Farewell MG

[linkandnavi]

After a year of ownership, we've sold my wife's MG ZS.

It was bought a year ago for my wife to supplement my Tesla, with the Tesla for long trips and for my daily commute and the MG for my wife to drive the two year old around town to classes and on days out. It's served her well but since then I've moved to working from home permanently and there's always been at least one car sat on the driveway doing nothing at all times. With a second baby on the way, it made sense to free up some cash so the MG got the chop.

3,300 miles on the clock and in perfect condition. Sold for £16,500 which was the absolute highest I could get from any dealer (could probably have gotten a little more through private sale). Bought for a year ago for £30,500 so just over £14,000 depreciation in 12 months. Fun times for the second hand EV market!

Anyway, thanks for those who have offered tips and answers to questions over the last year. I hope I've in turn been of occasional use. Enjoy your MGs all ?

 

[scoobeesnac]

Ouch - in hindsight I wished that I had leased ; it could be a wild ride especially with the lower cost Tesla in the rumour mill!

Best wishes for baby #2.

 

[linkandnavi]

Ouch - in hindsight I wished that I had leased ; it could be a wild ride especially with the lower cost Tesla in the rumour mill!

Best wishes for baby #2.

Thank you.

(For comparison I paid £58k for my Tesla Model Y in November 2022 so it's just over a year old. That's currently valued at around £37,500 resale, so a depreciation of just over £20k in 14 months. So the MG could be worse! It didn't help that they cut the price of the Model Y by £5k six weeks after I'd bought it and the whole EV market is in something of a mess due to constant Government flip-flopping on ICE-ban deadlines etc. I don't mind on the Tesla because its intended as a family car to drive for the next 10 years, not as an investment, but it would be nice to hold on to some value...).

 

[DBedford]

Why compare MG with Tesla?, its a bit like comparing chalk with cheese !

 

[DB Go Rex]

After a year of ownership, we've sold my wife's MG ZS.

It was bought a year ago for my wife to supplement my Tesla, with the Tesla for long trips and for my daily commute and the MG for my wife to drive the two year old around town to classes and on days out. It's served her well but since then I've moved to working from home permanently and there's always been at least one car sat on the driveway doing nothing at all times. With a second baby on the way, it made sense to free up some cash so the MG got the chop.

3,300 miles on the clock and in perfect condition. Sold for £16,500 which was the absolute highest I could get from any dealer (could probably have gotten a little more through private sale). Bought for a year ago for £30,500 so just over £14,000 depreciation in 12 months. Fun times for the second hand EV market!

Anyway, thanks for those who have offered tips and answers to questions over the last year. I hope I've in turn been of occasional use. Enjoy your MGs all ?

That's nuts.

The total spend including insurance and lease cost on mine in the last year is £3400.

And they say leasing is fleecing!

 

[Lovemyev]

TBH - I think we all accept that when Tesla suddenly decided overnight, to slash £6,000 plus of some of their models, this had a huge knock on effect across the EV market.
Tesla could afford the reduction and not even feel the bump.
But other manufacturers have struggled to the point where some EV’s are being sold at a loss.
Of course we all understand that the most amount of value is wiped off the price of a car in the first 12 months.
Combine both of these factors and the losses are massive.

 

[scoobeesnac]

I would be happy with a ~50% valuation after 3 years, still looks possible given the prices of 2021 MG ZS EVs on auto trader. ?