Why Used EV Values Are Dropping Like Crazy!
Вставка
- Опубліковано 15 тра 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 та транспорт
![S3XY Knob Update 4.5.3 Full Walkthrough [reuploaded]](/img/n.gif)
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!
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.
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.
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.
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
Bollocks an etron is £44 k on auto trader
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.
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 😆
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 😅
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"
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
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.
Journalists: EVs are too expensive!
Also journalists: EVs are getting too cheap!
🙄
Current headline is "shortage of good value used EVs" - can't make it up 🙄
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.
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.
@@virtualcircuit EVs have huge tax reliefs compared to regular cars. Therefore the vast majority of EVs are actually purchased through company car schemes which offers the employee up to 45% off in income tax saved. The employer only needs to pay 2% of MSRP in NIC as opposed to up to 37% for Diesel & Petro. When situations like this happens what companies do is to hike up the pricing so the discounted price is the real market price. The citroen C4 is the best example where inflated MSRP quickly converged with its petrol equivalent.
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.
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
you only lose that money if you sell it.
Folk complained EVs were unaffordable, now there are reasonably prices second hand ones available we're still complaining 🤣
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.
Good, drop all the prices, i hate when people overexaggerate on the 2nd hand pricing
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.
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
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
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.
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’.
Me with my 2014 2.0 Litre Diesel Vauxhall Zafira Tourer, 170 BHP, remapped to 210 BHP. Second hand bought in 2016 and still loving every moment of it. Drove to Netherlands from Dover (Eurotunnel) with my kids for holidays and it was the best experience ever! SPACIOUS, ECONOMICAL, AESTHETICALLY pleasing for a 7-seater and EXCITING when the pedal is to the floor!
I shall be running this until the engine ceases. Just had timing belt changed, among other few jobs at 120k mileage.
My worst fear at moment is getting a car that ends up being least reliable to what I have and unnecessarily putting myself through painful monthly repayments again. Not needed! I'm giving GOLF GTDs and Fiesta STs, BMW 120 series a hard time, what's not to love?! 😊
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
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.
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!
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
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.
0:18 “what could you do to avoid it?”
“I won’t buy one”
Me watching this munching on my cheap ass protein cereal, that can’t even buy a broken used car…
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.
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.
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 🙂
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😭
It’s just market correction to abnormally high used-values last year. Basically there were shortages in getting raw materials which limited production, meaning that waiting lists for some brand new EVs were ridiculously long (18 months for some!). Because of this, lots of people decided to buy nearly-new used EVs instead, which artificially inflated the prices in the used EV market.
Production has now ramped up across the board as manufacturers are getting the materials they need, so that artificial demand for nearly new used EVs has dropped.
So by comparing to last year is a bit misleading and is no indication of how much depreciation you’d see if you bought new today.
It`s many things, but basically ppl are realising EV`s are too expensive and have too many problems.So demand has fallen.
Here in Germany it’s the same. I think, most of this high value loss are based on 2 things.
1) EVs are most new build cars, no one knows really, what problems you get in higher mileage. 10 or 20k is still new, not high mileage… people wait what’s comes up with evs with 200k miles…
2) our government try to force us to buy evs. As long they don’t want give us options (Combustion, hybrid and evs for sample) people avoid to buy evs and stay with Cc cars…
I drove all three (CC, Hybrid and EV) and for my own, I still love my 2019 GTi performance most. Good daily driver in midrange, lost of emotions while driving and as a car lover I love its sound when hit the gas pedal…
The government forced you to wear seat belts, they forced you to stop getting behind the wheel of a car when you were pissed and they try to stop you driving over the speed limits, you just don't want the government to stop you buying inneficient dirty cars that don't go broom broom so your little ego feels bruised.
Right now yhou can buy either. No-one is forcing you to buy an EV.
@@steverx4460 Key words *right now.* The 2030s are only 5.5 ish years away and that's when a lot of places have laws that say they won't allow consumers to buy new ICE cars. Half a decade isn't a lot of time left especially when you consider that aside from a house, a car is the 2nd most expensive thing people buy on average.
Your technically correct, but your also being kind of disingenuous in dismissing OP's point.
