case as speculators piled in and then promptly got their fingers burned. It is also a "specialist" marque with a loyal customer base. People do not wake up one morning and say to themselves "I think I fancy a change from the Ford Mondeo - I know, let's get a large electric expensive to maintain Taycan Performance car". These were only ever going to fall off a cliff second hand. Just like Range Rovers Vogues and BMX X5 M60i xDrives. Rich people buy these because they are expensive, then less rich people have to buy them second hand and they won't pay the same for it.
A study in Australia has shown that, on average, new ICE cars lose 14% in the first 2 years and EVs lose 43%. Too soon for EVs down under.
its not that they loose their value because they are so bad. They loose their value because the improvement rate is so fast. A 2022 mercedes EQC has range of 433km, a 2024 EQA has a range of 550km. so of course the value of a eqc will drop deep. with the combustion models the improvement rate is much slower. A last gen GLC is still much better then an new GLA so the prices are much more stable
@@toniober4416the increased range would most likely not affect your life very much, so getting the cheaper car is a much better deal.
But you are right that the rapid development increases the speed of the price drop.
@@toniober4416 Another reason is their suitability for Australia. The charging network isn't so much a network as a random scattering of charging stations - pulling power from non-renewable sources too. A good chance of being stranded of you venture too far from a large town or city. ICE cars are actually the same, or in some cases cheaper, to run because of the cost of fuel and electricity over here. Not to mention the initial car price and depreciation.
Luxury ICE cars lose value as fast as EV, you can find 3 years old S class for 70k easy.
@@stew_redman Another Aussie here, I drive a 1.4L turbo diesel. If I use public charging and assuming 70c/kwh, my diesel is a bit over 40% cheaper to run per km.
Should talk to Lee Davey (Macmaster) about the value of his Taycan.
Original cost $120,000 and after 2 years Porsche would not take a trade in. He was offered $28,000. People don't want EV's
People are starting to realise the issues of living with an EV like the lack of charging infrastructure and the dangers of thermal runaway when charging in garages and multilevel car parks
Car salesman here - had a customer trade in his Ipace he had for a year for a brand new x trail - he was 25k upside down in negative equity
I feel sorry for him buying the ipace as it was terrible.
Idiots
So if i understood this correctly...
He had to trade in his iPace and then pay another 25k on top of that to get the X-trail?
Jeez...
Don't read my name!
And a stupid thing to even contemplate
Something mental that so far hasn’t been mentioned in the video…
The people who bought one of these cars for retail in 2023, used it, put another 10,000 miles on it and still have that car today, the book price they’ll get today will be hugely below what’s mentioned in this video. The car’s another year older, double the mileage and the market’s corrected since.
The losses are staggering.
There are lot of suckers in the uk. When i worked as a used car salesman the people that were financially savvy never bought a car more than 10k cash. There used to be loads of pretenders when i see their payslip i was like wtf dummy you’re going broke for a car lol
@@themadakh3229 yep, people buying cars they can’t afford 🤷🏻♂️
Thank you, Mat! Very useful information 👍🏻
Year one of owning my petrol Merc, the insurance said the value was £46,000. Second year and same insurance, they stated the value of the same car was £16,000
Hi Carwow and Matt love these videos. Could you do one on hybrid 4x4 / cars vehicles?
0:18 “what could you do to avoid it?”
“I won’t buy one”
It has something to do with the fact that most new electric cars are bought by companies and fleet buyers. They don't pay anything like you or I would have to, so their depreciation is a lot less if anything.
I love feeling smug about not buying in to these EV's as though it was a conscious decision and nothing to do with the fact I can't afford any of them anyway.
I see this as a positive. Most people lease new EVs anyways so it doesn’t really hurt most new car buyers, and second hand buyers (like myself) are huge winners. I got my EV6 GT Line for $42K US with 15K miles on it. At the time dealers were asking $62K for the same car new. Saved 20K getting basically the same car just cause someone drove it for a few months. Just common sense to buy used EVs off leases.
not really, it will drop even more in price and you are going to be the one who replaces the 20k battery
Or, you know, I just trade it in before 100K miles when the federally mandated 100K mile battery warranty expires. I still get 85K miles driving a basically new car for $20K less than new. I still win compared to a new car buyer.
