Resale Value

[greeiig]

I'm starting to think about the next car so did an online valuation of my three year old MG5 LR Exclusive.
I was expecting to see a decent drop, but was taken aback to see that it's worth around £12,000 now. Down from £28,000 when new - ouch...
Not great for me if/when I sell, but man - what a deal for someone who wants their first EV! A car that's as good as new and will last for 10+ years with minimal maintenance..
I guess for company car people buying new with PCP/Leasing makes sense, but there has to be a bigger 2nd hand market opening up for EV's surely?

 

[Ferretusmaximus]

Could explain why secondhand EVs are starting to sell well (today's news):

In further good news, a record 53,423 used battery electric vehicles (BEVs) found new owners, a jump of 57.0%, reflecting the largest-ever market share at 2.7%, up from 1.8% in the same period last year. Sales of plug-in hybrids and hybrids also rose, up 29.0% and 35.8% respectively.

Pre-loved EVs soar to record levels as used car market goes green.

 

[greeiig]

Unfortunately for me, my next EV needs to be a 6 or 7 seater to stop my teenage kids from squabbling in the back - not many of them on the 2nd hand market!

 

[Paulie68]

I'm starting to think about the next car so did an online valuation of my three year old MG5 LR Exclusive.
I was expecting to see a decent drop, but was taken aback to see that it's worth around £12,000 now. Down from £28,000 when new - ouch...
Not great for me if/when I sell, but man - what a deal for someone who wants their first EV! A car that's as good as new and will last for 10+ years with minimal maintenance..
I guess for company car people buying new with PCP/Leasing makes sense, but there has to be a bigger 2nd hand market opening up for EV's surely?

Currently MG are selling them new with over £10k discount!, so probably why resale is so low now.

 

[Gomev]

Unfortunately for me, my next EV needs to be a 6 or 7 seater to stop my teenage kids from squabbling in the back - not many of them on the 2nd hand market!

Merc EQB possibly the best of the tiny bunch of second hand 7 seaters, still £25k upwards though.

 

[greeiig]

Merc EQB possibly the best of the tiny bunch of second hand 7 seaters, still £25k upwards though.

Yeah maybe but range is fairly average. Otherwise maybe model X but they are £40k+. Right hand drive ones will be a collectors item soon!

 

[mj224]

My insurance company value my MG ZS EV gen 1, bought 4 years ago for £23500, is now valued at £10500 or so.

That's the way for new to used....

Still a great car, and has worked faultlessly for the 4 years, touch wood...

 

[Caramaddy]

I'm starting to think about the next car so did an online valuation of my three year old MG5 LR Exclusive.
I was expecting to see a decent drop, but was taken aback to see that it's worth around £12,000 now. Down from £28,000 when new - ouch...
Not great for me if/when I sell, but man - what a deal for someone who wants their first EV! A car that's as good as new and will last for 10+ years with minimal maintenance..
I guess for company car people buying new with PCP/Leasing makes sense, but there has to be a bigger 2nd hand market opening up for EV's surely?

Exactly the reason I bought my MG - it was very good value used. ICE cars depreciate roughly the same amount. Very few people go back to ICE after owning an EV. Of course those that do, will be given LOTS of publicity.

 

[Gomev]

Yeah maybe but range is fairly average. Otherwise maybe model X but they are £40k+. Right hand drive ones will be a collectors item soon!

Model Y is not a practical 7 seater for anyone thinking along that route, for anybody more than a toddler. Perhaps have a nosey at this, it runs through several alternatives including the EQB and the model X.

 

[Alibro]

I'm starting to think about the next car so did an online valuation of my three year old MG5 LR Exclusive.
I was expecting to see a decent drop, but was taken aback to see that it's worth around £12,000 now. Down from £28,000 when new - ouch...
Not great for me if/when I sell, but man - what a deal for someone who wants their first EV! A car that's as good as new and will last for 10+ years with minimal maintenance..
I guess for company car people buying new with PCP/Leasing makes sense, but there has to be a bigger 2nd hand market opening up for EV's surely?

I bought my 2021 LR exclusive with 11,500 miles for £15k earlier this year so yes it was an amazing deal.
All used car prices rise and fall for different reasons and EV's are no exception.

 

[t509triumph]

Brand new now available for £21500.... having paid 25500 a year ago.