@@thespectator5259 some say 2030 most say 2035 and some say 2040 and even 2050
@@steverx4460 "Some say" more like California and the EU says.
This isn't speculation, unless you haven't kept up with the news, the aforementioned have already passed legislation for the ban of new ICE car sales to consumers in the 2030s (I don't have exact dates, but it's during that decade). While I don't live in either of the aforementioned, they are large enough markets, that it has an indirect effect on automakers on what to sell for all other markets.
A bike I own for instance (2018 Yamaha R6) stopped having a street production version made after 2020 due no longer having access to the EU market place. The manufacturer couldn't come out with a homologation 600cc class bike that would meet the new Euro 5 standards without significantly cutting back on performance (the whole point of a sport bike). They (rightfully imo) figured that they would lose sales for newer models if they weren't at least as fast as previous models, so they decided to cut their losses and just stop making them. This is in spite of still being able to sell them elsewhere in the world.
This is an economic phenomenon called "the Brussels effect" and you just dismissing OP's point isn't logically warranted.
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
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.
Thank you, Mat! Very useful information 👍🏻
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.
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.
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.
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.
There was an advert on the radio this morning for vauxhall EVs. I can't imagine how awful the deprecation will be on them.
At least somethings affordable. Old cars with 200,000 miles costing $20,000+ is insane!
Hi Carwow and Matt love these videos. Could you do one on hybrid 4x4 / cars vehicles?
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.
Great video, as a normal bloke without unlimited cash 2nd hand values greatly influences which car I buy, the hit on EVs at the moment means they arnt viable at least to people on regular incomes
Maybe if your planning to sell it ... but what if you are planning to drive it for 10 years....
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
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 🤷🏻♂️
Odd how the market prices are affected by ... consumer demand ... isn't it.
Excellent video Mat!
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.
Interesting stuff - would have been good to have the initial new price too, to see the actual depreciation as well as the relative change.
Depreciation is only one problem with electrification, especially here in the US. The infrastructure is not even close to being built in the US, and the winters have been surprising a lot of people with how little charge they have left to drive in the freezing temps.
Another area is the overall cost of these vehicles does not stop at the sticker, for new or used vehicles. The repairs on these cars are usually accomplished in specialty shops because not everyone can work on them. For Tesla vehicles, there are less and less shops all of the time that will work on them.
Then there is the issue with batteries. Again, with the cold weather you will get less charge use, and an overall shortening of the battery life. There have been recent stories here in the US where people are getting used vehicles that the battery is not covered for, and repair / replacement bills of $20 to $25 thousand dollars are common. Other stories where the owners set their car on fire instead of paying for the repairs. True story, it's happened more than once!
People are too dependent on having the latest and greatest of everything, including cars. I have not had a car payment in 16 years, and I drive perfectly good vehicles that get me where I'm going without any major maintenance issues at all.
Because they know there’s going to be a change of plans in the future and it’s not going to be EV dominating.
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.
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.
🔴 We want tesla model s vs yangwang U9 DRAG RACE 🔴
The Taycans depreciation is down to it being one of the prerequisites for the gt3 rs. That’s most likely why that one had 20 miles on it.
The Way I love the Porsche Taycan ev, that pained my soul Mat!
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. 🤪
Can you do a video about general car depreciation on known models? It's very hard to get accurate data on it.
Biggest issue was dealers were bulk buying EV's as there was a sales boom. The market is evening out and they're stuck with cars, so they're not gonna offer crazy trade in prices
Finally an electric car video on UA-cam that doesn't mention Tesla.
Probably because there values were dropping massively a year ago and still are.
But why no prices for Tesla’s ??
@@weinisable hard to plot depreciation when the manufacturer reduces costs and purchase price by $16,000 in a short period of time. There are a couple ways to do it but neither paint a very accurate picture. Do you use the original purchase price when a brand new one is $16,000 less than what they paid? Or do you use the new price versus what they're selling for?
@@weinisablethe plaid for example depreciated over 50% because tesla themselves slashed the price
Also Tesla doesn't negotiate sale prices. You pay what they ask. Helps keep prices bit more stable
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
The good news here is for used xar buyers who have complained they were unable to afford used EVs where the main car market is. At 10k ev mileage, their batteries and bar tyres, lower complexity means most are great used bargains at the upper end like the Taycan and E-tron and Mercedes. Naturally the golf like EVs will advance more as battery capacity vs price improves.
