Buying an EV Beware and watch this first

[Les burrows]

If you are looking to buy an EV that’s great we need more and more to switch from fossil fuel to electric that we all know, but watch this first this my be of help and save you a lot of money I wished I had seen this video before I had purchased my MG5 trophy, love the car but a 50% ish drop in value in 7/8 months is not good.
Les

 

[Gomev]

or maybe watch this.

 

[Alb]

If you are looking to buy an EV that’s great we need more and more to switch from fossil fuel to electric that we all know, but watch this first this my be of help and save you a lot of money I wished I had seen this video before I had purchased my MG5 trophy, love the car but a 50% ish drop in value in 7/8 months is not good.
Les

Not sure what point he is trying to make here. He made it EV specific but the finance options would apply to any car, not just EVs. It's either a clickbait title or the real assertion he's trying to make is EVs depreciate faster than ICE?

 

[Les burrows]

Hi Gomev I totally agree only difference is his video is looking at the 2nd market where mine was New
And I agree with him if you buying 2nd hand there has never been a better time.
Another reason they are so cheap in some cases is there is little or no confidence in buying Used EVs so you buy new thinking every angle is covered well we here in this forum no that is not always the case but my video shows the best way if you are buying new at this present time.
I take the last car he talks about in his list the Audi etron for less than £30k I had a test drive in one of them with my son before he got his Tesla model Y that Audi we test drove was £240 less than £80,000 so just look haw that as depreciated in less than 3years
Les

 

[Les burrows]

Alb it doesn’t matter what he’s trying to do really he’s just explaining the best and cost effective way to do it if you’re going to do it and not everyone would know.That was the reason I posted it.
Les

 

[Gomev]

Hi Gomev I totally agree only difference is his video is looking at the 2nd market where mine was New
And I agree with him if you buying 2nd hand there has never been a better time.
Another reason they are so cheap in some cases is there is little or no confidence in buying Used EVs so you buy new thinking every angle is covered well we here in this forum no that is not always the case but my video shows the best way if you are buying new at this present time.
I take the last car he talks about in his list the Audi etron for less than £30k I had a test drive in one of them with my son before he got his Tesla model Y that Audi we test drove was £240 less than £80,000 so just look haw that as depreciated in less than 3years
Les

That e-tron is quite high depreciation, but cars of any sort in this country 'normally' depreciate by 50% or even more, for selling purposes, in the first 3 years of ownership. The AA is even more pessimistic saying 60% loss in 3 years.

The point the EVM video was making was that even though EVs have depreciated rapidly in the last 6/9 months, they were only catching up on the depreciation they didn't have in the year or so before.
I remember watching the video when he first got his Tesla and deciding which type of finance option to use and him showing what value he expected the car to be in 3 years. Despite being able to sell it for the same price he bought it new a year ago, it is now worth just what he predicted 3 years ago.

 

[Gadget Geek]

I wonder what would happen if I went to a dealer and said, "drive that car off your forecourt, park it on the road and I'll offer you £2,000 less for it"?
P.S Rhetorical question . . . I know the answer.

 

[JimD]

If you are looking to buy an EV that’s great we need more and more to switch from fossil fuel to electric that we all know, but watch this first this my be of help and save you a lot of money I wished I had seen this video before I had purchased my MG5 trophy, love the car but a 50% ish drop in value in 7/8 months is not good.
Les

I didn't watch that video yet, but what I did notice is that he has an affiliate link in the video description - to a car leasing company. So not likely to be unbiased.

 

[Les burrows]

I didn't watch that video yet, but what I did notice is that he has an affiliate link in the video description - to a car leasing company. So not likely to be unbiased.

That’s very true Jim but I don’t think he’s tell any lies there are other leasing companies and many have the same kind of numbers
There I s rarely a day goes by that a new one does not pop up on my screen I have never leased anything in my life but after watching the video I feel I should have.
Les.

 

[Gomev]

That’s very true Jim but I don’t think he’s tell any lies there are other leasing companies and many have the same kind of numbers
There I s rarely a day goes by that a new one does not pop up on my screen I have never leased anything in my life but after watching the video I feel I should have.
Les.

I always prefer to call it renting rather than leasing and it's not something I would do with a car other than on holiday.

 

[johnd973]

No better way to burn money than buying new cars and that's the same whether you buy EV or ICE. If you do but one, you'll get best value by treating it well and keeping it until it reaches end of life.

 

[JimD]

My MG5 is the first car I've ever bought new in my life. My usual habit was to buy a low mileage one year old (or slightly less sometimes) car from a dealer.

Second hand prices were sky high when I bought it and I got a great price for my Honda Jazz trade in.

 

[tsedge]

Leasing can appear attractive but it is difficult to terminate early if your circumstances change or if you change your mind.

PCP offers a lot of flexibility and a MGFV so depreciation has a floor on it, which is good if you are uncertain. But interest rates can be high.

All forms of financing / renting involve paying more than you might if you bought outright but an outright purchase puts 100% of the depreciation risk with you and ties up capital.

 

[WilkoWanderer]

Some cars have a higher depreciation value whole others have lower than average. Not sure the point really. If you want new then that is the price you pay. We bought our MG4 last year because it was the most sensible option at the time for us personally. Low term value was not part of that decision really.

 

[llarrycr]

If you are looking to buy an EV that’s great we need more and more to switch from fossil fuel to electric that we all know, but watch this first this my be of help and save you a lot of money I wished I had seen this video before I had purchased my MG5 trophy, love the car but a 50% ish drop in value in 7/8 months is not good.
Les

Hello . I've just leased an MG4 . Made my day watching this . There is a but . At the end of the 3 years for the other cars they get 14 000 back if they sell it . So not such a big gap . Regards Lawrence

 

[pollenface]

Don't plan on selling our EV.

 

[MG Fred]

I ordered an MG4XP and as there were no attractive PCP deals offered so thought I would be buying cash, BUT having just got out my spreadsheet it is clear when assuming 50% value after 3 years, that the lease (contract hire) is the far cheaper option, by a whacking £200/month. That is if you include the lost interest/income on that £37k you have just lost when using cash. Surprising. And I am not affiliated with any company, just a private buyer.

 

[Rolfe]

Interest? What is this "interest" of which you speak?

 

[Gadget Geek]

Interest? What is this "interest" of which you speak?

I imagine it's the interest you would get on the £37k if it was in a savings account rather than sitting on your drive in the form of an electric vehicle.

 

[Rolfe]

I'd love to see a savings account that would give you more than pocket change, these days.