Whats everyone's thoughts on the negative ev press ?

[Andy Farmer]

As an EV dealer, I can say that it has been a very hectic couple of months for EV prices and most of the above points are absolutely correct. The hidden benefit is to all of those who want to enter the EV market or upgrade. We are looking at stocking Model 3 Long Ranges at under £30,000 now and we currently have an MG5 Long Range for under £20k!

 

[Kithmo]

They're still pushing it today, saying second hand EV prices have plummeted and dealers won't buy any more stock.

 

[szymon]

They're still pushing it today, saying second hand EV prices have plummeted and dealers won't buy any more stock.

Right, but that’s true. It’s a correction to inflated prices previously, and very much expected, but it’s still true…

 

[smokie]

Judging by the forecourts I've passed recently , I'm not sure dealers need much stock of anything right now, not just EVs.

The second hand EV price plummet is really quite irrelevant isn't it? If they've plummetted that much then more people would be buying surely, even in these straitened times. But I suspect the problem is that many people will have put non-essential a car purchases on hold, be they ICE or EV.

 

[Goldie007]

I had a discussion with someone the other day about the EV vs ICE. All they saw was the 69p to 85p rate to charge and said 'Wow thats about the same or more than it is to run a petrol car'. I had to put a point across that these expensive rates are like taking you petrol/diesel car to a motorway service stations at inflated prices which they only use in emergency. Its all about changing mind set and think logical about it.

Bad press plays on high pricing which in theory you will never use expect long journey or emergency.

 

[rjkirk]

As you've all probably saw in the news lately ev car's just seem to be taking a battering in the press.
Dealers Stating a slump in sales , some have put bans on
What's everyone's thoughts do you think it will blow over ? In my opinion yes but would like other's thoughts


Dan

I recently read a report damning EV cars as the worst thing ever invented. Careful examination of the source found it had come from an American who worked in the oil industry. What a surprise
I expect a lot of not all of these stories have similar sources.

 

[Les burrows]

My thoughts are:

• We now know that Motorpoint, Cazoo, Cinch/WBAC all bought second hand EV's at inflated prices but when they bought them, they didn't foresee what was coming in terms of the fall in valuations. So, they 'overpaid' for cars purchased that they now have in stock , which they won't be able to sell at the profit they anticipated. They did make hay whilst the sun shone though! We recently sold an MG5 and noticed that Cazoo were selling it for pretty much the price they paid us for the car. Thats just business and the economy, nothing to do with EV's as such, it just so happens that some of their 'stock' is EV's and their values have fallen due to many factors beyond their control (e.g. cost of living crisis, higher interest rates, general poor state of the global economy etc...)
• Second hand car prices and some new models, are falling, including EV's. Thats a fact.
• Tesla are discounting new cars prices for many reasons I suspect such as lower cost competitors, lower production costs due to them making higher volumes of cars etc. If you discount a new car its bound to reduce the residuals on a second-hand model. Thats a fact.

I can echo the points above, I sold my MG5 SR exclusive to Motorpoint at the beginning of December 2022 a week or so later I took a look on there website as you do, to see how much it was on sale for, well I was surprise to see it was for sale at only £500 more than they paid me for the car I have looked again today it is still for sale but at £2499 less than they paid me for it, I think if I hadn’t now got the MG5 Trophy I would have been thinking of going to buy it back.
It sure does appear that the bottom has fallen out of the market for S/H EVs and the good times have gone for now, I did a check to see how much I could perhaps get today on the Trophy and shock horror almost £4.7 thousand less than I paid for it on a couple of sites with less than 1000 miles on the clock.
That’s even more worrying. But it is not really unusual for the S/H vehicle market to be poor at this time of year I think so anyhow.
Les

 

[Alansurfer]

From experience I can say, Follow the money! Tesla has and does not spend any dime on advertising. And who live from advertising? Also big auto is lagging big time which now puts them in a very difficult situation. Tesla has cut prices resulting in all bev from legacy auto to be redundant. They cannot compete on price and margins. And on the low end you have the Chinese evs which are priced below legacy auto. This all seems to be the mechanism.

….and Tesla have been overpricing since starting with a plan to reduce prices when the legacy auto manufactures finally start to up their ev game. Profit per vehicle for Tesla at point of sale is 32% plus 8-12% for after sale add-ons, no traditional motor manufacture can match that. Early on when marketing the supercharger network as free charging sold a lot of vehicles despite the fact that you would have been paying 5 times as much as everyone at the public chargers compared to Tesla.

 

[Deleted member 7316]

You also have to be careful how they derive figures. Are they "plummeting" on average? Take out the artificially inflated premium brands and the hit Teslas are taking due to the price adjustments for new one are the rest suffering? Only when saturation has occurred for the market for those that will even consider electric can you really compare ICE vs BEV

 

[Richard P]

Negative press on EVs? Honestly, sometimes it makes you think that the things they print have a hidden agenda....

Not to mention the "snow bombs" the Express claim are going to "blanket England in Arctic conditions" next week, last week or whenever ?

 

[Brianlescargot]

ALL cars have been suffering from inflated prices, from little runarounds to luxury vehicles including EV’s. I live next to a huge Arnold Clark superstore and they are still adverting second hand ZS EVs for around £4k more than I paid for mine. Clearly from the turnover in the forecourt they are having no issue in selling vehicles, other than when they had their computer systems hacked that is!

