Electric Car Values in Free Fall as Second-Hand Prices Halve in Two Years

[Swotty]

Electric Car Values in Free Fall as Second-Hand Prices Halve in Two Years – The Daily Sceptic

Electric vehicles are losing value at an "unsustainable" rate as a slowdown in consumer demand causes used car prices to halve in two years, leasing companies have warned.

dailysceptic.org

Second-hand electric car prices falling at faster and faster rate

Fleet operators are swallowing large losses due to ‘accelerated depreciation’

www.telegraph.co.uk

Still too soon to take the leap, it seems.

 

[E55BOF]

Just a thought...



All right, I'll get my coat...

 

[SmartAmg]

Electric Car Values in Free Fall as Second-Hand Prices Halve in Two Years – The Daily Sceptic

Electric vehicles are losing value at an "unsustainable" rate as a slowdown in consumer demand causes used car prices to halve in two years, leasing companies have warned.

dailysceptic.org

Second-hand electric car prices falling at faster and faster rate

Fleet operators are swallowing large losses due to ‘accelerated depreciation’

www.telegraph.co.uk

Still too soon to take the leap, it seems.

Mmm, two totally factual, trustworthy publications, there. The fact that one has "Sceptic" in the title, says it all.
Makes me very Sceptical, about both of them.

 

[E55BOF]

I'm inclined to give credence to the Daily Telegraph, though I've never heard of the other one. The comments make interesting reading, though...

 

[ChrisPDuck]

The Daily Sceptic is simply quoting the Telegraph, so there’s only one article really. But the Telegraph is quoting various industry sources, so unless you believe they’re making up those quotes, it appears to have substance.

 

[Swotty]

Yes, sorry, I attached the first reference (DS) and then saw it was a précis of the DT article - my bad!

 

[markjay]

Some interesting figures here:

UK New Car Registration Data - Latest Figures & Statistics | SMMT

Discover the latest UK car registration data: new car registration statistics, the number of cars in the UK, and more.

www.smmt.co.uk

BEV new registrations are up 10% in the UK?

 

[Doodle]

BEV new registrations are up 10% in the UK?

It would be interesting to see where those purchases are going (although probably hard to establish) - I wonder how many are fleet/company car related.

A friend works for a "multinational corporation that specializes in digital automation and energy management", their company car list has gone mandatory EV in recent times, under the auspices of "promoting their green credentials". They also insist on replacing them every 3 years regardless...so much for saving the planet, eh?

 

[fabes]

Our place is the same.
It's EV or more expensive Hybrids only now.

4 year replacement cycle though (or it was ....)

 

[markjay]

It would be interesting to see where those purchases are going (although probably hard to establish) - I wonder how many are fleet/company car related.

A friend works for a "multinational corporation that specializes in digital automation and energy management", their company car list has gone mandatory EV in recent times, under the auspices of "promoting their green credentials". They also insist on replacing them every 3 years regardless...so much for saving the planet, eh?

The article I linked has the full breakdown between fleet, business, private, etc.

 

[Bobby Dazzler]

Some interesting figures here:

UK New Car Registration Data - Latest Figures & Statistics | SMMT

Discover the latest UK car registration data: new car registration statistics, the number of cars in the UK, and more.

www.smmt.co.uk

BEV new registrations are up 10% in the UK?

Interesting.

Unfortunately registrations aren’t equal to sales, they’re a strong indicator but manufacturers preregistering vehicles in large volumes can skew figures a little.

It will be interesting to see if it’s sustained or a one-off. Being August there may be some extra preregistrations ahead of the 74 reg being released in September.

 

[Doodle]

It's made worse by the fact that he works from home, and does very few business trips by car. By his own admission, he probably doesn't need it and it really doesn't need to be replaced every 3 years; it's a legacy management perk that in this day and age looks increasingly hard to defend.

 

[E55BOF]

Interesting.

Unfortunately registrations aren’t equal to sales, they’re a strong indicator but manufacturers preregistering vehicles in large volumes can skew figures a little.

It will be interesting to see if it’s sustained or a one-off. Being August there may be some extra preregistrations ahead of the 74 reg being released in September.

That would account for Tesla not figuring in the top ten until August, then.

 

[BTB 500]

Some interesting figures here:

UK New Car Registration Data - Latest Figures & Statistics | SMMT

Discover the latest UK car registration data: new car registration statistics, the number of cars in the UK, and more.

www.smmt.co.uk

BEV new registrations are up 10% in the UK?

But in contrast hybrid car sales are up by 18%, and plug-in hybrid by 25%.

In fact the whole new car market increased by 5%. So the market share for BEVs went from 16.4% in 2023 to 17.2% in 2024 ... an increase of just 0.8%.

 

[Dryce]

Unfortunately registrations aren’t equal to sales, they’re a strong indicator but manufacturers preregistering vehicles in large volumes can skew figures a little.

Quite a few pre-reg / nearly new ICE and PHEV cars about as well as presumably BEVs.

If we are seeing pre-reg BEVs then that might seem bad - but in some respects it would be a route for the normalisation of BEVs into the private market.

 

[baxlin]

It's made worse by the fact that he works from home, and does very few business trips by car. By his own admission, he probably doesn't need it and it really doesn't need to be replaced every 3 years; it's a legacy management perk that in this day and age looks increasingly hard to defend.

Couldn’t he forego the company car and take a ‘car allowance’?

 

[almichie]

I have a plug in hybrid company car, I had a choice of petrol, diesel, plug in, non plug in and EV.

BIK is heavily incentivised to go pure EV with little thought about high business mile users, like me, where a diesel makes more sense.

The current car (Volvo V60 T6) goes 45ish miles on electric then over to petrol. With no charge I get 35-38mpg, I worked out pence per mile is the 11p EV and 19p petrol.

My last car was a C220 cdi, and that got 58 mpg or 13p per mile…

Company and government sense has gone out the window, keep a diesel for 5 years or build a new EV every 3…

 

[markjay]

But in contrast hybrid car sales are up by 18%, and plug-in hybrid by 25%.

In fact the whole new car market increased by 5%. So the market share for BEVs went from 16.4% in 2023 to 17.2% in 2024 ... an increase of just 0.8%.

View attachment 161408

I dont disagree, but the point is that whichever way you slice it.... EV sales are not going down, at least not in the UK.

Whatever issues that car manufacturers have with selling new EVs, must be occurring in other countries.

 

[markjay]

Interesting.

Unfortunately registrations aren’t equal to sales, they’re a strong indicator but manufacturers preregistering vehicles in large volumes can skew figures a little.

It will be interesting to see if it’s sustained or a one-off. Being August there may be some extra preregistrations ahead of the 74 reg being released in September.

On the premise that unsold new cars are not sent to the breakers.... then all it does (pre-registrations) is shift sales figures from one quarter to the other, because eventually all cars get sold, even if not in the same quarter when they were registered. It's therefore irrelevant to the question whether car sales are going up or down overall.

 

[BTB 500]

I dont disagree, but the point is that whichever way you slice it.... EV sales are not going down, at least not in the UK.

Whatever issues that car manufacturers have with selling new EVs, must be occurring in other countries.

Agreed but the issue is that sales aren't really going up by much, whereas hybrids are.

If looking at "BEVs" though that includes vans, where sales are actually going down: