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Used EVs are now cheaper than petrol or diesel equivalents ! | MW180

HPI information shows that typical market prices of EVs are more affordable than gas and diesel lorries by around 8.5% at three years and increasing to 14% at 4 years.

With over 1.1 million battery electric automobiles on UK roadways, HPI, a vehicle history check and valuation professional, is offering vehicle drivers a convenient brand-new guide to purchasing their first .

New EVs are typically more costly than the closest petrol and diesel equivalents, however, used values have actually fallen dramatically in the previous 2 years to offer drivers with a bargain.

An utilized EV represents a huge conserving over the new price. Usually, values of utilized EVs for automobiles at the very same age and mileage point have halved in worth considering that September 2022. For models such as the Jaguar i-Pace, Mercedes EQC and Tesla Model X, this can correspond to well over ₤ 20,000 less than in the summertime of 2022, and for and trucks like the Porsche Taycan, up to ₤ 40,000 less, making formerly unobtainable a genuine choice for more customers.

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Comments

50 responses to “Used EVs are now cheaper than petrol or diesel equivalents ! | MW180”

  1. @michaelkember8102 Avatar
    @michaelkember8102

    There are some very good value EV’s around. Good evening everyone, hope your all well. I’m having a few days on a friends farm in the Cotswolds helping out with harvest.

    Reply
    1. @dimsoneill Avatar
      @dimsoneill

      Say hello to Clarkson and Caleb for us.

      Reply
  2. @brendanfleming6584 Avatar
    @brendanfleming6584

    I can confirm – I recently bought a 3 year old ID3 for 40% of its new value. One owner, 20k miles. Someone took a big hit.

    Reply
    1. @MaackyD Avatar
      @MaackyD

      They didn’t take any hit, it’ll be a company lease for 36 months. Similar to my MG4 Xpower, it’ll be going back after 3 years and I couldn’t give a toss about who has it next which is definitely a fear for a private buyer, my insurance gets paid for £350 a month. Win win for me

      Reply
    2. @SWR112 Avatar
      @SWR112

      @@MaackyDWhy it will come with at least a year warranty and gone through probably a multi check. Friend got a Taycan that had been a company Car with 40k miles and it looks brand new and he saved around 60% list and best part from now on it will retain 77% of its value year on year. The great thing was it was fully loaded with options as whoever or whatever company didn’t give a …. What the car cost from new. 😂

      Reply
    3. @rogerfinch7651 Avatar
      @rogerfinch7651

      Any car that’s 3 years old is 50% less..? Depreciation init

      Reply
    4. @SDK2006b Avatar
      @SDK2006b

      No individual person is taking a ‘hit’ on new EV’s – it’ll be the finance company.

      I had a Polestar 2 from new on a salary sacrifice scheme for 3 years. It cost £50k new (Sept 2020) and it sold to someone in Feb ‘24 for £23k.
      I was paying £498 per month for it, which included insurance, maintenance and tyres, so £18k over 3 years.

      Also, having an EV meant I could join a cheap ‘off-peak’ energy tariff, which saved me many thousands on my home energy bill. (7p kWh Vs 38p+ kWh on a standard tariff). Plus the ‘fuel’ saving was £6k over 3 years as well.

      All in having a very quick, fully tech loaded, EV from new cost me about £7k.

      I came from a new BMW 520d Touring, which was costing me £520 per month, plus full price fuel and no home energy tariff savings.
      So the EV saved me about £10k (over 3 years) over running a fuel powered car.

      Likely the same scenario for everyone else running an EV through a business

      Reply
    5. @dimsoneill Avatar
      @dimsoneill

      @@rogerfinch7651Not all cars. Did you watch either video of Ped’s?

      Reply
  3. @garrymatthews4430 Avatar
    @garrymatthews4430

    As to EV prices I think insurance cost will be driving it down

    Reply
    1. @johnmull59 Avatar
      @johnmull59

      Agree …Not many reviews talk about/compare insurance costs.

      Reply
    2. @ep8029 Avatar
      @ep8029

      Insurance is the reason I’ve not bought a Tesla.
      They wanted a premium over five times more than I pay for my current (admittedly small) ice car.

