EV depreciation as batteries get smaller, more range.
Discussion
You buy a Mini electric with 100 mile range.
In 2 years time a facelift Mini with 300 mile range is launched, due to battery tech improvements.
How much does your obsolete Mini drop in value?
Same applies to all EVs. Or are batteries as small and powerful as they're ever likely to be? I think not.
In 2 years time a facelift Mini with 300 mile range is launched, due to battery tech improvements.
How much does your obsolete Mini drop in value?
Same applies to all EVs. Or are batteries as small and powerful as they're ever likely to be? I think not.
DJMC said:
You buy a Mini electric with 100 mile range.
In 2 years time a facelift Mini with 300 mile range is launched, due to battery tech improvements.
How much does your obsolete Mini drop in value?
Same applies to all EVs. Or are batteries as small and powerful as they're ever likely to be? I think not.
The 100 mile range isn't obsolete - it would just go to someone who doesn't need 300 miles range.In 2 years time a facelift Mini with 300 mile range is launched, due to battery tech improvements.
How much does your obsolete Mini drop in value?
Same applies to all EVs. Or are batteries as small and powerful as they're ever likely to be? I think not.
Think of it like iphone storage. Not everyone needs the 512gb model, most (like my mum) are quite happy with 64gb.
Older EV Models will still hold their values well as they still do exactly what they set out to do.
Look up some of the first Gen BMW i3s - still strong money even though stuff can now do x3 the range.
DJMC said:
You buy a Mini electric with 100 mile range.
In 2 years time a facelift Mini with 300 mile range is launched, due to battery tech improvements.
How much does your obsolete Mini drop in value?
Same applies to all EVs. Or are batteries as small and powerful as they're ever likely to be? I think not.
It's over 5 years now since we got our smaller battery Model X. A brand new one has about 80 miles more real life range, but it also costs some £40K+ more, and you cannot even order one. The result is our 5 year old car has suffered about 30% depreciation. My parents in-law is on their third leased EV, a Mini Electric, they could have easily paid off their first EV (Zoe) with lease costs they have spend. In 2 years time a facelift Mini with 300 mile range is launched, due to battery tech improvements.
How much does your obsolete Mini drop in value?
Same applies to all EVs. Or are batteries as small and powerful as they're ever likely to be? I think not.
EV prices right now are going UP, not down, there is also no signs a new battery technology with x3 the energy density is about to make production anytime soon.
Edited by gangzoom on Monday 21st March 13:07
We bought an Electric Mini, the range for my wife is around 115 with her driving routes/style. It's tested tech from the i3 so pretty confident the battery is good for long term use, even though we'll only keep it for 3 years.
Ours only gets slow charged at home most nights for her 30-40 miles a day.
2nd hand MINI E prices have risen £2k+ in the past 6 weeks.
Ours only gets slow charged at home most nights for her 30-40 miles a day.
2nd hand MINI E prices have risen £2k+ in the past 6 weeks.
Given that the demand for used EVs is massively outstripping supply at the moment, I think it's going to be a while before we have to worry overly about "obsolete" older EVs depreciating horrifically. Right now even 24kWh gen-1 Leafs are command ridiculous money on the used market (sadly).
I bought a loaded 2015 i3 Rex in 2017 for £21k. Battery deg is minor if any, and is still capable of 55 miles winter - 80 in the summer EV only (despite 90k miles). Obviously these are laughably low figures now, but it is still worth strong money, obviously buoyed by the market in general. I am concerned though when the taps open and you can get cheap EVs with no delays this will change.
gmaz said:
This is why I leased my Kona rather then bought it. However the shortage of cars, chips etc now means its worth more now than when it was new 9 months and 5K miles ago.
The price rise is completely irrelevant to you though, given that you've leased it. Would you not have been better off buying it? Pixelpeep 135 said:
DJMC said:
In 2yrs time the charging infrastructure still doesn't work, EVs are scrapped in favour of hydrogen or ICE.
I don't want an EV until I can charge it fully in 5 minutes.
Congratulations. 3 of the 6 Anti-EV bingo myths in one post!I don't want an EV until I can charge it fully in 5 minutes.
otolith said:
Why didn't you just say that instead of inventing some problem with depreciation?
You mean a thread titled "I don't want an EV... yet, or ever."? Maybe I shall.The cheapness of fuel.appeals but not the range or "9 hours each way " family visits (in another thread here).
And if ICE disappears, fuel duty will become EV tax so there will be no saving on the long term over ICE.
What we have is a window where those who like to you with EV can pay their PCPs and hope to get a good deal due to EV shortage.
Does anyone know why the first attempt at EVs fizzled out 100+ years ago? I'd be interested to know.
I raised the point of depreciation as I think battery tech is likely to improve far faster than ICE ever did.
Like any future possible investment, it's good to research a market from the experts' opinions, as you all are here.
SWoll said:
He 100% needs to tow a boat for 500 miles without a stop, I assumed that went without saying?
I don't mind a stop, to refuel, but only as I do currently. Not 30 minutes charge at Tesco for 30 miles more driving. If I go away for a week to, say, Norfolk how long am I going to be stranded?Gassing Station | EV and Alternative Fuels | Top of Page | What's New | My Stuff