you won't beliEVe HOW MUCH my ELECTRIC CAR has DEPRECIATED in the last 4 MONTHS! Truly SHOCKING!
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- Опубликовано: 14 окт 2024
- 4 Months ago I made a video that gained over 1 Million Views called "my ELECTRIC CAR is now WORTHLESS EVen the DEALERSHIP doesn’t want it back! EVs are DISPOSABLE JUNK!!"
I didn't think that I could lose any more on my Electric Car, how wrong I was. 4 months later I got a settlement quotation for my EV and got quotes off the same companies as before and to say I was shocked is an understatement!
You won't beliEVe HOW MUCH my ELECTRIC CAR has DEPRECIATED in the last 4 MONTHS! Truly SHOCKING!
#ev #electriccar #electriccars #electriccarsarethefuture #electriccarcharger #evcharging #evcharginginfrastructure #motoring #motors
Watch my Viral Video from 4 Months ago...
• my ELECTRIC CAR is now...
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People buying cars they can't afford on finance - sympathy levels 0%.
If people want Sympathy it's right next to *Syphilis* in the Oxford English Dictionary
This guy has owned 8 Porshes, I don't think he can't afford it.
@@andrewb8548 and yet he has finance for it....
@@andys5841So what? I couldn’t afford that, and I bet you can’t either. Did you buy your house outright? Thought not.
Of course Lee you have single handedly engineered the depreciation of your own car 🤣😉
im not sure thats the case. More likely Lee opened a few eyes mate. You know what if he stops others getting in the same crap he is in then hats off to the man.
Porsche Taycan: 0 to 60mph 5.1 secs, £120,000 to £31,00 in 3 years?
If only EV’s charged as quickly as they depreciates
@@gilbert7794 charging mine takes me a minute more or less
"Nobody's gonna be drivin' anything"
Governments: "How is that a bad thing?"
I leased a BMW i5 M60 Ultimate new in February this year. List price was £112000. I have 6000 miles on it and I have just fed info into Webuyanycar and the current trade bid is ,………….. …………. £55000 !!!! The car has lost £57000 in in less than 6 months 😮😮😮😮😮
£112000 for an i5 is madness it should have been about £60k new.
The Tesla Model 3 Performance is a better car for half the price.
bmw must have been laughing their heads off calling the spec ultimate... as it seems like the ultimate con job they pulled on you 😂
@@Alantj22don’t be daft, Tesla quality is garbage.
I will give you 10k cash, 😂😂😂, BMW pure Rubbish, Electric BMW pure shite.Silly man.
@@Alantj22 yawn
Here’s a thought, if you bought your car using personal contract purchase (PCP) or hire purchase (HP) then you’re allowed to hand it back to the finance company if you have already paid off 50% of the loan, including any interest and fees. This is known as voluntary termination (VT).
If you’ve yet to pay off 50% of the loan, then you’ll have to make up the difference if you want to hand the car back. Equally, if you’ve paid off more than 50%, you won’t get that extra money back if you cancel the contract and return the car.
Sounds like you are not too far off from the 50% mark, though all depends on the interest element on the £120K purchase price and the deposit laid out against this figure. Yes, handing back means you will lose the deposit monies, but it doesn’t look like there’s much left with these updated negative equity figures!
The VT works having done this some years ago after having purchased a 1-year-old ‘high-end’ car for £20K on HP (5 Years) with a small deposit up front, only for the manufacturer to drop the cost of new cars a year or so afterwards causing resell values to drop! So kept the car for approx. 2.5 years and handed it back, very easy process. Just treated the HP payments as a rental for that period.
One myth about voluntary termination is that it will harm your credit rating and leave a negative mark on your credit history. This is not true. You're exercising your right to end a legal agreement without incurring adverse consequences.
@Please-Turn-The-Lights-Off didn't know you could do this, I've been paying for a car that breaks down all the time can I send it back now I've paid 50% on a hire purchase?
They are just like expensive mobile phones! Chuck em' away when the battery goes!
