Buying an EV.

[Lincslady53]

Just got a good deal on a new ev. Test drove a few different models, deciding on the Cupra Born. With the introduction of the EV grant, they have added the largest battery, 79kwh to the lowest spec car, which brings the price to £5 below the EV threshold. This is still better specced than other cars we drove. The dealer had a £7,000 deposit contribution, if we used their finance, but we had saved up, so after a few visits, they gave the contribution for a cash sale. Plus an installed charger for £99, Octopus quoted £1,000 for the same charger. It brought the price of a new car down to the price of an 18 month old car with 10,000 miles on the clock. If you include the saving on charger, a total of £9,500 off list, plus a few other bits and pieces thrown in. The manufacturers have to sell 28% of their total sales as EVs this year, last figures for August they we running at about 22%, huge fines for missing that targer, so if you are thinking of doing a Dylan, and going electric, there should be some good deals over the next few weeks.

"It brought the price of a new car down to the price of an 18 month old car with 10,000 miles on the clock."

This is the thing with EVs. They all have high list prices, but used/residuals plummet like a stone.

Imagine what your EV will be worth in 18 months time - bordering on worthless when it comes to trade in time. Petrol/diesels thankfully still have better residuals.

While you think you got a good deal, in 18mths time, your EV will be worth a lot less than comparably sized non-EV cars.

Ha look up some actual used prices @HelplessSoulvery much not worthless! And if you can find some bargains please send my way cos I'm looking.

@Lincslady53fines for missing targets on dealers? From their head offices?

Well this is a load of nonsense!

congratulations on your new car!

I just had a quick look as I am about to buy the ev I’ve leased for 3 years - broadly comparable value to a hybrid of the same age. For 3 years I’ve spent little on fuel and saved £12 a day on parking at work due to the local council having free parking for ev. Love driving it and has been a great decision financially too.

It was tongue in cheek - not a literal statement 🙄 Ditto you too @MaryBeardsShoes

If the OPs car as new, is worth the value of a car that has depreciated in 18mths, then in 18mths time, the OPs car will of course be worth even less.

Its not rocket science.

I'd like a BYD car, but can't persuade DH.

So it's just like, err, a car @HelplessSoul

I’m at the other end in that I can’t afford a new EV despite the discounts.
just want a used local run about, perhaps 100 mile range.
getting onto an EV electricity tariff will help loads too.

I demo’d a Born, really nice car. Bit more style than the ID3 imho. I drive an old diesel so the tech blew my mind. And a great deal in getting the charging equipment, Cupra have been doing that in and off for a while but I think it’s essential for first time EV users. I still drive that old diesel, couldn’t decide to switch! I have it on offer as a company car.

From the uk goverment
Car dealers' electric vehicle (EV) targets are dictated by government mandates, like the UK's Zero-Emission Vehicle (ZEV) mandate, which requires 28% of new car sales to be electric in 2025 and 80% by 2030. While these targets are in place, manufacturers are given flexibility, such as averaging sales over time, to meet them, with penalties for falling short. Dealers face the challenge of meeting these goals amidst factors like stock shortages, consumer price sensitivity, and the need for more public charging infrastructure.

Key targets
2025: 28% of new car sales must be electric vehicles.

2030: The target increases to 80% of new car sales.

2035: All new car sales must be emission-free. A ban on the sale of new hybrid vehicles is also planned for this year.

Flexibility and penalties
Flexibility:
Manufacturers are given more freedom to meet yearly targets. For example, they can carry over sales to make up for a shortfall in one year by selling more EVs in the next.

Penalties:
There are fines for failing to meet the mandates. The fine for each non-compliant car sold was set at £15,000, but it was later cut to £12,000 as part of recent changes to the mandate.

Challenges and contributing factors
Consumer demand:
Factors like the initial cost of EVs and consumer hesitancy about charging infrastructure can slow adoption.

Stock shortages:
Pandemic-related production issues have led to shortages of both new and used cars.

Charging infrastructure:
The UK needs a significantly more robust public charging network to support the growing number of EVs.

Manufacturer strategies:
Some manufacturers are ahead of the targets, while others are selling EVs at a discount or buying "zero-emission vehicle credits" from other companies to meet their quotas and avoid fines.

@Lincslady53 Agree with what you say. There are serious barriers to owning an ev. We have one - huge discount 1/3 off new price at 8 months old. They really can depreciate!

Sales aren’t great for new ev cars and I’d recommend a nearly new one. The Cupra Born is based on a Golf and gets 4 stars from What Car. They like the smaller battery. It’s a fairly good all round ev though and cheap enough! Discounting means they aren’t selling though.

Do your research.

EVs, new and used, lose more value than non-EVs. 🙄🤦‍♂️

But yeh, dont let facts get in the way....

We have done the sums, including depreciation compared with a petrol T Roc. We think over 5 years, taking into account lower fuel prices, lower servicing prices then it will will balance out the higher insurance costs. There will be no big bill for a new cam belt in 5 years either. That cost £1,500 on our curremt car. I dare say there will be a big bill or two but we will see. Diesel cars are put as our day to day mileage is not good for the dpf. We have no idea what the gov will do to 'encourage" people to switch to electric to meet their net zero targets, but going on past performance, I reckon they will increase the cost of driving fossil fueled cars, increase petrol taxes etc. Besides the cost, we drove several EVs, then a new T Roc, all priced similarly, and the T Roc felt like going back in time. Bit sluggish in comparison, less well equipped, and disappointing. This had been top of our list to replace our aging Octavia, and we were ready to decide to stay with petrol for one more car, but the test drive sealed the decision. To get the same level of equipment, we would have to go for a higher specced, and more expensive model, and although there are good deals on T rocs as new model time, still not good enough.

