Do we have a MAJOR PROBLEM with EV depreciation? Case Studies.

good afternoon I would like to add a little bit to my very popular video from the other day about the Volkswagen ID3 and Volkswagen Golf depreciation I had a lot of people in the comments telling me that my comparisons were not valid even though it was two cars that were made within a month of each other that had almost the same mileage and were both available for sale privately however I've got some more depreciation to look at but the main thing I want to do today is ask you a question will you be getting another electric car when you finish the least the three year lease because you're all in three year leases aren't you nobody buys an electric car outright correct me in the comments if you do right Jeff I'm really rich I bought my car outright and I'm going to keep it forever because you're all going to keep them for three years and then replace them with another one which is worse for the environment you know like it says I just had made that you can buy on jeffboxcars.com Save the Planet Drive old cars love them don't lease them you're all on lease deals and you're all going to keep them three years so the question is are you gonna get another TV at the end of your lease deal I tell you who's not Nadine Doris why I handed my electric car back with less than 5000 miles on the clock Daily Mail article uh and then it details basically the fact that she had a Renault Zoe she hated it she took her daughter towards her mum's home car's heater was on full Blaster we're listening to a podcast it was December it was freezing cold they only had 30 charge they couldn't find a charger and they basically had a nightmare evening that sucked because all of the electric car charging points either didn't work or were full and the one they did find involved a long and freezing cold and soaking wet walk from the charger back to the service station so clearly fernandine electric cars don't work so let's have a look at some depreciation that I've been sent by actual real people I've got some screenshots of some conversations that have been sent to me so let's start with this one someone has taken a photo of the costs per kilowatt at an EV charging point that they saw and they've also seen my video saying that I got 700 miles out of my Volvo on one tank of diesel 620.1 miles at the 70 that's left in the tank that's 690 miles to a tank that cost me about 98 quid because it was Ultimate diesel so this person has worked out that for the EV to do the same amount of Miles using the charger that they photographed it would have cost them 200 pounds so that electric vehicle to do the same amount of Miles as my 1996 Volvo will be twice as much money holy moly they said yeah holy moly that's ridiculous let's do another one Jeff this was an anonymous Post in an EV group this guy was being honest about his finances Jesus the EV Market is fact I posted this over in the Cupra group and I was ridiculed for it for clarity I do not expect to be in equity I don't even expect to break even however I have today been quoted 24 000 pound part exchange from a dealer or 24 155 from we buy any car this means that in the year I've had the car it has lost 12 000 pounds in value or 923 pounds a month which is double what I'm paying a month for the lease by my calculations in a year I'd have paid roughly six thousand pounds off the original purchase price of the car but the value would have dropped by another 12 000 pounds even if we factor in a Slowdown of fifty percent I'd still be down what I am now negative six grand and that's halfway when am I supposed to be breaking even give or take the dealer I spoke to says the value of my car is predicted to go down by a thousand pounds a month for the next six months at least oh that's wild another one here screenshot my mg has lost 16 000 pounds in 12 months according to We Buy Any Car I only need it to drop another four thousand pounds and it will be valued now at exactly what the Dealer's PCP settlement figure is in another three years time check it out you can actually do this one for yourself let's use a photo of the actual mg press car and then run the value through we buy any car look at what we end up with people who have bought EVS without doing their full research are losing horrendous amounts of money I've got another one here's my story and I'll keep it short I bought brand new for thirty thousand pounds a Peugeot e208 in March 2023 uh it was on private contract purchase four and a half Grand down deposit I was told I'd get around 180 miles to a charge but 130 to 140 is more like the actual figure I tried handing it back through the finance company and was told eventually that this wasn't going to happen as the car was tested and deemed not faulty I went in last week to see what I could get as a trade-in bear in mind March March April let's give him all of March March April May June let's give him all of July as well it's six months old I was offered sixteen thousand pounds I couldn't believe it dropped 14 000 pounds in three months any advice appreciated looks like I'm stuck with it or I buy myself out of it two things there claiming that the range is 180 miles and people and I know motability is being pushed towards EV um it's not true you're not getting 180 miles out of your car this person an actual user says 130 240 is more accurate so people are being missold these EVS no doubt and to have lost 14 000 pounds in three months as he stated I gave him the benefit of the doubt and said six but clearly there it says three that is wild so it's lost fifty percent of its value in just three months speaking of lost percent of their value let's have a little look at these ones BMW IX X Drive sport funnily enough I got an email from we buy any car because I valued this car just the other day and they emailed me today and said evaluation has changed sure enough it's gone down this car when it was new was 72 905 pounds add a few options it was 75 310 pounds it's one year one month and six days old and again it's on auto trader you can find this for yourself it's lost seventeen thousand pounds so that one actually hasn't done too badly it's depreciated to the tune of 23 in one year so it's got 77 of its value left in it let's take another one that was more expensive this one's an IX X drive 50m this one uh was a hundred and seventeen thousand six hundred and forty five pounds with options it's now worth 79 990 pounds so it's 304 days old and it's only got 67.9 of its value left so that one's lost 32 percent of its value in a year now let's look at a Porsche taikan 2020 Porsche Titan 4S performance plus lv20 gns it's on auto trader so 36 000 miles on it new it was 100 367 pounds so let's call it 110 Grand it's 732 days old so two years old it has lost 48 487 pounds in two years that is 52 pounds a day two pounds an hour or four Pence a minute it only has 55 of its value left it's done 36 000 miles these are all electric cars now I did watch Lee mcmaster's video the other day he was saying in his drive to the Isle of Skye which was a disaster predictably that his taken which was more than this I think his was 120. he was quoted 59 Grand to buy it back um but I think he also said that the Porsche dealer didn't want it now I phoned Porsche this morning I phoned two Porsche centers this morning to check that and I pretended that I had a one-year-old tycan that I wanted to get out of to get into something petrol the first dealer said they're not taking in any cars at the moment it would have to get go to their head office to find out if they want to take the cars at all the second dealer was much more positive he said no that's rubbish we're not we haven't got a blanket ban on taking in EVS everything is fine although sales are down and quiet he said he had a couple of inquiries on used Ty cans so he basically said to me that things are okay I was expecting both Porsche dealers to turn around and say to me we don't want you taken but not the case um you haven't been taken for a ride if you bought one uh but you have been mugged off so there you go that's depreciation on electric vehicles please tell me in the comments if you own an EV how much have you lost go on be honest tell me what it was when it was brand new and then run it through Wii by any car let's see how much money you've lost um I don't know we by any car doesn't really count for statistics and whatnot but be honest post up in the comments how much is it worth now how much have you lost and will you be getting another one thank you very much for watching [Music] foreign [Music] [Music]

Channel: Geoff Buys Cars

Views: 197,511

Keywords: geoff buys cars, buying cars, selling cars, classic cars

Id: MfrwsQHjym0

Length: 9min 47sec (587 seconds)

Published: Thu Jul 06 2023