My Electric Car Is Now Worthless, and Even the Dealership Won’t Take It Back! Why EVs Part 2
Electric vehicles (EVs) are often promoted as the future of transportation, thanks to their eco-friendliness, low emissions, and reduced reliance on fossil fuels. But is this shift to EVs all it’s hyped up to be? My experience with the Porsche Taycan—a sleek, high-end electric car—has left me questioning the long-term viability of electric cars. From their declining value to maintenance issues, it’s becoming clear that EVs might not be the revolutionary solution they’re marketed as.
Electric Car Depreciation: A Costly Reality
Owning an electric car might seem ideal at first, but the value of these vehicles drops alarmingly fast. When I bought my Porsche Taycan for £120,000, I thought I was making a solid investment in a vehicle that would last. However, just a few years later, the car’s worth has plummeted to about £41,500 at best—if a dealership were even willing to buy it back.
This rapid depreciation isn’t just a Porsche issue. Other EV owners, like one individual with an Audi e-Tron, have shared similar experiences. It’s clear that EVs, despite their promising technology, struggle to hold their value over time. And with advancements in EV models every year, older models quickly lose appeal and worth.
Battery Degradation: The Costly Heart of EV Problems
A significant factor in the declining value of electric cars is battery degradation. The battery of an EV is one of the most expensive components to replace, with some replacement costs exceeding £40,000—more than the entire car’s resale value. Additionally, these batteries have limited lifespans and gradually degrade, reducing the car’s overall range and performance.
For instance, I’ve faced issues with my Taycan’s internal systems, including a broken heater. This is not only inconvenient but highlights the fragility of these components, which adds to the overall cost of ownership.
EV Charging Challenges: Planning and Delays
One of the most touted benefits of electric vehicles is the convenience of charging, but that hasn’t been my experience. Planning a long journey can feel like navigating an obstacle course. Charging stations are not as ubiquitous or user-friendly as you might hope. Recently, during a trip, I had to deal with multiple charging issues, including a lack of pay-by-card options at certain stations, having to download apps, and waiting up to an hour to get a usable charge.
For instance, while driving to Heathrow, I encountered issues with malfunctioning chargers, app requirements, and stations that were simply too full, adding unnecessary time and frustration to the trip. While petrol stations are quick and reliable, EV chargers can turn a routine stop into a 40-minute or longer ordeal.
The Financial Pitfall of Selling an EV Privately
Faced with the decreasing value of my Taycan, I considered selling it privately. But even that came with a financial twist. In negative equity with the car, I owe around £64,000, which would need to be paid off immediately if I sold the car myself. I considered adding this negative equity into the finance deal for a new car, but most dealerships won’t even consider taking the Taycan back due to oversupply and a lack of demand for used electric vehicles.
If I were to proceed with a private sale, I’d still be left out of pocket by around £20,000—a stark reminder of just how financially risky EV ownership can be.
EVs: A Disposable Investment?
When we think of disposable items, we usually picture small electronics like mobile phones or tablets, not a luxury car. Yet EVs seem to fit this category. Their high depreciation, complex maintenance, and costly repairs make them feel like temporary solutions rather than lasting investments. Car manufacturers may be pushing EVs to satisfy emissions mandates, but they’re struggling to deliver a product with enduring value.
The Government’s Role in EV Adoption
The UK government is pushing a 2035 deadline for banning the sale of petrol and diesel cars, which would mean only EVs and hybrids would be available. The intent is to reduce greenhouse gas emissions, but this policy forces manufacturers and consumers into a limited market. As a result, consumers are left with few options, and the government incentives that initially encouraged EV adoption might not be enough to offset the practical and financial drawbacks of ownership.
Final Thoughts: Are Electric Cars Worth It?
From my experience, electric cars feel like a risky investment, especially if you’re looking for a vehicle that retains its value. The Porsche Taycan, with all its technology and sleek design, has fallen short in terms of practicality, cost, and resale value. Maintenance issues, battery degradation, charging challenges, and steep depreciation all contribute to the reality that EVs may not be worth the investment for many drivers.
If you’re considering an electric vehicle, do your research thoroughly. Talk to other EV owners, compare depreciation rates, and consider the total cost of ownership, not just the sticker price.
