MG4 Depreciation

[Tangoed Man]

See my previous comment. I calculate 2.10 per mile, and far lower environmental impact!

Disagree. To a retail customer VAT is a real cost. At the end of the day the OP is down real money at £3.71 per mile driven regardless of how the costs actually breakdown. Yes, the VAT is a large proportion on a new car, but that is a known factor, and is why I seldom buy brand new cars (present MG 4 being an exception).

 

[tsedge]

Yes, I agree and we didn't buy an MG4 to save money. We actually figured it would lose money compared to previous new cars and anyway buying a new car is never a profitable investment, it is a great way to lose money.

But we wanted a low cost EV and that's what we got. Very happy.

 

[AdyC]

I had a good idea they would depreciate when i bought mine but i plan to keep mine for 7 yrs or so. Its got everything i want so why change. I just saw an MG4 X power with under 4k for 26500.

 

[mg4nick]

.. it's not just an MG4 thing ??

I'm very surprised the MG4 is not there at the top of the list...

The extra features on the Trophy are probably not worth the extra money which is why I'd argue the Trophy is depreciating more than the SE SR.

I feel like I've bought a new horse and carriage when Mr Ford has started churning out the Model T.
I suppose I'll feel like that for a while (as new battery tech will make my "old horse" less and less desirable). I'd also compare the settings fiddling (driving mode/LKA etc) with mucking up the stable (I've never done it but seems like a chore). If only the damned electric horse would not poop in the carefully cleaned stable (settings)...

If the solid state batteries are as good as they promise to be - I suppose the flying car is just around the corner (imagine how the crawler owner will feel like when everyone else whizzes above)...

I not sure there are many posts as OT as this one...

 

[Tangoed Man]

I had a good idea they would depreciate when i bought mine but i plan to keep mine for 7 yrs or so. Its got everything i want so why change. I just saw an MG4 X power with under 4k for 26500.

Ditto!

 

[keano]

Just purchased a OCT 23 MG4 (73 plate) for nearly 22.5k with 1900 miles on the clock, will run it for 3-3 1/2 years, first drive was 290+ miles (the car was in canterbury, I live north of Preston). I was concerned about range anxiety, software bugs, lane assist etc. Charged once in the time it took for a burger and coffee, traffic assist was a joy, so was one pedal driving, all in all a joy to drive . I'm getting 4.6 KWh or 1.5p a mile ish, You can wait for new tech, the magic 5 min charge for 1000 miles, or solid state tech, or flying cars . Will I lose money, yes, I lost 5k+ on a new Duster in only 2 3/4 years. I would hope in 3 years it would be worth 13-15k, sell it with a 3 year warranty, still being able to do 250+ miles .... having saved approx 2.5 to 3k in petrol and tax, having had the joy of the car. All EVs have taken a hit, but you can bag a great second hand bargain.
PS. It was MG4 Trophy Orange .....

 

[keano]

Having recently explored the EV market focusing on the new tech around the corner, considering my long range EV has just completed a 280+ mile journey with one 30min charge with 40 miles to spare, daily cost of 1.5p per mile warranty 6.5 years all for around 22.5k, what would new tech mean to me? A charge time of 10 mins for 500miles? How many times a year will I do that mileage in a single journey? Can't drive more than 150-200 miles without a comfort stop so not really an advantage. Battery warranty? Currently a normal engine will go 100-150k maybe with clutch or two, currently the best warranty you can get is maybe 80k/7 years. I will be amazed if any manufacturer would offer more than 7-8 years on new battery tech as there are too many variables, all batteries will have a degradation of some sort, current tech says maybe 10/15 % in 7 years ish, so my car with drop to 230 to 240 miles a charge in 7 years. Even if all the tech appears next year or three, what does it mean to me? Realistically not that much. I'll still charge once a week overnight , Going to the in-laws in Kent (270 miles) I'll still stop at 150 miles because I need to, and charge for 30 mins (burger and a comfort break). The EV market will blast off when the cost of public charging drops to less than 10pkwh and a charge time of 5-10 mins. That should be the focus, opening up the market place to all driver who can't charge at home.

