EVs... no one wants them!
Discussion
Almost all cars are “depreciating assets” and are better thought of as costs than investments. Whether it is wise to ever spend any money at all on one with a higher cost of ownership than strictly necessary comes down to whether they need the money for something else and whether there is something else that they would rather spend the money on. Which comes down to individual means, wants, and needs.
Discombobulate said:
M4cruiser said:
^ and for the wrong reasons! Slightly O/T but I'd guess that many people use their pension "lump sum" to pay for a new car, and that's the worst thing you can do with the lump sum.
If you're going to borrow the money then borrow it from a bank, it's cheaper than borrowing it from your pension.
Not true if you are a taxpaying pensioner. Only an idiot would spaff a large part of their tax free sum on a depreciating asset. But, if they can afford to, they would be even more of an idiot to borrow the whole sum from a bank. Very unlikely their pension fund would net more than the gross income required to pay off a bank loan.If you're going to borrow the money then borrow it from a bank, it's cheaper than borrowing it from your pension.
Unless they only want to keep the car short term. In which case the money is best left in the pension / spent on something "sensible".
Edited by Discombobulate on Sunday 28th April 16:08
lord trumpton said:
So just returning the the thread theme
What is the current stance of the trade and EVs?
Do they not want to bid on/buy them?
If they do accept as a px are they priced super low?
There are some big month to month trade book drops hitting EVs again May 1. Close on 10% for some models.What is the current stance of the trade and EVs?
Do they not want to bid on/buy them?
If they do accept as a px are they priced super low?
They'll presumably find a floor eventually but they haven't yet and with more and more ex PCP and lease examples hitting the market they may have a way to fall yet.
lord trumpton said:
So just returning the the thread theme
What is the current stance of the trade and EVs?
Do they not want to bid on/buy them?
If they do accept as a px are they priced super low?
We will take them as a PX but will bid low, we won't just buy them for stock though, sister branch sold their ZOE ex courtesy car recently and lost £4k on it. What is the current stance of the trade and EVs?
Do they not want to bid on/buy them?
If they do accept as a px are they priced super low?
I've a fair few ZOE customers in my diary who are coming up in the next few months to the end of their PCP's, all are in negative to the tune of circa £5k!
so you've got these machines, that really don't go wrong (despite the silly propaganda), with loads coming onto the market in tiptop nick, less than half the price of what it was new, with loads of cheaper models coming on to the market. consumers confused? very much yes.
hiatus only.
hiatus only.
We are looking to dip our toes into the EV world, albeit on a lease because I can just give it back at the end without worrying about selling it on etc.
We have another ICE car so the EV would just be for commuting and around town stuff, anything longer journey would be in the ICE car.
We have another ICE car so the EV would just be for commuting and around town stuff, anything longer journey would be in the ICE car.
Wagonwheel555 said:
We are looking to dip our toes into the EV world, albeit on a lease because I can just give it back at the end without worrying about selling it on etc.
We have another ICE car so the EV would just be for commuting and around town stuff, anything longer journey would be in the ICE car.
Depends what EV you get. You'll probably fine the EV better for more than just around town.We have another ICE car so the EV would just be for commuting and around town stuff, anything longer journey would be in the ICE car.
HTP99 said:
lord trumpton said:
So just returning the the thread theme
What is the current stance of the trade and EVs?
Do they not want to bid on/buy them?
If they do accept as a px are they priced super low?
We will take them as a PX but will bid low, we won't just buy them for stock though, sister branch sold their ZOE ex courtesy car recently and lost £4k on it. What is the current stance of the trade and EVs?
Do they not want to bid on/buy them?
If they do accept as a px are they priced super low?
I've a fair few ZOE customers in my diary who are coming up in the next few months to the end of their PCP's, all are in negative to the tune of circa £5k!
Are the manufacturers taking a massive loss on all of them, or the finance companies?
T_S_M said:
So who absorbs those costs? Being on a PCP, the negative equity is irrelevant as they can just give it back at the end of the term.
