Dropping like a stone

[Pazmeister]

Just been speaking to the dealer ref my new red Trophy and he will not take my 18 month old Corsa-E Elite in part exchange as they cannot resell it. There values have dropped like a stone falling by £1000 per month. I looked at other ev's and they have all dropped dramatically so I am going to cancel the Trophy as I do not want to lose another £12000 a year so I think a 1 year old Kona or Nero which would still have 6 years of warranty and the first year / 18 month value write down would make it a sensible purchase at the moment. The dealer has said that the MG4 is holding a 66% residule over 3 years, I don't think that that is a reliable forcast given the price meltdown that is at presently occuring.

Why cancel? Other evs are dropping in price because prices overinflated, the mg4 is cheapest on market by 10k so mg4 will lose a normal value

 

[Alex1985]

My dealer has "revisited" the valuation and we have come to an agreement, pick the trophy up on Tuesday.

 

[mousebat]

I bought my 72 plate zs short range ev trophy about 6 months ago for 32k. It’s now worth 18k according to we buy any car. Worst financial decision I’ve ever made. I’m now financially tied to a car I hate.

 

[lg20693]

I leased a mk 1 zs EV , got one of the last ones ., I pay £288 pm over 3 years then give it back , the mad car market should’ve come to its senses , cazoo and the like are virtually bankrupt, so good deals will be back I hope , I sold my ZS PETROL for £4K more than I bought it for 6 months later

Will lease a new MG4 SELR , when my lease is due for the same money

 

[Ingo Wilson]

Just been speaking to the dealer ref my new red Trophy and he will not take my 18 month old Corsa-E Elite in part exchange as they cannot resell it. There values have dropped like a stone falling by £1000 per month. I looked at other ev's and they have all dropped dramatically so I am going to cancel the Trophy as I do not want to lose another £12000 a year so I think a 1 year old Kona or Nero which would still have 6 years of warranty and the first year / 18 month value write down would make it a sensible purchase at the moment. The dealer has said that the MG4 is holding a 66% residule over 3 years, I don't think that that is a reliable forcast given the price meltdown that is at presently occuring.

Good thinking. I really couldn't get to like my 4 month old, 2000 mile LR SE MG4 so found myself a near new ZS EV Trophy for £30K. I previously owned a SR ZS EV Exclusive which was a great car, as is it's successor. My trial period of the MG4 cost me £5K (Ouch!) but at least I've now got a well built, reliable and high spec ZS EV.

 

[Pazmeister]

That's why I'm getting mine pcp guaranteed future value in 4 years of 15600 so I've deffo not lost out

 

[WonkoTheSaneUK]

I bought my 72 plate zs short range ev trophy about 6 months ago for 32k. It’s now worth 18k according to we buy any car. Worst financial decision I’ve ever made. I’m now financially tied to a car I hate.

WBAC are notorious for low-balling EV valuations.

 

[KennethR]

Totally agree, don't think there are any guarantees with any second hand EVs at the minute

Oh dear. I had a very different experience last year. Took in my 2 year old MGZSEV exclusive to exchange for a brand new Long range Trophy Connect. I managed a straight swap without having to pay a deposit or paying an increased monthly rate than previously. A fantastic bargain.

 

[Cocijo]

I leased a mk 1 zs EV , got one of the last ones ., I pay £288 pm over 3 years then give it back , the mad car market should’ve come to its senses , cazoo and the like are virtually bankrupt, so good deals will be back I hope , I sold my ZS PETROL for £4K more than I bought it for 6 months later

Will lease a new MG4 SELR , when my lease is due for the same money

Do you have any evidence that Cazoo and others are ‘virtually bankrupt’?

 

[Deleted member 10041]

Oh dear. I had a very different experience last year. Took in my 2 year old MGZSEV exclusive to exchange for a brand new Long range Trophy Connect. I managed a straight swap without having to pay a deposit or paying an increased monthly rate than previously. A fantastic bargain.

Sadly different at the moment

Why cancel? Other evs are dropping in price because prices overinflated, the mg4 is cheapest on market by 10k so mg4 will lose a normal value

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.

 

[Cocijo]

Welcome le troll

 

[Deleted member 10041]

Welcome le troll

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.

 

[Nick 828]

My dealer has "revisited" the valuation and we have come to an agreement, pick the trophy up on Tuesday.

Did he take your Corsa?? I px mine for my Trophy the dealer has it up for £3500 more than he gave me .But at least he took it and gave me way more than WBAC

 

[Cocijo]

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.

Just saying hello

 

[Deleted member 10041]

Hello

 

[lg20693]

Do you have any evidence that Cazoo and others are ‘virtually bankrupt’?

£1.2 bn loss in 2 years , which they won’t recover from

 

[NigelTalbott]

I bought my 72 plate zs short range ev trophy about 6 months ago for 32k. It’s now worth 18k according to we buy any car. Worst financial decision I’ve ever made. I’m now financially tied to a car I hate.

I have several dealings with WBAC, as a guide to lowd est price I am likely to get, antheir value has proved, to me anyway, to be wildly short of the actual value achievable.
I would not see their valuation as representative and would certainly not make any major financial decisions based on their valuation.

 

[markreeves11]

I find it hard to believe anyone is talking about depreciation when it comes to any car. They're the worst things for spending cash on. Either pcp or lease. You pay for using the car. I've just sold my ST fiesta and got a se long range, I'm not looking at loss, depreciation. I'm looking at daily running costs. From my calculations,,,happy days.

I bought my 72 plate zs short range ev trophy about 6 months ago for 32k. It’s now worth 18k according to we buy any car. Worst financial decision I’ve ever made. I’m now financially tied to a car I hate.

The new list price was 26k why pay 6k over the price?

 

[Mike01Hu]

Just been speaking to the dealer ref my new red Trophy and he will not take my 18 month old Corsa-E Elite in part exchange as they cannot resell it. There values have dropped like a stone falling by £1000 per month. I looked at other ev's and they have all dropped dramatically so I am going to cancel the Trophy as I do not want to lose another £12000 a year so I think a 1 year old Kona or Nero which would still have 6 years of warranty and the first year / 18 month value write down would make it a sensible purchase at the moment. The dealer has said that the MG4 is holding a 66% residule over 3 years, I don't think that that is a reliable forcast given the price meltdown that is at presently occuring.

Where does your £12000 a year come from? Oh, 12x1000, so I can expect that when I change my car every year, that is what I'll lose. Wow. So buying secondhand, with a history that is relatively unknown, won't incur a loss when I come to change it next year? I'll rush out now and get rid of my Trophy for a beat-up ID3 before I go broke.

 

[Deleted member 10041]

Where does your £12000 a year come from? Oh, 12x1000, so I can expect that when I change my car every year, that is what I'll lose. Wow. So buying secondhand, with a history that is relatively unknown, won't incur a loss when I come to change it next year? I'll rush out now and get rid of my Trophy for a beat-up ID3 before I go broke.

He was talking about a specific car, which is now offering massive discounts on brand new models, hence the impact onto the used market. He has probably wrongly assumed this would apply to every used EV.
The unfortunate thing at the moment is that used EV prices have dropped considerably, due to big discounts on new, supply of new being quicker than it was. All off this has caused the ridiculous used EV market to reset.
I think all of us, whatever model of EV we have will be seeing a fair bit of depreciation in the first 18 months of our ownership (as was once normal)

£7,8,9k looks like what we can all expect, after a year, if autotrader is any guide.