For you to sell, someone needs to buy it....
Good luck selling it for the price you want...
You will get hit, also...
@@xTurtleOW the batteries last pretty much the life of the car.
@@nfzeta128 And whsat's the life of the car? I drive a 19y/o A3, which performs in the same way it did when new. On the road there's plenty of 10+ y/o cars. I doubt any battery powered car will last that long without needing a new battery.
I'm sure Matt used that same depreciation opening line when explaining to his wife why his 911RS was a great idea.
I'm still convinced that that GT3 RS allocation was just a creative way for Porsche to get around ASA laws and bribe/pay an influencer...
I found it extremely easy to get a gt3 touring. Meanwhile all the influencers were going on about "impossible to get"...
@ricdes it's only the rs cars that they say are hard to get
Second hand 911 holds value really good here at least.
@@AndrewTSq Porsche aren't known for reducing their prices twice in a year 🙂
I saw a lot of evidence that Used EV prices are dropping like crazy.
But I missed the bit where you told us "Why".
Odd how the market prices are affected by ... consumer demand ... isn't it.
Best getting a good oldy. I bought a 2007 Subaru forester STI for 7k 6 years ago the same car is now worth 12 to 14k. Buzzing.
Beautiful choice and well done on finding a true gem.
In 3 years, the previous owner of my (new to me) BMW i3 only racked up 20K miles. Now, for $18k, 1/4 the original price, I have a fairly quick, carbon chassis, RWD electric with a gas generator and a 220 mile range. Yeah, I'm good with this.
BMW I3 does not have a carbon chassis, it's aluminium with carbon reinforced plastic body work.
@@v4skunk739 Sorry, you're wrong.
@@GhostRyderFPV
en.wikipedia.org/wiki/BMW_i3
Styled by Richard Kim, the i3 is a five-door with a passenger module of high strength, ultra-lightweight carbon fibre reinforced polymer adhered to an aluminium chassis, battery, drive system and powertrain. The body features two clamshell rear-hinged rear doors.
@@v4skunk739 Just search simply for i2 carbon chassis, look at the images
@@v4skunk739 I literally see it every time I open a door, LMAO
Thing is, with the continual decrease in battery prices, that puts pressure on used cars. A new EV will have a larger battery, or the same battery at a lower cost, or buyers can expect this to happen.
So is the price drop of used cars because they are no good, or is it because EVs are becoming inherently cheaper - and that would be a very good thing.
Some Porsche dealers are refusing to take Taycans even in part exchange Because they have too many used ones on their books.
The idea of buying a second hand EV just doesn't sound right
Buying a ev altogether is a mental issue.
There's nothing wrong with second hand EVs if you can get a reading of battery SOH
@@JhongerageYou certainly can't plug in to an ICE to get a read out of how much life the power train thinks it has left
@@antoniohagopian213come to your senses. It's the future accept it.
Depends. If you home charge and can check the battery health then getting one half price that still have a long warranty and is extremely cheap to run would work for a lot of people.
That is just in england because here in Portugal none of that happens here and car prices are absurd
trust me, generall all UK pricing is absurd from private house Bed & Breakfasts at £100 per night to £60,000 cars being very common..
Car prices in uk are absurd because people need to be seen in a new car. Weird mindset
@@themadakh3229 Repair prices mean the only people with cars over 20 years old are enthusiasts.
This video should've been a print article. If I hear someone say "clean" "one year old" or "10,000 miles" again I'm gonna lose it 😅
Best car I ever bought? My wife’s Vauxhall Viva 1.0 SL bought for £8450 value given now £6800, and not long ago £7200. Six years old this July with 8500 miles on the clock not even a Porsche or Morgan can compete with that residual value.
it’s like would you buy a second hand iphone with 69 percent battery life left?
same thing
Not at all. The iPhone loses charge alot faster than an EV. my previous Model S had done 336.000km when I sold it and it had a 5.5% battery degredation.
@@FrygiskSo you have 55% effective battery range then? Since you’re always told to not charge above 80% and never let it drop below 20% so a 5.5% degradation is pretty big.
@@TrueSkyl1n3 5.5% degradation means that you had for example 500km range as new, now you have 472km range..
