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Depreciation shock! We reveal the UK’s BIGGEST used electric car bargains | Electrifying.com

#depreciation #cheapevs #electriccars

Invite to an Electrifying podcast unique where we'll be offering you the lowdown on the utilized electrical automobiles that we believe deal you the most value for your cash.

Let's start with a wrap-up on the utilized market. We saw crazy prices post-lockdown when the sluggish supply of and trucks saw the prices of utilized cars and trucks reaching nearly laughably high levels.

But in the previous year we have actually seen an adjustment of those costs and they have plummeted for utilized cars. As an outcome, they are all looking really affordable.

The fall in worths was set off by a variety of elements, however arguably the biggest was Tesla's choice to lower new rates by thousands of pounds. This had an instant knock-on effect on the used market and shockwaves through the industry.

This is a story that has winners and losers. The losers are those who paid complete whack for at the height of the market and have taken a big devaluation hit. The winners are used cars and truck buyers, who can now pick up a bargain.

We've obtained valuation figures from the specialists at CAP, and in this video, we list the top 10 most depreciating automobiles on the marketplace. If you're considering buying a pre-owned cars and truck that appears in our list – well done, your timing is perfect. If you're thinking about one new, it might be worth reassessing your option!

Sign Up With Ginny and Tom as they discuss the list and select which deals are worth choosing and which ought to be prevented.

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Comments

45 responses to “Depreciation shock! We reveal the UK’s BIGGEST used electric car bargains | Electrifying.com”

  1. @aldoc2597 Avatar
    @aldoc2597

    These prices are “Trade Value”, not what is being offered to public when purchasing surely.

    Reply
    1. @ISuperTed Avatar
      @ISuperTed

      Also, the vast majority of the examples are for cars where the list price is fantasy. No one will be paying £40k for a Corsa in reality – you can get £8k to £10k off with one-click. The market is a mess due the ridiculous RRP prices some manufacturers are putting out there (Stellantis are the worse).

      Reply
    2. @Brian-om2hh Avatar
      @Brian-om2hh

      There are used EV bargains out there. A well known YouTuber got a 2016 Renault Zoe with 35k miles on it for £4400 a couple of Months back…..

      Reply
    3. @worldofcars_ldn Avatar
      @worldofcars_ldn

      I think the ‘market expert’ has got a little confused with the message to us viewers here! If only we were being offered these prices!

      Reply
    4. @charliepaynter Avatar
      @charliepaynter

      Yes, trade values completely different to retail values – a quick look on Autotrader shows the lowest priced 2022 I-Pace is about the same as the trade value of a 2023 I-Pace..

      Reply
  2. @ISuperTed Avatar
    @ISuperTed

    List prices are pure fantasy now, apart from Tesla. £10k off a Corsa easily if you look. Stellantis are the worst for this, putting out unachievable prices. The new e308 is already being discounted more than 20% on-line. It’s ridiculous and needs to stop.

    I drive a Peugeot e208 but as a company car and the monthly lease price of this on my scheme would be 40% more now than last year. I doubt I’ll get another company one as a one year old for £15k or less makes more sense.

    Reply
    1. @jeromezone Avatar
      @jeromezone

      Your not wrong – I just checked the e-Corsa out of interest. £32,445 sticker price – £26,275 on carwow

      Reply
  3. @dcvariousvids8082 Avatar
    @dcvariousvids8082

    Interesting prices but these are the trade values. With average markup on secondhand pricing being 12-15%, (so presumably there’d be lower than 12% and high than 15%). The price for a good clean buy, could be another 15%-18% above the quoted prices.

    But still, a saving on new prices. Looking at ex-leased vehicles, where it’s common to have an initial minimal allowed mileage. The possible prices on a 2-3yr. old EV, could be a bargain compared to new pricing. Just don’t expect to resell it in another 3yrs., with 60-70k on the clock for much more than scrap value.

    Reply
    1. @sIightIybored Avatar
      @sIightIybored

      To get an i-Pace listed on autotrader for less than the price on screen it’s 30k Miles & 2022 or 2021. One hopes the fall is an indication a similar proportional drop will occur on the forecourts.

      Reply
  4. @keyserxx Avatar
    @keyserxx

    I recently went for the Kona, second hand bargain, hell of a car, so pleased with it.
    I was going to use random local pub CCS chargers but fortunately I live not too far from Tesla superchargers that charge non-Teslas. Tesla are well ahead with their charging network and pricing compared to others, very impressed.

