2024 Irish EV Sales

tom1ie

https://www.boards.ie/discussion/comment/122351203#Comment_122351203

Would a price war not encourage sales?

Buddy Bubs

https://www.boards.ie/discussion/comment/122351912#Comment_122351912

For some it will.

Many are waiting for the market to settle, nobody wants to buy a car when it might have it's price slashed the next month.

Tesla owners and id4 owners were hit badly by this, my own cupra born is now about 6k less than when I bought it.

Those that have not dropped yet there's a sense it's only a matter of time if they want to shift them in numbers.

So it's a stand off for many. Can't blame them

micks_address

Must be a good time to buy secondhand. Neighbour just arrived with a ioniq 5 231 said he was delighted with it.

n.d.os

https://www.boards.ie/discussion/comment/122351663#Comment_122351663

In the past, I’ve made car-buying decisions for my wife, and it’s rarely a smooth process. While I personally believe she’s making a questionable move by switching from an EV to a hybrid, I’ve learned to choose my battles. Her consideration of other people’s opinions also plays a significant role, and I’ve come to accept that. After all, it’s her money, and if she wants to pay for petrol while I continue enjoying my EV, that’s her prerogative.

Within her social circle, there’s an added layer of complexity. Observing how she adapts to driving an internal combustion engine car again might be enlightening for her friends and family. Families can be surprisingly competitive and complex, and while I don’t intend to gloat or prove a point to my wife, sometimes it’s best to let these dynamics unfold naturally. Perhaps when one of her families hierarchy eventually decides to invest in an EV, opinions will shift, and people will start making independent car-buying choices.

Until then I'll just bite my tongue the next time her uncle or step brother starts talking about EV fires at the dinner table. A lot of people are just really really stupid.

n.d.os

https://www.boards.ie/discussion/comment/122352550#Comment_122352550

https://www.boards.ie/discussion/comment/122351940#Comment_122351940

Many EV owners are likely on a Personal Contract Plan so the Guaranteed Future Value could provide some protection when transitioning from an ID4 or EV6 to another EV. If not, refinancing and holding onto the current vehicle for an additional two years might be the best approach.

However, I believe that those who outright own their cars are currently facing challenges at the moment, as trade-in offers are now disappointingly low. This trend is likely to persist. Perhaps it’s time for people to reconsider treating cars purely as assets, opting for 0-3% lease deals and then quickly moving on to another car after a few years. Of course, there will always be individuals who secure credit union loans at 12% interest, aiming to own the car outright, only to restart the cycle once the loan is paid off.

I'll be going in maybe next month to trade in our EV. It's on a PCP so it will be interesting to see where things are at with that.

maidhc

https://www.boards.ie/discussion/comment/122353153#Comment_122353153

There can’t surely be a cheaper way of owning a car than buying it outright? I accept the pcp has really helped people where some of the deprecation seems to have been soaked up by the pcp contract, but that must be a mistake that won’t be repeated.

By my reckoning an “average” 50k car costs about 7k per annum in depreciation… most pcps at this level will be far more without some deposit trickery. The cost of credit for example on a Tiguan (a 50k car)is almost 7k alone for a 36mth pcp with zero deposit.

fits

My ID.3 cost 6000 per year in depreciation. It wasn’t what I had hoped for but with 84,000 km on it it saved at least 6000 in fuel and probably more.

So the annual cost of ownership wasn’t too bad compared with the old merc that preceded it which cost us 950 in tax, and probably 3000 a year in fuel. And then servicing and bringing to the NCT.

Running a new car is expensive no question but it is very nice to have a car that’s safe and up to date and doesn’t need servicing or NCT or trips to petrol stations.

Cyrus

https://www.boards.ie/discussion/comment/122353202#Comment_122353202

find someone doing 0 percent interest to shift their cars, aren't vw doing it on some evs?

Also you are looking at pcp repayments too simplistically just comparing the annual cost to annual depreciation you'd expect.

Cyrus

https://www.boards.ie/discussion/comment/122351872#Comment_122351872

in hindsight or at the time?

micks_address

https://www.boards.ie/discussion/comment/122353510#Comment_122353510

Most of the 0% deals are on hp which is a larger monthly commitment usually. I think I got 2.9% on my PCP which isn't to bad

Ev fan

https://www.boards.ie/discussion/comment/122351940#Comment_122351940

As part of changing to my new Born last year my 2 Yr old ID3 was valued at 33k eur approx in exchange. Effectively I had eur 4k depreciation on the ID3 bought new for 37k approx in 2021 - or 2k per year. I think this will be a positive offset to whatever resultant depreciation I will see when trading the Born in - probably in 2026. So far the only "additional depreciation" beyond standard depreciation is about eur 2k reflecting the current price drop in the new Born.

McGiver

https://www.boards.ie/discussion/comment/122333454#Comment_122333454

FYI - Germany already doing geothermal lithium - one of the largest deposits in Europe and one of the largest geothermal deposits too.

https://www.reuters.com/business/energy/vulcan-energy-starts-its-first-lithium-chloride-production-germany-2024-04-10/

Cyrus

https://www.boards.ie/discussion/comment/122353584#Comment_122353584

plenty of 0 percent pcp

https://www.kia.com/ie/purchase-guide/offers-and-promotions/242-offers/

Tesla have been doing it on and off aswell

pah

https://www.boards.ie/discussion/comment/122355590#Comment_122355590

Tesla site showing 0.9% HP at the moment, just lined up for my model 3 order which I had initially organised with a credit union loan at 4.9%, which would have cost nearly 5k in interest. 0.9% over 5 years is going to cost about 800 in interest over 5 yrs with 5k deposit down.

micks_address

https://www.boards.ie/discussion/comment/122355590#Comment_122355590

Sorry should have said VW

sk8board

Obviously cheaper car prices would drive some new car sales, but it’s hard to see it having a large effect, considering we’ve had huge price drops to the top 2 selling EVs form 2023, the model Y and ID4, and they are -47% and -58% respectively.