10000 miles are ~35 charging cycles. Modern EV batteries are rated for at least 1000 cycles before they get below 80% SOH.
@@TrueSkyl1n3so much misinformation about EVs. Practically all EVs have a hidden “top buffer” that you cannot even access. They do this so that normal usage isn’t damaging to the battery. No need to think about it at all. Just charge to “100%” on the display and the actual physical charge will be at a level that won’t damage the battery long-term. This is a solved problem, and has been for a long time.
Interesting stuff - would have been good to have the initial new price too, to see the actual depreciation as well as the relative change.
I feel the government needs to do something about the price charged for electricity at charging points
Excellent video Mat!
At least somethings affordable. Old cars with 200,000 miles costing $20,000+ is insane!
Wow a car dropped it's VAT value, which it does once you drive it off a car lot. The Taycan's sold in huge volumes on lease, and those cars are now flooding onto the market second hand, dropping value. Then Porsche has released a new, much improved Taycan, so dropping the value more. Lots of the cars are vastly overpriced to begin with, so the second hand market resets to what people think the value is. Definitely lease and don't buy new.
Just looked, 1 year old VW Touareg R-Line Tech Plus, dropping average 25%, from £64k to many at ~£46k... Depreciation on cars is nothing new.
You missed the point of the video. I wonder if you bought an EV? 🤔😳
Interesting video. Thank you!
You could do same comparison in early 2000s:
"Big Cathode-ray tube televisions holds their resale-value much better against new flat screen LED-tvs in one year time"
The Way I love the Porsche Taycan ev, that pained my soul Mat!
Isn't this largely a correction after the crazy post-pandemic used car prices, alongside discounting of new EVs?
Absolutely correct... but that kind of nuance doesn't create click-bate!
Agree, EVs are now back to Reality...there was high demand for EVs...in this case any kind of product does not deprecate.
Now they deprecate like any of my ICEs the last decades, too
EV owners trying to reassure themselves in the comments 😂
@@josefv8708 Worse, because of the tax incentives on leasing new EVs here in the U.K. Lease a new EV to keep your Child Benefit payments (actual fact). In extreme cases the EV lease might be cost neutral.
Just bought an 18 month Ioniq 5 ultimate (26k mileage) from main dealer and they have given me full 5 year hyundai warranty and paid £28000 - nearly £20000 off new price
They did drop like crazy, but based on WBAC, mines been going back up again over the last couple of months. My EV6 has gained £1000 since the beginning of April and that's even including the extra miles added to the odometer.
My new Hybrid RAV4 was one of the last before dealerships were hit with 6 month wait times on orders, which went up to 2 years in wait time, actually causing my car to hold it's value after purchase, even with 20,000km on the clock! Rare situation though admittedly.
In 2022 I enquired about a Mercedes PHEV. I was told there was an 18 month wait for them.
Manufacturers have EV targets to meet - I predicted ages ago that the rules would mean that getting a petrol Corsa could be as hard as finding an unallocated GT3 RS. 🤪
Toyota was right not to go fully electric on all its cars...
Are they buying back their ugly, bad and boring named EVs then? Because this is a video about USED cars, not the new ones.
@@StefanvanderFangeanother toyota hater, get a life
@@StefanvanderFangethey've hardly sold any, so it doesn't matter to Toyota the company.
@@blackcow8114 I dont hate Toyota. They're just a bit late to the EV game, and haven't got a appealing car. Their transition will be so hard... It would be ashame if they go bankrupt, but it doenst look bright for them now.
Putting Supra into EV is an awful option for Toyota.
Not an expert in the field at all and someone can correct me if I’m wrong but logic would say that in the bigger scheme of things EV’s are a new phenomenon and there’s so much room for improvement. All these companies are putting out new EV’s left and right and each one comes out with new much better technology that kills the value of the older models. The improvements are not just a few more horsepower and new headlights but major improvements in range and charging performance for example. Improvements that affect the experience with the car on a daily basis. While on the other side the new ICE cars that are coming out now could be the last one of that model that has a conventional engine. So naturally the value holds up better. Surely the rapid development of new and better EV’s play a much larger role in the depreciation then any fear of long term degradation.