 

[m4rmite]

Not price related but bad ev press no doubt.
This channel fact checked the idiot in question.

 

[Malcolm]

As you've all probably saw in the news lately ev car's just seem to be taking a battering in the press.
Dealers Stating a slump in sales , some have put bans on
What's everyone's thoughts do you think it will blow over ? In my opinion yes but would like other's thoughts


Dan

I bought my ev to help save the planet. Whatever the naysayers say about ev's is usually wrong.

 

[JimD]

The fossil fuel industry has always played dirty. Now that its very existence is threatened, they're playing very dirty indeed, particularly with respect to widespread misinformation campaigns and political donations for climate denying politicians, as well as for those fighting against climate change mitigation.

I'm not surprised by anything they're doing.

 

[AndyJ]

As you've all probably saw in the news lately ev car's just seem to be taking a battering in the press.
Dealers Stating a slump in sales , some have put bans on
What's everyone's thoughts do you think it will blow over ? In my opinion yes but would like other's thoughts


Dan

Negativity is what sells papers... ie brexit, Harry and Megan - the list goes on! My advice: don't buy newspapers

 

[m4rmite]

Negativity is what sells papers... ie brexit, Harry and Megan - the list goes on! My advice: don't buy newspapers

But they work out cheaper than toilet roll

 

[szymon]

I had a discussion with someone the other day about the EV vs ICE. All they saw was the 69p to 85p rate to charge and said 'Wow thats about the same or more than it is to run a petrol car'. I had to put a point across that these expensive rates are like taking you petrol/diesel car to a motorway service stations at inflated prices which they only use in emergency. Its all about changing mind set and think logical about it.

Bad press plays on high pricing which in theory you will never use expect long journey or emergency.

Sort of a false equivalency there — fuel on a motorway is at most 10-15p a litre more than usual, so say up to 10%. Rapid charge vs Octopus Go can be an order of magnitude more or 1000%. Yes, 85p/kWh vs 8.5p/kWh is 1000%, so 900% on top of the cheaper price.

I can echo the points above, I sold my MG5 SR exclusive to Motorpoint at the beginning of December 2022 a week or so later I took a look on there website as you do, to see how much it was on sale for, well I was surprise to see it was for sale at only £500 more than they paid me for the car I have looked again today it is still for sale but at £2499 less than they paid me for it, I think if I hadn’t now got the MG5 Trophy I would have been thinking of going to buy it back.
It sure does appear that the bottom has fallen out of the market for S/H EVs and the good times have gone for now, I did a check to see how much I could perhaps get today on the Trophy and shock horror almost £4.7 thousand less than I paid for it on a couple of sites with less than 1000 miles on the clock.
That’s even more worrying. But it is not really unusual for the S/H vehicle market to be poor at this time of year I think so anyhow.
Les

Please don’t look at the drop on a new car. The moment you drive off the forecourt it loses 10%, that’s the way buying new cars works. After 3 years it’ll be worth 50% of the new price. But you’ve had it for three years, and you still have a car — a lease would have also cost you that 50% but you’d now have to lease another car, whereas you can keep yours for another three years and have it lose dramatically less…

 

[Les burrows]

Please don’t look at the drop on a new car. The moment you drive off the forecourt it loses 10%, that’s the way buying new cars works. After 3 years it’ll be worth 50% of the new price. But you’ve had it for three years, and you still have a car — a lease would have also cost you that 50% but you’d now have to lease another car, whereas you can keep yours for another three years and have it lose dramatically less…

Yes historically Szymon that is how the new vehicle markets have always worked I agree, but over the last year or so that’s trend as been totally different take my example around £2500 more than I paid for my car I got when it was around 20 months old with 18,500 miles on it clock and I’m not alone others here have made money on EVs

At this moment things are getting back to the historical trends but I wonder how long these fossil fuel prices will stay at these currant levels possibly even a bit lower yet who knows, but when they do begin to rise again as they will, or something else happens, example a tanker drivers dispute with no fossil fuel to be had and vehicle queues at every fuel outlet I wonder what the press will be saying then and what will happen to the price of EVs new or S/H.
Also remember we now have less than 7 years to the time where we won’t have much choice in the matter anymore in the UK, for me I say let the sunshine and my EVs cost very little and will continue to do so in spite of the up and coming RFL that’s been put on us.

Forget about the press EVs are the future there is nothing more certain that is until someone else makes something that can run on water or something else that’s cheap and plentiful or perhaps even free.
Les.

 

[Goldie007]

I also have a Ford Mustang and I bought it new and 12 months after I bought it I was offered 6k more than I bought it for. Thing is I did not take the offer because I love the car and now its still around 4k more than I owe on it BUT I love the car and waste so much money on fuel why would I want to sell. When you like the car it does not matter how much you are offered.

Yes random statement. Someone walked up to me yesterday and said ' You love Orange cars don't you'. He does have a point. If you love a car it does not matter what its worth

 

[Wiggy25]

It is very odd at the minute, bought my second hand MG5 LR exclusive in May 2022 for £28K with 2000miles on the clock.
I thought I'd see what I would get for it now, a couple of dealers wouldn't take it as P/EX and one would, but only offered me £17'800, it now has 10500miles on it.
That is a massive drop! (None of the dealers were MG, would that make a difference?)
Apparently a lot of places the EV's are struggling to move and dealers are being left with them, so they are not taking them or offering low money so they don't lose out if the car has to be sent to auction.