Sales of used EVs are rising, and the demand can only get stronger. If we had paid full list price, £5 under £37,000 so it is eligible the the EV Grant, I would agree. But with the discount of aboit £9k the depreciation will be similar to a petrol car, and if in 6 years or so when we look to sell, the cost of owning peyrol has risen compared to EV, I think the higher depreciation will level out, and if it doesnt, I dont really care, as either car will only be a few thousand so the difference will not be that great, and we will have had 6 years driving a cleaner, quicker, more convenient vehicle. Lookong forward to the brave new world.

@Lincslady53 Rising yes, but not in line with government requirements die to the issues you pointed out. The person spending £6-10,000 has a total aversion to ev and leasing isn’t always a good idea.

The big issue that has stopped us going earlier is ramge. We had a journey to my MIL of 140 miles, and we always said that we need a car that could do that trip in one charge. The Skoda Elroq came out this year with a range of 360+ miles, so even with the real world mileage that should be doable. We were disapppinted with the Elroq, a lovely car but too big for us, we wanted to stay with the VW group, as our last 2 Skodas have been brilliant, so the choice was the ID3 or the Born. We preferred the Born. Better specced, better ride, better seats and better price. MIL is no longer with us, so we analysed our mileage, and we now do about 100 to 120 miles a week, with an occasional long trip. So, charging once a fortnight at home at a cost of about £5. A bit more inconvenient on longer trips, and more expensive, but 20 to 30 mins charging will give about 240 miles of range. So we can live with that. Be interesting to see if the reality matches expectations.

Glad you got a deal that works for you.

However, I didnt once refer to EV sales.

As for depreciation, a quick 2-sec Google search shows vast swathes of evidence about EV values plummeting more than ICE cars:

https://pod-point.com/guides/the-truth-about-ev-depreciation

I've just done this and bought my model Y.

List price was £54k
Included insurance / servicing would have cost me £6k

I've paid £20k for the car
£23k in lease costs.

I think that makes me about £17k better off than having bought it myself from new.

Surely the value of a car is in what you get out of it. Some people love owning a new car...
We bought a used EV ... cheap as chips and I laugh regularly when driving past the petrol station.

Petrol & Diesel cars currently hold their prices because a) the infrastructure for EV's is still patchy, b) the range of EV's & charging time isn't great for long journeys c) a lot of people wanna hang on to the old ways!

My discussion was simply on financials/value.

Not personal values of whatever vehicle a buyer picks.

Thought that that was pretty obvious.

Also, you laughing at people at petrol stations - the 2 mins fuel up is a lot better than those using costly, patchy network charge stations (if they work) and having to wait forever for said EV to charge up.

Life is short as it is - I wouldnt want to piss time away waiting for an EV to charge up. I laugh at EV users charging up on the motorway services (if they even work!) because the ranges on nearly all EVs is a joke - especially in cooler months.

But, each to their own and all that.

That’s a great deal on the Cupra. It’s a really nice car. I nearly got one but went for a model 3 as I wanted something with a bit more room. Enjoy your new car!! X

@Lincslady53 We’ve had two hybrid plug ins that worked for shopping trips and local journeys. We own several cars and secured to go fully ev to replace hybrid. I can get around 200 miles out of it but motorway driving eats the battery. We’ve never charged it away from home and we use petrol or diesel for long journeys. Too many chargers out of action or not available at service stations. However EVs definitely work for general motoring but there’s only 1 other owned in my very small village. No popularity here it seems in the affluent home counties!

From the government

Well, we have had the car for a couple of months now, so here's my thoughts.
Travelled more than usual as DD has moved to a house 50 miles away and we are helping her spruce it up, so lots if motorway driving
We got the car in January, just as temperatures dropped. The initial range also dropped as expected, and a full charge would give us around 260 miles, that's with lights, heater and wipers running. Last week we had a warmer day or two, range increased to around 320, again, as expected.
Only charged at home so far, dead easy. Long trip planned thus month so will be using public chargers then.
.Love the car. Dead easy to drive, very quick and smooth. Parked at the airport, got back at midnight. Waiting for transfer bus, turned on the heating. By the time we got to the car park, the car was warm and defrosted. Brilliant. Although it is a small car, it feels very bulky, lots of space inside.
For the first few weeks we were on a standard tariff which worked smoothly, but last we we switched to Intelligent Octopus Go tariff, but we are having issues getting the charger, the car and the tariff working together. We will get there, but it is a bit if a pita.
Not overkeen on all the driver aids such as lane assist, but you are stuck with them on any new car.
But so far, so good.

My BMW iX3 MPro was £44,500. List price £68,000. It was 8 months old. Brilliant buy as a used demo. Yes, they offload them. Buy a more expensive one at this point. If you buy cheap, you won’t part exchange at top $ though.