EV Depreciation 2023

At this stage I thought people had moved on from claiming EV's are any sort of good for the environment.

If people really cared about the environment they would cycle, walk, use public transport etc.

Buying an EV is easy, changing your lifestyle completely is tough though.

Have a look at the stats before you make statements about my numbers being valid or invalid. I haven't included hybrids in any diesel or petrol category, I have simply talked about the percentage of BEV's (18.59%) and compared that number to everything else- i.e everything bar full EV's. Hybrids are still cars, so can you explain (logically) why you think they shouldn't be included in 'everything bar BEV's' category?

I've been hearing for years rhetoric that anybody buying a new petrol or diesel is daft and they will have to hold onto it for a lifetime- the reality is that as their sales drop, demand for used petrol and diesels is growing and they are holding their value a lot better than EV's. As diesel sales fall, used diesels (and petrols) are going to continue to see high demand. If EV's continue to see low VRT then the floodgates of cheap used EV's from UK will continue to open and drive down used prices - along with improvements in tech and a likely further reduction in new EV prices.

Just looked at prices for a 2021 Hyundai Ionic 5- Jaypers it’s held its value pretty darned well compared to some other cars of a similar vintage

No value in them and unlikely to sell at such prices. Only 5no. 2021 cars currently on DD and all advertised by Hyundai Dealers with asking prices of €40K+. You would do well to get €35K for a 58kWh one if selling privately or trading in.

And that 18% (including me) paid a lot more for an ev than a diesel. People have to be able to afford to buy it. Im assuming a lot couldnt afford hence kept the ICE

There'll be a select few that will be telling us all that EVs will be hit with depreciation further than ICE yet again in the future as technology advances make battery tech cheaper.

They'll gloss over the fact that EV's, unlike the past, are now competitive against ICE. What new competing ICE vehicle, I wonder, would they suggest is more value than a new Tesla Model 3?

If future EV tech allows further price cuts of any significance, rest assured, ICE will also drop like a rock. We're in a completely different landscape now to that of a few years ago where significant premiums were payable to step into an EV.

It's nice to see someone say that. I would add air quality as one of the reasons for my purchase, and the smug self satisfaction of driving powered by yesterday's sunshine.🤣

@liamog - "There are some interesting developments in Sodium Ion batteries which should see prices dropping further than they already have. The batteries aren't better than the LFP and NMC variants that are available today, they are just cheaper."

Sodium Ion is stalling now that the price of lithium has dropped like a brick this year. The "just cheaper" might not even hold. It can be charged below zero though, which is helpful for ultra low budget applications in vehicles (read: sub €10k plus tax Chinese EVs).

For sure @liamog but that's just what happens in a totally disrupted market. The same car is getting cheaper and cheaper and there are even cheaper new cars from new entrants hitting the market. The other side of the coin is that some giant incumbents might not survive. I predict Toyota will have a very bad time over the next 5-10 years

@maidhc - "will Tesla and the Chinese be able to solve the engineering issues Toyota solved in the 80s"

What engineering issues are they? 😂

I know Toyota was able to finally solve the engineering issues in the 90s and come up with a petrol hybrid car. 100 years after Porsche had done the same 😂

You have a point, there will hopefully always be Ferraris and Porsches and the most sought after and luxury cars will probably always be mostly German and Italian, but Toyota is none of that and will have to compete heads on with other makers of A to B vehicles: mostly the Chinese

I'm in the market for an Ev. Budget 25 to 30k. Could stretch a few K. Would be a 2nd family car for majority of journeys that 7 seater not needed for. 25000km per year.

I'm down to a few options but it's so hard to figure out estimated depreciation after 3 years

Counting out leaf and ioniq cause low head and leg room in back. I have tall kids and have to cart thier mates around to football stuff too.

Option 1.) New mg4 30.5k.

Option 2 .) BYD dolphin 31.2k

Option 3.) Used 2020 id3 1st plus with 23000 km and €25k

Options 4.) ex demo 2023 cupra or id3 for approx 33k.

Any opinions on what would be best value and least likely to have high depreciation?

There's a 231 Cupra for sale in Limerick for 29,950 right now, no mileage allegedly

The way prices are falling anyone buying an EV in the next few months should do well. SOH and resultant likely range should be a factor to consider for an older EV- e.g 2020 ID3.- also warranty would be an issue. The difficulty of course will be trying to time your purchase at close to the market bottom. From what I can see 3yr old ID3s for example are still eur 3k or 4k overpriced. If you could manage to bag a low mileage 2023 Born for close to 30k that would be a good deal (although I'm biased being a Born owner). Having an EV as a 2nd car makes great sense. Other than that are there any 2nd hand Hyundai/Kia EVs available which come with longer warranties?

As another poster said, to avoid depreciation you could buy an early ID3. The current 3 year price (19k for 1st Edition) gives you a good idea of what a 2023 ID3 would be worth in three years, a Born would be worth a bit less - so your probably looking at 4 to 5k per annum buying new or a 2023 pre reg. In three years I'd expect something like this still to be worth 10k+ so depreciation drops to 3k p.a

https://www.donedeal.ie/cars-for-sale/volkswagen-id-3-2020/35685359

Buying used and almost out of warranty isn't for everybody though, personally I would try to buy something with 3 year warranty so you don't have to worry about expensive battery or motor replacement - regardless how reliable these cars are, the problem is you have few options bar main dealers if something major goes wrong.