EVs... no one wants them!

[Longy00000]

The fact they still have it 9 months later is probably the reason EV pricing has collapsed. So glad I opted fir pcp and can hand it back and walk away if needs be.

[ChocolateFrog]

Thing is it doesn't even seem that appealing at 24 grand and 3000 free miles.

[Whataguy]

I've had an ID3 loan car for a few days over the last 6 months, similar cars were selling for around £32k late last year.

It's currently on sale at the dealer for £26k - quite a big drop in just a couple of months.

[Bannock]

EVs are too expensive and ordinary people will never be able to afford them, waaaaaah.

EVs are depreciating too quickly, reaching comparable levels with ICE cars which is also baaaaaad, waaaaaah.


Schroedinger's vehicles.

[Imhotep]

Bannock said:

EVs are too expensive and ordinary people will never be able to afford them, waaaaaah.

EVs are depreciating too quickly, reaching comparable levels with ICE cars which is also baaaaaad, waaaaaah.


Schroedinger's vehicles.

Agree - best not to buy one.

Pretty horrific depreciation to incur if you bought one though. Ouch!

[dmsims]

"I paid £26,265 brand new including mats and Life Shine"

ChocolateFrog said:

Ouch for WBAC/Cinch.

Times that by several thousand. Wonder how many millions they'll have to write off.

[J1990]

ChocolateFrog said:

Ouch for WBAC/Cinch.

Times that by several thousand. Wonder how many millions they'll have to write off.

It's just crazy how the market held so high during COVID and now it's stumbling hard. My issue this car in particular is the battery size, it's great for pootling around in but I'd hate to try use it for my longer journeys. I imagine a fair few people are the same and it's quite a chunk of money for a little runaround, if I'm not a car person then I'd rather pick up a little Fiesta EcoBoom for less than half that price, if I like my cars then for lower mileage I'd rather have something fun for the same money.

[dmsims]

Agreed and for a litlle more you can get the 58kWh version

J1990 said:

My issue this car in particular is the battery size, it's great for pootling around in but I'd hate to try use it for my longer journeys. I imagine a fair few people are the same and it's quite a chunk of money for a little runaround

[skinnyman]

J1990 said:

ChocolateFrog said:

Ouch for WBAC/Cinch.

Times that by several thousand. Wonder how many millions they'll have to write off.

It's just crazy how the market held so high during COVID and now it's stumbling hard. My issue this car in particular is the battery size, it's great for pootling around in but I'd hate to try use it for my longer journeys. I imagine a fair few people are the same and it's quite a chunk of money for a little runaround, if I'm not a car person then I'd rather pick up a little Fiesta EcoBoom for less than half that price, if I like my cars then for lower mileage I'd rather have something fun for the same money.

This is the problem alot of EVs face. Due to range & charging infrastructure they're mostly suited to town driving, but average Joe that does 5k/yr pottering around town is unlikely to want to drop £30k on an EV

[GolfDragon]

BCA have a quite large control on the used car market in the UK so I don't think this will ruin them.

Pretty sure when chip shortages drove used vehicle prices up everyone got very impressive prices from WBAC (& competitors) and took advantage.

The main thing is with EVs now is that no one wants to pay £30k+ for a bog standard vehicle that's powered by electric.

Take the ID3. Second hand it costs the same or more than a second hand Mk7.5 GTi (which drives better, looks nicer and is relatively inexpensive to run - unless you are on a cheap home charging tariff then EV makes sense for some people).

[confused_buyer]

The likes of BCA have made so much money over the last 3 years I doubt they'll be crying too much.

What are the typical GFVs on something like a 2021 ID3 (when sold new in 2021) after 3 years for a PCP? I wonder if there might be a few people worried as to what they have underwritten future EV values at in the last 30 months or so.

[ITP]

Just wait until the taxpayer stops (and should have never started) funding new ones, as that’s the only reason most are sold new anyway, salary sacrifice etc.
New prices will have to fall by 30-40% if the BIK carrot is removed.

[CG2020UK]

confused_buyer said:

The likes of BCA have made so much money over the last 3 years I doubt they'll be crying too much.

What are the typical GFVs on something like a 2021 ID3 (when sold new in 2021) after 3 years for a PCP? I wonder if there might be a few people worried as to what they have underwritten future EV values at in the last 30 months or so.

Future value doesn’t really matter with PCP as much as people think.

Hopefully when you take out a PCP you’re happy to pay the monthly amount and that’s all you worry about,

If the price tanks and it’s lower than the GFV you just hand it back as you essentially won vs more traditional methods.

[confused_buyer]

CG2020UK said:

Future value doesn’t really matter with PCP as much as people think.

Hopefully when you take out a PCP you’re happy to pay the monthly amount and that’s all you worry about,

If the price tanks and it’s lower than the GFV you just hand it back as you essentially won vs more traditional methods.

It might not matter to the person "renting" it but the GFV certainly matters to whoever is underwriting it.

If you'd guarantee, say, a 3 year old ID3 with 36k would be worth £18k and 1.5 year old ones with 12k are struggling to fetch £18k you might be thinking "oh ste" particularly if you'd done that with thousands of them.

[Nano2nd]

confused_buyer said:

1.5 year old ones with 12k are struggling to fetch £18k you might be thinking "oh ste" particularly if you'd done that with thousands of them.

where are they these 1.5 year old ones struggling to fetch £18k?

