Value of used EVs
Discussion
I'm tempted to purchase a 16 reg Model S, however in 2 years time the battery/drivetrain warranty will expire, my fear is that it's value will plummet then, as has happened to old Nissan Leafs.
With the cost of most EVs having a premium over ICE I wonder if it is going to happen to all EV's which counters their lower running costs.
With the cost of most EVs having a premium over ICE I wonder if it is going to happen to all EV's which counters their lower running costs.
The worst case scenario is a new battery pack from Tesla once its out of warranty, current costs are around £11-20K depending on if its an 'refurbished' pack of 'new' pack. With a 'new' 90kWh pack a 2016 Model S will have nearly the range as a LR Model 3, which aren't exactly cheap new or used.
Used Nissan Leaf prices are actually solid, £6K for a 10 year old Nissan hatchback with 100K miles on the clock, a similar aged Qashqai is nearly half the price.
Used Nissan Leaf prices are actually solid, £6K for a 10 year old Nissan hatchback with 100K miles on the clock, a similar aged Qashqai is nearly half the price.
Have a look on Autotrader. The asking price difference between a 2014 and 2016 car doesn't appear to be much with proces of even the oldest high mileage cars holding at around £30k.
The biggest issue at the minute for any used purchase is the inflated prices across the board (both EV and ICE). With all of the madness in the world you could easily take a bath on any purchase over the next year or two but would expect EV prices to be affected the least personally.
The biggest issue at the minute for any used purchase is the inflated prices across the board (both EV and ICE). With all of the madness in the world you could easily take a bath on any purchase over the next year or two but would expect EV prices to be affected the least personally.
Indeed. Also a lot easier to diagnose faults and degradation than on an the drivetrain fitted to an 8 year old 7 series/S-Class etc. battery health takes 5 minutes, you can calculate based on the numbers provided in car around efficiency/range etc. or use something like the Scan my Tesla OBD tool for a more detailed view.
sherbertdip said:
Thanks for the input, unfortunately you've all made me want to be one even more now! 
If it helps early Model S cars don't appear very well built/reliable and tend to suffer with any number of suspension/electrical issues. I'd be very wary of handing over £30-40k for one personally with the battery being only a minor concern. 
A warranty is your friend....
That said, there is no magic bullet when it comes to second hand EV's. In general, they keep their value well, compared to their ICE competitors. If we take out the current situation, which industry reports here in the US are suggesting that its easing, the differences in values are largely made up by the cost savings that many owners achieve between EV and ICE cars.
I did some checking on the Model S before all of this madness began, when compared to say a 5-series. The Model S was well above the BMW for the first 3-5 years, but there was a drop when the Model S gets close to its standard warranty period, where there is a bigger drop. But its still above the BMW, which pretty much levels out as most of the value has been lost at this point. Overall though, any EV is still going to be worth more than an equivalent ICE over time - just with bigger dips at different times.
Now, how this works for certain models is going to vary, but its probably worth getting that warranty though - as long as its transferable - as it will likely 'protect' your investment anyway and moving it on later will be a lot easier. As values drop over time, buyers tend to be more aware of potential high costs, so anything you can offset with is going to be worth it.
That said, there is no magic bullet when it comes to second hand EV's. In general, they keep their value well, compared to their ICE competitors. If we take out the current situation, which industry reports here in the US are suggesting that its easing, the differences in values are largely made up by the cost savings that many owners achieve between EV and ICE cars.
I did some checking on the Model S before all of this madness began, when compared to say a 5-series. The Model S was well above the BMW for the first 3-5 years, but there was a drop when the Model S gets close to its standard warranty period, where there is a bigger drop. But its still above the BMW, which pretty much levels out as most of the value has been lost at this point. Overall though, any EV is still going to be worth more than an equivalent ICE over time - just with bigger dips at different times.
Now, how this works for certain models is going to vary, but its probably worth getting that warranty though - as long as its transferable - as it will likely 'protect' your investment anyway and moving it on later will be a lot easier. As values drop over time, buyers tend to be more aware of potential high costs, so anything you can offset with is going to be worth it.
SWoll said:
If it helps early Model S cars don't appear very well built/reliable and tend to suffer with any number of suspension/electrical issues. I'd be very wary of handing over £30-40k for one personally with the battery being only a minor concern.
