Anything more cost-effective in life is undoubtedly the way to go, especially when motorists face difficult financial times? Let’s find out more about buying a used electric car in South Africa.1
A report by AutoTrader1
A report published by AutoTrader indicated that specific electric models had dropped considerably in value in the first year after registration. As a result, local buyers could save significantly by seizing this opportunity to buy used cars. For example, AutoTrader commented that the price of a new BMW i3 could be similar to a used, fully electric Jaguar 1-Pace.
What electric cars can you buy in South Africa? 1
The current range of electric cars in South Africa is small, restricted to BMW, Mini, Jaguar and Porsche. Below is a review of the entry-level electric cars.
Prices of new electric cars (May 2021) 1
The Mini Cooper SE Trim S sells for R658,000; BMW i3 for R754,200; Jaguar I-Pace S for R1,942,600; and the Porsche Taycan for R2,227,000. As you can imagine, these high prices are enough to put off anyone wanting to buy new electric cars, especially when compared to their fuel-driven counterparts. A report on the IAA’s Munich Mobility Show indicated that in 2020, only 1509 electric cars were registered in Germany.
Prices of used cars
To determine the drop in depreciation of used full-electric cars, their prices were compared with those of new full-electric cars on AutoTrader. It was found you could save as much as about half the value of the price of a new car by choosing the used car approach. The results of this investigation are shown below.
BMW i3
The price of a 2016 car is R321 900 compared to a new one at R754 200. The mileage was 95 000 km, with an incomplete service history. A 2017 model with 59 000 km on the clock and a full-service history cost R419 900. With a mileage of only 7000 km and a full-service history, a 2018 model was selling for R559 900.
Mini Cooper SE Trim SE Trim S
While this car sells for R658 000 new, a 2020 model with full-service history and 3050 km in mileage was selling for R599 000 – a drop of R59 000 in a matter of a 1 year. A similar 2020 model with a mileage of 4000 km and a full-service history was selling for R619 950.
Jaguar I-Pace S
The price of a new 2021 model costing R1 942 600 dropped in value by R842 650 in 2 years regarding a 2019 model going for R1 099 950, with a full-service history and a mileage of 18 000 km. Another 2019 model with a full-service history and a mileage of 13 200 km was going for R1 150 000, which is R792 600 less.
It’s amazing how quickly the value of a new electric car depreciates and can produce staggering savings in some cases. Are you thinking of getting financial protection for your car that’s valued at up to R500,000? You could save monthly premiums by considering PMD’s affordable car insurance products with fantastic benefits such as fixed premiums* and a reduce to zero excess*. Why not contact them and find out more? T’s and C’s apply.
Source:
1https://topauto.co.za/features/13209/how-much-you-can-save-when-buying-a-second-hand-electric-car/
This article was prepared by Eric Sandmann in his personal capacity. The views and opinions expressed in this article are the author’s own. The views and opinions in the article should not be attributed to anyone but the author unless expressly stated. Nothing in this article should be relied upon as advice, this publication is presented for informational purposes only. No person should act or refrain from acting in reliance on any information found in this article, without first obtaining proper financial advice from the appropriate professional. The author makes no claims, promises or guarantees about the accuracy, or completeness, of any information linked from, referred to, or contained in this article. The author reserves the right, to edit and change the content of this article.