Dropping like a stone

[Ian Key]

While the papers and neigh sayers are highlighting the problems with EVs, even though some of the problems are so applicable to ICE cars, the drivers who are undecided about going electric are probably going to wait until their next but one car before taking the decision.
At the moment there are more EVs than customers but look at what happened during the fuel shortage and the way global politics are at the moment who's going to second guess what's going to happen?

 

[RobQuads]

I think a lot of these problems have been that in the last 2/3 years people seem to have forgotten what the "norm" is. Pre covid etc all cars, EV or otherwise would always loose a substantial amount the second you drive off the forecourt. It's part of owning a new car and people have alway accepted that if you try and sell a new car in the first 2 yours you will pay a huge premium for it.

During the chip shortage it's completely screwed with the "norm" where people could buy a 2 year old car for more than new. It was just a weird time and that time is ending. The problem is some companies also capilitised on this but are now being caught out because stocks have come in now and they have loads of unsold stocks (just drive by the docks in Southampton to see just how many Telsas are sitting there unsold)

 

[Deleted member 10041]

I think a lot of these problems have been that in the last 2/3 years people seem to have forgotten what the "norm" is. Pre covid etc all cars, EV or otherwise would always loose a substantial amount the second you drive off the forecourt. It's part of owning a new car and people have alway accepted that if you try and sell a new car in the first 2 yours you will pay a huge premium for it.

During the chip shortage it's completely screwed with the "norm" where people could buy a 2 year old car for more than new. It was just a weird time and that time is ending. The problem is some companies also capilitised on this but are now being caught out because stocks have come in now and they have loads of unsold stocks (just drive by the docks in Southampton to see just how many Telsas are sitting there unsold)

Exactly that, it's just unfortunate some have suffered more than others will.
The market will eventually sort itself out and cars will go back to the guarenteed loss makers we all know and love.

Again unfortunately for some, those that change their EV every year (ex member stageshoot springs to mind) who have lost negligible amounts, if any, when the year is up and got great px prices for their trade ins (over the last 3 years or so) they will now be staring down the barrel of what's was once normal losses.
There are some great deals out there on 1 year old EVs at the moment, you can get a Corsa e for £16-17k, Konas for under £20k, 2 year old ID3's for £22k

I've no idea what you are referring to, I think it's a valid question, as the member nearly lost his deal due to the poor used value of his Corsa.?

Sadly different at the moment


Can I ask what you are comparing the MG4 to that it's £10k cheaper than.
The poster was talking about his electric Corsa tanking in value, you can buy a brand new 23 plate e Corsa for £26995 so comparable to an MG4 SESR, similar range ish, Corsa is smaller to be fair, but no difference in price.

My popularity in action, either no answer to this question or I'm not as universally loved as I thought I was?

 

[grahamwalker]

Just keep the car until it conks out. Resale price is only what you can get IF you sell it

 

[Deleted member 10041]

Just keep the car until it conks out. Resale price is only what you can get IF you sell it

Very true

 

[MoDolph]

Just keep the car until it conks out. Resale price is only what you can get IF you sell it

This is kinda how we buy our cars. We pay cash and always think it is then immediately worth £0. After 10 or so years any value left is a bonus that we can take off the cost of the next car.

We traded in our 8 year old leaf for £6.5k making the MG4 ~£25.5k. Over 10 years that's £212 per month. It seems mental that people talk about £400+ per month for a car, even when it's a new one every few years.

 

[cwsutherland]

It appears that new Sodium Ion battery packs will cause the bottom to drop out of the EV car market. Nobody will want a second hand, limited range, slow charging Li-Ion EV once these arrive in 18 mths or so.

 

[Pazmeister]

Technology doesn't stand still improvements happen all the time, buy on PCP with a guaranteed value and your covered. Current lithium ion battery's will last approx 10years....ppl will deffo buy a second hand ev that's 3-4 years old especially with a 7yr warranty

 

[timeades]

It appears that new Sodium Ion battery packs will cause the bottom to drop out of the EV car market. Nobody will want a second hand, limited range, slow charging Li-Ion EV once these arrive in 18 mths or so.

It's not just sodium batteries, battery technology is still in it's infancy there are a lot of interesting technologies currently in development and testing. Pair that with the continued drop in Lithium prices and EV's will get cheaper and cheaper across the board.

Difficult to really assess what will happen in 10 years time, with the price of batteries falling and more manufacturers building the cars to have easy or hot swappable batteries, thinking of Neo Nio here, maybe it won't be an issue

 

[bowfer]

This is kinda how we buy our cars. We pay cash and always think it is then immediately worth £0. After 10 or so years any value left is a bonus that we can take off the cost of the next car.

We traded in our 8 year old leaf for £6.5k making the MG4 ~£25.5k. Over 10 years that's £212 per month. It seems mental that people talk about £400+ per month for a car, even when it's a new one every few years.

I’m assuming the Leaf was pretty trouble free over those 8 years?
Extremely optimistic to assume the MG will serve you as well over the same period.