Haven’t seen any mobiles with coolant systems to keep the battery temperature in check
So Basically a 50 year old series 1 land rover is greener than an the EV which at best will last 20 years if your lucky then go in landfill.
You won't believe this! Next year, my Dewalt hammer drill battery is gonna be more valuable than your Taycan.😮
That's daylight robbery !
@@deanharris9331 pmsl lololol hahaha don't stop leave me alone aawww that's funny i need a needle and thread for my sides to 🤣🤣🤣🤣🤣🤣🤣🤣🤣🤣
My 1970's scalextric cars will be worth more soon as well.....
@@markjonfoster4962 🤣
@@petew8388 🤣
My 2013 BMW 520D Touring 50,000 miles on the clock and it cost me £12,200. After 5 years of luxurious, reliable motoring. It is now priceless..... to me. 😊
If your on a PCP lease, there is a little known clause called 3rd's and half's. If your over half way thru your lease agreement you can do whats known as voluntary Surrender/Termination. It will cost you the car collection fee (in my case it was £43) and nothing else. Handing the car back puts all the risk back on the finance company with no comeback to you. I handed back a full electric 2020 Hyundia Kona July last year. The outstanding finance on it was just over £22K with a valuation of £12k. So I ditched it and brought a diesel Jag.
Only for private buyers
My Volt went from 45k to 11k in less than two years. I learned early. Never tried electric, since.
I love my EV mate but i am a very low user I paid £42.000 in January it has 5.300 on the clock and is now worth £16.500 unbelievable Lee. As always mate stay safe.
I’d rather plod around in my 22 year old Landrover it’ll still be going in another 22years when we’ve forgotten about the ev cockup
TOP COMMENT.
Well done Sir🙏🙏
A blatant way of culling the average motorist off the roads
Cor blimey, at least Dick Turpin wore a mask! Completely agree with you that these are disposable items.
Didn't know you had an electric car mate 😂😂😂😂😂
You will not go wrong with a hybrid quality car. I went from a Lexus GS, owned for nearly ten years, to a Lexus ES. Mileage from the former was in excess of 39mpg, over the lifetime of the car, from a 3500cc engine. The ES with a 2500cc engine and SIX levels of regenerative braking, mileage is about 57mpg since ownership. Love the car.
In 4 months, you will have to pay someone to take it away
Just keep it until your PCP runs out and hand it back. It’s sort of irrelevant how far it drops as you already have a guaranteed future value which you were happy with when you bought the car.
Going anywhere near ‘We Buy Any Car’ is like visiting a loan shark then wondering why £100 costs you £2000 in interest.🙄🙄🙄
I would like to know how lease companies are going to survive when the lease cars are returned and sold on at a massive loss in depreciation.
@@matthewharding-ew1ts they will have agreed buy back prices from the manufacturer, the tax breaks on EV capital write downs is one reason the used cars are so cheap.
Its like buying a cordless battery drill when the battery dies bin it , thats not economical and green , and a sucker is born every day 😂 ive still got ice cord power drills that are 40 years old and still work perfectly 😀👍
Wont be long before you could PX your old drills for Lee's Turdcan
I've only bought one hair dryer in my life - 45 years ago, and it's still working perfectly. No batteries needed!
Report back when you get a cordless drill that has the real estate for a dedicated coolant system on the battery
Glad I've still got my lovely mk7 Golf Gti with dsg and full leather. Still worth only 4 or 5 grand less than I paid for it 5 years ago.
Looking forward to next video in 6 months where the Taycan is only worth a fiver 😅
Great video. There is little demand for used EVs, you will find that the vast majority of EVs are on salary sacrifice or motability. Very few are private individuals. These are now coming to the end of the 2 or 3 year contract. Nobody wants them. I see the same cars on autotrader for months still for sale. Dealers dont want them and cannot shift them.
Hopefully more and more people are waking up to the scam !!!!!!
My electric bills go up my electric car value going down 😢
@@dannyhampshire9077 your on the wrong tariff then the cost to charge and run my ev is ridiculous cheap.
