EV used values continue to fall ....

[FROSTYBALLS]

Interesting article on 3 year old car values which have reduced further in the last six months:

https://cardealermagazine.co.uk/publish/29-of-top-30-biggest-used-car-price-drops-in-last-six-months-are-electric-vehicles/284860

[Big_D]

An interesting read.

[Cyker]

I think, due to the specific requirements for EV ownership, there is a more limited customer pool and the market is just too saturated at the moment.

The fact that the biggest reason for owning an EV, i.e. Vastly reduced fuel costs, has pretty much gone means there's now very little reason to get one for most drivers, especially with Toyota hybrids being just as cheap to run (Or cheaper!) but having vastly better utility.

The servicing costs for EVs are not cheap if you use main dealers, and a lot of normal garages don't service them, and the insurance is still very high on them.

This all just leaves very little attraction to normal people. They're still great if a) You can charge at home and b) Your 99% use-case is within 50% of the worst-case range of the car, but that is still a very limited subset of drivers.

Tesla were smart - Appeal to the performance and luxury crowd, as they're less cost-focused, but these sort of people tend buy new cars, not used ones.

I've always said, forcing EVs on everyone early isn't going to work - They need time to evolve to the point where they can stand on their own merit, just like Toyota's had to do with their hybrids: It's taken them around 2 decades, but now their hybrids are genuinely better than anything in their class, not just as eco-cars, but as cars, and now they can't build them fast enough to meet demand!

It's a shame manufacturers are so competitive - I think if they all shared knowledge with each other they could accelerate EV improvements to make them more viable to normal people. Heck, at this point, nothing really needs improvement with EVs as it's all old tech that's been refined over at least a century - The one thing holding them all back is the Battery, but they can't even collaborate on that despite the fact that unlocking that would allow all of them to go nuts with EV production.

[FROSTYBALLS]

48 minutes ago, Cyker said:

Tesla were smart

Although to boost demand they cut prices by up to a fifth in January worldwide. However, this was reflected in used examples being devalued, and angering  16000 existing UK customers, customers in China, etc, who have lost value on vehicles overnight. 

https://www.bbc.co.uk/news/business-64266471

Also have cancelled orders for right hand drive models S and X overnight - affecting UK, Ireland, Australia, New Zealand, Japan, etc - without giving a reason ! Customers given the option of having left hand drive vehicles - but these will be worth less used.

https://www.autocar.co.uk/car-news/new-cars/tesla-customers-cancel-orders-after-rhd-model-s-model-x-sales-stop

So possibly not so smart ......

 

[Cyker]

Well I did say 'were'  

Tesla are one of the most customer-hostile tech companies, right up there with Apple, and it's coming back to bite them now that there are other options in their space