    Reply
    1. @paulscott1759 Avatar
      @paulscott1759

      Win win for yourself then ,the Tesla chargers for non Teslas are a great choice quick and easy a boon to the charging network not to mention the reduced costs against other big time players like instavolt and gridserve

      Reply
  5. @chasf3433 Avatar
    @chasf3433

    These sort of depreciation figures are going to create havoc with the PCP finance concept with big losses for the car companies and no residual value for customers to put towards there next PCP deal.

    Reply
    1. @HuhWhat101 Avatar
      @HuhWhat101

      This is a good point. PCP is very popular in the UK, and there is a very high chance consumers could be in negative equity at the end of it.

      Reply
    2. @actuallypaulstanley Avatar
      @actuallypaulstanley

      PCP contracts contain a ‘good-future-value’ clause don’t they?
      If so, nobody can be in negative equity at the end of the PCP term?

      Reply
    3. @johnsweet1915 Avatar
      @johnsweet1915

      ​@@actuallypaulstanley no one apart from the company that owns the vehicle – guaranteed future value is always built into PCP contracts, though there’s probably room for a financial scandal in there somewhere!

      Reply
    4. @oneeyedgirl617 Avatar
      @oneeyedgirl617

      ​@HuhWhat101 you can hand it back. No negative equity.

      Reply
    5. @stuartburns8657 Avatar
      @stuartburns8657

      ​@@oneeyedgirl617at the end yes. But then u are starting from scratch with your next deposit

      Reply
  6. @mikadavies660 Avatar
    @mikadavies660

    I have said on all of your reviews of the iPace that anyone buying into this model will loose a lot of money. Plus the iPace may be a lovely drive, but it is dreadfully unreliable. NOT made by Jaguar. Any warranty claims means massive delays, in waiting for parts.

    Reply
  7. @mikadavies660 Avatar
    @mikadavies660

    I look at these prices and rejoice in the knowledge that more people can afford more EVs… Lease new, buy second hand.

    Reply
    1. @shikoku14 Avatar
      @shikoku14

      I did exactly this I had a 2021 Kia Soul First Edition that I had on lease through work on a great deal. That went back when I changed jobs and I picked up a 2020 one with 33K miles and 4 years warranty left on it for just under 19K back in September as it just made more sense than going back to a lease when I looked around.

      Reply
    2. @mikadavies660 Avatar
      @mikadavies660

      @shikoku14  Yup… it definitely pays to research and use your head. Back in 2021 when people were falling over themselves to buy overpriced cars… I sold two AMGs and invested in shares. I replaced the nice Mercs for an old diesel Honda FRV… (practical but ugly). Then when I finally saw a great Leaseloco deal on the EV… I thought that will do until this whole madness settles down. In 2025 I’m confident that there will be dozens of great second hand EVs to own…. Did fancy the iD Buzz lease for £399!! But who knows… maybe next year a long wheel base? 😆

      Reply
    3. @stevebeever2442 Avatar
      @stevebeever2442

      I look at these prices and rejoice in the knowledge that the free market is rejecting forced EV’s

      Reply
    4. @mikadavies660 Avatar
      @mikadavies660

      @stevebeever2442  Interesting view but I guess for some it’s all a conspiracy! For others it’s just a free marketplace and people will buy what they want. I personally need to do 200 to 300 miles non-stop and for that an old diesel works. My wife needs to do 20 to 45 minutes drive and for that her EV costs approx 1/10th of her previous petrol car. But no Men in Black held a gun to our heads to choose. We simply selected what fits best. I also commute into London and the best fit is a 600cc scooter… Cheap insurance, no ULEZ, no congestion charge, easy parking & cheapest maintenance.

      Reply
    5. @davebaker8362 Avatar
      @davebaker8362

      I had to sell my Peugeot 508 hdi I got£900:00 for it I would get a second hand ev if I could get one for similar money I only neeed a 200mile range as I would only use it as a runabout any ideas?

      Reply
  8. @mikadavies660 Avatar
    @mikadavies660

    Of all the runabouts the VW E-UP makes most sense in the city. Great spacious little car… Totally super efficient and well made. I would always chose the VW against the Corsa.

    Reply
  9. @barryharris6394 Avatar
    @barryharris6394

    Car I am looking at maybe buying would be the e-niro, just looks great from all the reports I watch and see.

    Reply
  10. @mikadavies660 Avatar
    @mikadavies660

    Having wanted an EV for a while but keeping to a tight budget….. I leased a new Citroën E-C4 for £265/mth. Buying new would have cost £540/mth. The 2 year lease allows me to see if I like it whist not being “stuck with it”… Its is actually a nice car and costs approx £20/mth in electric. Far cheaper than our £150/mth in diesel. As soon as the 2 years are up I will have thrown away a few thousand on a car which is not mine, but I have had the use of a car at far less than £540/mth + devaluation!! I can then with a clear mind buy a used EV at a great price and I will get the exact model that works for my family. For me that is a win-win and not a “stuck with a worthless negative equity car”.