AMAZING deal if your after one but these new deals seriously suppress the second hand price

 

[Verdigris]

I keep an eye on used MG5 prices on Autotrader and prices on PFL models seem to have stabilised. You can get very high mileage ex-taxis, so no warranty, for less than £10k but low to average 1 owner cars are £12k, and up, depending on model.

 

[confuzz]

I bought a new MG5 EV SE for just shy of £19k in September, so I can see why used prices have gone down. I have no idea what it will be worth in 3 years but I plan on keeping it long-term anyway so it doesn't really matter.

 

[smokie]

I got one of the bargain Trophys, and so just am literally in the middle of selling my pre FL through Motorway. Easiest sale I've had and I was happy with the offer of £11500. I'd have liked more but it was on the classifieds here and another site for some weeks at £11700 but no-one contacted me, so I probably didn't do so bad. I'd got the quite significant NHS discount at purchase too.

The 23k mile LR Exclusive was in lovely nick, except quite an amount of paint (tricolour red) missing from the rear bumper where I scuffed something solid! It is due 1st MOT and service and I think if I could have been bothered with trying to sell privately I may have made a few hundred more net (of service, MOT and valet) but tbh the ease of selling with Motorway made it worth taking a bit of a hit.

Btw If anyone else is thinking of selling through them we'd each get £50 if I referred you - pm me.

 

[Baldini84]

I purchased a 21 plate MG5 LR in 2023 with 21000 miles on the clock for £21,500 - a bargain I thought! Now, due to many frustrated moments screaming at EV chargers that don't work, I tried to switch to a plug in hybrid. The problem - the best I can get for my car now is £7,500!!!! Even that's down from £9,000 only 3 months ago! Looks like I'm stuck with this for a while.

P.s. the car itself is incredible: handling, speed, room, tech etc - it's just the EV network and my job requiring a lot of motorway miles.

 

[Gomev]

I purchased a 21 plate MG5 LR in 2023 with 21000 miles on the clock for £21,500 - a bargain I thought! Now, due to many frustrated moments screaming at EV chargers that don't work, I tried to switch to a plug in hybrid. The problem - the best I can get for my car now is £7,500!!!! Even that's down from £9,000 only 3 months ago! Looks like I'm stuck with this for a while.

P.s. the car itself is incredible: handling, speed, room, tech etc - it's just the EV network and my job requiring a lot of motorway miles.

Are there any specific chargers that don't work or is it random. Yours doesn't seem to be a common problem other than the infamous 'Tesla fix'.

 

[Paulie68]

I purchased a 21 plate MG5 LR in 2023 with 21000 miles on the clock for £21,500 - a bargain I thought! Now, due to many frustrated moments screaming at EV chargers that don't work, I tried to switch to a plug in hybrid. The problem - the best I can get for my car now is £7,500!!!! Even that's down from £9,000 only 3 months ago! Looks like I'm stuck with this for a while.

P.s. the car itself is incredible: handling, speed, room, tech etc - it's just the EV network and my job requiring a lot of motorway miles.

Interesting how times change, £21.5k for a 2 year old car. I bought a new Trophy last December for £21k! I think this is the issue, the last MG5's were only £21k new, so the 4 year old residual value is based on that and not the much higher, old pricing, from when you bought.

 

[crispyjay]

Are there any specific chargers that don't work or is it random. Yours doesn't seem to be a common problem other than the infamous 'Tesla fix'.

I’m in on holiday in Devon and I my banks anti fraud has been responsible for my charging woes. MFG and a Scottish Power charger both trying to put a holding amount on debit card which was declined… call from bank resolved MFG. Osprey chargers worked fine (before MFG failed!) with same bank details.

 

[Caramaddy]

Good to hear that your Bank is the problem rather than the chargers.

Would you really want to go back to a hybrid?

 

[Gomev]

Pleas

I’m in on holiday in Devon and I my banks anti fraud has been responsible for my charging woes. MFG and a Scottish Power charger both trying to put a holding amount on debit card which was declined… call from bank resolved MFG. Osprey chargers worked fine (before MFG failed!) with same bank details.

pleased to hear it was a simple problem unrelated to the car. I once couldn't get a Tesla charger to work and it was only after several tries I realised I was using a debit card with no overdraft facilities (why I got it !!!) and had forgotten to top up my account so it hadn't got enough in to cover the holding charge..
I think we've all had the other problem where we have have reached the contactless limit on our cards and wondered why the charger is refusing it, so always carry at least 2 cards.

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