Are the manufacturers taking a massive loss on all of them, or the finance companies?
Finance company. It’s their risk when they set the GMFV. Are the manufacturers taking a massive loss on all of them, or the finance companies?
loudlashadjuster said:
T_S_M said:
So who absorbs those costs? Being on a PCP, the negative equity is irrelevant as they can just give it back at the end of the term.
Are the manufacturers taking a massive loss on all of them, or the finance companies?
Finance company. It’s their risk when they set the GMFV. Are the manufacturers taking a massive loss on all of them, or the finance companies?
Depends, in many cases the finance company is part of the manufacturers business.
If you have someone paying monthlies to cover the depreciation and have a list price that’s bears no relation to the cost of making the car, there are still healthy volume profits to be made.
If the cars are reliable during warranty and not so much out of warranty there’s also parts and repair profit to gather.
It’s why I don’t understand Tesla’s PCP rates.
If you have someone paying monthlies to cover the depreciation and have a list price that’s bears no relation to the cost of making the car, there are still healthy volume profits to be made.
If the cars are reliable during warranty and not so much out of warranty there’s also parts and repair profit to gather.
It’s why I don’t understand Tesla’s PCP rates.
Edited by LivLL on Monday 29th April 11:01
sturge7878 said:
lord trumpton said:
So just returning the the thread theme
What is the current stance of the trade and EVs?
Do they not want to bid on/buy them?
If they do accept as a px are they priced super low?
No change from the thread title where I am tbh. Other opinions may vary…What is the current stance of the trade and EVs?
Do they not want to bid on/buy them?
If they do accept as a px are they priced super low?
The fact is that lots of people do want EV's. Not as many as the Government might want, hence both carrot and stick incentives, but it's a plain fact that unless the 15.2% of UK new car buyers who bought Ev's in March were doing so against their will then lots of people DO want EV's.
LivLL said:
Depends, in many cases the finance company is part of the manufacturers business.
If you have someone paying monthlies to cover the depreciation and have a list price that’s bears no relation to the cost of naming the car, there are still healthy volume profits to be made.
If the cars are reliable during warranty and not so much out of warranty there’s also parts and repair profit to gather.
It’s why I don’t understand Tesla’s PCP rates.
In my case for example, I bought a 3-year old Audi E-tron on on an 18-month PCP term. Cash price was £26k from Audi and the GFV is £23k after 18-months. Webuyanycar value for it is £17k now after only 6 months, so it's got another 12 months worth of depreciation yet. Probably going to be near £10k in negative equity by the end of it! Not my problem but certainly will be for Audi/VWFS if there a number of people in the same situation.If you have someone paying monthlies to cover the depreciation and have a list price that’s bears no relation to the cost of naming the car, there are still healthy volume profits to be made.
If the cars are reliable during warranty and not so much out of warranty there’s also parts and repair profit to gather.
It’s why I don’t understand Tesla’s PCP rates.
That's not including the £2.5k finance contribution and wall charger they threw in as part of the deal!
740EVTORQUES said:
You can't have an opinion about facts OP (unless your name is Donald Trump that is). Your thread title was 'EV's...no one wants them!' (the use of both ellipsis and exclamation being the full house bingo of deliberate bad faith discussion by the way.)
The fact is that lots of people do want EV's. Not as many as the Government might want, hence both carrot and stick incentives, but it's a plain fact that unless the 15.2% of UK new car buyers who bought Ev's in March were doing so against their will then lots of people DO want EV's.
How much of them were doing it purely for tax reasons?The fact is that lots of people do want EV's. Not as many as the Government might want, hence both carrot and stick incentives, but it's a plain fact that unless the 15.2% of UK new car buyers who bought Ev's in March were doing so against their will then lots of people DO want EV's.
The latest figures from CAP HPI suggest most EVs are still significantly underperforming against ICE:
https://cardealermagazine.co.uk/publish/used-car-p...
https://cardealermagazine.co.uk/publish/used-car-p...
Edited by BlackPorker on Monday 29th April 11:25
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