Love the Taycan but who in their right mind would buy one when they reach say 8-10 years old when a battery will cost £40-50k
The Lexus UX for some completely boneheaded reason uses a Chademo connector instead of CCS, I dont even know why anyone would buy that. No one is building Chademo charging stations anymore
I work at Toyota and the battery on the new all electric bz4x will cost $50,000 AUD plus labor! Think depreciation is bad now? No one will want these cars one 10 years when all the batteries need to be replaced
they will want them if they are cheap enough ;)
@@phiiz3r replace a $50,000 battery in a car that will be worthy maybe 10-20k in 10 years
I thought Toyota would be different and price the battery pack more reasonably. Tesla Model Y would cost half of that here in Canada
@@flashsushi1843 I dont think Toyota has any genuine interest in full electric cars they just made it to appease the EU and their emissions standards
Thats why nio will become the biggest ev giant
Evs depreciating like smart phones who wants a used battery that's not gonna be top notch when they get it and not have the latest updates then if it goes wrong wait ages for parts
Conspicuously absent from the list… any models of Tesla. Nobody mentions when referring to EV articles that whatever they’re criticising about EVs doesn’t usually apply to Tesla.
If you are not in the financial market space right now, you are making a huge mistake. I understand that it could be due to ignorance, but if you want to make your money work for you... prevent inflation
Thanks for continuing updates I'd rather trade the crypto market as it's more profitable. I make a good amount of money per week even though I barely trade myself.
A lot of people still make massive profit from the crypto market, all you really need is a relevant information and some ‹professional advice. ‹it's totally inappropriate for investors to hang on while suffering from dip during significant
You trade also?, I
No I don't trade on my own anymore, I always required help and assistance
From my personal financial advisor
Would be interesting to compare those to depreciations of Tesla models.
Half baked Ev's go plummet in value, who would have thought 😂
The model y performance and model s plaid had the fastest depreciation rate in a years time ever. Do to rapid price cuts and depreciation.
I bought a Model 3 Performance in 2021 for £64k, sold it in 2023 for £33K. :)
I bought a 2022 Model 3 for $52k, trading it for $28,700 and getting $2300 in tax savings.
@@night5091 why sell it after two years tho?
I know a few people with EVs from a Taycan GTS, an I5 and a model x and none of them really love them - all of them have lost alot of money. Even when you account for the incentives to get them.
I'm gutted, my 8 year old golf depreciated by nearly £100 this year 😂
But the analysis are not considering the bonus for new EV that are applied in all Europe. So that means if you want to sell a used car you need to drop at least around 5k more then normal just to cover the bonus. Because the bonus is not applicable for used cars. So if you pay 50k in a new one and 45k on a used, nobody would buy the used one since a new one will give you a 5k bonus. So they drop extra hard on the first year, but not so much after it. If you look the depreciation in long terms it tends to be even less then a combustion car, because of less mechanical components that normally tend to fail.
Stop disrupting the "EV bad" clickbait with your facts and logic.
How dare you use your brain and speak the truth, stick with the "EV bad" narrative!
What “Bonus”? We don’t have tax-payer funded EV grants anymore in the UK.
Carwow is antiEV.
They know all this but they don't want to say the truth.
They "forgot" to mention how tesla dropped their prices by 30% last year which caused all other EVs to drop as well.
Upsy,honest mistake by Carwow.
Who said mechanically less likely to fail? That's just theory but in practice it's probably about the same or worse. Battery degradation, plastic components wearing away, electrical components failing resulting in same labour charge to fix as iCE etc.
Markets are ridiculously different 😳
In Finland:
Bought Volvo S90 D4 in 2017 for 78k eur. Sold it for 32k eur in 2022 after 4,5 years, and 104k km.
Bought Volvo XC40 plugin in 2020.09 for 61k eur. Sold it for 38k in 2023.07 after 3 years and 60k km.
Bought Ford Explorer plugin in 2022.12 for 84k eur. Sold it for 59k in 2024.05 after 2,5 years, and 38k km.
Now we have to KIAs. EV6 (from 2023.07) and EV9 (from 2024.01). EV6 dropped by 10%, and EV9 dropped by 6%.
Either you shouldn't care about depreciation when buying cars, or use public transport. 🤷
That Volvo will last 30 years....
