EV prices seem crazy
Discussion
I realise it's probably akin to iPhones being released every year and reduces the residual value of older models, but prices seem to be way lower than the last time I looked.
I currently drive a Fiesta ST Edition, love the car and have done for the last 3 years, but later this year we are moving to a new build house with an EV charger, and considering my EV options
I do very little miles, and feel sorry for my fiesta when I take my girlfriend to work and back and it doesn't even get chance to get properly warmed up
Is the catch the fact the residuals are likely to be even worse over the next few years? I've seen a few Polestar 2's newer and lower mileage than I expected for circa 25k
For 25k and without worrying too much about future values, what would you get? I'd prefer something with some performance, but doesn't need to be excessive - have always liked the Polestars, but open to other ideas
Or... Am I mad? Do I just stick with the Fiesta? The only downside of it is comfort over longer drives really
I currently drive a Fiesta ST Edition, love the car and have done for the last 3 years, but later this year we are moving to a new build house with an EV charger, and considering my EV options
I do very little miles, and feel sorry for my fiesta when I take my girlfriend to work and back and it doesn't even get chance to get properly warmed up
Is the catch the fact the residuals are likely to be even worse over the next few years? I've seen a few Polestar 2's newer and lower mileage than I expected for circa 25k
For 25k and without worrying too much about future values, what would you get? I'd prefer something with some performance, but doesn't need to be excessive - have always liked the Polestars, but open to other ideas
Or... Am I mad? Do I just stick with the Fiesta? The only downside of it is comfort over longer drives really
Also interested in this question. Considering an EV at about the £30k mark as there seems to be so much value out there now.
As said above, the big question is whether these value are starting to bottom out, or whether they will continue to depreciate like mad?
At least it is becoming clearer that batteries are lasting well and not degrading too quickly.
As said above, the big question is whether these value are starting to bottom out, or whether they will continue to depreciate like mad?
At least it is becoming clearer that batteries are lasting well and not degrading too quickly.
There is always going to be issues around large numbers of potential buyers that don't have home charging, so won't be in the market for an EV.
If you can charge at home then hopefully you'll be saving more in fuel than you lose in depreciation - especially if you can squeeze some more life out of an EV than you would an ICE car.
If you can charge at home then hopefully you'll be saving more in fuel than you lose in depreciation - especially if you can squeeze some more life out of an EV than you would an ICE car.
EVs are evolving, so the previous generation models are left somewhat wanting in some or other aspect(s), hence they are unappealing and cheap. In particular, the older ones like 10 year old Renault Zoe and Nissan Leaf are very much a "first try" "compliance" car - ie one which the manufacturer only produced and sold to comply with some government scheme at the time.
paul_c123 said:
....so the previous generation models are left somewhat wanting in some or other aspect(s), hence they are unappealing and cheap.....
Indeed. Things like the early Nissan Leaves using Chademo connections which are not as well supported as CCS chargers which limits your public charging options even further.ChrisH79 said:
Try a Renault 5. Your budget will see you in a mid range new one. Fab design, great reviews.
If I was in the market for an EV in your budget this would be it, in fact it's about the only EV I actually like.Given your mileage you'd possibly be better leasing with a low mileage allowance, but you'd need to do the numbers to confirm.
dunc69 said:
Also interested in this question. Considering an EV at about the £30k mark as there seems to be so much value out there now.
As said above, the big question is whether these value are starting to bottom out, or whether they will continue to depreciate like mad?
At least it is becoming clearer that batteries are lasting well and not degrading too quickly.
I don’t think they have bottomed out at 30k at all and will continue to depreciate speaking in general terms. The technology is moving so quickly it’s like the start of Smartphones. As said above, the big question is whether these value are starting to bottom out, or whether they will continue to depreciate like mad?
At least it is becoming clearer that batteries are lasting well and not degrading too quickly.
Personally if I was to go for an EV I’d be looking at lease or PCP deals to mitigate the depreciation. I wouldn’t be lumping 30k cash straight into one.
Polestars, Tesla M3s, Audi eTrons - loads and loads of 3/4 year old cars with low'ish mileage for sub £20k. The depreciation on them vs ICE alternatives seems to be mad. I was idly looking at Polestars and for the same money and mileage, an ICE Tiguan option was a couple of years older.