 

[Rolfe]

Well said, all of that. Except, public charging at 10p/kwh, what are you smoking?

 

[Griiffalo]

With the prices of MG, BYD, and Tesla dropping on a regular basis here in Australia, the depreciation of used EVs is understandable. It depends on the car ownership strategy you typically follow. I had both of my previous vehicles for 10 years. Their value at trade in time was fairly low but the depreciation cost per year is reasonable when you look at it over 10 years. In my case it was around $A4200 per year.
I plan to keep the MG for about the same amount of time. I have never really understood why owning a car for two years and then selling is attractive unless your needs change or you find you really don’t like the car.

 

[austinp693]

My MG4 EV Trophy is in showroom condition. I bought it in June 2023 for £32,000.
It has done 3500 miles and was valued by my MG dealer at £19,000!
Unacceptable depreciation

Bought my trophy right at the beginning, paid £31000 for it, 18 months later and 19000 miles, only offered £16K at trade in. Unbelievable!!!!

 

[smartn]

I'm in a similar position with my trophy. The good news is now the depreciation will slow otherwise at 3 years old these cars would be free!

 

[siteguru]

Me notes user names of two new members who have joined today and gets ? ready.

 

[Bam Bam]

I have no idea who this MGexpert1 person is, they are not the real expert. I can provide all information for everything MG. I am the MGexpert!

 

[keano]

Don,t know but it puts a smile on face but wiffs a bit

 

[Bam Bam]

My MG4 EV Trophy is in showroom condition. I bought it in June 2023 for £32,000.
It has done 3500 miles and was valued by my MG dealer at £19,000!
Unacceptable depreciation

Cars are not a good investment.

We would usually get one several years old that had already faced most of its depreciation.
However, the lack of decent EVs of that age meant had to get nearly new for the first time.

I think that when more people get used to the idea of EVs and the value/longevity of batteries the older ones will hold their value better than they do at present.

 

[MickeySw]

Having recently explored the EV market focusing on the new tech around the corner, considering my long range EV has just completed a 280+ mile journey with one 30min charge with 40 miles to spare, daily cost of 1.5p per mile warranty 6.5 years all for around 22.5k, what would new tech mean to me? A charge time of 10 mins for 500miles? How many times a year will I do that mileage in a single journey? Can't drive more than 150-200 miles without a comfort stop so not really an advantage.

You’re preaching to the converted, however the greater population will only consider switching to an EV when it ‘behaves’ like an ICE car, ie 500+miles range on one tank and 5min to fill up.

 

[pjmmk]

You’re preaching to the converted, however the greater population will only consider switching to an EV when it ‘behaves’ like an ICE car, ie 500+miles range on one tank and 5min to fill up.

500 miles on a tankful? Must be a diesel. My petrol ST gets about 300 max if I drive it like a saint. Driven 'normally' it drops to around 250. Can't argue with the fill-up times though.

I think people are not comparing like with like when it comes to EV's and ICE's. They're comparing long range diesels that generally have mediocre performance with EV's that would put supercars to shame.

 

[Alb]

Agree that it's the fill-up time that's central to this though that doesn't really do the subject justice as it's the overall fill-up experience that you end up comparing.
To match the petrol experience you would not only need the 5 minute fill, but also the copious availability, compatibility, ease of payment and last but by no means least, the total absence of any need to plan refuelling points in advance.

 

[Rolfe]

That last, of course, can leave you in deep doo-doo. It depends on the circumstances. I always had to plan the refuelling stops in my petrol car. 95% of the time in my EV I don't have to give it a thought beyond, yes, I'll plug in tonight.

 

[hharzel]

And that's why I'm gonna drive mine until the battery fails and it is no longer usable. If sooner than in 10 years, it was a bad investment. If later, then good.