Expensive! Microwave on wheels! 🤦🏼♀️
My neighbour just bought a Polestar 2 with 3000 miles for £30k, and it is supposedly £60k when brand new.
"Nobody is going to be driving anything" Isn't that the plan?
Mac Master video with no padding no filling no walk by’s. Thank god I say 😂😂👍
The actual price you get will be LESS than those quotes! The companies will look at the car and deduct money for any scratch, dent or wear and tear on the vehicles. Knock a few more grand off for the cash in hand value.
Ironically if you'd instead bought one of the last 6.2L V8 Holden Commodores you could sell it now for more than it cost new back in 2017.
@@daskrispysquivvel3120 excellent and the cost to run your need to remortgage every year.
Horse prices are going up!
no they arent. you just need more currency to buy them. Your currency is failing because of debt. wake up for gods sake. if you are under 18 i will let you off. If not then you need to study harder.
Lee, just did a we buy any car quote on my bosses 2023 Taycan 4S with 4000 miles on it £47.305. I’m sure he paid 130 grand for it this time last year 😮
Should have called a über or taxi with that mileage...
The taxman would have paid for most of it. Ask him why he went for a £130K electric porsche, because it was very beneficial tax wise. Utter insanity, just remeber every time you put petrol in your car you're paying half of it as tax so they can give him a tax break on a Porsche!
If the problem is the battery, how come MG are just about to introduce a lifetime guarantee on their batteries? Usual bullshit.
Your doing well simon. At the end of the lease you should get bus fair home in exchange. No one keeps them.
We buy any car won't give you that.
They will chisel it down.
My neighbour hat a battery replaced in his taycan after 15 months. Under warranty certainly, but the car was away for two weeks to get the work done.
Something to lighten the mood while we are waiting - Thanks to EV fires you can watch Steven Fry, Peter Cook, Susan Boyle and see how Robert Burns.
Why would anyone spend £120K on an EV in the first place? Batteries can be repaired nowadays, no need to spend so much on a replacement.
Most EVs are company cars , the company cant take the depreciation hit , end of EVs.
Classic electric car, what a hilarious concept!! :D:D:D:D
How did you not know these cars lose so much money?
I mean who’s going to buy a second hand battery?
Never wanted one and I’ll never buy one.
I have been in the motor trade since the 1980,s and people have always lost money. It helps if you buy sensibly but most people are far from sensible when purchasing wanting what they could most afford and many times what they couldn't . This sometimes made it difficult for the dealer to get the figures to work and believe me we sometimes made very little or even a slight loss despite spending three weeks to locate and get the car, but the customer was happy, fortunately it wasn't always like that and our customers enjoyed the proceedings as much as we did as we tried to keep them informed of what was going on .The people who didn't want customer to be too sensible were the manufacturers who made more money out of a more expensive car even if the dealer didn't, the tax man, I remember a college mine saying ,all we are is glorified tax collectors and of corse patrol companies who rather you had a car that did 20mpg than 40mpg never mind the environment believe me oil company's want to be taken off your Christmas card list if you can afford the stamp in the first place probably not if you run an electric car
Thanks for posting your EV experiences Lee! Your car is a real beauty and such a credit to Porsche however its becoming quite clear that however they try and re-package this mode of transport! We just can't escape from this utter electric disappointment!. It's just not working and market forces are reaffirming this sentiment.
Do you know anything about this model car and its history? It’s in no way representative of the market. It’s like finding Fred Wests house and saying the housing market is in free fall because nobody wants to live there.
Do you know anything about this model car and its history? It’s in no way representative of the market. It’s like finding Fred Wests house and saying the housing market is in free fall because nobody wants to live there.
