Second-hand electric cars become cheaper than petrol and diesel for first time

[Judi Lynn]

Story by Tom Bawden • 3d • 3 min readd • 3 min read

The price of second hand electric cars has fallen so fast that they have become cheaper than used petrol and diesel cars for the first time, new figures show.

The average price of a three-year old used EV is 8.5 per cent less than its fossil fuel equivalent after prices plummeted by 50 per cent since September 2022, according to HPI, the car history and valuation group. The difference rises to 14 per cent after four years.

Experts say the falling prices are largely down to rapid technological advances such as significant improvements in battery power that make newer models increasingly more attractive than older ones. As a result, ‘early adopters’ of electric vehicles are switching to newer models in large numbers.

At the same time, a growing interest in environmentally friendly models and the rapid price drops are enticing new people to the used EV market – while the cost of fuel is also lower for electric cars.

More:
https://www.msn.com/en-gb/cars/ownership/second-hand-electric-cars-become-cheaper-than-petrol-and-diesel-for-first-time/ar-AA1onT9h

[Vivid Lizard]

1. One Missing Piece

Something that wasn't mentioned in the article is that people are waking up to the inevitable cost of battery replacement. As everyone knows, batteries in EV's have limited lifetimes, and gradually start losing their ability to keep a charge as soon as they start being driven. When I looked into it a while back, the very cheapest you would pay for set of knockoff Chinese batteries for certain models was around $8,000, but Chinese batteries are terrible. For good batteries (Japanese, OEM) you would be looking at at least $12k to $15k. More for higher end car models.

For gas cars, you can keep your ride going strong for a long time with good, regular maintenance... oil changes and such. But with EV's, there's no slowing down that inevitable degradation of the batteries.

[CoopersDad]

3. Almost never does an EV need a new battery.

Most go for life without needing a new battery.

Often, only one or two cells go bad and can be replaced, and there are companies that do the work of even a full replacement for less that the cost in the early days of EVs.

In contrast, gas/diesel cars need oil changes, belts, fluids, brakes, lube jobs perpetually.

250,000 on my last two hybrids, never needed brakes. Teslas never needed brakes, just tires and wiper blades.

The 2007 did have a battery down at 150,000, coincident with it's burning a quart of oil every 5,000 miles, so Carmax took it in trade for a used 2012 Volt.

Now on my second Tesla Model 3.

[Caribbeans]

4. 100% False

Most go for life without needing a new battery.

as anyone can see on the biggest Tesla forum

https://teslamotorsclub.com/tmc/

In the top search box type "HV battery replace" (HV = high voltage, Tesla's also have LV batteries that also need replacement.)

Every battery made today starts to die (regardless of use) the day it leaves the factory.

18650 Li-Ion cells are the same as notebook batteries. Who in the world could claim that their notebook batteries "go for life"?

This kind of either denial or blatant misinformation is detrimental to the future of EV cars.

Here's a great site to actually learn about batteries

https://batteryuniversity.com/

[CoopersDad]

5. every battery starts to die, every gas engine does, as well.

Most EVs are going to serve their owners well without needing a full battery replacement.

1.5% of EVs will, by one account.

No battery pack and no ICE will last forever; some percentage will need to be replaced.

I'd guess that the cost of ownership over ten years of an EV needing a battery replacement and an ICE needing an engine replacement is less for the EV-- getting back to the point of this OP about secondary markets.

We might disagree. That's OK.

[Finishline42]

6. The problem with people needing battery replacement in EV's is we don't know how

They were used.

I'm going to find out. Bought a 2021 Model Y in Dec with 39,000 miles on it.

I drive Uber/Lyft and put about 5,000 miles a month on it. Had a Tesla charger installed at home - runs on a 50 amp circuit - Level 2. Charge to 85% and rarely drive below 20%.

I happened to drive a Tesla employee, didn't get details of where, but he was convinced the battery would last 10 years. I asked at 5,000 miles a month? haha

I read a story of an Uber driver whos battery died at 125,000 miles in England. He charged to 100% twice a day at a Tesla super-charger - Level 3. My bet is that's what killed his battery.

Again, I will find out...

[3Hotdogs]

2. They would be good for a family, 2nd car. -- kids to school, grocery store,

afternoon matinee with the side squeeze (God, I miss having that).

Thread drift. She lived about 1/2 mile from the school where I was a teacher. I arranged my lunch and free period so as to allow 1 1/2 free time. I would drive to her house, she would have lunch ready, then a qucikie and back to school with a smile on my face.

Sometimes, she would be mean -- . No lunch, until we do the quickie first.