I don’t think using last years prices are a good comparison. Prices were still over inflated.
What you should do is use the ratios from 2018/2019 before things went nutty.
Prices coming down is a good thing, it’s called market correction. They have been too high in the past few years.
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 😄
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.
There was a very similar discussion when the car was overtaking the horse as a transportation device.
Many cheap horses available= horses are best.
"Life can only be understood backwards; but it must be lived forwards."
Love it when EV owners puff their chests over how much they save on recharging and maintenance costs. Then along comes the depreciation reaper and they all go very quiet.
try... keeping the car :)
EV's value deprecates like a smartphone because they're just big smartphones inside which you can sit and drive 😂
Please elaborate on what sub system of a car is similar to a phone.
@@AlbertLamarquemost of them run on Android Automotive...even the VW IDs run on this System, since open source...they simply did not buy the Google Services, like Polestar and others...
This goes for any modern car, not just EVs.
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!
Am I confused or when I search for an Audi e-tron GT the prices are no where near £33k and more like £43k+
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
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?
But this makes sense. EVs have been historically overprized resp. to diesel/petrol cars. Having their prices normalized in the 2nd hand market is absolutely great, this should mean that eventually the 1st hand market should also drop EV prices to keep competitive with the expected residual value, which either makes the EV chain more sustainable (or will go out of business).
What would be interesting here is to understand whether the discounts that the dealers have been getting compared to the resale value have proportionately dropped as well or are the dealers pocketing the difference?
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
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.
Bought a top of the range Jaguar iPace (2021) for £50,000 less than its purchase price 3 years prior. Amazing value, incredible utility, brilliant car, super cheap to run. Still under warranty, free charger, free MoT x2, free services x2, £2k cash back. So it’s not all bad.
It would have been more useful to do 3 year old/30,000 mile cars,TBH. One year old car values will always fluctuate if there are supply issues with brand new ones, as has happened for the last couple of years.
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 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
This isn’t the best way to show the problem. It is better to calculate the forecasted depreciation loss on a new car today. Whilst the value of used EV’s has dropped, so has the effective new price, as now there are substantial discounts.
Also not everyone is likely to change their car every year. A 3 or 4 year replacement is more normal.
I still predict the EV’s have taken a huge hit in the last year. But the margin won’t be so dramatic.
I sold my diesel Jaguar E Pace for £26,500 after 3yrs 7months. Cost new was £39,999 and that’s a depreciation of 32% after 43months. Pretty good value 👍
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
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
No I don't trade on my own anymore, I always required help and assistance
From my personal financial advisor
Here is her line she’s always active
+1548
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 😳
10:14 So if I look for a used 4 series, their prices have definitely fell more then just 2.3 Percent, more like 10 to 15 Percent. Their list price in Germany was about 51.000€, a used 2024 4 series with up to 10.000 kilometers with some configured packages costs about 55.000€ to 68.000€.
Now you get a comparable one year old car with 10.000 to 20.000 kilometers (about 6.200 to 12.400 miles) for 41.000€ to 46.000€. So that drop in prices is more like 17% to (in the absolute worst case, far more unlikely) 40% . Am I getting something wrong? He was talking about the prices of one year old vehicles compared to cars from this year with the same mileage, right?
The question 'why?' is not answered here. The statistic that used EV sales are up 71% on a year ago shows it is not a lack of people buying used EVs but because of the dramatic increase of supply of used EVs as many come off the end of 2 or 3 year lease deals from corporate fleets etc. The second hand car buyers are there for EVs in much greater numbers and there is a lag in folks realising how cheaply you can pick up a used EV and how good it would be but it may not last. Looking at all those different drops in used prices also reminded me of the growing wealth gap. Amongst the higher income classes only a new car will do and it's replaced every 3 years. Most people have to settle for used cars and their ability to pay has been squeezed by the cost of living crisis and freezing of tax thresholds so when they come along to pick up the discarded used cars their pockets are less deep than ever. If you've read this far please vote Lib Dem!
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.
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
20 miles on a Porsche? That must've been the most expensive carpooling ever!