We bought my wife's Yaris, 7 years ago. It was 1 year old and had 9,000 on the clock and t cost £8,990. It now has 30,000 miles on the clock and WBA bought the car for £8,000. So that's only £990 depreciation, unlike my Tesla model 3 that has lost £20,000 in 3 years! Only local servicing and MOT's have been required that have cost on average £140/year and there has been no other failures. Oh, and insurance has been less than £200/year.
As my wife has just been gifted a red 2019 Yaris, from her dad, however she did not like the colour, we decided to part-ex the car against a 2 year old black Yaris MK4, that was on sale for £17,490.
I picked the new car up yesterday and drove it home, down the motorway using the adaptive cruise control and the steering assist (Auto Pilot). I have to say, it performed as well as my Tesla, except without any nags or phantom braking. OK, the steering assist isn't as forcefully as the Tesla system, taking a few second to "lock in", but changing lanes was a breeze, without the bongs, etc. Also the car comes with auto lights, auto dipped lights, working auto wipers, etc, etc... and the build quality is top notch! Additionally, Android Auto (with a WIFI dongle) works great saving £9.99/month for premium connectivity.
I am now hopping that we get another 7 years, cheap motoring, out of this car and that it will be worth ~£17,000, when we come to sell it...
So why didn't we get a second EV, as there are plenty available (+700) at that price point on Auto Trader and we already have a charger fitted? Well,
As my wife has just been gifted a red 2019 Yaris, from her dad, however she did not like the colour, we decided to part-ex the car against a 2 year old black Yaris MK4, that was on sale for £17,490.
I picked the new car up yesterday and drove it home, down the motorway using the adaptive cruise control and the steering assist (Auto Pilot). I have to say, it performed as well as my Tesla, except without any nags or phantom braking. OK, the steering assist isn't as forcefully as the Tesla system, taking a few second to "lock in", but changing lanes was a breeze, without the bongs, etc. Also the car comes with auto lights, auto dipped lights, working auto wipers, etc, etc... and the build quality is top notch! Additionally, Android Auto (with a WIFI dongle) works great saving £9.99/month for premium connectivity.
I am now hopping that we get another 7 years, cheap motoring, out of this car and that it will be worth ~£17,000, when we come to sell it...
So why didn't we get a second EV, as there are plenty available (+700) at that price point on Auto Trader and we already have a charger fitted? Well,
- I can't see EV's depreciating less than an ICE car anytime soon, mainly due to the concern about battery life and the 8 year warranty period. You are always going to lose money on an EV, unless you are a high mileage driver.
- We probably will give this new car to one of our kids, in a few years time. None of them can afford to buy a house (or really run a car) and they have to live in places that don't lend themselves to having a charger fitted, like flats, house of multiple occupancy, etc. and it will be difficult for them to charge an EV.
- My wife only drives 2,000-3,000 miles a year, and at 60+ mpg the fuel will only cost ~£350/year, so there are not many savings to be had running an EV that would counteract the steep depreciation curve.
- Lastly, I think my wife will not have the patience, or foresight, to charge the car, once or twice a week. So she will be nagging me, when the car is low on charge and she needs to go somewhere...