From NOT A LOT OF PEOPLE KNOW THAT
By Paul Homewood
The average cost of second hand electric cars is plummeting by a “phenomenal amount” as they sit for “months on end” without any buyers.
Research by online motor marketplace, AutoTrader, revealed the average price for a used EV has dropped by 21.4 per cent this month, compared to a year ago.
Marc Palmer, the head of strategy and insights at AutoTrader, told MailOnline: “The used market will now be slower to mature. There will be fewer new EVs registered and fewer used cars coming to market.
“There will be sections of the public, especially those who are sceptical, who will want to wait.”
The expert explained that used cars are the “biggest” section of the industry, however motorists are likely to “take longer” in the switch to electric.
https://www.thesun.co.uk/motors/24099905/second-hand-ev-prices-falling-driver-lose-confidence/
According to the Mail:
Mid-month figures for September released by AutoTrader – the largest online marketplace for cars – reveal that the average price of a used EV has fallen by 21.4 per cent to £32,463.
Premium sector EVs, including Tesla, BMW, Mini and Mercedes-Benz, were hit hardest – with values falling by up to 24.1 per cent year-on-year.
The data, reported by The Times, showed that prices of second-hand premium sector EVs peaked at £51,704 last August and have since plummeted by more than £10,000 to £39,268.
https://www.dailymail.co.uk/news/article-12551439/used-electric-cars-price.html
The second hand EV is between a rock and a hard place!
Increasing numbers are now coming onto the market, corresponding to the increasing number of new sales in recent years.
Yet at the same time, there seems to be little appetite ffrom buyers. Most new EVs go either to Business/Fleet purchasers, or rich, virtue signallers. Neither sector is interested in buying second hand EVs.
Private buyers of second hand cars cannot afford the inflated price of EVs – if they could, they would buy a new petrol car anyway. And they are less likely to have off street parking, therefore making charging more expensive and problematic. Hence the low turnover of second hand EVs.
EV manufacturers have taken a huge risk in offering cheap PCPs, in the hope attracting buyers. These deals are ultimately based on EVs holding their value well.
With plummeting second hand values, they and the lease companies could be facing massive losses.
What is remarkable about these reports is that the so-called experts seem genuinely surprised about all of this. It was utterly predictable all along.
One “expert”, Marc Palmer, the head of strategy and insights at AutoTrader, told the Mail that the used market will now be slower to mature, and that motorists are likely to “take longer” in the switch to electric.
And the SMMT said “A faster and fairer mass transition [to zero-emission vehicles] is threatened by the absence of support for private buyers, many of whom plan to go electric but are delaying due to concerns over affordability and uncertainty regarding the availability of a charging network.”
They have obviously been believing their own propaganda about EVs for too long.
They still do not seem to have worked out that EVs are utterly useless for most private drivers, who will refuse to make the switch until forced to.
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“Forced to switch” is the operative government policy. Between mandatory percentages of EV sales by manufactures (large penalties for excess ICEs going to subsidize EV manufacturers) and impossible-to-meet mileage and emissions standards, supposedly free people will be forced into the Leftist one-size-fits-all government mold.
Come to think of it, it may be harder to hide problems with used EVs in selling to the next sucker. That’s in addition to the regular data fraud helped along by EPA in overstating the range of the new ones.
who will refuse to make the switch until forced to.
One would hope that in this ‘democracy’ the voters would have had a chance to ratify the decision of our ‘leaders’ to abolish fossil fuels first, and then try to set up an environmentally holy system of wind-and-solar power generation (and massive grid revisions to match) when and if they ever got around to it.
One can also hope that said ‘leaders’ will now voluntarily walk the plank to atone for their ill-considered decisions previous.
I hate to say it but I hope everyone involved in the EV hoax loses big time. That goes for car owner as well as car manufacturer. They bought into the hype and now they need to pay the piper. The whole spectrum of the EV push is the biggest financial fraud ever conceived. Anyone with any intelligence could see all the flaws in this thing being viable.
Will batteries be readily available for 10 year old EV’s?
They aren’t available for five year old ones.
This is called an economic understatement. 🙂
I am rich (I have all the money I need) because I do not make stupid choices buying cars. My current ride ’95 Honda Del Sol that I got for $1500 six years ago.
