Jump to content

Coming everywhere soon: Electric cars losing their value twice as fast as petrol alternatives


Recommended Posts

Electric cars losing their value twice as fast as petrol alternatives

Early adopters have seen huge amounts wiped off the value of their purchases

 

BMW i3 for DT Weekend Motoring A BMW i3 bought in 2020 will have lost two thirds of its value by 2023 CREDIT: Andrew Crowley

Electric car owners are losing thousands of pounds a year to depreciation, with leading models losing value twice as fast as comparable petrol vehicles.

Early adopters of electric vehicles (EVs) have seen prices plummet by 39pc between 2020 and 2023, while petrol car prices fell by 30pc in the same period, according to used car comparison website Choose My Car.

Drivers have been pushed towards electric cars by a string of government initiatives, which are intended to help the country become “net zero” by 2050. However, drivers going green risk losing thousands of pounds more than those who stick with petrol.

Some popular electric models have fallen in price at twice the rate of petrol cars. A driver who bought an electric BMW i3 in 2020 would have paid £39,000 and could sell the car for £13,900 today, a depreciation of 64pc.

However the petrol equivalent has maintained much more of its original value. A new petrol-powered BMW 3 series cost £32,000 on average three years ago but would sell for £22,360 now – a drop of just 30pc.

Choose My Car said electric cars had lost £15,000 of their value on average over a three-year period, from an average purchase price of £38,600. This compared with £9,900 for petrol vehicles, from an initial £32,700 purchase price.

The study said that electric car prices had fallen so fast they had effectively wiped out any savings drivers would have made when receiving up-front government grants. Other incentives to switch to electric cars such as lower tax and free entry into ultra-low emissions zones have also been discontinued.

Stuart Masson, of advice website The Car Expert, said early adopters of electric cars, who paid high up-front prices for their vehicles only to be met with a steep drop in value, were being hit by a “double whammy”.

He said: “Every month electric car prices fall it is good news for everyone who wants to switch, but early adopters are subsidising that by essentially funding manufacturers’ research and development costs.”

Mr Masson said the rapid decline of EV prices was happening “at a rate much higher than simple market forces” because of the Government’s net zero drive. As part of its ambition to reach zero carbon emissions by 2050, the Government will ban the sale of new petrol cars by 2030 – and manufacturers are manded to sell an increasing proportion of zero-emissions vehicles every year until the deadline.

Tesla Model S press photos 2022
A new Tesla Model S cost £75,000 in 2020, but dealers will now buy a second-hand model for just over £40,000

However, this policy has resulted in the market being flooded with cheap second-hand electric cars, as existing owners upgrade. Some motorists who bought expensive EVs in the early stage of the rollout are now nursing heavy losses, experts warned.

The average price of a new Tesla Model S was £75,000 in 2020, but is now £40,000 – a drop of 46pc – according to data from dealership websites.

Nick Zapolski, of Choose My Car, said the sharp drop-off in EV value was because of an influx in second-hand models.

He added: “Not only are the EVs themselves not holding value, but the price of electricity itself has also zoomed up, meaning running the cars is not as economical as it once was.”

Ian Plummer, of car magazine AutoTrader, said: “This year, supply has surged by triple figures and so we’ve seen some softening in prices as a result, despite solid growth in demand for second-hand electric vehicles.

“Big-name price drops will also be having a ripple effect across the market. We expect this fluctuation to continue for a while but will eventually settle as the market matures.”

Link to comment
Share on other sites

Rowan Atkinson says he feels ‘duped’ by electric cars

123
 
Steve Bird
Sat, June 3, 2023 at 11:55 AM CDT
 
 
Rowan Atkinson - Jamie Lorriman
 
Rowan Atkinson - Jamie Lorriman

Rowan Atkinson has said he feels “a little duped” by electric cars and urged motorists to keep using older petrol vehicles to help save the planet.

The actor, who played Blackadder and Mr Bean and is a self-confessed “car person”, claims new advances in electric battery design will be of “great environmental benefit one day, but that day has yet to dawn”.

In a 1,100-word essay for The Guardian, he explains how despite owning his first hybrid car 18 years ago and then a “pure electric” nine years ago, he now thinks “electric motoring doesn’t seem to be quite the environmental panacea it is claimed to be.”

Describing them as “a bit soulless” but “wonderful mechanisms”, Mr Atkinson, 68, concludes that “our honeymoon with electric cars is coming to an end”.

The actor, who studied an electrical and electronic engineering degree, points out that although electric cars have zero emissions when on the road, their actual manufacture, according to research by Volvo, suggests greenhouse gas emissions during production are 70 per cent higher than petrol vehicles, in part due to the lithium-ion batteries which require “rare earth metals and huge amounts of energy” to create.

‘Perverse choice of hardware’

He adds: “It seems a perverse choice of hardware with which to lead the automobile’s fight against the climate crisis.”

He adds that CO2 emissions could be dramatically reduced if our current fleet of cars bought new were kept by the original owner for five years, rather than sold after an average of just three years.