Or just buy second hand?
@ivanjanjic8762 Eventually, yes, depreciation will slow down, but when? My friend bought 4 years old BMW 530 plugin. After two years of ownership, his debt to the bank is 8k eur higher of the car value 😳 . I agree, that used cars depreciate at much slower rate, but it must be over 10 years old, seems so. And Chinese automakers make it even harder with price cuts. That is life. Car is and always will be a luxury.
Should have kept the Volvo 😅.
@krevo6c yeah, this thought crossed my mind now and then 😄
We're early in the EV product curve. It's like the early 2000's for PCs. Yesterday's tech has limited appeal.
many dealers won’t take used ev’s as trade ins though.
Conclusion: Ev's should cost ( much ) less as new.
There should with these cars mentioned be at least a 15-30% price adjustment when new.
Look at any new Tech ( mobile phones, computers etc etc ) and the abysmal depreciation they suffer after purchase. And when a new model arrives the drop is even greater.
Ev's are similar to when PC computers took off, very expensive at first and not available to mainstream of the population because of price.
Now, we rarely think or mention price of such devices.
I think in 2-5 years we will really see videos such as this ( no offence about this great Chanel ) due to price adjustments in the marketplace.
If the oil producing countries keep treating us like milk cows, the faster the coin will drop.
But that price adjustment has already taken place.. price cuts is the primary source of these depreciation figures
Well it has been a capital loss of asset for the purchaser, rather than a discounted price at point of new sale.
Like all new emerging technology it is the end consumer who absorb the loss.
How great depends on market valuation.
Point being, if you buy anything new, it will be a time/ loss graph depending on market.
Timing will be crucial for when you realise your assets.
Nothing specific to EV’s
I think a lot of what we see have more to do with the Tesla pressure on the market. The constant price drops of Teslas are forcing other car companies to drop prices, and sometimes quality to keep up. It is also horrendous for car owners. In Denmark, if you bought a Model Y in 2021 it would have cost you starting from 500,000 DKK (€67,000), but just three years later the exact same car from brand new costs 359,000 dkk (€48,000). That means the people who bought the car for €67.000 are now trying to sell their used Model Y for the current Model Y used car prices, which is significantly less, we're talking Model Y's down to 265.000 DKK (€35.000) that are just 1-3 years old. So if you bought a Model Y in 2021, you essentially lost half its value in less than the three years you owned it. For reference, my 2019 A4 Avant has lost less value in the 5 years from new than a Model Y did in 2023 alone.
2025 is around the time that EVs are expected to become cheaper than ICE. Whether manufacturers continue to try to take a premium is up to them, but they have increasing competition from Korea and China so their EV cash cow days are rapidly coming to an end.
I might be wrong, but there are several reasons why they depreciate so much comparatively to ICE cars currently at least.
1. Market flooded with leases and salary sacrifice cars which get handed back and then sold off.
2. As a relatively new technology (and having had both inflated prices and subsidised pricing), new car prices are relative to the old ones becoming cheaper, so it's harder to justify the value of a second hand staying the same.
3. The demand for second-hand EVs is lower as some people refuse to even consider one, and those buying on finance can often get just as good a deal on a new EV.
You see that with the Teslas. They are making them cheaper and cheaper. So it is causing the price of used ones to fall sharply. When the prices stayed the same for several years, then the used one's value stayed high. But when they have dropped the price of a Model Y by 20%+, that drops the price of a used one by 20% on top of any value lost because of it being a year old.
Plus these are Dealership Trade in Prices. The Dealer is then going to put 10-20% on that price before they sell it as second hand, so the second hand buyer isn't getting this price anyway.
All correct and the Salary Sacrifice is the big one. I notice that many of the depreciation figures were similar to the tax savings which can be over 50%.
@@tsubadaikhan6332 unless the dealer mark up on EV's is drastically different it doesn't matter as it's still like for like, EV vs ICEV. I have no idea if it is.
@@MrDuncl Yeah, the tax credits in the US probably has something to do with that. Hopefully if they were to compare the new prices vs trade in price they are taking that into account. If I pay $50K for a Model Y and then get $7500 off for the tax credit, really I am paying $42,500. So no one is going to pay you $45,000 for one, even with zero miles because they can buy a brand new one for $42,500. The value of the used one drops by 15% instantly because of the tax credit. But in reality, the person did not pay that. If you cannot get the tax credit, then you definitely take the hit.
