Do you agree with the ban on new petrol and diesel cars from 2035?

Another reason why EV,s are depreciating in value is because insurance companies are seriously hiking premiums for them, my renewal last week was + £850 more than last year, Im checking lots of companies for alternative quotes, but they are all extremely high.

 

Ouch that is a nasty hit.
I think in general a big part of why there is greater depreciation on an EV is the marketplace for EV's is so new. There simply is no where near the number available. EV's make up still a very small percentage of the cars on our roads at present. For instance in Ireland while EV sales have increased significantly in each of 2022 and 2023 as of 2021 the last year I could find the data only about 0.5% of the cars on Irish roads were EV's. In the US the number of EV's on the road was 3.1% in 2021 and 4.6% in 2022. So much higher than Ireland but still only a tiny fraction of the number of cars on the roads overall.
On the other side over time other positive factors that will help EV's is there lower maintenace costs and longevity. But again the EV market needs to mature for those factors as well as others to come into play fully.

 

I'm hearing of a lot of people facing the same issue with EVs. A few insurance companies won't insure them and some single out Tesla.

 

I will try and avoid an EV car for as long as possible.not a fan.

 

I’m 2 years into a 4 year PCP deal on my EV. I plan to hand it back when the deal is done and look at replacing it with possibly a hybrid or just a standard ICE.
The EVs are good to drive but running costs are getting higher all the time and repairs take forever due to the lack of parts and lack of EV technicians.

 

Sorry to hear all that not working for you. For me the running costs are negligible as I can easily plug in at home for little cost and have not had any issues with the car so no repairs needed just a routine check up so to speak last month and the dealership has EV people to handle cars like my Mustang. What issues have you had that you needed repairs?

 

The answers are all there in the American desert, have been for 75 years.

 

Ye wot

 

Do tell?

 

Watch unacknowledged.

 

Got a link?

The prices of some electric cars and plug in hybrids are plummeting. The market isn't looking good.

 

No, but you'll get it on Prime etc

Basically there is alien technology that we have had in the USA (and probably other countries) since at least the 1940's that works on anti-gravity and element 115, all of which will eventually need to be admitted.

Everything of significance we use for transport at the moment basically fires fossil fuel back the way to exhert forward force : - cars, planes, rockets.

Turns out we haven't needed any of it for 80 years.

Also look up Bob Lazar and Steven Greer.

 

I got an EV a few months ago after doing a bit of research and I like it. I'm not into cars at all but it suits me. That said I wouldn't even consider one without your own drive and your own charge point. We are still years away from being able to quickly charge a car within a couple of miles of wherever you happen to be. Until they make EV charging as easy as filling up at a petrol station there is no way they can consider banning petrol cars.

 

https://www.insurancetimes.co.uk/ne...-concerns-over-battery-blazes/1447563.article

NEWS
Electric bus catches fire amid insurer concerns over battery blazes
By James Cowen11 January 2024

There were no reports of any injuries and the cause of the fire is under investigation

The rear of an electric double-decker bus was destroyed after catching fire in south-west London this morning (11 January 2024).

The incident occurred amid insurers raising concerns about lithium-ion batteries and the fire risks they could present.

The blaze broke out as the bus was travelling along Wimbledon Hill Road in Wimbledon at 7.21am.

A 25-metre cordon was put in place as a precaution as three fire engines and around 15 firefighters from Wimbledon, New Malden and Wandsworth stations attended the scene.

There were no reports of any injuries and the cause of the fire is under investigation.

Concerns
According to Octopus EV, electric vehicles pack thousands of individual rechargeable lithium-ion cells that work together to power the motor.

During Insurance Times’ Fraud Charter on 19 September 2023, Mark Allen, the ABI’s head of fraud and financial, said fire risks that lithium-ion batteries presented were causing “real concern”.

“There is a particular issue with the lithium-ion batteries at the moment,” he continued.

Meanwhile, John Lewis Financial Services announced on 2 October 2023 that it had temporarily stopped offering insurance to drivers of electric vehicles following a decision made by its underwriter Covéa.

John Lewis said at the time that Covéa wanted to analyse the risks and costs entailed with EVs.

And on 18 August 2022, Axa UK revealed that two large claims associated with lithium-ion batteries in an e-scooter and bike resulted in a loss of almost half a million pounds.

As a result, the insurer warned the insurance industry and consumers that there was a significant fire risk caused by these batteries being damaged, over-charged or exposed to extreme temperatures.

 

Tha majority of sales seem to be driven by corporate salary sacrifice schemes. They offer really good value, but EVs are very expensive for anyone purchasing in the usual way. As long as the schemes are allowed to run there will be enough demand but will stop as soon as it's too popular

 

https://www.carscoops.com/2024/01/u...fter-premiums-for-ev-drivers-jump-50-in-2023/

EV Owners Face Soaring Insurance Rates In UK, Pay Double What ICE Cars Do
Electric vehicle insurance premiums in Britain surged 50% in 2023, outpacing gas and diesel cars

Automotive insurers in Britain have refuted allegations of profiteering following a massive 50 percent increase in the cost of insuring electric vehicles in 2023. As a result, drivers in the country are now paying nearly double the insurance premiums compared to owners of internal combustion engine (ICE) vehicles.

Insurers respond that there’s little they can do, and that the premiums are determined by claim costs and frequency. They say that accidental damage claims on EVs are 35 percent more expensive than comparable repairs for combustion engine vehicles.

Insurance premiums for EVs surged to an average of £1,344 (approximately US$1,700 at current exchange rates) at the end of 2023, reports Bloomberg. Insurers point to several factors contributing to this increase, including the elevated cost of repairs, a shortage of mechanics trained in EV servicing, and extended garage time for these vehicles.

“You’ve got length of repair times going up, you’ve got the cost of the component parts going up, and you probably see more EVs written off because residual values are particularly low at the moment,” Carl Shuker, Howden Group Holding’s CEO for the UK and Ireland.

 

Question to anyone currently driving an EV...

Would you take another one when your PCP deal ends? I hope nobody took one out on HP.

The next car we all buy is gonna be important I think. Make sure it is an ICE car that will last. I do not want to be caught out and forced to drive an EV.

 

I have one on a 4 year contract through a salary sacrifice deal. Not sure what type of contract it is and it's my first PCP type agreement for a car. Previously I've just bought 2nd hand petrol cars outright and ran them until they died. I'm about 8 months in, and here are my thoughts.

- if you can get one through salary sacrifice via your employer it is well worth it. You pay monthly via your gross salary rather than net so you immediately save whatever you tax rate is. It's a great deal particularly if you're a higher rate tax payer. At the end of the deal you can hand it back or buy it. I will likely hand back and get another EV as I expect batteries to have improved significantly by then. You obviously don't need to worry about depreciation on contract, it would put me off if buying outright.

- I like the car but I'm not really into cars. I spent 1k or so getting a charger installed at home and would never consider getting an EV without your own charge point. Network isn't good enough yet. If you get an EV energy deal it's very cheap to run compared to petrol (60 quid of petrol in a 1.6 ford focus probably equates to a 12-15 quid off-peak charge).

- I don't drive much so battery life isn't a big deal, especially when you can charge at home. But if you drive a lot you will probably need to get used to charging every night or two. Batteries fluctuate a lot in colder weather. Most regular driving isn't an issue but driving up north takes more planning as more miles and less charge points.

- overall I think general impressions of EV cars are more negative than they should be. If like me you have a charge point in your drive, live in a town or city, you don't drive much, and especially if you can get the tax break, its a no brainer imo. If you're in a flat, if you're in the country, if you drive away from home a lot, I wouldn't even consider it.

Hope that helps