This.Is it a pre- or post facelift one?
In any case, the cars have gradually improved over the years. I've had a 2015 one for a couple of months, then a 2019 one, it was a completely different car in every way.
In any case, batteries seem very solid (no pun intended) and health is easy to check.
Even though the Leaf batteries had a much harder life in general, I'd re-check residuals on them. People are realizing that you don't need 300 miles of range on all the cars.
Battery packs can be fixed and or replaced if necessary.
They don't generally just suddenly stop working but gradually lose capacity and efficiency.
So longer as the manufacturer decides to not actually disable the car if the capacity goes below say ~70% then they will just keep working.
There are also a few non OEM battery pack rebuilders about now.
If a Tesla/Leaf that only does 50% of its original miles came up at a suitably reduced price it could still be a damn good buy for the right person.
They don't generally just suddenly stop working but gradually lose capacity and efficiency.
So longer as the manufacturer decides to not actually disable the car if the capacity goes below say ~70% then they will just keep working.
There are also a few non OEM battery pack rebuilders about now.
If a Tesla/Leaf that only does 50% of its original miles came up at a suitably reduced price it could still be a damn good buy for the right person.
ZesPak said:
This.
Is it a pre- or post facelift one?
In any case, the cars have gradually improved over the years. I've had a 2015 one for a couple of months, then a 2019 one, it was a completely different car in every way.
In any case, batteries seem very solid (no pun intended) and health is easy to check.
Even though the Leaf batteries had a much harder life in general, I'd re-check residuals on them. People are realizing that you don't need 300 miles of range on all the cars.
Pre face lift, advertised in a youtubers' garage website. One major problem I have is that I'm 150 miles away, so popping for a looksee isn't really viable. Is it a pre- or post facelift one?
In any case, the cars have gradually improved over the years. I've had a 2015 one for a couple of months, then a 2019 one, it was a completely different car in every way.
In any case, batteries seem very solid (no pun intended) and health is easy to check.
Even though the Leaf batteries had a much harder life in general, I'd re-check residuals on them. People are realizing that you don't need 300 miles of range on all the cars.
te? I try to have good grammar but was in a rush typing (poor excuse I know 
).off_again said:
A warranty is your friend....
That said, there is no magic bullet when it comes to second hand EV's. In general, they keep their value well, compared to their ICE competitors. If we take out the current situation, which industry reports here in the US are suggesting that its easing, the differences in values are largely made up by the cost savings that many owners achieve between EV and ICE cars.
.
Do you expect values of 30 year old EV "classics" to match equivalent classic ICE ?That said, there is no magic bullet when it comes to second hand EV's. In general, they keep their value well, compared to their ICE competitors. If we take out the current situation, which industry reports here in the US are suggesting that its easing, the differences in values are largely made up by the cost savings that many owners achieve between EV and ICE cars.
.
TheRainMaker said:
ZesPak said:
Bo_apex said:
Do you expect values of 30 year old EV "classics" to match equivalent classic ICE ?
I don't see why they wouldn't. Classics are normally all about the drive, gears, sounds etc etc, they are toys, everything an EV isn't.
Lets pick a 1992 'classic' like the 205 GTI. Do you think people still run them because of their brilliant engine, gearbox and noise? Having hd a couple in my youth I'd suggest that's highly unlikely when many have been doing engine swaps on them for years as the original drivetrains are a bit naff.
Who knows how people are going to look back at the current crop of EV's as in every generation their are very few cars that would be considered classics at 30 years old. Quite possible a 2022 Honda E or i3S could be though I'd suggest?
TheRainMaker said:
Because they are dull to drive?
Classics are normally all about the drive, gears, sounds etc etc, they are toys, everything an EV isn't.
Sure, a 1000bhp super saloon that goes 280kmph without ever taking a breath and needing a parachute before being allowed on a drag strip is dull... Classics are normally all about the drive, gears, sounds etc etc, they are toys, everything an EV isn't.
The Beetle, T2 Transporter, Traction Avant, 2CV, DS, Fiat 500,... are just a couple of classics that could have any drivetrain and still be classics for a number of reasons.
Not to mention that a lot of classics are garage queens. So how they drive is completely irrelevant.
As mentioned, the i3, i8, Honda E, Roadster and Model S I can all see become classics for a variety of reasons.
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