He writes for the paper that “we’d be enjoying the same mobility, just driving slightly older cars” explaining how a “wider range of options need to be explored”, including hydrogen and synthetic fuels.

He adds: “In terms of manufacture, these cars have paid their environmental dues and, although it is sensible to reduce our reliance on them, it would seem right to look carefully at ways of retaining them while lowering their polluting effect.”

He concludes: “Friends with an environmental conscience often ask me, as a car person, whether they should buy an electric car. I tend to say that if their car is an old diesel and they do a lot of city centre motoring, they should consider a change. But otherwise, hold fire for now.

Link to comment
Share on other sites

  • Gold Member

😂  there is no rare earths in batteries…  doesn’t take much of an education to know that…  Rowan Atkinson’s education is at best highschool level knowledge.  Obviously he didn’t do well in college

 

The actor, who studied an electrical and electronic engineering degree
“lithium-ion batteries which require “rare earth metals and hu
ge amounts of energy” to create.”

 

Link to comment
Share on other sites

  • Platinum Contributing Member
10 hours ago, BOHICA said:

😂  there is no rare earths in batteries…  doesn’t take much of an education to know that…  Rowan Atkinson’s education is at best highschool level knowledge.  Obviously he didn’t do well in college

 

The actor, who studied an electrical and electronic engineering degree
“lithium-ion batteries which require “rare earth metals and hu
ge amounts of energy” to create.”

 

You obviously don't know which metals are classified as rare earth. 

Link to comment
Share on other sites

17 minutes ago, Steve753 said:

You obviously don't know which metals are classified as rare earth. 

Do you understand the rare earth metals in EVs are used in the magnets for the motors and not in the battery?

EVs  go a long way to raping the earth, but get the science right.

Either do that or...

 

 

 

 

 

 

 

 

 

 

 

Die!

 

Link to comment
Share on other sites

  • Platinum Contributing Member
Just now, Snake said:

Do you understand the rare earth metals in EVs are used in the magnets for the motors and not in the battery?

EVs  go a long way to raping the earth, but get the science right.

Either do that or...

 

 

 

 

 

 

 

 

 

 

 

Die!

 

What's bad is good!!!

Link to comment
Share on other sites

7 minutes ago, BOHICA said:

Name Rare Earth in a battery on say a Tesla?

They say next gen, as of today yes they have rare earth minerals in them 

Link to comment
Share on other sites

So we are clear, yes Tesla has lots of rare metals in them

if you’re going to tell a story tell the whole story and not try to just sell the sizzle 

Edited by toslow
Link to comment
Share on other sites

  • Platinum Contributing Member
4 minutes ago, toslow said:

So we are clear, yes Tesla has lots of rare metals in them

if you’re going to tell a story tell the whole story and not try to just sell the sizzle 

Actually upon further analysis Bohica is right. There are no rare earth metals being used. There used to be.

  • Like 1
Link to comment
Share on other sites

Here's why that is — and isn't — a big deal. Tesla has announced plans to eliminate the use of rare earth elements in its powertrains — but the move alone won't be enough to significantly combat the problems caused by the metals.Mar 8, 2023

Link to comment
Share on other sites

  • Gold Member
9 minutes ago, toslow said:

So we are clear, yes Tesla has lots of rare metals in them

if you’re going to tell a story tell the whole story and not try to just sell the sizzle 

The educated guy with electrical and electronics degree in the article said Rare Earths in batteries.  Absolutely no Rare Earths in modern Batteries.  So just based on an article of inaccuracies from that guy it’s like as bad as Trump golden shower pee pee tape made up story. 

Link to comment
Share on other sites

  • Gold Member
7 minutes ago, Steve753 said:

Actually upon further analysis Bohica is right. There are no rare earth metals being used. There used to be.

Rarely am I wrong….  In the extreme rare time I am wrong I will acknowledge that.

  • Haha 2
Link to comment
Share on other sites

1 minute ago, BOHICA said:

Rarely am I wrong….  In the extreme rare time I am wrong I will acknowledge that.

Did you not see the post i just put up? Check the publishing dates 

Link to comment
Share on other sites

  • Gold Member
1 minute ago, toslow said:

Did you not see the post i just put up? Check the publishing dates 

That is not about batteries….  What rare earths are in batteries?

 

 

Link to comment
Share on other sites

Just now, BOHICA said:

That is not about batteries….  What rare earths are in batteries?

 

 

It’s all apart of the powertrain. 

Link to comment
Share on other sites

Join the conversation

You can post now and register later. If you have an account, sign in now to post with your account.
Note: Your post will require moderator approval before it will be visible.

Guest
Reply to this topic...

×   Pasted as rich text.   Paste as plain text instead

  Only 75 emoji are allowed.

×   Your link has been automatically embedded.   Display as a link instead

×   Your previous content has been restored.   Clear editor

×   You cannot paste images directly. Upload or insert images from URL.

  • Recently Browsing   0 members

    • No registered users viewing this page.
  • Trying to pay the bills, lol

×
×
  • Create New...