I would like to buy an EV however I have an issue with resale value. Take a EV Kona $75k while a petrol is around $40. In 3-4 years time that EV Kona new will be $40 and probably better. Depreciation is bad enough without new versions devaluing as well. Hmmm 1st world problems. Thoughts.
rodeorunch,
May 23, 10:49pm
That $15k would go a long way in petrol but then you have the xtra Service costs with a petrol. Aren’t the mg about $50k new. When for a ride in a mg and was impressed with it.
msigg,
May 24, 12:20am
So buy a second hand one, if you can, also they will all devalue like everything, the battery range will also add to the value going down in the future. But hey live for today worry about tomorrow when it comes. Each to their own.
gazzat22,
May 24, 12:21am
I,ve always understood that Dealerships dont make large amounts of profit from selling cars.Where the profits are is in the servicing and spare parts.Even EV,s will wear out tyres,,brake and suspension parts and batteries wont escape unscathed in the case of a crash.
gazzat22,
May 24, 12:31am
On a slightly different note I read an article that in the UK the average age of the vehicle fleet is now older than its been for a long time ie 8.4 years and with Doris Johnsons government phasing out the scourge of the planet ,ICE cars it will only worsen as people hang into their old cars for much longer.
harm_less,
May 24, 1:10am
A significant reason for that aging fleet is likely to be due to the 'Osbourne effect'. Essentially consumers delaying purchase of a replacement because there is something perceived as better on the horizon; in this case EVs. https://en.wikipedia.org/wiki/Osborne_effect
tamarillo,
May 24, 3:12am
Crystal balls are rare though it’s a safe bet to say EVs will drop in price, eventually meet IVE cars as battery tech and production betters. So yes, paying 70 for a 40 grand car might mean losing the 30 plus normal depreciation. Right now it’s hard to make an economic case for anew EV.
Hope does spring eternal from some doesnt it. Your reasoning isnt what the experts in the UK say but whatever floats your boat. !
harm_less,
May 24, 8:45pm
When car manufacturers suggest that EV prices will gain parity with ICEVs within a few years, https://www.caranddriver.com/news/a34992832/battery-price-drop-2023/ and our government hints at taxation breaks (feebates, extending RUC holiday) it is only logical that buyers considering car replacement will delay their purchase. In the meantime buyers are compromising by purchasing hybrids in growing numbers. That is the Osbourne effect in action.
buyit59,
May 24, 9:45pm
I am delaying purchase of EV for as long as I can because there is nothing available that will do what my job requires at a cost that I can afford . In the meantime every time they mention a 'subsidy' . meaning the ICE user pays for the EV owner to enjoy cheaper motoring will mean more delay . Either that or I become unemployed .
cassina1,
May 24, 10:03pm
Buying second hand you run the risk of an electric car having a much lower range than a new one and if a new battery is needed they can cost $30,000 or more which offsets any saving you make on gas. If you don't need a new battery as the second owner the third owner will likely need one and your trade in value will be dropped accordingly. One thing many people are unaware of with EVs is that fast charging lowers the life of the battery and to get a long range you do have to fast charge.
cassina1,
May 24, 10:08pm
The ones coming down in price now though are doing so at the expense of a range suitable for touring without a lot of stops.
s_nz,
May 25, 9:27am
Kona Runs at $80k for the base, $87k for the elite.
Need to get out your crystal ball to predict depreciation.
Should note that there are currently zero used Kona's on trademe, Other than the damaged import from aussie all the used ones seem to have sold fairly quickly. To give you an example of pricing a 2018 with 33,800km was listed with an asking price of $65k in feb.
If minimizing depreciation is your main goal of you EV buying, getting a Tesla model 3 (with no options) would likely be a good bet. They recently had a price drop ($71732 drive away), and have had next to very low depreciation so far. Cheapest used model 3 on trade me is $65k at the moment. While the kona is a great car, arguably the model 3 is a lot more attractive to used car buyers (Premium brand, and performance credentials).
Anouther other option (if you don't have big range needs) is the mini electric. They have their own appeal, but have such a wait list and will be available in such low volumes that there will never be many at a time in the used market.
One of my family members has a Kona electric. Depreciation wasn't a factor in their decision. At the time of purchase the cars in there household were 12 and 14 years old, and they planning to keep the kona for around 20 years. $4k a year depreciation doesn't sound so bad.
Obviously it is a $40k car with a $40k electric drive-train installed. But the car is nice enough. It's a "subcompact" SUV, very short, but relatively wide. As such you get hatchback style boot space. Not a performance car by any means, but 150kW in a small car means it has power in spades. Suspension setup sucks in my view (stiff / under-damped - harsh both empty and loaded), but I think they changed this with the recent facelift.
Range is amazing. They live 225km from us, and have made it here many times with 52 - 54% of there battery left (sometimes despite having taken detours adding 20+km). My Leaf would need two charging stops to make the same trip that they do in under half their battery.
Ultimately EV's are still an eairly adopter tech. When the next best thing lands, the old tech will take a depreciation bath. such is the cost of being an early adopter. And there is a lot of sweet stuff on the horizon such as the Ioniq5.
Also If the government lets the RUC exemption lapse at the end of the year, EV's will become much more expensive than the likes of a prius to run, so will crash in popularity. Only time will tell with that one.
cjohnw,
May 25, 5:17pm
You can actually do significantly better than that.
You are aware of what is happening with the Kona once the Ioniq5 is introduced here?
franc123,
May 25, 7:47pm
People are paying $80k for Korean appliances? I'd want it to be able to do lunar landings for that money.
s_nz,
May 26, 7:57am
A couple of years ago there was a 6month wait-list for the Kona, and no discounts were being given out. Can't comment on the current situation, so I will take your word for it that there are discounts to be had. But I imagine Tesla's model 3 pricing may have required Hyundai to sharpen theirs.
No idea what will happen with the Kona EV when the Ioniq5 is released.
Obviously the Ioniq5 would take over from the Kona as Hyundai's Electric flagship (especially the 72.6kWh version with a 5.2s 0-100 time).
Question is if there is space in the Hyundai lineup for three EV's, or will the Kona be squeezed out leaving just the Ioniq and Ioniq5.
Persionally I hope there is room for both as the Ioniq 5 is a lot longer and wider than the Kona. My family member that bought the Kona was specifically looking for something at the smaller end of the spectrum. Eventually I would expect Hyundai to release a subcompact SUV on a dedicated EV platform, getting a frunk, RWD etc.
cjohnw,
May 26, 9:46pm
Kona EV will be phased out in domestic markets worldwide.
Those articles are referring to a phase out in South Korea.
"Hyundai will only sell Kona EVs in stock for the domestic market, while continuing to export them to overseas markets, company officials said".
The face-lifted (and slightly longer range) version of the Kona EV has just been released here, and there are no indications it is going to be withdrawn from our market. Of course we will need to wait and see what happens when the Ioniq5 lands.
Has a few videos on his channel about it. https://youtu.be/XubTytlT2qk?t=152 "Quote" The Inja 159K subscribers Here's the full story of the chinese electric car scam and how it happened. Last video, I took delivery of my "electric supercar" from china, only to realize I had been scammed and lost $32,000. But at least I have a pink golf cart now. So there's that. I ordered this car last December, and just barely got the car 8 months later.
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