Thank god I leased it!
Discussion
While scrolling through YouTube this morning, I stumbled upon a guy with a video titled, "You Won’t Believe How Much My Taycan Has Depreciated in the Last 4 Months." It got me curious about the current value of my leased BMW i5 M60 Ultimate. I leased it in late February, and it's racked up 6,000 miles so far. At the time, the lease seemed like a steal—only £90 more per month than a Tesla Model 3 Highland. The car's original price was £112,000. Now? "We Buy Any Car" is offering me just £55,300! Ouch.
I guess it is the low BIK scheme which creates huge demand for new BEVs but the used market reflects little support from private buyers. The government needs to fix this or the move to zero emissions vehicles will not work and the percentage of sales per annum that need to be zero emissions will not be met. Obviously the best way of fixing it is to encourage manufacturers' to make cheaper BEVs.
Not sure we need price support for 2nd hand EVs since the market is doing that very well anyway. We already have Corsa Es being cheaper than ICE ones. It would be better for the govt resources to make publlic charging more attractive - e.g. 20% to 5% VAT cut to bring it in line with home charging.
Chipper said:
While scrolling through YouTube this morning, I stumbled upon a guy with a video titled, "You Won’t Believe How Much My Taycan Has Depreciated in the Last 4 Months." It got me curious about the current value of my leased BMW i5 M60 Ultimate. I leased it in late February, and it's racked up 6,000 miles so far. At the time, the lease seemed like a steal—only £90 more per month than a Tesla Model 3 Highland. The car's original price was £112,000. Now? "We Buy Any Car" is offering me just £55,300! Ouch.
WBAC isn't really a true valuation though, just a reflection on how much they want your car. Autotrader have a number of used 24-plates ones listed for around £90k which is probably a more realistic price (around 20% you lose driving off the forecourt).Chris
ScoobyChris said:
WBAC isn't really a true valuation though, just a reflection on how much they want your car. Autotrader have a number of used 24-plates ones listed for around £90k which is probably a more realistic price (around 20% you lose driving off the forecourt).
Chris
Webuyanycar (WBAC) has actually offered more than dealers on two of my vehicles. In fact, I regularly use them to gauge the markup a dealer might have on a vehicle. While there are exceptions, their prices are generally accurate.Chris
Considering the current prices of used vehicles and the fact that most dealers don't want to see a used EV on their forecourt, I think the trade bid is fair.
I sold a Tesla Model 3 to WBAC after they offered £5,300 more than Tesla UK. I wouldn't buy a new Tesla again after that experience.
As someone else pointed out, you have the government to blame for this.
Their vehicle equivalent of "Help to Buy" & Stamp Duty holidays where the Cons also screwed up property prices for everyone with their daft inflation tactics just breaks what a market is there to do - decide what the correct value is.
If it weren't for these schemes I'm pretty sure you could take 9/10ths of the BEV's on our roads, off of it. I reckon the same ratio of Taycan's are business vs privately owned.
The fact people can write off the first years tax on BEV's means they keep them for the year makes it very efficient, but the private buyer isn't looking to buy at that level so there's a huge gulf in the market place, it squashes everything as a 1year old car is costing what you'd more typically on a standard depreciation curve market a 3 year old car at!
The cost of living crisis isn't helping though, even traditionally sound cars like 911's have taken a massive tumble since COVID skewed everything.
Their vehicle equivalent of "Help to Buy" & Stamp Duty holidays where the Cons also screwed up property prices for everyone with their daft inflation tactics just breaks what a market is there to do - decide what the correct value is.
If it weren't for these schemes I'm pretty sure you could take 9/10ths of the BEV's on our roads, off of it. I reckon the same ratio of Taycan's are business vs privately owned.
The fact people can write off the first years tax on BEV's means they keep them for the year makes it very efficient, but the private buyer isn't looking to buy at that level so there's a huge gulf in the market place, it squashes everything as a 1year old car is costing what you'd more typically on a standard depreciation curve market a 3 year old car at!
The cost of living crisis isn't helping though, even traditionally sound cars like 911's have taken a massive tumble since COVID skewed everything.
Chipper said:
While scrolling through YouTube this morning, I stumbled upon a guy with a video titled, "You Won’t Believe How Much My Taycan Has Depreciated in the Last 4 Months." It got me curious about the current value of my leased BMW i5 M60 Ultimate. I leased it in late February, and it's racked up 6,000 miles so far. At the time, the lease seemed like a steal—only £90 more per month than a Tesla Model 3 Highland. The car's original price was £112,000. Now? "We Buy Any Car" is offering me just £55,300! Ouch.
Nobody pays anywhere close to list for these kind of cars, assuming they purchase rather than lease them.It's a low volume product, and I'm not surprised it's dropping like a stone given that BMW's next gen of EV tech is coming out in 2025.
Chipper said:
Webuyanycar (WBAC) has actually offered more than dealers on two of my vehicles. In fact, I regularly use them to gauge the markup a dealer might have on a vehicle. While there are exceptions, their prices are generally accurate.