[confused_buyer]

Nano2nd said:

where are they these 1.5 year old ones struggling to fetch £18k?

Umm. The one further up the page? Would probably be £18k ish trade at the moment if that's the retail price.

[Chipper]

Fastlane said:

sunnyb13 said:

Wtf 22k for a 2019 Tesla 3 from dealer. That’s great value for money?

There are some absolute bargains to be had on Model 3s. I suspect prices will start to stabilise as the second hand stock clears. A 3 year old Model 3 is still a much better EV than a lot of brand new EVs from other manufacturers in terms of its price, range, efficiency, performance, tech and of course the charging infrastructure.

Exactly. Tesla are going to murder the market. A lot of people don’t understand that Tesla has the capability now to do these price reductions and still make a good margin on their vehicles. If it’s true what Tesla state that they will be able to produce their new smaller vehicle at half the production cost of today then we could have their new vehicle retailing at £25000 in the Uk soon. You can keep you bog standard Ford Fiesta at £20000 as it will be like having a horse and cart compared to that!

If Tesla are able to keep reducing their costs I would think the Model 3 sr would eventually come down to a starting price of £35000 as it would be too big a gap from the model line up in price.

Legacy manufacturers are well and truly stuffed. It’s going to be Tesla, the Chinese and possibly a couple of the large players who will be limping around after them.

[SWoll]

skinnyman said:

This is the problem alot of EVs face. Due to range & charging infrastructure they're mostly suited to town driving, but average Joe that does 5k/yr pottering around town is unlikely to want to drop £30k on an EV

Plenty of people doing limited mileages that pay that kind of money for a car all the time.

200 miles of range is hardly "pottering around town" either, we've covered 50k+ miles over the past 4 years in EV's without any issues with range or charging. Other than the occasional very long trips that many people only do a couple of times per year at most, everything else is covered without needing to charge away from home.

[soupdragon1]

Chipper said:

Fastlane said:

sunnyb13 said:

Wtf 22k for a 2019 Tesla 3 from dealer. That’s great value for money?

There are some absolute bargains to be had on Model 3s. I suspect prices will start to stabilise as the second hand stock clears. A 3 year old Model 3 is still a much better EV than a lot of brand new EVs from other manufacturers in terms of its price, range, efficiency, performance, tech and of course the charging infrastructure.

Exactly. Tesla are going to murder the market. A lot of people don’t understand that Tesla has the capability now to do these price reductions and still make a good margin on their vehicles. If it’s true what Tesla state that they will be able to produce their new smaller vehicle at half the production cost of today then we could have their new vehicle retailing at £25000 in the Uk soon. You can keep you bog standard Ford Fiesta at £20000 as it will be like having a horse and cart compared to that!

If Tesla are able to keep reducing their costs I would think the Model 3 sr would eventually come down to a starting price of £35000 as it would be too big a gap from the model line up in price.

Legacy manufacturers are well and truly stuffed. It’s going to be Tesla, the Chinese and possibly a couple of the large players who will be limping around after them.

Didn't happen with Lada or Proton, still not happening with Dacia either.

You need to think things through a bit better Chipper, customers are complex beings.

[Chipper]

soupdragon1 said:

Chipper said:

Fastlane said:

sunnyb13 said:

Wtf 22k for a 2019 Tesla 3 from dealer. That’s great value for money?

There are some absolute bargains to be had on Model 3s. I suspect prices will start to stabilise as the second hand stock clears. A 3 year old Model 3 is still a much better EV than a lot of brand new EVs from other manufacturers in terms of its price, range, efficiency, performance, tech and of course the charging infrastructure.

Exactly. Tesla are going to murder the market. A lot of people don’t understand that Tesla has the capability now to do these price reductions and still make a good margin on their vehicles. If it’s true what Tesla state that they will be able to produce their new smaller vehicle at half the production cost of today then we could have their new vehicle retailing at £25000 in the Uk soon. You can keep you bog standard Ford Fiesta at £20000 as it will be like having a horse and cart compared to that!

If Tesla are able to keep reducing their costs I would think the Model 3 sr would eventually come down to a starting price of £35000 as it would be too big a gap from the model line up in price.

Legacy manufacturers are well and truly stuffed. It’s going to be Tesla, the Chinese and possibly a couple of the large players who will be limping around after them.

Didn't happen with Lada or Proton, still not happening with Dacia either.

You need to think things through a bit better Chipper, customers are complex beings.

Not when the competition are having to price their vehicles 20% more than Tesla . Honestly Soup you have stated that VW are not even bothered about Tesla before. The EV market is growing rapidly year on year and when you have VW asking £39500 for a bog standard id3 style when a model 3 SR is now £40400 you know there is a problem. Tesla have now mastered EV production and their margins are so superior to EVERY EV manufacturer that not only can they reduce their prices and still make a substantial profit but they have the capacity to drop them further.

Ford dropped their Mach e prices to try compete with Tesla and this was the outcome.

“Ford is no longer making a profit on the Mustang Mach-E due to rising levels of inflation. Ford’s Chief Financial Officer John Lawler revealed”

But it’s not just Ford .

I’m going to repeat this one more time. Legacy EV manufacturers are so far behind Tesla that a lot of them are going bust. By the time they can ramp up production to any scale Tesla and the Chinese will be too far ahead.

And that’s before you even talk about their self driving technology and the release of a sub £26000 Model 2!

Edited by Chipper on Friday 10th March 23:19