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,
- 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...
In fact, one of my neighbours said, "That's probably the last car you wife will need." She is 64, and the car will certainly last 20+ years...