Considering the current prices of used vehicles and the fact that most dealers don't want to see a used EV on their forecourt, I think the trade bid is fair.
I sold a Tesla Model 3 to WBAC after they offered £5,300 more than Tesla UK. I wouldn't buy a new Tesla again after that experience.
WBAC is pretty much a true representation of your trade in value, the salesmen will probably use it lol, lots do.Considering the current prices of used vehicles and the fact that most dealers don't want to see a used EV on their forecourt, I think the trade bid is fair.
I sold a Tesla Model 3 to WBAC after they offered £5,300 more than Tesla UK. I wouldn't buy a new Tesla again after that experience.
It is also a good choice sometimes, as pointed out above, if they have few in stock, and know there is a market for it, they will offer more, especially now not every car goes to BCA, and they have retail outlets, cannot remember which one, Cinch maybe?
They know the market better than any salesmen, with data that is pretty much live when you put in your registration.Some think they are dictating the market, in a way they are, but only by their knowledge of auction prices.
Leave a car on it, with a usable email address, that is registered to you, and they will try and buy it at intervals as long as you own it, or are the registered keeper.
What they will offer depends on their perceived retail value, their stock levels of that model, and stock levels in general, if they are flying out of retail sites, and auctions, you will be offered more, if sites are full, less. If that changes over the next few weeks, you may well get higher offers if it is still live on their database, or fall for the same reasons.
If you think the offer is too low and can wait, it may go up, if it is more than anywhere else, grab it quick.
Always check a car you have an option to buy, or hand back, you could make enough for a holiday.
You still have to deal with your local site though, and they probably get a bonus for chipping you lol,
Chipper said:
While scrolling through YouTube this morning, I stumbled upon a guy with a video titled, "You Won’t Believe How Much My Taycan Has Depreciated in the Last 4 Months." It got me curious about the current value of my leased BMW i5 M60 Ultimate. I leased it in late February, and it's racked up 6,000 miles so far. At the time, the lease seemed like a steal—only £90 more per month than a Tesla Model 3 Highland. The car's original price was £112,000. Now? "We Buy Any Car" is offering me just £55,300! Ouch.
Yes... basically if you care about your money, the rule at the moment is never pay list price for an EV. However, good options are- lease it (as you have)
- PCP and hand back
- buy used
- buy new at a steep discount (check AT for new EVs to see what's on offer)
any of these options will sidestep the fact that in the open market these cars are virtually all worth far less than their new list prices.
ScoobyChris said:
WBAC isn't really a true valuation though, just a reflection on how much they want your car. Autotrader have a number of used 24-plates ones listed for around £90k which is probably a more realistic price (around 20% you lose driving off the forecourt).
Are they selling, though? AT price tracker shows some with big drops.Chipper said:
While scrolling through YouTube this morning, I stumbled upon a guy with a video titled, "You Won’t Believe How Much My Taycan Has Depreciated in the Last 4 Months." It got me curious about the current value of my leased BMW i5 M60 Ultimate. I leased it in late February, and it's racked up 6,000 miles so far. At the time, the lease seemed like a steal—only £90 more per month than a Tesla Model 3 Highland. The car's original price was £112,000. Now? "We Buy Any Car" is offering me just £55,300! Ouch.
If we're being very generous it's really a £70k car. £112k is just farcical, reminds me of the list prices for higher end 6 Series that you could knock 20 or 30 grand off just by asking nicely.
Edited by ChocolateFrog on Monday 22 July 19:05
ChocolateFrog said:
Chipper said:
While scrolling through YouTube this morning, I stumbled upon a guy with a video titled, "You Won’t Believe How Much My Taycan Has Depreciated in the Last 4 Months." It got me curious about the current value of my leased BMW i5 M60 Ultimate. I leased it in late February, and it's racked up 6,000 miles so far. At the time, the lease seemed like a steal—only £90 more per month than a Tesla Model 3 Highland. The car's original price was £112,000. Now? "We Buy Any Car" is offering me just £55,300! Ouch.
If we're being very generous it's really a £70k car. £112k is just farcical, reminds me of the list prices for higher end 6 Series that you could knock 20 or 30 grand off just by asking nicely.
Edited by ChocolateFrog on Monday 22 July 19:05
Roger Irrelevant said:
ChocolateFrog said:
Chipper said:
While scrolling through YouTube this morning, I stumbled upon a guy with a video titled, "You Won’t Believe How Much My Taycan Has Depreciated in the Last 4 Months." It got me curious about the current value of my leased BMW i5 M60 Ultimate. I leased it in late February, and it's racked up 6,000 miles so far. At the time, the lease seemed like a steal—only £90 more per month than a Tesla Model 3 Highland. The car's original price was £112,000. Now? "We Buy Any Car" is offering me just £55,300! Ouch.
If we're being very generous it's really a £70k car. £112k is just farcical, reminds me of the list prices for higher end 6 Series that you could knock 20 or 30 grand off just by asking nicely.
Edited by ChocolateFrog on Monday 22 July 19:05
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