Flooded the market on leases 3 or 4 years back and now theres loads for mucho cheapness (eg oldest Tesla M3 is 5ish years old and yet there are over 1000 of them on AT under £20k - looking now they've dropped loads in the last year as well as they start from about 10k now).
Flooded the market on leases 3 or 4 years back and now theres loads for mucho cheapness (eg oldest Tesla M3 is 5ish years old and yet there are over 1000 of them on AT under £20k - looking now they've dropped loads in the last year as well as they start from about 10k now).
ChrisH72 said:
If I were going for an EV now I think I'd either lease a new one or buy a much cheaper used one. It's a very fast changing market with high risk of getting burned.
Sounds like you're ready to move on from the Fiesta if you're looking at sensible family cars like a Polestar.
I'd do the same. Sounds like you're ready to move on from the Fiesta if you're looking at sensible family cars like a Polestar.
I'm about 20 months in to a 3 year lease of a Polestar 2 and already the depreciation has exceeded what I'll be paying in total (not to mention £1k per year in tyres, insurance included etc). I expect the value will continue to drop but there's probably not a perfect time to buy one. The MY26 cars have several improvements over my MY23 which again has improvements over a MY21 but all are fantastic cars. Theres probably not 30-40k of difference between the models years but whatever you buy will be bettered within a year or two.
I'd happily have another P2 but would likely be a new lease again for a similar overall cost to a 3 year old version.
I'd happily have another P2 but would likely be a new lease again for a similar overall cost to a 3 year old version.
OP, if you do "very little miles" then why would you spend £25K on a car? EV or otherwise?
As someone said above, the tech will continue to march on, and everything will depreciate by a huge amount.
I also like the look of the eR5 but no way would I buy a new one.
OP, I think you need a 5 to 10-year old "undesirable" EV if you want one at all.
You can get them for £7K, and will lose less than a £25K will in the next 3 years.
As someone said above, the tech will continue to march on, and everything will depreciate by a huge amount.
I also like the look of the eR5 but no way would I buy a new one.
OP, I think you need a 5 to 10-year old "undesirable" EV if you want one at all.
You can get them for £7K, and will lose less than a £25K will in the next 3 years.
Take a look at the EQC. Massive amount of car for the money. £70kish new. Now start from around £18k. 400bhp and 560 lb-ft of torque. Four wheel drive and lovely inside too. Not even that big on the road.
Edited to add, something like this looks spot on. Merc warranty too....
https://www.autotrader.co.uk/car-details/202502179...
Edited to add, something like this looks spot on. Merc warranty too....
https://www.autotrader.co.uk/car-details/202502179...
Edited by Luke. on Tuesday 8th April 20:43
M4cruiser said:
OP, if you do "very little miles" then why would you spend £25K on a car? EV or otherwise?
As someone said above, the tech will continue to march on, and everything will depreciate by a huge amount.
I also like the look of the eR5 but no way would I buy a new one.
OP, I think you need a 5 to 10-year old "undesirable" EV if you want one at all.
You can get them for £7K, and will lose less than a £25K will in the next 3 years.
Where's the fun in having a miserable, little car?As someone said above, the tech will continue to march on, and everything will depreciate by a huge amount.
I also like the look of the eR5 but no way would I buy a new one.
OP, I think you need a 5 to 10-year old "undesirable" EV if you want one at all.
You can get them for £7K, and will lose less than a £25K will in the next 3 years.
Yeah, being on a car forum I do like cars - when I say I do little miles, I average about 6-7k a year but I will say outside of the very short commutes, they are fun miles in the Fiesta, I'd rather anything I buy feel special in some way, I fully appreciate buying a small EV for 7k might make most sense financially, but I'd get circa 15-17k for my Fiesta currently
I'd quite like the next car I buy to be an upgrade on the comfort front, but I like a good looking car at the same time - not got my heart set on an EV, they just seem like a lot of car for the money right now compared to ICE (and amittedly, probably becasue they are a worse investment with worse residuals)
I'd quite like the next car I buy to be an upgrade on the comfort front, but I like a good looking car at the same time - not got my heart set on an EV, they just seem like a lot of car for the money right now compared to ICE (and amittedly, probably becasue they are a worse investment with worse residuals)
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