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Expected value in three years time
- Thread starter Kevnorth
- Start date
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phevmike
Active member
I can't remember what it's called exactly but I remember reading on the Mitsubishi website that for insurance purposes the depreciation value had been set at 51% for 3yr/36k. Most new cars average between 40-60%.
I know that the Lexus RX Hybrid holds it's value really well after 3 years, so the Outlander could be better. However as soon as the batteries near the end of the guarantee the value plummets dramatically.
I know that the Lexus RX Hybrid holds it's value really well after 3 years, so the Outlander could be better. However as soon as the batteries near the end of the guarantee the value plummets dramatically.
maddogsetc
Well-known member
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- May 22, 2014
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- 506
I based my calculations on the residual value in the Mitsubishi finance quote, thinking that ought to be conservative and anything else would be a bonus. I can't recall the exact figure but it was in the region of £12-15k.
I think 51% depreciation is somewhat optimistic :shock:
I think 51% depreciation is somewhat optimistic :shock:
gwatpe
Well-known member
My dealer quoted $1000 less value per 1000km in first year. probably $900 in year 2 and $800 in third year per additional 1000km. I don't intend selling my PHEV once it is all working, so it really does not matter except for insurance.
Regulo
Well-known member
The value of anything is what someone else is prepared to pay for it. I keep my cars until they're not economically viable to repair, so it's not of much interest to me. I had my last two Volvos for 12 and 10 years. I suppose it depends on the way the motoring public perceives these vehicles and the technology involved. We shall see. Certainly a few horror stories in the press could have a very bad effect, so let's hope that doesn't happen. We're all in uncharted territory really.
Ozukus
Well-known member
One of the key reasons I leased it 
MichelePHEV
New member
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- Sep 24, 2014
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With the PHEV there is obviously the 5 year battery guaranty. The value of a new set of batteries today being approximately 3000€ as per my dealer, the depreciated value of a 5 year old car could be similar as that for an equivalent non electric one less the 3000€ for a new set of batteries.
Another issue would be the evolution of battery technology - if 5 years from now our current PHEV's could profit from new battery technology then their resale value would be higher as compared to and old PHEV condemned to use obsolete battery technology.
MichelePHEV
Another issue would be the evolution of battery technology - if 5 years from now our current PHEV's could profit from new battery technology then their resale value would be higher as compared to and old PHEV condemned to use obsolete battery technology.
MichelePHEV
maddogsetc
Well-known member
- Joined
- May 22, 2014
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- 506
Personally, I think it's wrong to get too hung up on the cost of replacing the batteries for a number of reasons, not least the fact that all the cells can be replaced individually so it's unlikely in the near term that the whole array will need replacement at owner's cost.
In the medium - longer term, with say 100k miles, okay the cost is not insignificant. But so is the cost of a new engine or gearbox in an ICE car. I know friends who have refuelled with petrol instead of diesel and run up bills over £8k. Hey, the 105k service on my old Disco 3 was over a grand!
In the scheme of things, replacing batteries, even if it is necessary, ain't the disaster its painted as. And as MichelePHEV says, it might even be possible to improve on the original vehicle's range at some point.
I think the value is more likely to be hit as a result of Mitsi losing it's monopoly on practical sized plug-in hybrids, which seems unlikely in the next year - 18 months, but inevitable beyond that. But then of course it'll be some time before those other vehicles hit the second-hand market...
In the medium - longer term, with say 100k miles, okay the cost is not insignificant. But so is the cost of a new engine or gearbox in an ICE car. I know friends who have refuelled with petrol instead of diesel and run up bills over £8k. Hey, the 105k service on my old Disco 3 was over a grand!
In the scheme of things, replacing batteries, even if it is necessary, ain't the disaster its painted as. And as MichelePHEV says, it might even be possible to improve on the original vehicle's range at some point.
I think the value is more likely to be hit as a result of Mitsi losing it's monopoly on practical sized plug-in hybrids, which seems unlikely in the next year - 18 months, but inevitable beyond that. But then of course it'll be some time before those other vehicles hit the second-hand market...
Fwiw, there was a group test in What Car recently which gave the value after 3 years/36,000 miles as 42%. That was partly why it scored badly compared to Audi/BMW/Volvo. But if I remember correctly, they did the same to the Prius when it first came out as the technology is 'unproven'. Now, of course, the Prius scores extremely highly for depreciation. So I guess it will depend on the reliability of the PHEV.....Kevnorth said:
I sold my Prius when I bought my PHEV. It cost me just under £20K new and it was four years old when I sold it. I got just over £10K for it, and that was just (for convenience) through one of the 'buy any car' sites - so it certainly couldn't have been top whack. I suspect that a key reason why the second-value of hybrids is relatively high is the London congestion charge exemption. I'm betting that is also why more than half the 'minicabs' in Kent are Priuses.
I don't think most Priuses are Congestion Charge exempt any more. TfL moved the goalposts and MK2 Priuses definitely lost their exemption - we had one. The MK3 might just squeak under the bar... Does the plugin Prius have sufficient EV range to qualify?