The last new car I bought was a 2007 Corolla for my wife. I bought used because a used Corolla was not that much less than new at the time. The popularity of a Corolla is based on it being good transportation as verified by Consumer Reports and the $200 and $300 ones I had used. .My son is still driving the car.
Some people buy cars so they can let people know how rich and stupid they are. The degree of stupidity can be measured by the loss of value.
For the record, I have never blown and engine or transmission. I base changing oil and transmission fluid on testing. My ’98 Cummins ISB 5.9l diesel and Allison transmission have 200k miles.
Tesla is talking about a semi. Diesels are expensive to maintain but until Tesla has lots of history the ICE is here to stay.
The manufacturers were largely responsible here by overpricing the vehicles from the outset while depending on government subsidies to entice buyers. They failed to factor in the shortage of public charging stations, the lack of willingness for consumers to install expensive home chargers, the limited cruising range of EVs, their inconsistent extreme weather reliability, and the cost of battery replacement. All of these made consumers increasingly wary of finding themselves saddled with white elephants. In addition, threats by governments to ban the sale of gas/diesel types after certain dates have caused a further backlash as people see such moves as removing freedom of choice while forcing ever-higher prices on them in a time of inflation.
The only thing that surprises me is that there is ANY secondhand market for used rechargeable batteries, at all. The car may look very nice, but the condition of the battery is crucial.
At >30K S/H, anyone who can afford this, will buy proper cars brand new, instead.
The only reason we are in this mess is because we were foolish enough to listen to experts and professionals. There is likely a place for experts and professionals but not in positions of power.
For all those concerned about the dearth of EV battery recyclers I’ve located this … Top 10 Electric Vehicle Battery Recycling Companies in the World
Enjoy.
Great. Now tell us how many of those companies are recycling the lithium. Tesla says they recycle 100% of their batteries. A little digging shows they don’t recycle 100% of any single battery. Semantics. The devil is in the details.
I love it when someone writes, “a little digging shows” and then doesn’t supply links to show where the digging took place. You may have noticed that my coments all (or almost all) include links.
It really is sad how hard some people work to change the subject when they find themselves losing on the facts.
The companies in your list are recycling lead acid batteries, not LI-ion batteries.
“The average cost of second hand electric cars is plummeting by a “phenomenal amount” as they sit for “months on end” without any buyers.”
Ok, let’s consider that. Teslas can sit 60 to 70 days without a charge if the settings are limited to allow it to sleep. If used EVs are sitting for months on end then the dealer must have an employee moving a portable generator around (or rotating the EVs to charging stations) at least every other month for each car, and far more frequently if you want to maintain the batteries well. Have anywhere close to 60 EVs on the lot and you’ll be charging an EV every day. And it is all a pure expense: the time of the employee, cost of the generator or charging system, the fuel or electricity used. At least with an ICE you don’t have to keep refueling it. And you really need to keep records on each car.
A large dealer may be able to efficiently do all that, but all the little independent used car lots? No. I can see used EVs being discounted drastically just to be rid of the nuisance of maintaining them. And I can see a lot of used car lots rejecting them outright. And even a big dealer will dread a large fleet of EVs coming off lease at the same time.
The word is getting out that the batteries deteriorate with use, so a second hand BEV will have shorter range, plus depending on age may require expensive replacement batteries. This affects the ‘third hand’ market. It is unlikely someone with a second hand BEV will find a buyer or get much of a price, and this certainly will influence the decision to buy second hand and get a car that nobody will want in a few years time.
Batteries will also deteriorate when just sitting, not being used.
The hotter it is, and the more full the battery is, the faster it will deteriorate.
Other than doing the shopping in a show-off car, EVs – like most of the new theological sacraments don’t even begin to make any sense. I have a 15 year old 2.4L Camry that regularly does 1,400 km in 14 hours between Johannesburg and Cape Town fully loaded and towing a trailer with one stop for petrol – which takes less than 5 minutes. Along the way I pass a huge number of dozens of heavy duty long haul trucks – all running on diesel. Electric vehicles may be an expensive virtue signalling toy for the elites but they are in reality nothing more than a ridiculous joke.
Apologies – didn’t edit to well.