Did your previous video go viral, I think you forgot to mention it 😂 The depreciation is truly shocking but you have been aware of the direction of travel for ages and just kept the car for views so my tiny violin is not even coming out this time. 🤷♂️
The cheaper used EVs are the more tempting they become. A friend has just bought an E-Tron for just over £20k - three years old and as specified would have been £85k new. That's good value considering there's still 5 years battery warranty on it. There will be companies that can refurb EVs in the future but that's not going to happen while most of them are still on warranty. Buying an expensive EV new is a bit crazy though - what were you thinking other than RUclips videos about it no doubt recouped some of the outlay.
they’re great value used
MacMaster, remember that the we buy any car quote is not the actual price you will receive. When you take your car to them for evaluation, they will in NO DOUBT find numerous faults with it (supposed damage etc) and therefore reduced it heavily. They are an absolute con and will do anything to get your car as cheap as possible.
Just look at the prices of EV Vans Mercedes Volkswagen £65k+ new 18 months old with less than 20k miles available for below £15k…
link
Motorway just quoted me £21k for a 8 year old BMW m4 as I’m lining up a bmw m8. I know that’s comparing apples and oranges but £31k for a £120k car that was purchased recently is bonkers
Lee, we depreciate all you're doing mate, Ever Vigilant, so we don't get Economically Violated. Keep it up, MacMasterfully done as EVer.
Give you £50 for it, strip out the batteries and interior and it will make an excellent hen hut for the back garden.
EV's make Diesel gate look like a joke...What we are going to do with those non recyclable batteries? There will not be any place to bury them after we bury all wind turbines and solar panels half of the earth will be a no go zone...
it’s only coming down towards it’s true value, imo about £14k , not a penny more, new price is complete robbery zero chance
Remember you can hand your car back to finance company and it doesn’t affect your credit score as long as you’ve paid over half the price of car saving you 20k I’ve just got my new RS6 and won’t be going anywhere near electric cars
Just bought a new Merc . They were telling me Merc cutting back on production of EVs . Only 11% of new metic cars are EV worldwide and majority company cars . People not buying them and they really don’t want them back second hand
Brilliant news that is Lee.
🎉🎉🎉
You are free at last !🙏
No negative equity.🥰
As you have stated,
Car cost £120k
Outstanding balance, less than £60k.
The halves rule now applies.
You can walk away from the deal.
Go get that Boxster, go get it now!!
Whats stopping you?
Make a video about handing that damn Taycan't back and picking up your nice shiny new petrol car 🚗!
When can we expect it to be published?
👏👏👏👏👏👏👏
You've made my mind up thanks.
Every single long range ev car test by independent reviewers I have seen on UK roads has turned into a living nightmare if it's raining and you need the lights on the range crashes and they have stress charging the thing's
@@neil5877 I have an ev and that is complete and utter nonsense.
So your car is losing money faster than a person on minimum wage would earn it.
100% agree... lease an EV if you want to try one. Buying new is a mugs game.
I was looking at a polestar2 , they are 50-60k new, you can see them on line 2 years old at around 20k
Brother bought a 2 year old one
He absolutely loves it
Said it's best car he's had and for years bought 1 and 2 year old BMW's and Mercs.
@@boyasakamy imaginary friend bought a polestar too, best car he'd never owned.
I bought a 1997 Jeep last week for less than what you are losing per two months on your car. The week before I bought a 1998 Jeep for the same price. I'm set for the next 20 years when you add in the other two Jeeps I own of a similar year as these two.
And still the EV nuts will deny there is any problem! Decent diesels are going up in price. World is bonkers right now. Manufacturers are in big trouble as is the financial sector servicing them.
Think the way it’s going we will only be able to lease cars Lee. Vauxhall at the moment are offering a brand new corsa petrol car for no deposit and £239 a month for 48 months. It says “ you will never own the vehicle” so I assume that you then give it back. It also states the amount of miles you can do.
Probably only about 8k miles a year. I do 22k miles a year in a car that cost £650 to buy outright 4 years ago. I grind my teeth if I have to pay out £239 even once a year for some job like new brakes or an exhaust. £12k to do (probably) 8k miles a year in a base Corsa, and then you don't even own it - insanity.
Assuming you're going to hold on to that car until it has been paid off in full, I wonder if there will be ANY residual value left. You might even have to PAY for having it disposed off in an environmentally sustainable way.