      Reply
    3. @sargfowler9603 Avatar
      @sargfowler9603

      @@ep8029 I had quotes around 4 times the price of my hatchback for a Tesla model 3. Gone down recently.
      It would seem that if you really want a Tesla, there is only the model 3 and you’ll just have to fork out a load of cash for the insurance.
      Negates much of the saving on fuel really.

      Reply
    4. @UpsideDownFork Avatar
      @UpsideDownFork

      Always worth getting a quote on any prospective vehicle.
      For us, a Skoda Enyaq is cheaper to insure than our Seat Alhambra is.

      Reply
    5. @kiae-nirodiariesencore4270 Avatar
      @kiae-nirodiariesencore4270

      I don’t understand insurance prices in the UK. I’m from there but have lived in France for 12 years now. My EV is no more expensive than my previous ICE car to insure here.

      Reply
  4. @hughmarcus1 Avatar
    @hughmarcus1

    This is interesting. I’m looking at a used EV as a daily runabout as I’m spending £4-500 a month on diesel in a 4×4. I need the 4×4 for towing so the idea is also run an EV as a daily.
    I hate the look of most of them, so was looking at either an E Golf or Mini Electric.
    A 2020 Mini with next to no miles can be bought for £12-13k.
    Similarly a 2020 E Golf with a bit more miles can be bought for under £10k. The equivalent Golf GTE is way more. Likewise a diesel Golf (unless it’s very basic) is a lot more money.

    Reply
  5. @michaelhayes9975 Avatar
    @michaelhayes9975

    So does this fearsome depreciation on EVs stop after the first three years? Unlikely surely! In which case the whole life cost could still be pretty scary despite the apparent savings at first sight. The closer you get to the predicted battery life expectancy the harder it will be to offload your “bargain purchase” so I would suggest we need to curb our enthusiasm a little longer. To me it looks like leasing is still the most sensible option until we see how things work out. Love the videos mate.

    Reply
    1. @UpsideDownFork Avatar
      @UpsideDownFork

      Supply and demand are the biggest dictators of depreciation.
      All indicators show that EV demand will continue to grow.

      Reply
    2. @SWR112 Avatar
      @SWR112

      After three years Taycans are retaining 77% year on year. It’s a great car so it gets to a price point that many would pay. Friend got one second hand and it cost about 60% of the list and looks and drives like a split new Car, he actually doesn’t think the rear seats were ever used by the previous owner.

      Reply
    3. @dimsoneill Avatar
      @dimsoneill

      @@SWR112Must be a pretty small sample size. What are you basing this 77% figure on sir?

      Reply
    4. @bordersw1239 Avatar
      @bordersw1239

      Not sure there is a predicted life expectancy. Buying a 3 year old car for less than the price of an ice but with 5 years battery warranty will make sense for some who have a driveway.

      Reply
  6. @mikadavies660 Avatar
    @mikadavies660

    I lease an EV and I decided to lease 2 yrs ago because I wasn’t sure of the residual values. My friend was looking at an EV, to save on monthly outgoings (petrol, servicing etc)… So I have pointed out that a simple family hatchback (Citroen E-C4) on a 22 plate is easily found for £12k…. Saving him around £3k/yr, it would pay for itself quickly. Insurance for my lease BEV is actually cheaper than my Brother’s insurance for his Honda Jazz (and we both have good NCB and clean licences).

    Reply
  7. @mikadavies660 Avatar
    @mikadavies660

    I loved the tyre demonstrations. Fortunately, I wasn’t silly enough to think it was an imperical scientific test.

    Reply
  8. @Yorkshiremadmick Avatar
    @Yorkshiremadmick

    Most independent garages cannot work on EV’s my local mechanic would only do basic mechanical work on the Lexus CT200H and wasn’t able to work on the electrical side. He would not have a full EV in his yard. His insurance would not cover it.

    Reply
    1. @mrgrumpy771 Avatar
      @mrgrumpy771

      that’s a big issue now. I assume they need a special licence

      Reply
    2. @UpsideDownFork Avatar
      @UpsideDownFork

      The EV side doesn’t need maintenance.
      Most garages are afraid of what they don’t know.

      Reply
    3. @dimsoneill Avatar
      @dimsoneill

      @@UpsideDownForkWorking with HV electronics you need specific training and a suite of new tools. And have you seen an EV go up in flames? Hard to put out.