    Reply
    1. @paulscott1759 Avatar
      @paulscott1759

      Totally agree with your choice ,gives you a taste of ev for a limited time to make your minds d up whether it suits your lifestyle and no depreciation to be concerned about and at the lease price it is fantastic .great choice and things may be different in 2 years time good or bad then you can reassess your choices

      Reply
    2. @graemeglass7566 Avatar
      @graemeglass7566

      Did the same for a Renault Megane E-Tech. Leasing is definitely a good option just now.

      Reply
    3. @mikadavies660 Avatar
      @mikadavies660

      @paulscott1759  Thanks Paul… 👍

      Reply
    4. @paulscott1759 Avatar
      @paulscott1759

      @@graemeglass7566 totally agree there will be a boom in leasing for the next few years to mitigate the value loss due to depreciation of all vehicles

      Reply
    5. @mikadavies660 Avatar
      @mikadavies660

      @graemeglass7566  Yes I tested the Renault. Nice fit & finish… decent power & range. I found I hit my head on the roofline getting in and out and thought it was just a little small. However, definitely interested to see the new MPV Scenic version… when it’s out and about. 👍

      Reply
  11. @mikeholmes1950 Avatar
    @mikeholmes1950

    These ARE trade prices. Cheapest 1yr old Lexus UX 300e is about £24K. Most £27K upwards (not £20K) ! Autotrader prices. Why use trade prices for your comparison ? Still massive bargains compared with new though 👍

    Reply
    1. @InBodWeTrust Avatar
      @InBodWeTrust

      The captions do actually say Trade Value 🤷‍♂

      Reply
    2. @mikeholmes1950 Avatar
      @mikeholmes1950

      @@InBodWeTrust I know, but the way they were talking it sounded like the general public could buy them for those prices. 😊

      Reply
    3. @filenotfound1000 Avatar
      @filenotfound1000

      totally agree, what are they thinking to quote trade prices that most of the people watching can not purchase at. why not just quote actual prices, very very annoying video

      Reply
  12. @bobc5730 Avatar
    @bobc5730

    Legacy brands are not competitive at all. I seriously doubt if they don’t joint venture with a leading battery manufacturer, they will croak

    Reply
  13. @davidkramrisch Avatar
    @davidkramrisch

    NEVER buy a new Corsa e or e208 as the depreciation is SHOCKING. Great used bargain at half price 1 or 2 years old.

    Reply
  14. @stevenbennett3922 Avatar
    @stevenbennett3922

    Let’s not forget these are trade prices. Retail is going to be more and in some cases a lot more.

    Reply
  15. @royobanank9868 Avatar
    @royobanank9868

    Basically they were wau overpriced new because manufacturers still needed to sell ice cars. The 2nd hand prices are realigning with equivalent ice cars. Which is great for used buyer’s who have home charging.

    Reply
  16. @andyballard1883 Avatar
    @andyballard1883

    Thanks for the great rundown, that really important information to get out there …. one thing I’d alos add though is that from a holistic ‘electrifying’ point of view selecting one of the low to mid teens options in the top ten could also allow you to use the surplus 2-3k to get a 5.5kw/h home battery installed especially now there is no VAT. so you could load the battery and the car up at overnight cheap rate and also discharge the battery to the house during peak so effectively getting 1/3 price electricity all the time.

    Reply
  17. @roberthartley6629 Avatar
    @roberthartley6629

    I just bought a Zoe 2020 but with only 7000 miles for £11.5k the battery range indicated 220 miles so it was just driven around town. Reason for the Zoe is it can charge on AC on the street for 40p/KwH . No possibility to charge at home and dont want 80p/kwh for something like a corsa on a faster charge etc etc

    Reply
  18. @eezawyrdo3052 Avatar
    @eezawyrdo3052

    I remember when the electric car reviewers first came on to YouTube and told us even though they were expensive, they wouldn’t depreciate much because they didn’t have engines and other parts that go wrong with ICE cars. Glad I didn’t fall for it. I’ll wait another few years. Sadiq Khan will remove any benefits to owning an electric car anyway.

    Reply
  19. @tonyfeasby1437 Avatar
    @tonyfeasby1437

    The ev motoring press should have been issuing health warnings 18+ months ago with the ridiculous ev pricing that was going on. Some people who paid cash will have been savaged sadly.

    Reply
  20. @philiptaylor7902 Avatar
    @philiptaylor7902

    A year ago second hand EV prices were still inflated due to supply chain issues. Great to see the prices down to more realistic levels now.

    Reply

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