Not so “great news about your vehicle “

[Dino]

With time to spare and a little curiosity I decided go have a chat with my local MG dealer who told me that they had great news that my 71 plate Excite is much in demand due to the ongoing chip shortage and they could offer me something newer and lower mileage for the same monthly payment.
In short it’s not so in demand despite only just doing 9000 miles and being pristine inside and out.
It’s in negative equity by about £3k with the settlement on current finance. They wouldn’t give me the actual valuation (newbie sales guy who was back and forth with the manager), but I make it about £12k, which is about £2k more than WBAC, but also nearly £2k less than a 21 plate Excite in the same colour but more than double the mileage they have on their website at another branch.
Good job I love the car and I’m happy to keep it for now.
Just hope the value rises a little when the finance comes to an end.
Quick look on Autotrader and you get much older and higher mileage on an ICE car of similar value, don’t get why the MG especially has crashed so much in price?

 

[Blackeunos]

Standard car sales tactic... They talk rubbish and tell you anything to get you hooked on the idea of changing your car

 

[Dino]

Standard car sales tactic... They talk rubbish and tell you anything to get you hooked on the idea of changing your car

Oh yes I knew it was a load of baloney from the sales guy, but was interested to see what a dealer would offer and doing a bit of research before going was shocked that a 2 year old car has lost two thirds of its value already when depreciation on other vehicles is much lower

 

[MickeySw]

Not sure why you’re shocked at the depreciation, with a current EV oversupply and slowing demand, prices are only going one way but by the time things settle, new battery technology will negatively affect residual value and therefore second hand prices I’m afraid…

 

[Dino]

Not sure why you’re shocked at the depreciation, with a current EV oversupply and slowing demand, prices are only going one way but by the time things settle, new battery technology will negatively affect residual value and therefore second hand prices I’m afraid…

Not shocked at the idea of depreciation or that EVs are doing badly in general (Tesla slashing prices, negative press around fires and range etc etc), but percentage wise MG5 seems to have fared much worse than anything else. Book price was around £30k when new and now 2 years later you can pick one up with reasonable miles for less than £10k. I can’t see anything else that is currently doing so poorly

 

[monzy]

Keep it cars sells go’s up and down don’t forget you have 7 years warranty get a new car from VW or Audi you don’t get that with them stick or twist,up to you I’m sticking good luck?

 

[salty]

Not shocked at the idea of depreciation or that EVs are doing badly in general (Tesla slashing prices, negative press around fires and range etc etc), but percentage wise MG5 seems to have fared much worse than anything else. Book price was around £30k when new and now 2 years later you can pick one up with reasonable miles for less than £10k. I can’t see anything else that is currently doing so poorly

Not so good for you unfortunately.
But fantastic for the used car buyer.
Have to admit though still nowt like like a
Brand spanking new Motor.

 

[MickeySw]

I can’t see anything else that is currently doing so poorly

Might have something to do with MGs “outstanding” customer service; what good is a 7year warranty if the car spends most of that time out of action, waiting for diagnostic or parts?
Don’t get me wrong, I’m very happy with our MG5, it worked as expected right out of the box but given the experience of many, I’m dreading the day I require essential support from MG.

 

[Verdigris]

I've seen a couple of videos, fairly recently, looking at EV depreciation rates and MGs didn't feature in the "top ten" IIRC.

 

[monzy]

Just got my first service £126+25 not bad picking the car giving me car, i know insurance gone up part’s gone up now electric but if you go to sell your car that’s only thing that’s gone down,and someone tell this old git what is environmental change is £12.50 they say it getting rid of the fluids WHAT fluids

 

[MG5 Lone Ranger]

Really pleased I didn't buy the MG5 I'm running about in, found it to be a great car, it's on MG Finance Contract Lease, 4Yrs 48,000 Miles, then back to them, job done, no worries unless I go over the 48,000 Miles, then it's 12p a mile to pay.
I've had it since August 1st 2022, done 23,000 miles so far.
Just put 4 new tyres on it, I've worn them, so I replaced them.

 

[Slipstream]

Really pleased I didn't buy the MG5 I'm running about in, found it to be a great car, it's on MG Finance Contract Lease, 4Yrs 48,000 Miles, then back to them, job done, no worries unless I go over the 48,000 Miles, then it's 12p a mile to pay.
I've had it since August 1st 2023, done 23,000 miles so far.
Just put 4 new tyres on it, I've worn them, so I replaced them.

You're going to be well over the 48.000 miles at that rate.

 

[salty]

Really pleased I didn't buy the MG5 I'm running about in, found it to be a great car, it's on MG Finance Contract Lease, 4Yrs 48,000 Miles, then back to them, job done, no worries unless I go over the 48,000 Miles, then it's 12p a mile to pay.
I've had it since August 1st 2023, done 23,000 miles so far.

You're going to be well over the 48.000 miles at that rate.

WOW, 23,000 miles in 9 months. Taxi?

 

[jackois]

When I had my Polo, I was forever being invited to 'special' events, launches, and suchlike... any excuse to send an email...

I've had my MG for 2 years and finally managed to get my name off the VW database....

 

[monzy]

MG did ask me how much miles I have done before they fix my lights (4000) in7 months from new so good luck with 23,000 in 9 months

 

[Shrink Proof]

I played the trade in game with a car dealer (not MG) some years back. He said he'd consider part exchange of our old car, but refused to make an offer.

"Well, tell me what you think it's worth", he said.

"Hmm. Well, it was bought brand new, we've been the only owners. It's got a documented full service history, all carried out at the dealers. There have been no accidents. It's now 15 years old but passed MoT with flying colours last month. At that time it was serviced and no faults were found. New it cost £16,000, but, as I said, that was 15 years ago."

"So what do you think it's worth now, then?"

"I reckon somewhere between £60,000 and £70,000."

"What!? For a 15 year old second hand car?? Nothing quadruples in price as it gets older and more worn out."

"Houses seem to..."

 

[Avro]

Estate cars are just out of fashion and have been for a long time. It would appear many purchased the MG5 as it was simply the best value EV around at the time, once the MG 4 arrived 5 sales plummeted. My local dealer confirmed this recently saying, whilst MG4 sales are still strong MG 5 sale are disappointing. I noticed they didn't even have a 5 in the showroom. Just look at the number of posts on the MG 4 forum compared to here. This also affects the desirability second hand.
Personally I like estate cars. I had a look at the MG4 when it came out and only had to sit in it to say no not for me. Will be interested in the 4 based estate but I doubt it will prise me away from the 5.
Took a second hand Polestar 2 out for a test drive recently. Sitting in the driver's seat is like being in darth vader's helmet! It had some good points.... but also not for me, and of course not an estate

 

[MG5 Lone Ranger]

WOW, 23,000 miles in 9 months. Taxi?

I do apologise, I've edited the posting, it should have been 2022, sorry for any confusion.

 

[Amun]

I had a look at the MG4 when it came out and only had to sit in it to say no not for me.

We went in to look at the ZS EV (not available at that time) and the MG4. We didn't like the layout of the MG4 at all, so decided against it. Thought that we'd give an MG5 a chance before we moved away from MG and really liked it, so bought one.

 

[Buchanty]

Might have something to do with MGs “outstanding” customer service; what good is a 7year warranty if the car spends most of that time out of action, waiting for diagnostic or parts?
Don’t get me wrong, I’m very happy with our MG5, it worked as expected right out of the box but given the experience of many, I’m dreading the day I require essential support from MG.

Very wise (sadly).