Just got back from France had to pms as at one service station was jammed with ev owners waiting to charge no joke there was 30 in a Q incredible
I had a crash in my car and was given a write off settlement of £13,000. The car was worth to me in excess of 20K, I bought it brand new and had it fully serviced twice a year. Its all about depreciation. Never buy a brand new car, and ensure the one you do buy has been looked after. Some cars you never should buy second hand,: any thing other than Japanese made in Japan
It’s brilliant to see someone like this lose their money.. EV’s are on the way up because they are so good 😁
I believe MG will be offering a lifetime warranty on their batteries soon. I also believe CATL, the world's largest car battery manufacturer, has developed a battery with over a 1m mile life span. Information provided by " the electric viking" on RUclips. Hope this helps.
Wife's MX5, bought 4 years ago for £3,600 (genuine 18,000 miles), sold for £4,000 within 3 hours of advertising. Cost me one oil and filter change in 4 years with 27,000 miles showing. Sensible motoring?
What are you saying sounds very obvious - cars 4 years ago were cheaper than now. I got my bmw 5 years ago for 15k on 55000 miles and now on 110000 miles is worth 11-12k which back in the day would have been sort off 5-6000 tops. There was no inflation back then.
Just a couple of points Lee to give a bit of perspective to what you're saying:
1. The amount of miles you drive in 4 months, will have impacted on the value of your vehicle. What mileage have you done in the last 4 months?
2. There is a new version of the Taycan out, which will have impacted on the value of your car, which would be the case for any vehicle be it EV, Hybrid or ICE, a new model affects the value of the old model.
You need to give an honest argument, not a biased one.
Ian's under water too. But he want's to try and argue his way out of it.
@igorbogdanoff4517 Couldn't be anymore wrong if you tried, I own a 2017 Skoda Rapid 1.4 diesel....
My wife has an Audi Q8 etron, which is a company lease car, so not concerned with residual value, we just get a new one every 3 years.....
Too many people fell for the hype and bollox.
He’s fell for every scam going lol. He’s a 🤡
Well that’s the beauty of buying through finance such as a PCP. You don’t make the loss the finance company do. Just voluntarily withdraw from the agreement once you are over half way though the payments and walk away. We did this. No need to look at valuations, or selling it. Just hand it back.
Well, we have a generation that use a smartphone for a year and dispose of it, disposable smartwatches, disposable vapes, no surprise they’ll be embracing disposable cars lol
Car batteries have an expected life of 12-15 years. Not really disposable.
Lee you're an honest man i appreciate that, and O respect you no one should knock you for that ❤
I'm not sure someone making truly horrible decisions is in any position to be giving out advice.
I've just bought a 10year old octavia I hope will last me another 10 years for 3k,i didn't realise what a great deal it was until I saw this.
I spoke to a local taxi driver who bought an electric MG for £45k, he was told the range was 240 miles however real world was 150k so tried to get back in to Skoda Octavia after it was 6 months old and the garage offered him £15k for the MG! It was 6 months old with 8000 miles on it!!
1. What electric MG costs £45k,?
2. People would kill for a range of 150k!
I’m confused.
A grown adult buys (finances) a battery with wheels and seems shocked when the price goes down substantially in a short amount of time.
I’m not a super smart person, but I don’t search the classified ads looking for second hand used batteries, which essentially what a used EV is.
Surely this electric car fad is going to end in tears for so many people.
I could sell my 2015 Lexus RX450h for £18k. I bought it four years ago, and its only got 54,000 miles on the clock. That’s deprecated £2,000 in 4 years. I will never spend £120k on a new car, let alone an EV. I only buy used cars, as the value of a brand new car usually depreciates as soon as you take it off the forecourt.
I won't even buy it for that. It's done. It's nealy 10 years old. Lucky if you get 15k.
Never ever buy an EV!!!
I did
@@boyasaka Poor thing. God Bless You.
I did years ago, and it paid for itself in fuel savings . Don't buy it if you don't want to.
@@xperyskop2475 You must be using your parent’s electricity. Mine electricity is very expensive in my home. Higher than petrol.