      Reply
    4. @UpsideDownFork Avatar
      @UpsideDownFork

      @@dimsoneill I was working at Mercedes-Benz as the HV training rollout was happening. The barrier isn’t tools or training, it’s the unwillingness of the technicians to get with the times or die like the dinosaurs. Most still believe that EVs are a fad. They are wrong. Some are in denial as they know it means a lot less work for them due to the incredible reliability and low maintenance of EVs compared to ICE.
      Once you convince the mechanics that they need to adapt or die, you will see widespread adoption in garages.
      EV fires? Look up the stats on that one.

      Reply
  9. @altern8tive Avatar
    @altern8tive

    Depends if the battery warranty is carried over from the original owner to subsequent ones. Used EVs may be getting cheaper to own but one battery replacement out of warranty will write off your pride and joy.

    Reply
    1. @UpsideDownFork Avatar
      @UpsideDownFork

      FUD. Of course the warranty carries over.
      You’re more likely to need an engine replacement in 100,000 miles in an ICE car than you are a new battery for an EV.
      P.s. a replacement engine is typically twice the price of a replacement battery

      Reply
    2. @altern8tive Avatar
      @altern8tive

      FUD lol. A new engine typically 2x the price of a battery? You’re on a different planet. An engine that has been responsibly looked after can last 250,000+ miles while a battery of similar duration and charge cycles will have typically lost 45% of its range.

      Reply
    3. @dimsoneill Avatar
      @dimsoneill

      @@UpsideDownForkFUD. A red flag word if ever there was one. Usually followed by some Elon-stan nonsense. Like this peanut comment. Twice the price of a replacement EV battery? WTF are you on about Elon?😆👎

      Reply
    4. @UpsideDownFork Avatar
      @UpsideDownFork

      @@altern8tive I work at Mercedes-Benz and have seen the bills myself. We have only replaced a couple of HV batteries but we do replace engines on a weekly basis.
      Engines lasting over 250k without serious rebuilding are a thing of the past. At least for MB. Common in the 80’s, 90’s and into the early 00’s. Any engines built in the last 15-20 years have such crazy emission reduction systems and complicated turbo and injection systems. The last engine MB made that would always do 250k with just routine oil changes was the OM648 which went out of production in 2005.
      I don’t know intermate details of other manufacturers but being third generation in the motor trade i’ve been surrounded by this stuff my whole life. Good friends of mine who work for JLR, Audi & BMW recognise the same trend towards unreliability that I see here at MB.
      There’s a local taxi driver with a 2021 Tesla Model 3 with 180,000 miles on it. He mostly just supercharges which is supposed to be bad for the battery. He is down to 90% range remaining. Only 10% degradation. Anecdotal I know, but he tells me that is typical on the Tesla taxi group he is on.

      Reply
  10. @MrJONNYYOUNG Avatar
    @MrJONNYYOUNG

    The second hand market for EVs is surely at an unknown right now. 8-10 year old high milage and out of battery warranty and high depreciation. Its a massive risk to take as who knows how much more they will depreciate and a battery replacement is probably twice the cost of the vehicle. They are becoming a disposable item, not economicaly viable.

    Reply
    1. @johnnodge4327 Avatar
      @johnnodge4327

      How do you know the battery will fail in 10 to 12 years, as the data shows the opposite is true. Manufacturers don’t give 7 or 8 year warranties on internal combustion engines, but they do on batteries. So the Manufacturers are confident that the battery will exceed the warranty period by a substantial margin, which is what that degradation data is showing. Basically the battery is designed to last the life of the vehicle, and if it were to fail earlier, then second life batteries are available at much less than the value of the vehicle, and the old battery still has a good value, which is better than the value of a broken engine, which is basically weigh in value only.

      Reply
    2. @dimsoneill Avatar
      @dimsoneill

      @@johnnodge4327What a silly argument. Sorry to burst your bubble bubble, but manufacturers DO give 7 years warranties on ICE vehicles , and unlike dead battery packs, ICE engines can be fixed or re-built at reasonable cost depending on what failed. Try again, this time with facts.

      And given the shocking depreciation and insane prices for battery replacement I call BS on your call on that too. Absolute money pits to buy new.

      Reply
    3. @oldgit15 Avatar
      @oldgit15

      ​@@dimsoneillGiven that EV battery failure rates are at a touch over 1%, and given that used EV sales are increasing, should we call BS on your words too?