It heavily suggests price is not the problem.

maidhc

https://www.boards.ie/discussion/comment/122353510#Comment_122353510

0% pcp when the cost of money is 4,5% means someone is cutting a cheque for cost of the credit, or giving a discount without calling it a discount.

maidhc

https://www.boards.ie/discussion/comment/122353512#Comment_122353512

Clearly at the time. When you were probably saying EVs are amazing and petrol cars will be unsalable in x years she wasn’t so easily led. Hindsight has proven her view correct.

Cyrus

https://www.boards.ie/discussion/comment/122357068#Comment_122357068

what's your point, that's blatantly obvious.

Cyrus

https://www.boards.ie/discussion/comment/122357072#Comment_122357072

I was probably saying?

So you predicted the current ev depreciation curve? You are rare sages.

CMOTDibbler

https://www.boards.ie/discussion/comment/122356914#Comment_122356914

That's not necessarily true. There's a FUD led perception that EVs are expensive. People with no real interest won't bother checking to see if that's true or not. That's how FUD works.

micks_address

https://www.boards.ie/discussion/comment/122357430#Comment_122357430

I wonder if the depreciation we are seeing now is more a factor of unrealistic price increases EV's for in second half of 22, back then demand outstripped supply so the manufacturers could get away with it. Covid made things nuts as well. People were able to trade in 2 year old cars in 2022 and get nearly as much for them as they paid new.. never saw that before and dont think we will again for a while.. a lot of folks must be coming to the end of pcp deals on evs bought in 2021/22 in the next 12 months and I'd say most will want another EV. Is there any numbers of people going back from EV to ICE? or hybrid. Unfortunately the combination of factors has really added fuel to the fire for the doubters or slower adopters..Im the only one in my close family with an EV and they were all shocked when i was able to change again into another id4 without a substantial loss. They were all lined up with a big 'told ya so' All i ever see in the media is the downsides of owning an EV.. i never see much about stories of owners where they can do cost to coast journey's and still have 50% batteries left, that you can save substantially on fuel costs with home charging etc.. and that people are able to trade in cars without incurring huge losses. Its not all a bed of roses.. i do think the home charger situation can be a big gotcha for folks in older homes.. having to upgrade wiring is something ive never heard a car dealer mention and its a considerable additional cost.

liamog

https://www.boards.ie/discussion/comment/122356914#Comment_122356914

I think it presents a distorted picture when you show that the ID.4 has seen 58% price cuts, if you go back to the prices people will have paid in 2021, they've not seen anywhere near as high a price cut.

It's funny how quick people are to forget the rapidly escalating car prices and only remember the late '22/early '23 prices. The 204HP ID.4 Life was listed as €45,001 in 2021, and €56,435 in 2023, the refreshed entry ID.4 Pro for 2024 is now listed as €43,010. Has the car seen a €13,000 price cut or a €2,000 one?

June 2021 ID.4 Product Guide

May 2024 ID.4 Product Guide

mun1

it’s not just EVs that have seen the massive price hikes .

My OH bought a Skoda Karoq for €29k in 2021 . The same spec car now sells for €42k . That’s a near 45% increase in 3 years .

The only good thing is that she got a very good price in trade in for her new EV this week

maidhc

https://www.boards.ie/discussion/comment/122357425#Comment_122357425

My point is a cash buyer may (or may not) get the same savings, which means the 0% pcp shouldn’t be taken at face value.

Cyrus

https://www.boards.ie/discussion/comment/122357760#Comment_122357760

that's all conjecture, only way to find out is negotiate both and see what works out better, even so it won't become apparent until 3 years later.

sk8board

https://www.boards.ie/discussion/comment/122357639#Comment_122357639

I mean that sales are down 58% not the price.

I suppose what I’m getting as is that this year there is a very strong ‘perception of value’ on the Y and ID4 and yet sales dropped hard.

People are allowed to keep their hands in their pockets when it’s very clear there’s been a lot of scalping going on, and the industry is clearly still in flux. It’s a lot of money buyers are spending.

No one likes a bad deal, whether it’s at the supermarket, or a €50-80k car.

I was in leafy Dublin today for a quick meeting and I parked next to a blue 212 M3 LR (€66/67k?) and all I could think about was the absolutely terrible value that car was for that buyer. No FUD, no ‘mainstream media bias’ - just a bad value purchase. The owner mightn’t give a toss, but I’ll bet that they do, and they have the “cost to change” argument well rehearsed.

liamog

https://www.boards.ie/discussion/comment/122359388#Comment_122359388

Ahh I get you. From a PCP point of view, I think 2021 ID.4 owners who have reached the end of their term are in a decent position, they're looking at trading a car they purchased starting from €45k for one that's now starting at €43k.

As to your experience parking in Dublin, I focus on whether a person has enough room to open their door without dinging mine. My sympathy for people who take a hit on the purchase of a new car is non-existent, I just can't feel sorry for the people who can afford to buy a new car who then lose money if they choose to switch to another car because other people can now buy that car for a lower price.

micks_address

What I find interesting is the move to phev which seems to be coming in a fair bit more expensive than EVs.. for example the Tiguan phev coming will probably be 60k? You can get a nice id4 for 50... I get they remove range anxiety and potential EV running costs for commutes etc but if you are paying so much more than an EV I can't see the long term value.

fits

that’s cos there isn’t any value in them. I can see them collapsing in value second hand when the penny drops with people.