The reason for car values dropping is the high rinse value of new cars with everyone but the consumer getting a good deal, ie heavy tax applied, rip off Britain attitude by the importers. As an example look at how much the Ora Funky Cat costs in China, around half its UK price.
Let's not forget the cost of the Taycan replacement batteries of £55k. Who wants to buy a 2nd hand Taycan and KNOW that the cost of £55k time bomb is ticking....
I think people are forgetting alot of the EV cars got rebates in America of $7,500 that’s more than 10% right there for certain cars
I have just mentioned that in several posts. In the U.K. many people don't pay income tax on leasing an EV. A £1000 a month EV lease might end up knocking £470 a month off the bottom line of their payslip.
I remember EV salesmen saying that because of the online upgrades of cars’ software every update would be equal to “buying a new car for free”
It still is. 2018 Model 3 here with 120k miles…
@@aussie2uGA the hell it is
The fact that Tesla are the only ones offering an infotainment upgrade makes that statement actually true.
Buying a new car for free from just a software update sounds like a fantastic selling point, just wondering though how a software upgrade is going to renew the tyres, the brakes and that cracked back bumper when it was reversed into a concrete bollard.
@@timburton5280 the people who believe in it are either salesmen themselves or just drinking their kool aid
Honest question - why are EV's dropping in price by such huge differentials? Is it new battery technology around the corner giving them 809km range? Or a tapped out consumer segment willing to put up with range anxiety and all other consumers refusing to buy them?
There are lots of comments here related to the notion that, "But I'm not not planning on selling my car, therefore the depreciation during the first/second/etc year is not relevant to me". However, what people don't realise is that depreciation is _prepaid_ when you purchase the vehicle. E.g. if you buy a £50,000 car then on day 1 you prepay £50,000 in depreciation. If you sell it after 12 months for £35,000 then you get a £35,000 partial refund of the depreciation paid and end up £15,000 out of pocket. If you never sell the car, then you've still paid the £50,000 depreciation on day one.
Should have looked at the MG ZS EV. Mines lost about 50%.
yikes! - Heres hoping Cyberster follows that trend each yr - could b interested after 5 yrs :)
My condolences.
@@Mav86asian Great reply 👌👌
Same I've lost about 8000 on mine
I love my i4 and couldn’t care less about the loss of value. I just drive and enjoy it.
Btw in Germany you get close to 20% discount for an i4. No one ever payed the MSRP.
Gas car converted with brushed motors tho :/
Here in the UK we purchased our model 3 in 2019 fully loaded Inc FSD and absolutely love it, it has stalks chrome trim etc which is not available now. So it's a keeper. P.s 40000 miles & no noticeable battery degregation. Scan my tesla calculates 2.4%. As you say Drive and enjoy.
bmw i4 and vw eUP are the best evs
Bmw i4 and i5 are the best luxury EV sedans on the market rn. I understand how u love it.
@@foam27 And? :-D
I had hoped for an explanation on the ‘why’ and assumed you were going to mention the price reductions on brand new EVs which by default reduced used prices overnight 🤷
Also, what about a list of the best used EV values?
No mention of the ban on sales of new petrol and diesel cars being changed in October, from 2030 to 2035? Does that have no bearing on the market?
Those figures are mind blowing.
I pity the people that have bought new EVs!
If you want an electric car for short trips, shops, kids, short commutes etc, and you have home charging, now is the time to buy a one year old EV!
just lease them cheaply through work :)
... in other news
for a 2020 Taycan 4s performance+ (was from 90k new) are asking from 45-50k
for a 2020 Panamera V6 (was from 101k new) are asking from 55-60k ....
@@USUG0 😳
What is so difficult to understand? New EVs are the same as iPhones with every next gen being better than the previous ones. So if the prices of the new EVs are responsible why would you buy a used one.
With the Tesla Model 3 and other company fleet type cars reaching the UK in 2018/19 we are at the point where fleets are off loading their EVs for new EVs creating a short term glut in the market. 2nd hand EV sales are up 21% year on year. It’s just supply and demand.