      Reply
  11. @grandprix1337 Avatar
    @grandprix1337

    I hear Porsche are about to offer a brand new Taycan Turbo, Zero deposit, Zero monthly payments, Zero balloon with a manufactuer’s contribution of £134,100, over 36 months. Edit: Forgot to add includes servicing. Second edit: £15,000 insurance contribution.

    Reply
  12. @alibro7512 Avatar
    @alibro7512

    Having just bought an MG5 3 weeks ago I can testify to used EV prices being low right now. £15k for a 2021 Long Range model with 11k miles is pretty good value. Had I bought the short range model it would have been a couple £k less. Running costs of around 4p per mile make it even better value.

    Reply
  13. @tonymoreton7166 Avatar
    @tonymoreton7166

    Don’t give a flying fig for the EV stuff. However, Wim Hof breathing. When I hit my late 40’s, early 50’s, a lower back instability started to really take it’s toll and strike every few months and need around a couple of weeks to clear. My eldest son is a sports rehabilitator and managed to get my back out of a serious spasm one morning using a breathing system based on Wim Hof to extend the spine and suck aqueous/organic lubricants back in between the vertebrae to increase/return mobility. Ever since I use the breathing exercises religiously morning and evening and, fingers crossed, 10+ years on, the back issues have not returned. My son has seen the results on hundreds of patients he has treated.

    Reply
    1. @dimsoneill Avatar
      @dimsoneill

      That’s not how discs work mate. Stretching is good as it takes pressure of the disc that is pressing on nerves. Your description is way off the mark to the point of being nonsensical pseudo science Glad you back is trouble free though.

      Reply
  14. @WillProwse Avatar
    @WillProwse

    I love it, and the prices will keep falling. Large scale manufacturing finally cranking the cells out. Wait till electric cars cost half what they do today. Even with inflation, the price reductions are amazing, and even more inbound. Gotta love improvements in manufacturing!

    Reply
    1. @WillProwse Avatar
      @WillProwse

      Battery life and degradation? It’s been above and beyond what everyone thought it would be. Have you seen the new LFP variants predicted life cycles? It’s crazy! They are rapidly improving. Why do YouTubers not cover that?

      Reply
    2. @dimsoneill Avatar
      @dimsoneill

      Also gotta love waiting for product maturity and not being a sucker early adopter getting hosed on resale value.

      Reply
  15. @Ued3b Avatar
    @Ued3b

    I leased a model 3 LR about 3 1/2 years ago, They were costing £49k at the time but now M3’s roughly the same age and mileage are going for about £22k. So glad I leased instead of buying.

    Reply
  16. @dimsoneill Avatar
    @dimsoneill

    That massive depreciation and price drops really validates my decision to go with an ICE car this time around. Skoda Octavia RS wagon, which I still love to bits.

    Reply
    1. @paddymckibbin3957 Avatar
      @paddymckibbin3957

      All new cars, whether ICE or EV will depreciate around 50% over 3 years. This hasn’t changed over many many years. The difference is most EVs list price is higher to start with.

      Reply
  17. @alasdairwilson4806 Avatar
    @alasdairwilson4806

    Looking forward to the garage vid on Monday,very interested to see how it’s coming on.

    Reply
  18. @trevorcrook2565 Avatar
    @trevorcrook2565

    Certainly some ev bargains around. My son just bought a 3 year old Hyundai Ionic for just over £12k. Despite the modest 38kWh battery it has (in this warm weather) a genuine 200 mile range, thanks to superb efficiency. Regarding the drop in used prices since 2022, remember there was a supply shortage then, and used evs were sometimes selling for more than new ones, so that explains some of the drop.

    Reply
  19. @bordersw1239 Avatar
    @bordersw1239

    My boss bought a secondhand Model 3 SR right at the height of those mad Covid prices – paid £36K for the base spec , almost 3 years old and about 35k miles. Three year old M3 now would be about £22K so he’s lost plenty in depreciation but he can afford it and to him, it’s the best car he’s ever had and he loves driving it.

    Reply
  20. @dangreasley7934 Avatar
    @dangreasley7934

    Not surprised your recent videos are doing so well. Very topical and relevant to today’s world. Keep them coming…

    Reply

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