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As the quantity of used EVs on the market increases, the depreciation is, in certain cases, something to behold. I'd heard that buyers (and dealers) are suspicious of them, but finding good evidence of what owners are experiencing at trade in/private sale time was tricky.
However, a thread on a popular community deals site (the Hot one) has opened a real trove of information. One post really stuck out, from someone who paid £80k for a well optioned Audi Q8 eTron in 2020. Here it is
"The px value of our 20 plate 55 sline earlier in the year- new over £80k - had a few packs added - comfort and sound pack, panaromic roof, tour and teck pack - so over £6k options… 30k miles later only £30k - the dealer will list it for £36k
The Q8 etron with significant range improvement hasnt helped at all in used prices…. But like when the new iphone comes out the old one takes a hit in value.
To add further insult— could have saved £15k on a Q5 and those used are over £10k more still."
There's a few ways of responding to this.
1) Early adopter - that's the risk you take
2) No one is walking into dealers to drop £45K on a 3yr-old £80K EV.
3) The stock of used EVs just isn't shifting.
4) The tax incentives available for a new EV purchase are not available when buying used - this is the EV market without the incentives.
It's probably a combination of the above, and some other factors.
The case that EV ownership is cheaper than ICE is looking all but gone in these market conditions. What EV, if any, commands strong residual values. Any ideas?
A new MG4 is £30k. A 3 yr old Audi eTron is £30k, with 5 yrs of battery warranty remaining and the option to extend the warranty. For some, that might represent a bargain, and a scenario of where EV running costs are better than ICE!
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