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Electric cars are the future of the automotive industry due to their zero-emission and high-tech offerings. But automotive experts have revealed that there is a monetary problem when jumping on the bandwagon.
BITRE data shows that Australians keep their cars for an average of 11 years and three months. However, Maric believes electric vehicle (EV) owners would have a fraction of that time.
“Basically, two years is the maximum you can spend on an electric vehicle,” the CarExpert. com. au founder told Yahoo Finance.
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“Two years is the ideal point. This allows depreciation to be effectively managed. If you hold it for longer, you just have to be prepared for a lot of volatility. “
Returning a new vehicle every few years might be fine for some Australians, but in the event of a cost-of-living crisis, others may not stay awake.
Depreciation occurs in almost all cars, but electric cars are mainly affected by this trend due to immediate innovations in the sector. Savings. com. au describes car depreciation as the “silent killer” of cars and this may be even more applicable to electric car owners.
The Australian Automobile Dealers Association (AADA) and AutoGrab revealed earlier this year where the electric car cliff lies. Electric cars two years old or younger retained 82. 8% of their original value, however, cars between two and four years old retained 57. 6% of their original value. value.
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By comparison, across the entire used vehicle market, cars that were between two and four years old had an average retained price of 85. 9 percent. The scenario is even worse in the UK, where electric cars lose 51 percent of their purchase price in 3 years. to 37% for gasoline cars.
“People who have paid a high price for their cars [are trying] to get out of this as temporarily as possible,” Maric revealed. “It’s necessarily a sale. They must sell their car first so as not to end up with this. “valuable asset that they cannot get rid of.
“And we’re going to see that more and more with other people who leased for three or four years those Tesla cars that came on the market when the government announced all those benefits in terms of costs to employees. “
The biggest thing depreciating electric cars is their emerging technology. Each year brings with it greater features for car users and Maric said that it is more productive to take advantage of them as much as possible so as not to suffer the consequences of an aging and harsh process. -To sell a car.
“Once you achieve that, in three or four years, you reach the end of the new vehicle warranty and half of the battery warranty,” he revealed.
“Nobody knows what will happen 10 years after the production of an electric vehicle. You don’t know what it costs to replace a battery. “
EV expert Toby Hagon told Yahoo Finance that this thing doesn’t make it a bad idea to jump on the bandwagon now, but it could make car owners tempted to buy their vehicles consistently.
“There is no doubt that an electric vehicle in two, three or four years will be better, especially better than the cars we have on the market today,” he said.
“But I don’t think it necessarily makes older cars worse or less attractive, it just means that the market is transforming quite quickly. “
Although there are some considerations about the lifespan of an EV battery, Hagon said there’s a lot of misinformation out there.
“Many people think that once the warranty of the battery runs out, it must be updated, which is surely false,” he explained.
“Nowadays, petrol and diesel cars at most have a five-year warranty on their engine and you don’t want a new engine after five years.
“In the same way as with an electric vehicle battery, after 8 years, which is the battery warranty, you won’t want a new battery. An electric vehicle battery is designed to last the life of the vehicle. “
Raffy Sgroi, owner of Car Mechanical Services at ACT, told Yahoo News Australia that the mechanical industry should not keep up with the ever-changing EV market.
He explained that there were “high costs” related to educational staff in the new cars and that “there simply weren’t enough competent people” at the moment.
Purchasing specialized portions also comes at a significant cost when electric cars need a bit of maintenance.
“The federal government has invested a lot of money in electric vehicle technology, in the construction of new modules and courses,” he explained.
“But there is no one who teaches those courses [for young mechanics] and who is competent enough.
“So you can have real facilities, but if you don’t have other people waiting to learn, it’s going to be an unnecessary investment. “
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