Technology doesn't stand still improvements happen all the time, buy on PCP with a guaranteed value and your covered. Current lithium ion battery's will last approx 10years....ppl will deffo buy a second hand ev that's 3-4 years old especially with a 7yr warranty

Not if said car gets a reputation for unreliability.
A warranty is all well and good, but people don’t want to be visiting the dealers all the time, even if it is ‘free’

 

[MoDolph]

I’m assuming the Leaf was pretty trouble free over those 8 years?
Extremely optimistic to assume the MG will serve you as well over the same period.

Yes it was. Apart from wipers and a replacement Nissan badge that peeled it was completely original when we sold it.

The MG is a bigger risk but the warranty should get us to 7 years. Even if there was a £5k bill at some point it would only increase the monthlies by £42.

 

[MG4London]

The elephant in the room is inflation or another way to say it is currency units losing purchasing power.

My guess is an MG4 bought for £25K when first came out will probably be able to be sold for £25K on its 10th birthday

Of course that’s not saying the car hasn’t deprecated it’s just the currency has

 

[MoDolph]

The elephant in the room is inflation or another way to say it is currency units losing purchasing power.

My guess is an MG4 bought for £25K when first came out will probably be able to be sold for £25K on its 10th birthday

Of course that’s not saying the car hasn’t deprecated it’s just the currency has

True, although perhaps not as extreme as that. My three cars have been:

53 reg Fiat Punto bought for £6k new sold in 2017 as scrap for £200 (after letting it rot on the drive for 3 years thinking we would use it for long journeys but didn't)

2014 LEAF bought as ex demo for £14k sold in 2022 for £6500

MG4 bought for £32k

At this rate our next car is going to be £65k ?

 

[Deleted member 10041]

The elephant in the room is inflation or another way to say it is currency units losing purchasing power.

My guess is an MG4 bought for £25K when first came out will probably be able to be sold for £25K on its 10th birthday

Of course that’s not saying the car hasn’t deprecated it’s just the currency has

Get in quick them as they are going used for £23kish at the moment.

I bought a Kia 8 years ago for £18k, funnily enough it's not worth that now, despite high inflation and the best used car market (sellers/px) anyone has ever seen. It's now only worth £6k according to motorway,Arnold Clark etc, even that is really good.

 

[Ian Key]

If we're comparing the price of second hand cars we've owned.
I bought a 2.0 diesel Focus for £9600 in 2016 and just sold it to the owner of the local garage who's serviced it for £5000.
That's cheap motoring at £700 depreciation per annum.

 

[MG4London]

The inflation has been very low last decades but only just started now the last year or so.

We are told cpi is 10% or so but it’s a lie.

Some say it’s more than twice that

Used ICE car martlet is so crazy, cars even several years old are still asking £16k or so, you may as well go for a brand new MG4 for only £10k more?????

 

[Deleted member 10041]

Used ICE car martlet is so crazy, cars even several years old are still asking £16k or so, you may as well go for a brand new MG4 for only £10k more?????

Not everyone can afford an extra £10k just like that

 

[Cocijo]

This is kinda how we buy our cars. We pay cash and always think it is then immediately worth £0. After 10 or so years any value left is a bonus that we can take off the cost of the next car.

We traded in our 8 year old leaf for £6.5k making the MG4 ~£25.5k. Over 10 years that's £212 per month. It seems mental that people talk about £400+ per month for a car, even when it's a new one every few years.

People want the latest models. Not everyone is content to run a car for 10 Years - it’s boring.
You pay your money and take your choice. If you really want to save money - don’t buy new at all. Get an old car - off someone who has kept it for 10 years - it will lose you nothing.
If you can afford it and you’re into your cars why not indulge?

The inflation has been very low last decades but only just started now the last year or so.

We are told cpi is 10% or so but it’s a lie.

Some say it’s more than twice that

Used ICE car martlet is so crazy, cars even several years old are still asking £16k or so, you may as well go for a brand new MG4 for only £10k more?????

Why is the CPI a lie? This sort of ‘some say’ rubbish has no value whatsoever.

 

[Deleted member 10041]

Why is the CPI a lie? This sort of ‘some say’ rubbish has no value whatsoever.

Don't go down the rabbit hole, just about every other post is nonsense

 

[MoDolph]

People want the latest models. Not everyone is content to run a car for 10 Years - it’s boring.
You pay your money and take your choice. If you really want to save money - don’t buy new at all. Get an old car - off someone who has kept it for 10 years - it will lose you nothing.
If you can afford it and you’re into your cars why not indulge?


Why is the CPI a lie? This sort of ‘some say’ rubbish has no value whatsoever.

Agreed. I'd normally be wanting to buy a 3-4 year old car and running it until it died but EV's and the market have changed that in recent years. Hopefully it is all back to normal next time around.

In 2014 the LEAF was unique in that it was affordable and had almost guaranteed free charging, there was nothing used that could compete. This time the used market was so inflated that it made no sense to buy used so we ended up with the MG. If I was ordering today I would be tempted by a used Niro.

CPI is a lie. They replace items with ones of a lower cost to massage the figures. They might, for example, reduce the meat content of the basket due to people switching to a lower meat diet or lower the cost of a car due to it being "improved" by extra features such as LKA but people think it's the same products every time which it isn't.