@@teams3345 my wife charges our EV free at work , but if we were to charge it at home between 10pm and 6 am it’s 8 pence per kWh which is about 10 cents if your in USA as comparison
During the day we pay 32 pence ( about 40 USA cents )
I’ll give you £5,000 for it Lee. My plan is to fit a proper engine and transaxle. Someone has to restore that car’s dignity. 👀🙄😎😜
Quite ironic with the sign in the background advertising about leasing a new EV 😅😅
I heard of someone in Germany, years ago, buying new Mercedes and basically stripping them down and selling off individual parts and it generated more income than the car was worth itself.
Perhaps you could do that. Take it apart on your drive and advertise everything on eBay bit by bit. Might add an interesting twist to your channel, you could give weekly updates of what’s sold, for how much and what the running total is. Just a thought 😃
Another idea would be to rent the car out on Turo and make some money from it. At least then it can pay its own way until it's worth selling it. If you need a cheap banger to drive while the Taycan is out, get an 18 year old Toyota Yaris like mine. Thrifty on fuel and dead reliable.
so what made you think spending120k on a lecky car was a good idea in the first place ?
Haven’t we seen this video 357 times?
Over 1000 people asked for an update. I'll delete the video and say glory glory isn't interested in it so you can't see it. 👍🏼
Who is 'we'? You and your imaginary friend?
The point of the video is to show us how much depreciation the car has suffered since the last video like this. Many of us want to know.
@@TheMacMaster ok knob jockey, but be sure to do another video titled “my poor old electric car that I bought & never stop whinging about has depreciated again woe is me, woe is me” in another couple of weeks
@@ProfessorCrumbs65 you haven’t seen countless videos of him whinging about the depreciation of his car? All it does is cause angst, he’s obviously got a few bob, sell the friggin thing, cut his losses, no more angst & no more whinging, problem solved, although he’d have to go back to whinging about food then
Whether PCP or HP most people do not realise you can hand back the car once you have paid off 50% of the finance. I did this on a PCP contract a few years back.
How can an EV be green if you throw it away and buy another new one. It's barmy.
Most new car loos around £5.000 as soon as you drive off the forecourt of any showroom but these ev cars loos a lot more than any normal car we use and classic cars are only going up in value as these things are going down the older they get .
Was loos instead of lose a Freudian slip but quite prophetic
What are you saying EV,s are a load of sh#t ?
Buy a sensible car for the way you intend to use it. Treat it as a tool for a purpose and leave vanity and ego at the door.
Well said
Just sell the bloody thing and move on ffs!
At that level of depriciation your better off leasing
I think you've added 2 and 2 and got 5 here Lee. Yes depreciation on EVs (and all luxury cars) is high, and yes batteries do degrade over time. But this doesn't mean that battery degradation is the cause of depreciation. The bigger driver of depreciation is the technology is moving so quickly just now that an EV becomes obsolete in a way that petrol cars don't, as you showed with your review of the new Taycan. They're more iPhone or flat screen tv than petrol car. However, this rapid pace of change won't just impact EV's, it will also impact petrol cars as the tech keeps getting better and more people switch from petrol to EV. So the model of depreciation we've seen in the past won't necessarily carry forward into the future. There is plenty of evidence out there that EV batteries last far longer than originally expected, and some manufacturers are now even upgrading warranties to lifetime warranties on previously sold cars, so confident are they in the robustness of their technology.
I think you will find a lot of companies are stopping EV production .
A Panamera turbo S averages 27.7 mpg (allegedly) which at the £2350 or so per month your Taycan lost would get you around 10k miles.
Of course that would also depreciate but nowhere near as much and the electric for the Taycan isn't free either.
Rechargeable battery systems for lugging 2.5tne SUVs around is plain insanity.
Like I've always said, the next few years are going to be a fantastic watch.
Me, I'm sticking with my 2 V8's and a flat 6. Think I need a V10 & V12 though as well to keep the greeno's happy. :-)
Most people know you lease an EV, not buy it!
Every one a bargain! Those EV’s depreciate faster than Diane Abbott jumping off the Empire State Building.